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Exhibit 10(u)                                                         C#: 136825
                                                                      L#: 136826

(KEY GRAPHIC)                                   MASTER EQUIPMENT LEASE AGREEMENT
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      THIS MASTER EQUIPMENT LEASE AGREEMENT dated as of June 23, 2003 ("Master
Lease") is made by and between KEY EQUIPMENT FINANCE, A DIVISION OF KEY
CORPORATE CAPITAL INC., having an address at 66 South Pearl Street, Albany, NY
12207 ("Lessor"), and ASHWORTH, INC. with its chief executive offices located at
2765 Loker Avenue West, Carlsbad, CA 92008 ("Lessee").

1.    LEASE. Lessor hereby leases to Lessee, and Lessee hereby leases from
Lessor, Equipment, subject to and upon the terms set forth herein and in any
Equipment Schedule executed in connection herewith (each, a "Schedule"). Each
Schedule shall constitute a separate and enforceable lease incorporating all the
terms of this Master Lease (each Schedule, together with this Master Lease as it
relates to such Schedule, is referred to herein as a "Lease"). If any term of a
Schedule conflicts or is inconsistent with any term of this Master Lease, the
terms of such Schedule shall govern.

2.    DEFINITIONS. Unless the context otherwise requires, as used in the Lease,
the following terms shall have the respective meanings indicated below and shall
be equally applicable to both the singular and the plural forms thereof:

"Drawdown Request" shall mean Exhibit A.

"Equipment" means each item of property designated on a Schedule that will be
leased by Lessee pursuant to the Lease, together with all replacement parts,
additions and accessories incorporated therein or affixed thereto. Where Lessor
finances under the Lease payment of fees for Software Licenses and Services,
references to leasing, purchases, ownership and administration of "Equipment"
under the Lease shall be deemed to include such Financed Fees.

"Equipment Group" shall consist of all items of Equipment listed on a particular
Equipment Schedule.

"Fair Market Rental Value" or "Fair Market Sale Value" means the value of
Equipment for lease or sale, in place and in continued use, which would be
obtained in an arm's length transaction between an informed and willing retail
lessor or seller (under no compulsion to lease or sell) and an informed and
willing retail lessee or buyer (under no compulsion to lease or purchase),
assuming that Equipment is in the condition specified by Sections 10 and 11
hereof, as determined by the parties; provided that, if the parties cannot agree
on the Fair Market Rental Value or Fair Market Sale Value, such value shall be
determined as follows: (a) each party shall appoint an appraiser and the two
appraisers so appointed shall together pick a third appraiser whom shall be paid
for by Lessee, (b) such three appraisers shall appraise the specified items of
Equipment using their best efforts to determine such value as soon as possible,
and (c) if such three appraisers cannot agree on the fair market sale or rental
value, then the average of the individual appraisals given by such three
appraisers shall constitute the fair market sale or rental value.

"Guarantor" means any guarantor of Lessee's obligations hereunder.

"Financed Fees" means the Software license, usage, or other fees and the charges
for Services, if any, specified on a Schedule.

"Guarantor" means any guarantor of Lessee's obligations hereunder.

"Interim Rent" shall have the meaning given in Section 5.

"Interim Term Commencement Date" shall mean the date on which Lessor makes the
first Progress Payment.

"Interim Term " shall have the meaning given in Section 6.

"Item of Equipment" shall mean each item of the Equipment.

"Initial Lessor" means Key Equipment Finance, a Division of Key Corporate
Capital Inc.

"Initial Term Expiration Date" shall have the meaning specified in the
applicable Schedule.

"Lease Documents" means this Master Lease, a Schedule and all other documents
relating to or provided in connection with a Lease, prepared by Lessor, and now
or hereafter executed in connection herewith or therewith, as the same may be
modified, amended, extended or replaced.

"License Agreement" means the software license agreement(s) between Lessee and
Licensor relating to Software.

"Licensor" means the Supplier(s) of Software, solely in its (their) capacity as
licensor of such Software.

"Outside Closing Date" shall mean February 28, 2004.

"Progress Payments" shall have the meaning given in Section 3.2.

"Purchase Agreement" means any purchase agreement or other contract between a
Supplier and Lessee for the acquisition of Equipment to be leased or financed
under a Lease.

"Rent" means the periodic payments due for the leasing of Equipment as set forth
on the related Schedule and, where the context hereof requires, all such
additional amounts as may, from time to time, be payable under a Lease. The term
"Rent" shall include interim rent, if any, as described in Section 5 hereof.

"Rent Commencement Date" means, with respect to Equipment, the date on which (a)
Lessor receives an executed Certificate of Acceptance (as defined in Section 4
hereof) for Equipment from Lessee or (b) Lessor disburses funds for the purchase
of Equipment, as determined by Lessor in its sole discretion.

"Rent Payment Date" shall have the meaning specified in the applicable Schedule.

"Services" means all training, installation, transportation, handling,
maintenance, custom programming, integration, technical consulting and support
services relating to Equipment and specified on a Schedule.

"Software" means the software and all related documentation, corrections,
updates and revisions used in connection with Equipment financed under a
Schedule.

"Stipulated Loss Value" shall have the meaning specified in the applicable
Schedule.

"Supplier" means the manufacturer or the vendor of the Equipment.

"Term" means the Interim Term, Initial Term or any Renewal Term, each as defined
in Section 6 hereof, and any Extended Lease Term or Interim Term, as defined in
the applicable Schedule.

3.    ORDERING EQUIPMENT. Lessee hereby assigns to Lessor all of Lessee's
rights, but none of its obligations, under any Purchase Agreement related to a
Lease. Lessor may (a) accept such assignment from Lessee of Lessee's rights, but
none of Lessee's obligations, under any such Purchase Agreement and/or (b) issue
a purchase order for the Equipment to the Supplier. Lessee shall arrange for
delivery of Equipment. If Equipment is subject to an existing Purchase Agreement
between Lessee and the Supplier, and Equipment has been delivered to Lessee as
of the date of the Schedule applicable thereto, Lessee warrants that it has
advised Lessor of the delivery date(s) of such Equipment. Lessee hereby
authorizes Lessor to add to each Schedule the serial numbers and other
identification data of Equipment associated therewith as such data is received
by Lessor.

3.1   ASSIGNMENT OF PURCHASE AGREEMENT. (a) With respect to certain Equipment
Groups for which Lessee has requested Lessor to make certain Progress Payments
(as defined below). Lessee has entered into Purchase Agreements with Suppliers,
pursuant to which Lessee has acquired rights to purchase certain Equipment from
such Suppliers. (B) Lessor shall accept an assignment from lessee of Lessee's
rights, but none of Lessee's obligations, under any such Purchase Agreement as
specified in this section 3.1.

3.2   PROGRESS PAYMENTS. With respect to the Equipment Groups, and as an
accommodation during the period of time in which the Equipment within such
Equipment Group is being purchased, assembled, installed and/or tested, Lessee
has requested Lessor to make certain payments (each, a "Progress Payment,"
collectively, the "Progress Payments") to the Suppliers, as required by the
terms of the Purchase Agreements, in each case subsequent to the effectiveness
and enforceability of the Master Lease with respect to such Equipment, but prior
to the Rent Commencement Date with respect to the Equipment. Lessor is willing
to make such Progress Payments, subject to and upon the terms and conditions set
forth herein.

Subject to the terms and conditions set forth herein and in Lease Documents,
Lessor hereby agrees to make the Progress Payments upon Lessee's request at the
times and in the amounts set forth in the Purchase Agreement or the purchase
orders with the Suppliers. Progress Payments shall be made to the address set
forth in each Drawdown Request (as defined below).

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Notwithstanding anything to the contrary contained in the Lease Documents,
Lessor shall have no obligation to make any Progress Payment hereunder unless:

      (a)   no Event of Default (as defined in Section 18) shall have occurred
and be continuing.

      (b)   Lessor shall have received the following documents duly executed and
delivered to the parties thereto;

(1)   this Master Lease;

(2)   UCC Financing Statements, as reasonably requested by Lessor;

(3)   a Drawdown Request;

(4)   an original invoice, acceptable to Lessor, from the vendor to whom payment
is requested, countersigned by Lessee, which countersignature shall be
conclusively deemed to be Lessee's certification and agreement that the Progress
Payment involved is then due and owing and properly payable, and that all
conditions precedent to the payment of such invoice have been performed and
competed to the satisfaction of Lessee;

(5)   a certificate evidencing the insurance that is required hereunder;

(6)   with respect to payments to Lessee to reimburse it for payments previously
made to third party vendors, (i) either copies of checks (front and back) or, if
funds were wired, a copy of a wire confirmation receipt, (ii) copies of invoices
marked "paid in full", and (iii) for confirmation purposes, the name and
telephone number of such vendor; and

(7)   any other instruments or documents as may be reasonably requested by
Lessor.

      (c)   Lessor shall have received from Lessee a drawdown fee of $50.00 per
      drawdown;

3.3   MASTER LEASE IN FULL FORCE AND EFFECT AS TO PROGRESS PAYMENTS. Lessee
hereby acknowledges that, with respect to the Progress Payments hereunder (and
the Equipment Group to which such Progress Payments relate) this Master Lease
shall be deemed to be in full force and effect against Lessee with respect to
such Equipment with the same force and effect as if an Equipment Schedule was
executed with respect to each item of such Equipment and Lessee had acknowledged
its unqualified acceptance of each item of such Equipment, on the date of the
Progress Payment relating thereto.

4.    DELIVERY AND ACCEPTANCE. Upon delivery to and acceptance by Lessee of any
Equipment, Lessee shall execute and deliver to Lessor a Certificate of
Acceptance in form acceptable to Lessor ("Certificate of Acceptance"). EXCEPT AS
OTHERWISE PROVIDED HEREIN, LESSOR SHALL HAVE NO OBLIGATION TO ADVANCE ANY FUNDS
HEREUNDER UNLESS AND UNTIL LESSOR RECEIVES A CERTIFICATE OF ACCEPTANCE FOR SUCH
EQUIPMENT EXECUTED BY LESSEE.

5.    RENT; DELINQUENT PAYMENTS. (a) The rental amount payable by the Lessee to
the Lessor during the Interim Term for the Equipment (the "Interim Term") shall
be equal to the total of each progress payment on such Equipment by Lessor from
the date of such advance multiplied by a floating rate per annum (the "Interest
Rate") equal to the Prime Rate (as hereinafter defined) in effect from time to
time plus fifty hundredths percent (.50%). The Interim Rent shall be immediately
and correspondingly adjusted with each change in the Prime Rate, be calculated
on the basis of a 360-day year consisting of twelve 30-day months, and accrue
until the date of receipt of payment. The Interim Rent shall be made to KEF at
P.O. Box 1865, Albany, New York 12201-1865, or at such other place as KEF may
designate from time to time in writing. As used herein, "Prime Rate" means the
prime rate announced from time to time in The Wall Street Journal, published on
the business day on, or immediately prior to the 28th day of the month
immediately preceding such calendar month. If the Prime Rate is no longer
available, KEF will choose a new index that is based upon comparable information
and will give Borrower notice of such new "Prime Rate." Interim Rent at the
rates aforesaid shall be due and payable monthly in advance on the Rent
Commencement Date and on the same day each month thereafter.

      (b)   Lessee shall pay Rent commencing on the Rent Commencement Date, and,
unless otherwise set forth on the applicable Schedule, on the same day of each
payment period thereafter for the balance of the Term. Rent shall be due whether
or not Lessee has received any notice that it is due, and all Rent shall be paid
to Lessor at its address set forth on the Schedule, or as otherwise directed by
Lessor in writing.

      (c)   If Lessee fails to pay any Rent or other sums under the Lease on or
before the date when the same becomes due, Lessee shall pay to Lessor (in
addition to and not in lieu of other rights of Lessor) a late charge equal to
the lesser of five percent of such delinquent amount or the maximum permitted by
law. Such late charge shall be payable by Lessee upon demand by Lessor and shall
be deemed Rent hereunder. Lessee acknowledges and agrees that the late charge
(i) does not constitute interest, (ii) is an estimate of the costs Lessor will
incur as a result of the late payment and (iii) is reasonable in amount.

6.    TERM; SURVIVAL. such The term of each Lease shall be comprised of an
Interim Term and an Initial Term, followed by any Renewal or Extended Terms.
With respect to each Item of Equipment and/or Progress Payments covered thereby,
the Interim Term shall commence upon the earlier of the first Progress payment
or the date such Item of Equipment is delivered to Lessee and shall terminate on
the Rent Commencement Date, as specified in the next sentence, after Lessee has
delivered to Lessor the Certificate of Acceptance, in accordance with Sections 4
and 6 hereof (the "Interim Term). The initial term ("Initial Term") of this
Lease with respect to an Equipment Schedule shall commence on the Rent
Commencement Date and shall terminate at the end of the period specified in the
Equipment Schedule. The Rent Commencement Date shall fall on the first day of
the month the immediately following the date on which the last acceptance of
Equipment subject to such Equipment Schedule has occurred. With respect to
Equipment Schedule, any renewal term of this Lease (individually,a "Renewal
Term), as contemplated hereby, shall commence immediately upon the expiration of
the Initial Term or any prior Renewal Term, as the case may be, and unless
earlier terminated as provided herein, shall expire on the date on which the
final payment of Rent is due and paid hereunder. All indemnification obligations
of Lessee hereunder shall survive the expiration, cancellation or other
termination of the Term thereof. With respect to an Item of Equipment, an
renewal term of this Lease (individually, a Renewal Term"), as contemplated
hereby, shall commence immediately upon the expiration of the Initial Term or
any prior Renewal Term, as the case may be, and unless earlier terminated as
provided herein, shall expire on the date on which the final payment of Rent is
due and paid hereunder. All obligations of Lessee hereunder shall survive the
expiration, cancellation or other termination of the Term hereof.

6.1   INTERIM TERM CLOSING DATE. (a) For each Equipment Schedule, the Interim
Term shall terminate and the Initial Term shall commence on the Rent
Commencement Date. On or before the Rent commence Date, the following documents
shall be duly executed and delivered by the parties thereto and shall each be in
full force and effect;

(1)   an Equipment Schedule, together with all addenda thereto;

(2)   a Certificate of Acceptance, delivered by Lessee to Lessor on the Rent
Commencement Date, with respect to the Equipment specified in the applicable
equipment schedule;

(3)   all other documents reasonably contemplated hereby; and

(4)   all other documents as may be reasonably requested by Lessor.

            (b)   Subject to the terms and conditions hereof, on the Rent
Commencement Date, Lessee shall pay Interim Rent to Lessor.

            (c)   On the Rent Commencement Date, the Rent (other than the
Interim Rent which is paid as required above) due and owing by Lessee under the
Lease shall commence and be payable as set forth in the Equipment Schedule.

6.2   TITLE. On the Rent Commencement Date, after giving effect to the
transactions contemplated hereby, Lessor shall have good and marketable title to
the Equipment, free and clear of all Liens.

6.3   FAILURE TO CLOSE. If the Interim Term has not been completed by the
Outside Closing Date, then and in such case, on the Outside Closing Date:

            (a)   Lessee promptly shall purchase from Lessor all of the
      Equipment at a purchase price (to be paid by cash, certified check or wire
      transfer of funds) in an amount equal to the aggregate amount of all
      costs, disbursements and expenses incurred or committed to be incurred by
      Lessor with respect thereto; and

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            (b)   In addition to such purchase price, Lessee shall pay to lessor
      all amounts due Lessor under Section 5 (a) of this Master Equipment Lease
      Agreement, accrued up to and including the date the Equipment is purchased
      by Lessee. Upon receipt of the foregoing purchase price by Lessor from
      Lessee in consideration thereof, Lessor shall convey, by quitclaim
      instrument of transfer, without recourse of any nature or kind whatsoever,
      Lessor's entire right, title and interest in and to such Equipment.

7.    LOCATION; INSPECTION; LABELS. Equipment shall be delivered to the location
specified in the Schedule and shall not be removed therefrom without Lessor's
prior written consent. Lessor shall have the right to enter upon the premises
where the Equipment is located and inspect the Equipment at any reasonable time.
At Lessor's request, Lessee shall (a) affix permanent labels in a prominent
place on Equipment stating Lessor's interest in the Equipment, (b) keep such
labels in good repair and condition and (c) provide Lessor with an inventory
listing of all labeled Equipment within thirty days of such request.

8.    NON-CANCELABLE LEASE. THE LEASE IS A NET LEASE. LESSEE'S OBLIGATION TO PAY
RENT AND PERFORM ITS OBLIGATIONS HEREUNDER ARE ABSOLUTE, IRREVOCABLE AND
UNCONDITIONAL AND SHALL NOT BE SUBJECT TO ANY RIGHT OF SET OFF, COUNTERCLAIM,
DEDUCTION, DEFENSE OR OTHER RIGHT LESSEE MAY HAVE AGAINST THE SUPPLIER, LESSOR
OR ANY OTHER PARTY; PROVIDED, HOWEVER, THAT NOTHING HEREIN SHALL PRECLUDE LESSEE
FROM ASSERTING ANY SUCH CLAIMS IN A SEPARATE CAUSE OF ACTION. LESSEE UNDERSTANDS
AND AGREES THAT NEITHER THE SUPPLIER NOR ANY SALES REPRESENTATIVE OR OTHER AGENT
OF THE SUPPLIER IS AN AGENT OF LESSOR OR IS AUTHORIZED TO WAIVE OR ALTER ANY
TERM OR CONDITION OF THE LEASE, AND NO SUCH WAIVER OR ALTERATION SHALL VARY THE
TERMS OF THE LEASE. LESSOR IS NEITHER A SUPPLIER NOR A LICENSOR, AND LESSOR IS
NOT RESPONSIBLE FOR REPAIRS, SERVICE OR DEFECTS IN EQUIPMENT. LESSEE AGREES NOT
TO ASSERT AGAINST LESSOR ANY CLAIMS OR DEFENSES LESSEE MAY HAVE WITH RESPECT TO
EQUIPMENT, AND UNDERSTANDS THAT IT MAY ASSERT SUCH CLAIMS AGAINST SUPPLIER OR
LICENSOR.

9.    USE; ALTERATIONS. (a) Lessee shall use Equipment lawfully and only in the
manner for which it was designed and intended and so as to subject it only to
ordinary wear and tear. Lessee shall comply with all applicable laws. Lessee
shall immediately notify Lessor, in writing, upon becoming aware of any existing
or threatened investigation, claim or action by any governmental authority that
could adversely affect Equipment, Lessor or the Lease. Lessee, at its own
expense, shall make such alterations, additions or modifications (each, a
"Required Alteration") to Equipment as may be required from time to time to meet
the requirements of applicable law or a governmental body. All such Required
Alterations shall immediately, and without further act, be deemed to constitute
"Equipment" and be fully subject to the Lease as if originally leased hereunder.
Except as otherwise permitted herein, Lessee shall not make any alterations to
Equipment without Lessor's prior written consent.

      (b)   Lessee, at its own expense, may from time to time add or install
upgrades or attachments (each an "Upgrade") to Equipment during the Term;
provided, that such Upgrades (i) are readily removable without causing material
damage to Equipment, (ii) do not materially adversely affect the Fair Market
Sale Value, the Fair Market Rental Value, residual value, productive capacity,
utility or remaining useful life of Equipment and (iii) do not cause Equipment
to become "limited use property" within the meaning of Revenue Procedure
2001-28, 2001-19 I.R.B. 1156 (or such other successor tax provision), as of the
date of installation of such Upgrade. Any such Upgrades shall remain the
property of Lessee. Upon the expiration or earlier cancellation of the Lease,
Lessee may, at its option, remove any such Upgrades and, upon such removal,
shall restore Equipment to the condition required hereunder.

      (c)   If any Equipment covered under any Lease becomes attached or affixed
to, or used in connection with, Equipment covered under another Lease hereunder
(a "Related Lease"), Lessee agrees that, if Lessee elects to exercise a purchase
or renewal option under any such Lease, or if Lessee elects to return Equipment
under any such Lease, then Lessor, in its sole discretion, may require that all
Equipment leased under all Related Leases be similarly disposed of.

10.   REPAIRS AND MAINTENANCE. Lessee, at Lessee's cost and expense, shall (a)
keep Equipment in good repair, good operating condition, appearance and working
order in compliance with the manufacturer's recommendations and Lessee's
standard practices (but in no event less than industry practices), (b) take all
actions necessary to ensure that the Equipment will be eligible, at the
expiration of the Initial Term and any Renewal Term, for a standard, full
service maintenance contract with the manufacturer, (c) properly service all
components of Equipment following the manufacturer's written operating and
servicing procedures, (d) enter into and keep in full force and effect during
the Term a maintenance agreement covering the Equipment with the manufacturer,
or a manufacturer-approved maintenance organization, to maintain, service and
repair such Equipment, as otherwise required herein (but an alternate source of
maintenance may be used by Lessee with Lessor's prior written consent), (e) upon
Lessor's request furnish Lessor with an executed copy of any such maintenance
agreement, and (f) replace any part of the Equipment that becomes unfit or
unavailable for use from any cause (whether or not such replacement is covered
by a maintenance agreement) with a replacement part that, in Lessor's sole
opinion, is of the same manufacture, value, remaining useful life and utility as
the replaced part immediately preceding the replacement, assuming that such
replaced part was in the condition required by this Lease. Replacement parts
shall be free and clear of all liens, constitute Equipment and be fully subject
to this Lease as if originally leased hereunder.

11.   RETURN OF EQUIPMENT. Except as otherwise provided in a Schedule, upon the
expiration or earlier termination or cancellation of each Lease, Lessee, at its
sole expense, shall de-install, assemble, pack properly and in accordance with
the manufacturer's instructions (under the supervision of persons acceptable to
Lessor), including labeling of all components and hardware, and return to Lessor
all, but not less than all, Equipment by delivering the Equipment to and
unloading it at such location or with such carrier as Lessor shall specify.
Lessee agrees that (a) Equipment, when returned, shall be in the condition
required by the Lease, and (b) upon Lessor's request, Lessee will obtain from
the manufacturer (or other maintenance service provider previously approved by
Lessor or manufacturer) a certificate stating that such Equipment qualifies for
full maintenance service at the standard rates and terms then in effect. If, in
the opinion of Lessor, any Equipment fails to meet the standards set forth
above, Lessee agrees to pay, on demand, all costs and expenses incurred in
connection with the repairing and restoring of such Equipment so as to meet such
standards. If Lessee fails to return any Equipment as required hereunder, then
all of Lessee's obligations under the Lease (including, without limitation,
Lessee's obligation to pay Rent for the Equipment at the rental then applicable
under the Lease) shall continue in full force and effect until such Equipment
shall have been returned in the condition required under the Lease.

12.   SUBLEASE AND ASSIGNMENT. (a) LESSEE SHALL NOT, WITHOUT LESSOR'S PRIOR
WRITTEN CONSENT, (I) SELL, ASSIGN, TRANSFER, PLEDGE, HYPOTHECATE OR OTHERWISE
DISPOSE OF THE LEASE, EQUIPMENT OR ANY INTEREST THEREIN, (II) RENT, SUBLET OR
LEND EQUIPMENT TO ANYONE OTHER THAN LESSEE OR LESSEE'S AFFILIATES OR (III)
PERMIT EQUIPMENT TO BE USED BY ANYONE OTHER THAN THEIR RESPECTIVE QUALIFIED
EMPLOYEES.

      (b)   Lessor, at any time with or without notice to Lessee, may sell,
transfer, assign and/or grant a security interest in all or any part of Lessor's
interest in each Lease or any Equipment (each, a "Lessor Transfer"). Any
purchaser, transferee, assignee or secured party of Lessor (each a "Lessor
Assignee") shall have and may exercise all of Lessor's rights hereunder with
respect to the items to which any such Lessor Transfer relates, and Lessee shall
not assert against any Lessor Assignee any claim that Lessee may have against
Lessor provided, Lessee may assert any such claim in a separate action against
Lessor. Upon written notice of a Lessor Transfer, Lessee shall promptly
acknowledge in writing its obligations under the applicable Lease, shall comply
with the written directions or demands of any Lessor Assignee and shall make all
payments due under the applicable Schedule as directed in writing by the Lessor
Assignee. Following such Lessor Transfer, the term "Lessor" shall be deemed to
include or refer to each Lessor Assignee. Lessee will provide reasonable
assistance to Lessor to complete any transaction contemplated by this subsection
(b).

      (c)   Subject to the restriction on assignment contained in subsection
(a), the Lease Documents shall inure to the benefit of, and are binding upon,
the successors and assigns of the parties thereto including, without limitation,
each person who becomes bound thereto as a "new debtor" as set forth in the
Uniform Commercial Code ("UCC").

13.   RISK OF LOSS; DAMAGE TO EQUIPMENT. (a) Lessee shall bear the entire risk
of loss (including without limitation, theft, destruction, disappearance of or
damage to Equipment from any cause whatsoever), whether or not insured against,
during the Term of each Lease and until Equipment is returned to Lessor in
accordance with Section 11 hereof. No such loss shall relieve Lessee of the
obligation to pay Rent or of any other obligation under the related Lease.

      (b)   If any Equipment is lost, stolen or damaged beyond repair, or
confiscated, seized or the use and/or title thereof requisitioned to someone
other than Lessee (any such event being a "Total Loss"), Lessee shall
immediately notify Lessor of such event. On the next Rent Payment Date following
the occurrence of the Total Loss, at Lessor's option, Lessee shall either (i)
replace Equipment with equipment that, in Lessor's sole opinion, is of the same
manufacture, value, remaining useful life and utility as the replaced Equipment
immediately preceding the replacement, assuming such replaced Equipment was in
the condition required by the Lease or (ii) pay to Lessor the sum of (A) all
Rent due and owing under the Lease with respect to such Equipment (at the time
of such payment)

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plus (B) the Stipulated Loss Value for the Equipment as of that Rent Payment
Date. If Lessor elects to allow replacement of Equipment as set forth in
subsection (i) above, Lessee shall cause the Supplier of such replacement
equipment to deliver to Lessor a bill of sale for such equipment free and clear
of all liens and encumbrances, and such replacement equipment shall become
Equipment subject to the applicable Lease. Upon Lessor's receipt of the bill of
sale or the amounts specified in subsection (ii) above, Lessee shall be entitled
to Lessor's interest in the replaced Equipment, in its then condition and
location, "as is" and "where is," without any warranties, express or implied.

14.   INSURANCE. (a) Lessee shall, at all times during the Term of each Lease
and at Lessee's own cost and expense, maintain (i) insurance against all risks
of physical loss or damage to Equipment for the greater of the full replacement
value or the Stipulated Loss Value thereof, and (ii) commercial general
liability insurance (including blanket contractual liability coverage and
products liability coverage) for personal and bodily injury and property damage
per occurrence as stated in each Schedule.

      (b)   All insurance policies required hereunder shall include terms, and
be with insurance carriers, reasonably satisfactory to Lessor. Without limiting
the generality of the foregoing, each policy shall include the following terms:
(i) all physical damage insurance shall name Lessor and its assigns as loss
payee, (ii) all liability insurance shall name Lessor and its assigns as
additional insureds, (iii) the policy shall not be canceled or altered without
at least thirty days advance notice to Lessor and its assigns and (iv) coverage
shall not be invalidated against Lessor or its assigns because of any violation
of any condition or warranty contained in any policy or application therefor by
Lessee or by reason of any action or inaction of Lessee. On each anniversary of
the Rent Commencement Date during the term hereof, Lessee shall deliver to
Lessor certificates or other proof of insurance satisfactory to Lessor
evidencing the coverage required by this section.

15.   TAXES. Lessee shall pay when due and shall indemnify and hold harmless
Lessor (on an after-tax basis) from and against any and all taxes, fees,
withholdings, levies, imposts, duties, assessments and charges of every kind and
nature whatsoever (including any related penalties and interest) imposed upon or
against Lessor, any Lessor Assignee, Lessee or any Equipment by any governmental
authority in connection with, arising out of or otherwise related to Equipment,
the Lease Documents or the Rent and receipts or earnings arising therefrom and
excepting only all Federal, state and local taxes on or measured by Lessor's net
income. Whenever each Lease expires, terminates or is canceled as to any
Equipment, Lessee, upon written request by Lessor, shall advance to Lessor the
amount estimated by Lessor to be the taxes on said Equipment that are not yet
payable, but for which Lessee is responsible. At Lessee's request, Lessor shall
provide Lessee with Lessor's method of computation of any such estimated taxes.

16.   LESSOR'S RIGHT TO PERFORM FOR LESSEE. If Lessee fails to perform any of
its obligations contained herein, Lessor may (but shall not be obligated to)
itself perform such obligations, and the amount of the reasonable costs and
expenses of Lessor incurred in connection with such performance, together with
interest on such amount at the lesser of eighteen percent per annum or the
maximum permitted by law, shall be payable by Lessee to Lessor upon demand. No
such performance by Lessor shall be deemed a waiver of any rights or remedies of
Lessor or be deemed to cure the default of Lessee hereunder.

17.   PERSONAL PROPERTY; LIENS. Lessee represents and warrants that the
Equipment is, and shall at all times remain, fully removable personal property
notwithstanding any affixation or attachment to real property or improvements.
Except as relates to the security interest in favor of Bank of America, N.A., as
administrative agent arising pursuant to that certain Security Agreement dated
April 24, 2003 between Bank of America, N.A., as administrative agent and
Ashworth, Inc. Lessee shall at all times keep Equipment free and clear from all
liens and encumbrances of any kind or nature other than those created by,
through or under Lessor. If, in violation of the foregoing covenant, any
prohibited lien or encumbrance shall attach to Equipment, Lessee shall (a) give
Lessor immediate written notice thereof and (b) promptly, at Lessee's sole cost
and expense, take such action as may be necessary to discharge such lien.

18.   DEFAULT; REMEDIES. (a) As used herein, the term "Default" means any of the
following events: (i) Lessee fails to pay any Rent or other amount due under a
Lease within ten days after the same shall have become due; (ii) Lessee or any
Guarantor becomes insolvent or makes an assignment for the benefit of its
creditors; (iii) a receiver, trustee, conservator or liquidator of Lessee or any
Guarantor of all or a substantial part of Lessee's or such Guarantor's assets is
appointed with or without the application or consent of Lessee or such
Guarantor, respectively; (iv) a petition is filed by or against Lessee or any
Guarantor under any bankruptcy, insolvency or similar law; (v) Lessee or any
Guarantor violates or fails to perform any provision of either this Lease or any
other loan, lease or credit agreement or any acquisition or purchase agreement
with Lessor or any other party; (vi) any warranty or representation made by
Lessee herein proves to have been false or misleading when made; (vii) there is
a material adverse change in Lessee's or any Guarantor's financial condition
since the related Rent Commencement Date; (viii) Lessee or any Guarantor merges
or consolidates with any other corporation or entity, or sells, leases or
disposes of all or substantially all of its assets without the prior written
consent of Lessor; (ix) Lessee or any Guarantor, if an individual, dies or, if
not an individual, is dissolved; or (x) any filing by Lessee of a termination
statement for any financing statement filed by Lessor while any obligations are
owed by Lessee under a Lease. A Default with respect to any Lease shall, at
Lessor's option, constitute a Default for all Leases and any other agreements
between Lessor and Lessee.

      (b)   Upon the occurrence of a Default, Lessor may do one or more of the
following as Lessor in its sole discretion shall elect: (i) proceed by
appropriate court action to enforce performance by Lessee of the related Lease
or to recover damages, including incidental and consequential damages, for the
breach thereof; (ii) cause Lessee, at its expense, promptly to assemble
Equipment and return the same to Lessor at such place as Lessor may designate in
writing; (iii) by notice in writing to Lessee, cancel or terminate the related
Lease, without prejudice to any other remedies hereunder; (iv) enter upon the
premises of Lessee or other premises where any Equipment may be located and,
without notice to Lessee and with or without legal process, take possession of
and remove all or any such Equipment without liability to Lessee by reason of
such entry or taking possession, and without such action constituting a
cancellation or termination of the Lease unless Lessor notifies Lessee in
writing to such effect; (v) by written notice to Lessee specifying a payment
date (the "Remedy Date"), demand that Lessee pay to Lessor, and Lessee shall pay
to Lessor, on the Remedy Date, as liquidated damages for loss of a bargain and
not as a penalty, a sum equal to (A) any unpaid Rent due prior to the Remedy
Date (together with interest on such amount at the lesser of eighteen percent
per annum or the maximum permitted by law from the Remedy Date to the date of
actual payment), plus (B) the Stipulated Loss Value; (vi) sell Equipment at
public or private sale or hold, keep idle or lease to others any Equipment; and
(vii) exercise any other right or remedy available to Lessor under applicable
law. In addition, Lessee shall be liable for all reasonable costs, expenses, and
legal fees incurred in enforcing Lessor's rights under the Lease, before or in
connection with litigation or arbitration and for any deficiency in the
disposition of the Equipment. Lessor's recovery hereunder shall in no event
exceed the maximum recovery permitted by law.

      (c)   If a Default occurs, Lessee hereby agrees that ten days' prior
notice to Lessee of any public sale or of the time after which a private sale
may be negotiated shall be conclusively deemed reasonable notice. None of
Lessor's rights or remedies hereunder are intended to be exclusive, but each
shall be cumulative and in addition to any other right or remedy referred to
hereunder or otherwise available to Lessor at law or in equity, and no express
or implied waiver by Lessor of any Default shall constitute a waiver of any
other Default or a waiver of any of Lessor's rights.

      (d)   With respect to any exercise by Lessor of its right to recover
and/or dispose of any Equipment or any other collateral securing Lessee's
obligations under any Lease, Lessee acknowledges and agrees that Lessor may
dispose of Equipment on an "AS-IS, WHERE-IS" basis, in compliance with
applicable law and with such preparation (if any) as Lessor determines to be
commercially reasonable. Lessee shall remain liable for any deficiency in the
disposition of the Equipment, and any purchase by Lessor of the Equipment may be
through a credit to some or all of Lessee's obligations under any Lease.

19.   NOTICES. All notices and other communications hereunder shall be in
writing and shall be transmitted by hand, overnight courier or certified mail
(return receipt requested), US postage prepaid. Such notices and other
communications shall be addressed to the respective party at the address set
forth above or at such other address as any party may, from time to time,
designate by notice duly given in accordance with this section. Such notices and
other communications shall be effective upon the earlier of receipt or three
days after mailing if mailed in accordance with the terms of this section.

20.   INDEMNITY. Lessee shall indemnify and hold harmless Lessor and each Lessor
Assignee, on an after tax basis, from and against any and all liabilities,
causes of action, claims, suits, penalties, damages, losses, costs or expenses
(including attorneys' fees), obligations, liabilities, demands and judgments
(collectively, a "Liability") arising out of or in any way related to: (a)
Lessee's failure to perform any covenant under the Lease Documents, (b) the
untruth of any representation or warranty made by Lessee under the Lease
Documents, (c) the order, manufacture, purchase, ownership, selection,
acceptance, rejection, possession, rental, sublease, operation, use,
maintenance, control, loss, damage, destruction, removal, storage, surrender,
sale, condition, delivery, return or other disposition of or any other matter
relating to any Equipment or (d) injury to persons, property or the environment
including any Liability based on strict liability in tort, negligence, breach of
warranties or Lessee's failure to comply fully with applicable law or regulatory
requirements; provided, that the foregoing indemnity shall not extend to any
Liability to the extent resulting solely from the gross negligence or willful
misconduct of Lessor.

21.   FEES AND EXPENSES. Lessee shall pay all reasonable costs and expenses of
Lessor, including, without limitation, attorneys' and other professional fees,
returned check or non-sufficient funds charges, the fees of any collection
agencies and appraisers and all other costs and expenses related to any sale or

                                                                     Page 4 of 9
<PAGE>
re-lease of Equipment (including storage costs) incurred by Lessor in enforcing
any of the terms, conditions or provisions hereof or in protecting Lessor's
rights hereunder.

22.   FINANCIAL AND OTHER DATA. During the Term hereof, Lessee shall furnish
Lessor (a) as soon as available, and in any event within one hundred twenty days
after the last day of each fiscal year, financial statements of Lessee and each
Guarantor and (b) from time to time as Lessor may reasonably request, other
financial reports, information or data (including federal and state income tax
returns) and quarterly or interim financial statements of Lessee and each
Guarantor. All such information shall be audited (or if audited information is
not available, compiled or reviewed) by an independent certified public
accountant.

23.   REPRESENTATIONS AND WARRANTIES OF LESSEE. Lessee represents and warrants
that (a) the address stated above is the chief place of business and chief
executive office of Lessee, Lessee's full and accurate legal name is as stated
above and the information describing Lessee set forth under Lessee's signature
below is accurate in all respects; (b) Lessee is either (i) an individual and
the sole proprietor of its business which is located at the address set forth
above and doing business only under the names disclosed herein, or (ii) a
limited liability company or corporation duly organized and validly existing in
good standing under the laws of the state of its organization or incorporation,
or (iii) a general or limited partnership organized under the laws of the state
of its principal place of business set forth in the Lease or the Lease Documents
and the individual general partner executing this Master Lease has the full
authority to represent, sign for and bind Lessee in all respects; (c) the
execution, delivery and performance of this Master Lease and all related
instruments and documents (i) have been duly authorized by all necessary action
on the part of Lessee, (ii) do not require the approval of any stockholder,
partner, manager, trustee, or holder of any obligations of Lessee except such as
have been duly obtained, and (iii) do not and will not contravene any law,
governmental rule, regulation or order now binding on Lessee, or contravene the
operating agreement, charter or by-laws of Lessee, or constitute a default
under, or result in the creation of any lien or encumbrance upon the property of
Lessee under, any indenture, mortgage, contract or other agreement to which
Lessee is a party or by which it or its property is bound; (d) the Lease
Documents when entered into will constitute legal, valid and binding obligations
of Lessee enforceable against Lessee in accordance with their terms; (e) there
are no actions or proceedings to which Lessee is a party, and there are no other
threatened actions or proceedings of which Lessee has knowledge, before any
governmental authority which, either individually or in the aggregate, would
adversely affect the financial condition of Lessee or the ability of Lessee to
perform its obligations hereunder; (f) Lessee is not in default under any
obligation for the payment of borrowed money, for the deferred purchase price of
property or for the payment of any rent under any lease agreement which, either
individually or in the aggregate, would adversely affect the financial condition
of Lessee or the ability of Lessee to perform its obligations hereunder and (g)
the financial statements of Lessee (copies of which have been furnished to
Lessor) have been prepared in accordance with generally accepted accounting
principles consistently applied and fairly present Lessee's financial condition
and the results of its operations as of the date of and for the period covered
by such statements, and since the date of such statements there has been no
material adverse change in such conditions or operations.

24.   LESSEE'S WAIVERS. TO THE EXTENT PERMITTED BY APPLICABLE LAW, LESSEE WAIVES
(A) ANY AND ALL RIGHTS AND REMEDIES CONFERRED UPON A LESSEE BY ARTICLE 2A OF THE
UCC AND (B) ANY RIGHTS NOW OR HEREAFTER CONFERRED BY STATUTE OR OTHERWISE TO
RECOVER INCIDENTAL OR CONSEQUENTIAL DAMAGES FROM LESSOR FOR ANY BREACH OF
WARRANTY OR FOR ANY OTHER REASON OR TO SET OFF OR DEDUCT ALL OR ANY PART OF ANY
CLAIMED DAMAGES RESULTING FROM LESSOR'S DEFAULT, IF ANY, UNDER THE RELATED
LEASE.

25.   UCC FILINGS. LESSEE HEREBY AUTHORIZES LESSOR TO AUTHENTICATE AND/OR FILE
ALL UCC FINANCING STATEMENTS AND AMENDMENTS THAT IN LESSOR'S SOLE DISCRETION ARE
DEEMED NECESSARY OR PROPER TO SECURE OR PROTECT LESSOR'S INTEREST IN EQUIPMENT
IN ALL APPLICABLE JURISDICTIONS. Lessee hereby ratifies, to the extent permitted
by law, all that Lessor shall lawfully and in good faith do or cause to be done
by reason of and in compliance with this section. Lessee shall provide written
notice to Lessor at least thirty days prior to any contemplated change in
Lessee's name, jurisdiction of organization or chief executive office address.

26.   MISCELLANEOUS; GOVERNING LAW. Time is of the essence with respect to each
Lease. Any failure of Lessor to require strict performance by Lessee or any
waiver by Lessor of any provision of a Lease shall not be construed as a consent
or waiver of any provision of such Lease. The Lease will be binding upon Lessor
only if executed by a duly authorized officer or representative of Lessor at
Lessor's address set forth above. An authorized signer of Lessee shall execute
the Lease Documents on Lessee's behalf. Any provision of a Lease that is
prohibited or unenforceable shall be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions
thereof. Captions are intended for convenience or reference only, and shall not
be construed to define, limit or describe the scope or intent of any provisions
hereof. Lessee will promptly execute or otherwise authenticate and deliver to
Lessor such further documents, instruments, assurances and other records and
take such further action as Lessor may reasonably request in order to carry out
the intent and purpose of this agreement and each Lease and to establish and
protect the rights and remedies created or intended to be created in favor of
Lessor hereunder and thereunder. EACH LEASE IS BEING DELIVERED IN, AND SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE STATE OF NEW YORK,
INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, WITHOUT GIVING
EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAWS. LESSOR AND LESSEE HEREBY EACH
WAIVE THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF OR RELATED TO EQUIPMENT OR EACH LEASE. THIS WAIVER
IS MADE KNOWINGLY, WILLINGLY AND VOLUNTARILY BY LESSOR AND LESSEE WHO EACH
ACKNOWLEDGE THAT NO REPRESENTATIONS HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE
THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT. THIS
WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO EACH LEASE AND THE LEASE DOCUMENTS.

27.   QUIET ENJOYMENT. So long as no Default has occurred and is continuing,
Lessee shall peaceably hold and quietly enjoy Equipment without interruption by
Lessor or any person or entity claiming through Lessor.

28.   ENTIRE AGREEMENT. Each Lease, together with all other Lease Documents,
constitutes the entire understanding or agreement between Lessor and Lessee with
respect to the leasing of Equipment covered thereby, and there is no
understanding or agreement, oral or written, which is not set forth herein or
therein. No Lease may be amended except by a writing signed by Lessor and
Lessee. Delivery of an executed Lease Document by facsimile or any other
reliable means shall be deemed as effective for all purposes as delivery of a
manually executed copy. Lessee shall provide to Lessor the manually executed
original of any Lease Document delivered by facsimile within five days.

29.   MORE THAN ONE LESSEE. If more than one person or entity executes the Lease
Documents as "Lessee," the obligations of "Lessee" shall be deemed joint and
several and all references to "Lessee" shall apply both individually and
jointly.

30.   DISCLAIMER OF WARRANTIES. LESSOR MAKES NO WARRANTIES, EXPRESS OR IMPLIED,
AS TO ANY MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION, TITLE TO, DESIGN,
OPERATION, CONDITION, OR QUALITY OF THE MATERIAL OR WORKMANSHIP IN, EQUIPMENT,
ITS MERCHANTABILITY OR ITS FITNESS FOR ANY PARTICULAR PURPOSE, THE ABSENCE OF
LATENT OR OTHER DEFECTS (WHETHER OR NOT DISCOVERABLE), LACK OF INFRINGEMENT ON
ANY PATENT, TRADEMARK OR COPYRIGHT, AND LESSOR HEREBY DISCLAIMS ALL SUCH
WARRANTIES; IT BEING UNDERSTOOD THAT THE EQUIPMENT IS LEASED TO LESSEE "AS IS,
WHERE IS." LESSEE HAS MADE THE SELECTION OF THE EQUIPMENT FROM THE SUPPLIER
BASED ON ITS OWN JUDGMENT AND EXPRESSLY DISCLAIMS ANY RELIANCE ON ANY STATEMENTS
OR REPRESENTATIONS MADE BY LESSOR. IN NO EVENT SHALL LESSOR BE LIABLE FOR ANY
INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES. LESSOR HEREBY ASSIGNS TO LESSEE FOR
THE TERM OF EACH LEASE WITHOUT RECOURSE AND FOR SO LONG AS LESSEE IS NOT IN
DEFAULT UNDER ANY LEASE, ANY WARRANTY PROVIDED BY THE SUPPLIER.

31.   EXECUTION IN COUNTERPARTS. The Master Lease and all other Lease Documents
may be executed in several counterparts and by different parties hereto or
thereto on separate counterparts, each of which when so executed or otherwise
authenticated and delivered shall be an original, but all such counterparts
shall together consist of one and the same instrument; except, to the extent
that any Lease Documents constitute chattel paper under the UCC, no security
interest therein may be created other than through the transfer or possession of
the original counterpart, which shall be identified by Lessor.

32.   SOFTWARE. To the extent that any Schedule relates to Software:

      (a)   Lessee acknowledges that (i) all Software is furnished to Lessee
under one or more separate License Agreements governing Lessee's rights thereto,
(ii) the Lease does not convey any explicit or implicit license for the use of
Software or other intellectual property relating to Equipment, and (iii) Lessor
does not hold title to any Software and Lessee is or shall be the licensee of
such Software directly from the Licensor.

                                                                     Page 5 of 9
<PAGE>
      (b)   Lessee shall not amend, modify or otherwise alter, any term or
condition of any License Agreement, including, without limitation, any such term
or condition related to (i) payment of any amounts due thereunder, (ii) any
liabilities or obligations of Lessee as licensee, (iii) the payment of late fees
on past due amounts, or (iv) the payment of applicable taxes; provided, however,
that this provision shall not apply to those terms or conditions relating solely
to amounts owing to Licensor which have not been financed under the Lease.

      IN WITNESS WHEREOF, Lessor and Lessee have executed this Master Lease as
of the day and year first above written.

LESSOR:                                        LESSEE:

KEY EQUIPMENT FINANCE, A DIVISION OF           ASHWORTH, INC.
KEY CORPORATE CAPITAL INC.
                                               X /s/ Peter Case
By: /s/ Michael A. Wood                          --------------
   --------------------                        Name: Peter Case
NAME:  Michael A. Wood                         Title: VP of Finance
TITLE:  Regional Business Unit Manager
                                               Organization Type: Corporation
                                               Jurisdiction of: Delaware

                                                                     Page 6 of 9
<PAGE>
                                                                    AMENDMENT 01
                                             TO MASTER EQUIPMENT LEASE AGREEMENT
--------------------------------------------------------------------------------

      THIS AMENDMENT dated as of June 23, 2003 amends that certain Master
Equipment Lease Agreement dated as of June 23, 2003 between KEY EQUIPMENT
FINANCE, A DIVISION OF KEY CORPORATE CAPITAL INC., as Lessor, and ASHWORTH,
INC., as Lessee (the "Master Lease"). Unless otherwise specified herein, all
capitalized terms shall have the meanings ascribed to them in the Master Lease.

      Lessor and Lessee hereby agree that the Master Lease will be amended, with
respect to each Equipment Schedule executed in connection therewith, to add the
following section:

      1.    For so long as the Security Agreement dated as of April 24, 2003
between BANK OF AMERICA, N.A. AS ADMINISTRATIVE AGENT ("Bank") and Lessee (as
the same has been or may be amended, the "Loan Agreement", shall be in effect,
Lessee agrees that, within thirty (30) days of its submission to the Bank, it
shall provide Lessor with a copy of its quarterly compliance certificate issued
in connection with the Loan Agreement. To the extent such Loan Agreement is
terminated, cancelled or expires, but is replaced by a different loan agreement
or credit facility, Lessee shall provide copies of such compliance certificates
required to be delivered under such successor loan agreement or credit facility,
if any.

      2.    In the event that an Event of Default has occurred under the Loan
Agreement, Lessee hereby covenants and agrees that it shall provide notice to
Lessor of such Default within twenty (20) days of either its occurrence or after
the applicable cure periods, if any.

      EXCEPT AS MODIFIED HEREBY, ALL OF THE TERMS, COVENANTS AND CONDITIONS OF
THE MASTER LEASE SHALL REMAIN IN FULL FORCE AND EFFECT AND ARE IN ALL RESPECTS
HEREBY RATIFIED AND AFFIRMED.

      IN WITNESS WHEREOF, Lessor and Lessee have executed this Amendment as of
the date first above written.

LESSOR:                                        LESSEE:

KEY EQUIPMENT FINANCE,                         ASHWORTH, INC.
A DIVISION OF KEY CORPORATE CAPITAL INC.
                                               X /s/ Peter Case
By: /s/ Michael A. Wood                          -------------
   --------------------                        Name: Peter Case
Name: Michael A. Wood                          Title: VP of Finance
Title: Regional Business Unit Manager

                                                                     Page 7 of 9
<PAGE>
                                                                      C#: 136825
                                                                      L#: 136826

(KEY GRAPHIC)                                   ASSIGNMENT OF PURCHASE AGREEMENT
--------------------------------------------------------------------------------

      ASHWORTH, INC. ("Assignor"), for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, hereby grants,
conveys, transfers, pledges and assigns unto KEY EQUIPMENT FINANCE, A DIVISION
OF KEY CORPORATE CAPITAL INC., ("Assignee"), all of Assignor's right, title and
interest in and to the Purchase Agreement (the "Purchase Agreement") dated as of
April 10, 2003 between Assignor and GARTNER STORAGE & SORTER SYSTEMS (the
"Supplier"), pursuant to which Assignor has agreed to purchase goods and other
property (the "Equipment") from the Supplier (including, but not limited to, the
right to become direct purchaser of the Equipment thereunder), together with all
Assignor's right, title and interest in and to the Equipment, for the purpose of
securing the payment and performance of the Secured Obligations (as defined in
the Progress Payment Loan and Security Agreement dated as of June 23, 2003
between Assignee, as lessor, and Assignor, as lessee).

      Assignor covenants and agrees that it shall not modify, amend, terminate
or release the Purchase Agreement without the prior written consent of Assignee.

      Assignor and Assignee mutually agree that the acceptance by Assignee of
this Assignment of Purchase Agreement, with all of the rights, powers,
privileges and authority so created, shall not be deemed or construed to
obligate Assignee to assume any obligation or responsibility of Assignor under
the Purchase Agreement, nor shall Assignee be liable for the nonperformance of
any such obligation or responsibility.

      THIS AGREEMENT IS BEING DELIVERED IN THE STATE OF NEW YORK AND SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

      IN WITNESS WHEREOF, Assignor has caused this Assignment of Purchase
Agreement to be executed as of June 23, 2003.

ASSIGNOR:

ASHWORTH, INC.

X /s/ Peter Case
  -------------
Name: Peter Case
Title: VP of Finance

                                                                     Page 8 of 9
<PAGE>
                                                                      C#: 136825
                                                                      L#: 136826

(KEY GRAPHIC)                                           CERTIFICATE OF AUTHORITY
--------------------------------------------------------------------------------

I, Halina Balys                    do hereby certify as follows:
  --------------------------------

1.    I am the duly elected, qualified and serving   Corporate Secretary      of
                                                   --------------------------
      ASHWORTH, INC.,  a Delaware corporation (the "Company") and I [  ] am
      [ X ] am not the Company's sole elected corporate officer and the sole
      owner of the Company.

2.    The execution, delivery and performance of all documents relating to the
      financing of certain items of personal property described in a Master
      Equipment Lease Agreement, any Security Agreement or Guaranty and various
      equipment schedules, promissory notes and other documents (including
      master security agreements, progress payment documents, assignment and
      assumption agreements and bills of sale) from time to time entered into
      with respect thereto between Key Equipment Finance, a Division of Key
      Corporate Capital Inc. ("KEF") and Company (collectively, the "Transaction
      Documents") have been duly authorized by the Company and have been or will
      be duly and validly executed and delivered on behalf of Company if
      executed by the persons whose names, titles and signatures appear below
      (the "Authorized Signatories"); the Authorized Signatories have been duly
      elected, qualified and are acting officers and/or authorized signatories
      of the Company holding the offices indicated and that the signatures
      appearing opposite their names are the genuine signatures of such
      Authorized Signatories.

3.    The Company's execution, delivery and performance of the Transaction
      Documents (i) have been duly authorized by all necessary action on the
      part of the Company, (ii) do not conflict with or result in the breach of
      any provisions of, as applicable, the Certificate of Incorporation,
      Articles of Incorporation or By-laws; Operating Agreement; Partnership
      Agreement or Trust Agreement of the Company, or of any agreement or other
      instrument to which the Company is a party or by which it is bound, or, to
      its knowledge, any applicable law, judgment, order, writ, injunction
      decree, rule or regulation of any court, administrative agency or other
      governmental authority or constitute a default under any thereof and (iii)
      do not require the consent, approval or other authorization of or by any
      court, administrative agency or other authority or person.

4.    KEF and its successors and assigns are authorized to rely on this
      Certificate of Authority until 45 days after the receipt by KEF of written
      notice from an Authorized Officer of Company expressly advising KEF that
      this Certificate of Authority may no longer be relied upon. Any such
      notice shall be mailed or hand delivered to Key Equipment Finance, 66
      South Pearl Street, Albany, NY 12207.

<TABLE>
<CAPTION>
            NAME OF SIGNATORY         SIGNATURE          TITLE OF SIGNATORY
<S>                                <C>                <C>

               Peter Case           /s/ Peter Case          VP of Finance
        ------------------------   ----------------   ------------------------

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

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

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
this corporation this  23   day of  June         , 2003.
                      -----        --------------

                                   By: /s/ Halina Balys
                                       -----------------------
[SEAL]                             Name: Halina Balys
                                   Title: Corporate Secretary

                                                                     Page 9 of 9EXECUTION COPY

                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                                     Trustee

                               SERIES SUPPLEMENT,

                           DATED AS OF AUGUST 1, 2003,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT
                            dated as of March 1, 2003

                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 2003-QS16

<PAGE>
<TABLE>
<CAPTION>
                                   TABLE OF CONTENTS

                                                                                          Page

Article I      DEFINITIONS..................................................................4

<S>             <C>                                                                        <C>
        Section 1.01. Definitions...........................................................4
        Section 1.02. Use of Words and Phrases.............................................15

             Article II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
               CERTIFICATES................................................................17

        Section 2.01. Conveyance of Mortgage Loans.  (See Section 2.01 of the Standard Terms)17
        Section 2.02. Acceptance by Trustee.  (See Section 2.02 of the Standard Terms).....17
        Section 2.03. Representations, Warranties and Covenants of the
                      Master Servicer and the Company......................................17
        Section 2.04. Representations and Warranties of Sellers. ..........................20
        Section 2.05. Execution and Authentication of Certificates/Issuance of
                      Certificates.........................................................20
        Section 2.06. [Reserved]...........................................................20
        Section 2.07. [Reserved]...........................................................20
        Section 2.08. Purposes and Powers of the Trust (See Section 2.08 of the
                      Standard Terms)......................................................20

Article III    ADMINISTRATION AND SERVICING OF MORTGAGE LOANS..............................21

        Section 3.01. Master Servicer to Act as Servicer. (See Section 3.01 of the Standard
                      Terms)...............................................................21
        Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations. (See
                      Section 3.02 of the Standard Terms)..................................21
        Section 3.03. Successor Subservicers. (See Section 3.03 of the Standard Terms).....21
        Section 3.04. Liability of the Master Servicer. (See Section 3.04 of the Standard
                      Terms)...............................................................21
        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders. (See Section 3.05 of the Standard
        Terms).........21 Section 3.06. Assumption or Termination of
        Subservicing Agreements by Trustee.
                      (See Section 3.06 of the Standard Terms).............................21

<PAGE>

                                                                                          Page
        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to
                      Custodial Account................................................... 21
        Section 3.08. Subservicing Accounts; Servicing Accounts. (See Section 3.08 of
                      the Standard Terms)..................................................22
        Section 3.09. Access to Certain Documentation and  Information Regarding the Mortgage
                      Loans. (See Section 3.09 of the Standard Terms)......................22
        Section 3.10. Permitted Withdrawals from the Custodial Account. (See Section
                      3.10 of the Standard Terms)..........................................22
        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections
                      Thereunder. (See Section 3.11 of the Standard Terms).................22
        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity
                      Coverage. (See Section 3.12 of the Standard Terms)...................22
        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and  Modification
                      Agreements; Certain Assignments. (See Section 3.13 of the Standard
                      Terms)...............................................................23
        Section 3.14. Realization Upon Defaulted Mortgage Loans. (See Section 3.14 of the
                      Standard Terms)..................................................... 23
        Section 3.15. Trustee to Cooperate; Release of Mortgage Files.  (See Section 3.15
                      of the Standard Terms)..............................................23
        Section 3.16. Servicing and Other Compensation; Compensating Interest.
                      (See Section 3.16 of the Standard Terms).............................23
        Section 3.17. Reports to the Trustee and the Company.  (See Section 3.17 of the
                      Standard Terms)......................................................23
        Section 3.18. Annual Statement as to Compliance.  (See Section 3.18 of the Standard
                      Terms)...............................................................23
        Section 3.19. Annual Independent Public Accountants' Servicing Report.
                      (See Section 3.19 of the Standard Terms).............................23
        Section 3.20. Rights of the Company in Respect of the Master Servicer.
                      (See Section 3.20 of the Standard Terms).............................23
        Section 3.21. Administration of Buydown Funds (See Section 3.21 of the Standard Terms)
                      23

Article IV     PAYMENTS TO CERTIFICATEHOLDERS..............................................24

        Section 4.01. Certificate Account.  (See Section 4.01 of the Standard Terms).......24
        Section 4.02. Distributions. ......................................................24
        Section 4.03. Statements to Certificateholders; Exchange Act Reporting (See
                      Section 4.03 of the Standard Terms)..................................31

<PAGE>

                                                                                          Page
        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)......31
        Section 4.05. Allocation of Realized Losses. ......................................31
        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.
                      (See Section 4.06 of the Standard Terms).............................33
        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07
                      of the Standard Terms)...............................................33
        Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)................33

Article V      THE CERTIFICATES............................................................34

Article VI     THE COMPANY AND THE MASTER SERVICER.........................................35

Article VII    DEFAULT.....................................................................36

Article VIII   CONCERNING THE TRUSTEE......................................................37

Article IX     TERMINATION.................................................................38

      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. .....................................................38
      Section 9.02.   Additional Termination Requirements. (See Section 9.02 of the Standard
                      Terms)...............................................................39
      Section 9.03.   Termination of Multiple REMICs. (See Section 9.03 of the Standard Terms)
                      39

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

      Section 10.01.  REMIC Administration.  (See Section 10.01 of the Standard Terms).....40
      Section 10.02.  Master Servicer; REMIC Administrator and Trustee Indemnification.
                      (See Section 10.02 of the Standard Terms)............................40
      Section 10.03.  Designation of REMIC.................................................40
      Section 10.04.  [Reserved]...........................................................40
      Section 10.05.  Compliance with Withholding Requirements.............................42

                                                                                          Page

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

      Section 11.01.  Amendment.  (See Section 11.01 of the Standard Terms)................43
      Section 11.02.  Recordation of Agreement;  Counterparts.  (See Section 11.02 of the
                      Standard Terms)......................................................43
      Section 11.03.  Limitation on Rights of Certificateholders.  (See Section 11.03 of the
                      Standard Terms)......................................................43
      Section 11.04.  Governing Laws.  (See Section 11.04 of the Standard Terms)...........43
      Section 11.05.  Notices..............................................................43
      Section 11.06.  Required Notices to Rating Agency and Subservicer.  (See Section
                      11.06 of the Standard Terms).........................................44
      Section 11.07.  Severability of Provisions. (See Section 11.07 of the Standard Terms)44
      Section 11.08.  Supplemental Provisions for Resecuritization.  (See Section 11.08
                      of the Standard Terms)...............................................44
      Section 11.09.  Allocation of Voting Rights..........................................44
      Section 11.10.  No Petition..........................................................44

<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 March 1, 2003

</TABLE>

<PAGE>

        This is a Series Supplement, dated as of August 1, 2003 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of March 1, 2003 and attached as Exhibit Four hereto (the "Standard Terms" and,
together with this Series Supplement, the "Pooling and Servicing Agreement" or
"Agreement"), among RESIDENTIAL ACCREDIT LOANS, INC., as the company (together
with its permitted successors and assigns, the "Company"), RESIDENTIAL FUNDING
CORPORATION, as master servicer (together with its permitted successors and
assigns, the "Master Servicer"), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as
Trustee (together with its permitted successors and assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

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

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

                                       1
<PAGE>

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

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

<S>     <C>      <C>                                                      <C>
Class A-1        5.00%                       Senior/Fixed Rate     August 25,
                          $175,232,000.00                             2018        AAA/Aaa      $25,000.00
Class A-P        0.00%                        Senior/Principal     August 25,                  $25,000.00
                           $3,747,525.28            Only              2018        AAA/Aaa
Class A-V      Variable            $0.00      Senior/Interest      August 25,                4
               Rate3                         Only/Variable Rate       2018        AAA/Aaa
Class R          5.00%           $100.00    Senior/Residual/Fixed  August 25,                5
                                                    Rate              2018        AAA/Aaa
Class M-1        5.00%                        Mezzanine/ Fixed     August 25,                  $25,000.00
                           $3,124,200.00            Rate              2018         AA/NA
Class M-2        5.00%                        Mezzanine/ Fixed     August 25,                 $250,000.00
                             $367,500.00            Rate              2018         A/NA
Class M-3        5.00%                        Mezzanine/ Fixed     August 25,                 $250,000.00
                             $551,300.00            Rate              2018        BBB/NA
Class B-1        5.00%                       Subordinate/ Fixed    August 25,                 $250,000.00
                             $275,600.00            Rate              2018         BB/NA
Class B-2        5.00%                       Subordinate/ Fixed    August 25,                 $183,800.00
                             $183,800.00            Rate              2018         B/NA
Class B-3        5.00%                       Subordinate/ Fixed    August 25,                 $250,000.00
                             $275,662.78            Rate              2018         NA/NA
</TABLE>

________

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

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

3    The initial Pass-Through Rate on the Class A-V Certificates is 0.1705%.

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

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

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $183,757,688.06.

                                       2
<PAGE>

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

                                      3
<PAGE>
                                   ARTICLE I

                                   DEFINITIONS

Section 1.01...Definitions.

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

        Bankruptcy Amount: As of any date of determination prior to the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of (A)
$150,000 over (B) the aggregate amount of Bankruptcy Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05 of
this Series Supplement. As of any date of determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

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

                      (A) (i) if the aggregate principal balance of the
               Non-Primary Residence Loans as of the Relevant Anniversary is
               less than 10% of the Stated Principal Balance of the Mortgage
               Loans as of the Relevant Anniversary, $0.00, or (ii) if the
               aggregate principal balance of the Non-Primary Residence Loans as
               of the Relevant Anniversary is equal to or greater than 10% of
               the Stated Principal Balance of the Mortgage Loans as of the
               Relevant Anniversary, the sum of (I) the aggregate principal
               balance of the Non-Primary Residence Loans with a Loan-to-Value
               Ratio of greater than 80.00% but less than or equal to 90.00%
               (other than Additional Collateral Loans), times 0.25%, (II) the
               aggregate principal balance of the Non-Primary Residence Loans
               with a Loan-to-Value Ratio of greater than 90.00% but less than
               or equal to 95.00% (other than Additional Collateral Loans),
               times 0.50%, and (III) the aggregate principal balance of the
               Non-Primary Residence Loans with a Loan-to-Value Ratio of greater
               than 95.00% (other than Additional Collateral Loans) times 0.75%,
               in each case as of the Relevant Anniversary; and

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

                                       4
<PAGE>

               Mortgage Pool as of the Relevant Anniversary, and (z) one plus
               the quotient of the number of all Non-Primary Residence Loans
               remaining in the Mortgage Pool divided by the total number of
               Outstanding Mortgage Loans in the Mortgage Pool as of the
               Relevant Anniversary, and (ii) $50,000,

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

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

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

        Certificate Account: The separate account or accounts created and
maintained pursuant to Section 4.01 of the Standard Terms, which shall be
entitled "Deutsche Bank Trust Company Americas, as trustee, in trust for the
registered holders of Residential Accredit Loans, Inc., Mortgage Asset-Backed
Pass-Through Certificates, Series 2003-QS16" and which must be an Eligible
Account.

        Certificate Policy:  None.

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

        Class A-P Principal Distribution Amount: With respect to any
Distribution Date, an 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, Subsequent Recoveries and repurchases
        (including deemed repurchases under Section 3.07(b)) of Discount

                                       5
<PAGE>

        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 occurred during the preceding calendar
        month (or was deemed to have occurred during such period in accordance
        with Section 3.07(b)) that did not result in any Excess Special Hazard
        Losses, Excess Fraud Losses, Excess Bankruptcy Losses or Extraordinary
        Losses, an amount equal to the lesser of (1) the applicable Discount
        Fraction of the Stated Principal Balance of such Discount Mortgage Loan
        immediately prior to such Distribution Date and (2) the aggregate amount
        of the collections on such Mortgage Loan to the extent applied as
        recoveries of principal;

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

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

               (F) the related Discount Fraction of the portion of the
        Capitalization Reimbursement Amount for such Distribution Date, if any,
        related to each Discount Mortgage Loan

        Notwithstanding the foregoing, with respect to any Distribution Date on
and after the Credit Support Depletion Date, the Class A-P Principal
Distribution Amount shall equal the excess of (i) the sum of (a) the related
Discount Fraction of the principal portion of each Monthly Payment on each
Discount Mortgage Loan received or advanced prior to the related Determination
Date and not previously distributed minus the Discount Fraction of the principal
portion of any related Debt Service Reduction which together with other
Bankruptcy Losses exceeds the Bankruptcy Amount and (b) the aggregate amount
calculated pursuant to clauses (B) and (C) above over (ii) the amount calculated
pursuant to clause (F).

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

        Closing Date:  August 28, 2003.

     Corporate Trust Office: The principal office of the Trustee at which at any
particular  time its corporate  trust  business  with respect to this  Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument  is  located at 1761 East St.  Andrew  Place,  Santa Ana,  California
92705-4934, Attention: Residential Funding Corporation Series 2003-QS16.

        Cut-off Date:  August 1, 2003.

                                       6
<PAGE>

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

        Discount Net Mortgage Rate:  5.00% per annum.

     Due Period:  With respect to each Distribution  Date, the calendar month in
which such Distribution Date occurs.

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

        Fraud Loss Amount: As of any date of determination after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date
an amount equal to 2.25% of the aggregate outstanding principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses allocated solely to one or more specific Classes of Certificates in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination, (Y) from the first to, but not including, the
second anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a)
the Fraud Loss Amount as of the most recent anniversary of the Cut-off Date and
(b) 1.50% of the aggregate outstanding principal balance of all of the Mortgage
Loans as of the most recent anniversary of the Cut-off Date minus (2) the
aggregate amount of Fraud Losses allocated solely to one or more specific
Classes of Certificates in accordance with Section 4.05 since the most recent
anniversary of the Cut-off Date up to such date of determination, and (Z) from
the second to, but not including, the fifth anniversary of the Cut-off Date, an
amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the most
recent anniversary of the Cut-off Date and (b) 1.00% of the aggregate
outstanding principal balance of all of the Mortgage Loans as of the most recent
anniversary of the Cut-off Date minus (2) the aggregate amount of Fraud Losses
allocated solely to one or more specific Classes of Certificates in accordance
with Section 4.05 since the most recent anniversary of the Cut-off Date up to
such date of determination. On and after the fifth anniversary of the Cut-off
Date, the Fraud Loss Amount shall be zero.

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

        Fraud Losses: Realized Losses on Mortgage Loans as to which there was
fraud in the origination of such Mortgage Loan.

                                       7
<PAGE>

        Initial Monthly Payment Fund: $76,124, representing scheduled principal
amortization and interest at the Net Mortgage Rate payable during the September
2003 Due Period, for those Mortgage Loans for which the Trustee will not be
entitled to receive such payment.

        Initial Notional Amount: With respect to the Class A-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:  1.70%           Class B-1:  0.15%
        Class M-2:  0.20%           Class B-2:  0.10%
        Class M-3:  0.30%           Class B-3:  0.15%

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

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

     Maturity Date: August 25, 2018, the Distribution Date immediately following
the latest scheduled maturity date of any Mortgage Loan.

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

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

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

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

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

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

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

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

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

                                       8
<PAGE>

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

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

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

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

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

        Notional Amount: As of any Distribution Date, 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 immediately prior to such date.

        Pass-Through Rate: With respect to the Senior Certificates (other than
the Class A-V Certificates and Class A-P Certificates), Class M Certificates and
Class B Certificates and any Distribution Date, the per annum rates set forth in
the Preliminary Statement hereto. With respect to the Class A-V Certificates
(other than any Subclass thereof) and any Distribution Date, a rate equal to the
weighted average, expressed as a percentage, of the Pool Strip Rates of all
Mortgage Loans as of the Due Date in the related Due Period, weighted on the
basis of the respective Stated Principal Balances of such Mortgage Loans as of
the day immediately preceding such Distribution Date (or, with respect to the
initial Distribution Date, at the close of business on the Cut-off Date). With
respect to the Class A-V Certificates and the initial Distribution Date the
Pass-Through Rate is equal to 0.1705% per annum. With respect to any Subclass of
Class A-V Certificates and any Distribution Date, a rate equal to the weighted
average, expressed as a percentage, of the Pool Strip Rates of all Mortgage
Loans corresponding to the Uncertificated Class A-V REMIC Regular Interests
represented by such Subclass as of the Due Date in the related Due Period,
weighted on the basis of the respective Stated Principal Balances of such
Mortgage Loans as of the day immediately preceding such Distribution Date (or
with respect to the initial Distribution Date, at the close of business on the
Cut-off Date). The Principal Only Certificates have no Pass-Through Rate and are
not entitled to Accrued Certificate Interest.

        Prepayment Assumption: The prepayment assumption to be used for
determining the accrual of original issue discount and premium and market
discount on the Certificates for federal income tax purposes, which assumes a
constant prepayment rate of 16.0% per annum.

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

                                       9
<PAGE>

        (i)    For any Distribution Date prior to the Distribution Date in
               September 2008 (unless the Certificate Principal Balances of the
               Senior Certificates (other than the Class A-P Certificates), have
               been reduced to zero), 0%.

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

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

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

          (iii)Notwithstanding   the  foregoing,   if  the  application  of  the
               foregoing  percentages  on any  Distribution  Date as provided in
               Section 4.02 of this Series Supplement (determined without regard
               to  the  proviso  to the  definition  of  "Subordinate  Principal
               Distribution  Amount") would result in a distribution  in respect
               of principal of any Class or Classes of Subordinate  Certificates
               in an amount  greater than the  remaining  Certificate  Principal
               Balance thereof (any such class, a "Maturing  Class"),  then: (a)
               the  Prepayment  Distribution  Percentage of each Maturing  Class
               shall be  reduced to a level  that,  when  applied  as  described
               above, would exactly reduce the Certificate  Principal Balance of
               such Class to zero; (b) the Prepayment Distribution Percentage of
               each other Class of Subordinate  Certificates  (any such Class, a
               "Non-Maturing  Class") shall be  recalculated  in accordance with
               the  provisions in paragraph  (ii) above,  as if the  Certificate
               Principal Balance of each Maturing Class had been reduced to zero
               (such percentage as recalculated, the "Recalculated Percentage");
               (c)  the  total  amount  of  the  reductions  in  the  Prepayment
               Distribution   Percentages  of  the  Maturing  Class  or  Classes
               pursuant  to  clause  (a)  of  this  sentence,  expressed  as  an
               aggregate  percentage,  shall be allocated among the Non-Maturing
               Classes   in   proportion   to  their   respective   Recalculated
               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.

                                       10
<PAGE>

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

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

        Senior Principal Distribution Amount: With respect to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount
remaining after the distribution of all amounts required to be distributed
pursuant to Section 4.02(a)(i) and Section 4.02(a)(ii)(X) of this Series
Supplement and (b) the sum of the amounts required to be distributed to the
Senior Certificateholders on such Distribution Date pursuant to Sections
4.02(a)(ii)(Y), 4.02(a)(xvi) and 4.02(a)(xvii) of this Series Supplement.

        Special Hazard Amount: As of any Distribution Date, an amount equal to
$2,000,000 minus the sum of (i) the aggregate amount of Special Hazard Losses
allocated solely to one or more specific Classes of Certificates in accordance
with Section 4.05 of this Series Supplement and (ii) the Adjustment Amount (as
defined below) as most recently calculated. For each anniversary of the Cut-off
Date, the Adjustment Amount shall be equal to the amount, if any, by which the
amount calculated in accordance with the preceding sentence (without giving
effect to the deduction of the Adjustment Amount for such anniversary) exceeds
the greater of (A) the greater of (i) the product of the Special Hazard
Percentage for such anniversary multiplied by the outstanding principal balance
of all the Mortgage Loans on the Distribution Date immediately preceding such
anniversary and (ii) twice the outstanding principal balance of the Mortgage
Loan with the largest outstanding principal balance as of the Distribution Date
immediately preceding such anniversary and (B) the greater of (i) the product of
0.50% multiplied by the outstanding principal balance of all Mortgage Loans on
the Distribution Date immediately preceding such anniversary multiplied by a
fraction, the numerator of which is equal to the aggregate outstanding principal
balance (as of the immediately preceding Distribution Date) of all of the
Mortgage Loans secured by Mortgaged Properties located in the State of
California divided by the aggregate outstanding principal balance (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans, expressed
as a percentage, and the denominator of which is equal to 28.0% (which
percentage is equal to the percentage of Mortgage Loans by aggregate principal
balance initially secured by Mortgaged Properties located in the State of
California) and (ii) the aggregate outstanding principal balance (as of the
immediately preceding Distribution Date) of the largest Mortgage Loan secured by
a Mortgaged Property (or, with respect to a Cooperative Loan, the related
Cooperative Apartment) located in the State of California.

        The Special Hazard Amount may be further reduced by the Master Servicer
(including accelerating the manner in which coverage is reduced) provided that
prior to any such reduction, the Master Servicer shall (i) obtain written

                                       11
<PAGE>

confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.

        Special Hazard Percentage: As of each anniversary of the Cut-off Date,
the greater of (i) 1.0% and (ii) the largest percentage obtained by dividing the
aggregate outstanding principal balance (as of immediately preceding
Distribution Date) of the Mortgage Loans secured by Mortgaged Properties located
in a single, five-digit zip code area in the State of California by the
outstanding principal balance of all the Mortgage Loans as of the immediately
preceding Distribution Date.

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

        Uncertificated Class A-V REMIC Regular Interests or Uncertificated REMIC
Regular Interests: Each of the 1,146 uncertificated partial undivided beneficial
ownership interests in the Trust Fund, numbered sequentially from 1 to 1,146,
each relating to the particular Mortgage Loan identified by such sequential
number on the Mortgage Loan Schedule, each having no principal balance, and each
bearing interest at the respective Pool Strip Rate on the Stated Principal
Balance of the related Mortgage Loan.

        Underwriters:  Citigroup Global Markets Inc. and UBS Securities LLC.

                                       12
<PAGE>

Section 1.02...Use of Words and Phrases.

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

                                       13
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

(iii)   The Mortgage Loans are fully-amortizing, fixed-rate mortgage loans with
        level Monthly Payments due, with respect to a majority of the Mortgage
        Loans, on the first day of each month, and terms to maturity at
        origination or modification of not more than 15 years;

(iv) To the best of the Company's knowledge, except with respect to two Mortgage
     Loans  representing  approximately  0.1% of the  principal  balance  of the
     Mortgage Loans at origination, if a Mortgage Loan is secured by a Mortgaged
     Property with a  Loan-to-Value  Ratio at origination in excess of 80%, such
     Mortgage Loan is the subject of a Primary Insurance Policy that insures (a)
     at least  30% of the  Stated  Principal  Balance  of the  Mortgage  Loan at
     origination if the Loan-to-Value  Ratio is between 100.00% and 95.01%,  (b)
     at least  25% of the  Stated  Principal  Balance  of the  Mortgage  Loan at
     origination if the Loan-to-Value Ratio is between 95.00% and 90.01%, (c) at
     least 12% of such balance if the Loan-to-Value  Ratio is between 90.00% and
     85.01% and (d) at least 6% of such  balance if the  Loan-to-Value  Ratio is
     between  85.00% and 80.01%.  To the best of the Company's  knowledge,  each
     such Primary  Insurance  Policy is in full force and effect and the Trustee
     is entitled to the benefits thereunder;

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

                                       14
<PAGE>

(vi)    No more than 0.8% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off Date are secured by Mortgaged Properties
        located in any one zip code area 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)    Approximately 69.08% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off Date were underwritten under a reduced loan
        documentation program, approximately 15.76% of the Mortgage Loans by
        aggregate Stated Principal Balance as of the Cut-off Date were
        underwritten under a no-stated income program, and approximately 3.88%
        of the Mortgage Loans by aggregate Stated Principal Balance as of the
        Cut-off Date were underwritten under a no income/no asset program;

(x)     Except with respect to approximately 15.95% of the Mortgage Loans by
        aggregate Stated Principal Balance as of the Cut-off Date, the Mortgagor
        represented in its loan application with respect to the related Mortgage
        Loan that the Mortgaged Property would be owner-occupied;

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

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

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

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

                                       15
<PAGE>

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

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

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

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

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

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

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

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

                                       16
<PAGE>

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

Section 2.04.  Representations and Warranties of Sellers.

        The Company, as assignee of Residential Funding under the Assignment
Agreement, hereby assigns to the Trustee for the benefit of Certificateholders
all of its right, title and interest in respect of the Assignment Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's rights under such Seller's Agreement relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies provided thereunder for any
breach of such representations and warranties, such right, title and interest
may be enforced by the Master Servicer on behalf of the Trustee and the
Certificateholders. Upon the discovery by the Company, the Master Servicer, the
Trustee or any Custodian of a breach of any of the representations and
warranties made in a Seller's Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the representations and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase obligation under
the Assignment Agreement) in respect of any Mortgage Loan which materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party discovering such breach shall give prompt written notice to the other
parties (any Custodian being so obligated under a Custodial Agreement). The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request that such Seller or Residential
Funding, as the case may be, either (i) cure such breach in all material
respects within 90 days from the date the Master Servicer was notified of such
breach or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02; provided that in the case of
a breach under the Assignment Agreement Residential Funding shall have the
option to substitute a Qualified Substitute Mortgage Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified mortgage" as defined in Section 860G(a)(3) of the Code, any such
cure, repurchase or substitution must occur within 90 days from the date the
breach was discovered. If the breach of representation and warranty that gave
rise to the obligation to repurchase or substitute a Mortgage Loan pursuant to
Section 4 of the Assignment Agreement was the representation and warranty set
forth in clause (k) of Section 4 thereof, then the Master Servicer shall request
that Residential Funding pay to the Trust Fund, concurrently with and in
addition to the remedies provided in the preceding sentence, an amount equal to
any liability, penalty or expense that was actually incurred and paid out of or
on behalf of the Trust Fund, and that directly resulted from such breach, or if
incurred and paid by the Trust Fund thereafter, concurrently with such payment.
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 or the Custodian
for the benefit of the Certificateholders with respect to such Qualified

                                       17
<PAGE>

Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage, an
Assignment of the Mortgage in recordable form, if required pursuant to Section
2.01, and such other documents and agreements as are required by Section 2.01,
with the Mortgage Note endorsed as required by Section 2.01. No substitution
will be made in any calendar month after the Determination Date for such month.
Monthly Payments due with respect to Qualified Substitute Mortgage Loans in the
month of substitution shall not be part of the Trust Fund and will be retained
by the Master Servicer and remitted by the Master Servicer to Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter Residential Funding shall
be entitled to retain all amounts received in respect of such Deleted Mortgage
Loan. The Master Servicer shall amend or cause to be amended the Mortgage Loan
Schedule, and, if the Deleted Mortgage Loan was a Discount Mortgage Loan, the
Schedule of Discount Fractions, for the benefit of the Certificateholders to
reflect the removal of such Deleted Mortgage Loan and the substitution of the
Qualified Substitute Mortgage Loan or Loans and the Master Servicer shall
deliver the amended Mortgage Loan Schedule, and, if the Deleted Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this Agreement and the related Subservicing
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 and to make any additional

                                       18
<PAGE>

payments required under the Assignment Agreement in connection with a breach of
the representation and warranty in clause (k) of Section 4 thereof shall
constitute the sole remedy respecting such breach available to the
Certificateholders or the Trustee on behalf of Certificateholders. If the Master
Servicer is Residential Funding, then the Trustee shall also have the right to
give the notification and require the purchase or substitution provided for in
the second preceding paragraph in the event of such a breach of a representation
or warranty made by Residential Funding in the Assignment Agreement. In
connection with the purchase of or substitution for any such Mortgage Loan by
Residential Funding, the Trustee shall assign to Residential Funding all of the
Trustee's right, title and interest in respect of the Seller's Agreement and the
Assignment Agreement applicable to such Mortgage Loan.

Section  2.05.   Execution  and  Authentication  of   Certificates/Issuance   of
     Certificates.

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

Section 2.06.  [Reserved].

Section 2.07.  [Reserved].

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

                                       19
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master  Servicer to Act as  Servicer.  (See  Section  3.01 of the
     Standard Terms)

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations. (See Section 3.02 of
     the Standard Terms)

Section 3.03.  Successor Subservicers. (See Section 3.03 of the Standard Terms)

Section  3.04.  Liability  of the  Master  Servicer.  (See  Section  3.04 of the
     Standard Terms)

Section 3.05. No Contractual  Relationship  Between  Subservicer  and Trustee or
     Certificateholders. (See Section 3.05 of the Standard Terms)

Section 3.06.  Assumption or Termination of Subservicing  Agreements by Trustee.
     (See Section 3.06 of the Standard Terms)

Section  3.07.  Collection  of  Certain  Mortgage  Loan  Payments;  Deposits  to
     Custodial Account.

(a)     The Master Servicer shall make reasonable efforts to collect all
        payments called for under the terms and provisions of the Mortgage
        Loans, and shall, to the extent such procedures shall be consistent with
        this Agreement and the terms and provisions of any related Primary
        Insurance Policy, follow such collection procedures as it would employ
        in its good faith business judgment and which are normal and usual in
        its general mortgage servicing activities. Consistent with the
        foregoing, the Master Servicer may in its discretion (i) waive any late
        payment charge or any prepayment charge or penalty interest in
        connection with the prepayment of a Mortgage Loan and (ii) extend the
        Due Date for payments due on a Mortgage Loan in accordance with the
        Program Guide; provided, however, that the Master Servicer shall first
        determine that any such waiver or extension will not impair the coverage
        of any related Primary Insurance Policy or materially adversely affect
        the lien of the related Mortgage. In the event of any such arrangement,
        the Master Servicer shall make timely advances on the related Mortgage
        Loan during the scheduled period in accordance with the amortization
        schedule of such Mortgage Loan without modification thereof by reason of
        such arrangements unless otherwise agreed to by the Holders of the
        Classes of Certificates affected thereby; provided, however, that no
        such extension shall be made if any such advance would be a
        Nonrecoverable Advance. Consistent with the terms of this Agreement, the
        Master Servicer may also waive, modify or vary any term of any Mortgage
        Loan or consent to the postponement of strict compliance with any such
        term or in any manner grant indulgence to any Mortgagor if in the Master
        Servicer's determination such waiver, modification, postponement or
        indulgence is not materially adverse to the interests of the
        Certificateholders (taking into account any estimated Realized Loss that

                                       20
<PAGE>

        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), capitalize any amounts owing on the Mortgage Loan by
        adding such amount to the outstanding principal balance 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; provided, further,
        that (1) no such modification shall reduce the interest rate on a
        Mortgage Loan below one-half of the Mortgage Rate as in effect on the
        Cut-off Date, but not less than the rates at which the Servicing Fee and
        the Subservicing Fee with respect to such Mortgage Loan accrue, (2) the
        final maturity date for any Mortgage Loan shall not be extended beyond
        the Maturity Date, (3) the Stated Principal Balance of all Reportable
        Modified Mortgage Loans subject to Servicing Modifications (measured at
        the time of the Servicing Modification and after giving effect to any
        Servicing Modification) can be no more than five percent of the
        aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date, unless such limit is increased from time to time with the consent
        of the Rating Agencies. In addition, any amounts owing on a Mortgage
        Loan added to the outstanding principal balance of such Mortgage Loan
        must be fully amortized over the remaining term of such Mortgage Loan,
        and such amounts may be added to the outstanding principal balance of a
        Mortgage Loan only once during the life of such Mortgage Loan. Also, the
        addition of such amounts described in the preceding sentence shall be
        implemented in accordance with the Program Guide and may be implemented
        only by Subservicers that have been approved by the Master Servicer for
        such purpose. 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, Subsequent Recoveries and Liquidation Proceeds (net
        of any related expenses of the Subservicer);

(iv)    All proceeds of any Mortgage Loans purchased pursuant to Section 2.02,
        2.03, 2.04 or 4.07 (including amounts received from Residential Funding
        pursuant to the last paragraph of Section 4 of the Assignment Agreement
        in respect of any liability, penalty or expense that resulted from a
        breach of the representation and warranty set forth in clause 4(k) of
        the Assignment Agreement) 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) - (d). (See Section 3.07(c) -(d) of the Standard Terms)

                                       22
<PAGE>

Section 3.08.  Subservicing Accounts;  Servicing Accounts.  (See Section 3.08 of
     the Standard Terms)

Section 3.09.  Access to Certain  Documentation  and  Information  Regarding the
     Mortgage Loans. (See Section 3.09 of the Standard Terms)

Section 3.10.  Permitted  Withdrawals from the Custodial  Account.  (See Section
     3.10 of the Standard Terms)

Section  3.11.  Maintenance  of  the  Primary  Insurance  Policies;  Collections
     Thereunder. (See Section 3.11 of the Standard Terms)

Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity Coverage.
     (See Section 3.12 of the Standard Terms)

Section 3.13.  Enforcement of Due-on-Sale  Clauses;  Assumption and Modification
     Agreements; Certain Assignments. (See Section 3.13 of the Standard Terms)

Section 3.14.  Realization Upon Defaulted  Mortgage Loans.  (See Section 3.14 of
     the Standard Terms)

Section 3.15. Trustee to Cooperate; Release of Mortgage Files. (See Section 3.15
     of the Standard Terms)

Section 3.16.  Servicing and Other  Compensation;  Compensating  Interest.  (See
     Section 3.16 of the Standard Terms)

Section 3.17.  Reports to the Trustee and the Company.  (See Section 3.17 of the
     Standard Terms)

Section 3.18.  Annual  Statement  as to  Compliance.  (See  Section  3.18 of the
     Standard Terms)

Section 3.19. Annual  Independent  Public  Accountants'  Servicing Report.  (See
     Section 3.19 of the Standard Terms)

Section 3.20.  Rights of the  Company in Respect  of the Master  Servicer.  (See
     Section 3.20 of the Standard Terms)

Section 3.21.  Administration of Buydown Funds (See Section 3.21 of the Standard
     Terms)

                                       23
<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

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

Section 4.02.  Distributions.

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

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

               (ii) (X) to the Class A-P Certificates, the Class A-P Principal
        Distribution Amount (applied to reduce the Certificate Principal
        Balances of such Senior Certificates); and

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

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

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

                                       24
<PAGE>

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

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

     (3)  the principal portion of all other unscheduled collections (other than
          Principal Prepayments in Full and Curtailments and amounts received in
          connection  with a Cash  Liquidation or REO  Disposition of a Mortgage
          Loan described in Section 4.02(a)(ii)(Y)(B) of this Series Supplement,
          including without limitation Insurance Proceeds,  Liquidation Proceeds
          and REO Proceeds),  including Subsequent  Recoveries,  received during
          the  preceding  calendar  month (or deemed to have been so received in
          accordance  with Section  3.07(b)) 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)) and did not
result  in any  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses or Extraordinary  Losses, an amount equal to the lesser of (a)
the Senior  Percentage  for such  Distribution  Date times the Stated  Principal
Balance of such Mortgage Loan (other than the related Discount  Fraction of such
Stated Principal  Balance,  with respect to each Discount Mortgage Loan) and (b)
the Senior Accelerated  Distribution Percentage for such Distribution Date times
the related  unscheduled  collections  (including without  limitation  Insurance
Proceeds,  Liquidation  Proceeds and REO Proceeds) to the extent  applied by the
Master Servicer as recoveries of principal of the related Mortgage Loan pursuant
to Section  3.14 of the  Standard  Terms (in each case other than the portion of
such unscheduled collections, with respect to a Discount Mortgage Loan, included
in clause (C) of the definition of Class A-P Principal Distribution Amount);

                                       25
<PAGE>

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

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

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

     (F)  the  Capitalization  Reimbursement  Amount for such Distribution Date,
          other than the related Discount Fraction of any portion of that amount
          related to each Discount Mortgage Loan, multiplied by a fraction,  the
          numerator  of  which  is the  Senior  Principal  Distribution  Amount,
          without giving effect to this clause (F), and the denominator of which
          is the sum of the  principal  distribution  amounts for all Classes of
          Certificates  other than the Class A-P  Certificates,  without  giving
          effect to any reductions for the Capitalization Reimbursement Amount;

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

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

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

                                       26
<PAGE>

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

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

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

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

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

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

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

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

                                       27
<PAGE>

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

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

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

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

        Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate Certificates are no longer
outstanding, the Senior Certificates, Accrued Certificate Interest thereon
remaining unpaid from any previous Distribution Date will be distributable only
to the extent that (1) a shortfall in the amounts available to pay Accrued
Certificate Interest on any Class of Certificates results from an interest rate
reduction in connection with a Servicing Modification, or (2) such unpaid
Accrued Certificate Interest was attributable to interest shortfalls relating to
the failure of the Master Servicer to make any required Advance, or the
determination by the Master Servicer that any proposed Advance would be a
Nonrecoverable Advance with respect to the related Mortgage Loan where such
Mortgage Loan has not yet been the subject of a Cash Liquidation or REO
Disposition or the related Liquidation Proceeds, Insurance Proceeds and REO
Proceeds have not yet been distributed to the Certificateholders.

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

                                       28
<PAGE>

(i)            first, an amount equal to the Class A-P Principal Distribution
               Amount shall be distributed to the Class A-P Certificates, until
               the Certificate Principal Balance thereof has been reduced to
               zero; and

(ii)           second, the Senior Principal Distribution Amount shall be
               distributed in the following manner and priority:

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

                      (B) second, the Senior Principal Distribution Amount
               remaining after the payments of principal made in accordance with
               Section 4.02(b)(ii)(A) above, shall be distributed to the Class
               A-1 Certificates, until the Certificate Principal Balance thereof
               has been reduced to zero.

(c) Notwithstanding Section 4.02(b)(ii), on or after the Credit Support
Depletion Date, the Senior Principal Distribution Amount will be distributed to
the remaining Senior Certificates (other than the Class A-P Certificates and
Class A-V Certificates) pro rata in accordance with their respective outstanding
Certificate Principal Balances.

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

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

                                       29
<PAGE>

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

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

     Section 4.03.  Statements to  Certificateholders;  Exchange Act  Reporting.
          (See Section 4.03 of the Standard Terms)

     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

                                       30
<PAGE>

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

        As used herein, an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata basis, among the various Classes so specified, to each such Class of
Certificates, on the basis of their then outstanding Certificate Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the principal portion of a Realized Loss or based on the
Accrued Certificate Interest thereon payable on such Distribution Date (without
regard to any Compensating Interest for such Distribution Date) in the case of
an interest portion of a Realized Loss. Except as provided in the following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service Reductions) to a Class of Certificates shall be made by reducing
the Certificate Principal Balance thereof by the amount so allocated, which
allocation shall be deemed to have occurred on such Distribution Date; provided
that no such reduction shall reduce the aggregate Certificate Principal Balance
of the Certificates below the aggregate Stated Principal Balance of the Mortgage
Loans. 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 (other than any interest
rate reduction resulting from a Servicing Modification) 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 interest portion of a Realized Loss
resulting from an interest rate reduction in connection with a Servicing
Modification shall be made 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.

                                       31
<PAGE>

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

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

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

                                       32
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

                      (SEE ARTICLE V OF THE STANDARD TERMS)

                                       33
<PAGE>

                                   ARTICLE VI
                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       34
<PAGE>

                                  ARTICLE VII
                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       35
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       36
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

Section               9.01...Optional Purchase by the Master Servicer of All
                      Certificates; Termination Upon Purchase by the Master
                      Servicer or Liquidation of All Mortgage Loans.

(a)     Subject to Section 9.02, the respective obligations and responsibilities
        of the Company, the Master Servicer and the Trustee created hereby in
        respect of the Certificates (other than the obligation of the Trustee to
        make certain payments after the Final Distribution Date to
        Certificateholders and the obligation of the Company to send certain
        notices as hereinafter set forth) shall terminate upon the last action
        required to be taken by the Trustee on the Final Distribution Date
        pursuant to this Article IX following the earlier of:

     (i)  the later of the final  payment or other  liquidation  (or any Advance
          with respect thereto) of the last Mortgage Loan remaining in the Trust
          Fund or the disposition of all property  acquired upon  foreclosure or
          deed in lieu of foreclosure of any Mortgage Loan, or

     (ii) the  purchase  by the Master  Servicer of all  Mortgage  Loans and all
          property  acquired in respect of any  Mortgage  Loan  remaining in the
          Trust Fund at a price equal to 100% of the unpaid principal balance of
          each Mortgage Loan or, if less than such unpaid principal balance, the
          fair market value of the related underlying  property of such Mortgage
          Loan  with  respect  to  Mortgage  Loans  as to which  title  has been
          acquired if such fair market value is less than such unpaid  principal
          balance (net of any unreimbursed  Advances  attributable to principal)
          on the day of  repurchase  plus  accrued  interest  thereon at the Net
          Mortgage  Rate  (or  Modified  Net  Mortgage  Rate in the  case of any
          Modified  Mortgage Loan) to, but not  including,  the first day of the
          month  in  which  such  repurchase  price  is  distributed,  provided,
          however,  that in no event  shall the trust  created  hereby  continue
          beyond the  expiration of 21 years from the death of the last survivor
          of the  descendants of Joseph P. Kennedy,  the late  ambassador of the
          United States to the Court of St. James, living on the date hereof and
          provided  further  that the  purchase  price set forth  above shall be
          increased as is necessary,  as determined by the Master  Servicer,  to
          avoid  disqualification  of any portion of any REMIC  formed under the
          Series  Supplement as a REMIC.  The purchase  price paid by the Master
          Servicer  shall also include any amounts owed by  Residential  Funding
          pursuant  to  the  last  paragraph  of  Section  4 of  the  Assignment
          Agreement  in  respect  of any  liability,  penalty  or  expense  that
          resulted from a breach of the representation and warranty set forth in
          clause (k) of such  Section,  that  remain  unpaid on the date of such
          purchase.

        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.

                                       37
<PAGE>

        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, the Master Servicer shall have the
right, at its option, to purchase the Certificates in whole, but not in part, at
a price equal to the outstanding Certificate Principal Balance of such
Certificates plus the sum of Accrued Certificate Interest thereon for the
related Interest Accrual Period and any previously unpaid Accrued Certificate
Interest. If the Master Servicer exercises this right to purchase the
outstanding Certificates, the Master Servicer will promptly terminate the
respective obligations and responsibilities created hereby in respect of the
Certificates pursuant to this Article IX.

        (b) - (e). (See Section 9.01(b) - (e) of the Standard Terms)

     Section 9.02. Additional Termination Requirements. (See Section 9.02 of the
          Standard Terms)

     Section 9.03.  Termination  of Multiple  REMICs.  (See  Section 9.03 of the
          Standard Terms)

                                       38
<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.

        The REMIC Administrator will make an election to treat the entire
segregated pool of assets described in the definition of Trust Fund, and subject
to this Agreement (including the Mortgage Loans) as a REMIC for federal income
tax purposes.

        The Class A-1, Class A-P, Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates and the Uncertificated Class A-V REMIC
Regular Interests, the rights in and to which will be represented by the Class
A-V Certificates, will be "regular interests" in the REMIC, and the Class R
Certificates will be the sole class of "residual interests" therein for purposes
of the REMIC Provisions (as defined herein) under federal income tax law. On and
after the date of issuance of any Subclass of Class A-V Certificates pursuant to
Section 5.01(c), any such Subclass will represent the Uncertificated 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 issue discount payments or advances thereof that the
Trustee or any Paying Agent, as applicable, reasonably believes are applicable
under the Code. The consent of Certificateholders shall not be required for such
withholding. In the event the Trustee or any Paying Agent, as applicable, does
withhold any amount from interest or original issue discount payments or
advances thereof to any Certificateholder pursuant to federal withholding
requirements, the Trustee or any Paying Agent, as applicable, shall indicate the
amount withheld to such Certificateholder pursuant to the terms of such
requirements.

                                       39
<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

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

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

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

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

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

---------------------------------- --------------------------------------------------------------
            RECIPIENT                                         ADDRESS
---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
<S>                                <C>
Company                            8400 Normandale Lake Boulevard
                                   Suite 250, Minneapolis, Minnesota  55437,
                                   Attention: President
---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Master Servicer                    2255 N. Ontario Street, Suite 400
                                   -------------------------------------------------------------
                                   Burbank, California 91504-2130,
                                   Attention:  Managing Director/Master Servicing
---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Trustee                            Corporate Trust Office
                                   1761 East St. Andrew Place
                                   Santa Ana, California 92705-4934,
                                   Attention:  Residential Accredit Loans, Inc. Series 2003-QS16

                                   The Trustee designates its offices located at
                                   c/o DTC Transfer Services, 55 Water Street,
                                   Jeanette Street Park Entrance, New York, New
                                   York 10041, for the purposes of Section 8.12
                                   of the Standard Terms
---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Moody's Investors Service, Inc.    99 Church Street, 4th Floor
                                   New York, New York 10004

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

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

Any notice required or permitted to be mailed to a Certificateholder shall be
given by first class mail, postage prepaid, at the address of such holder as
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.

                                       40
<PAGE>

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

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

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

Section 11.09. Allocation of Voting Rights.

               98.0% of all of the Voting Rights shall be allocated among
Holders of Certificates, other than the Interest Only Certificates and Class R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their respective Certificates; 1.0% of all Voting Rights shall be allocated
among the Holders of the Class A-V Certificates, in accordance with their
respective Percentage Interests; and 1.0% of all Voting Rights shall be
allocated among the Holders of the Class R Certificates, in accordance with
their respective Percentage Interests.

Section 11.10. No Petition.

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

                                       41
<PAGE>

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

                                       RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]

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

Attest: //s/ Michael Mead_________
      Name:   Michael Mead
      Title:  Vice President

                                       RESIDENTIAL FUNDING CORPORATION
[Seal]

                                            By://s/ Michael Mead
                                                 Name:  Michael Mead
                                                 Title: Associate

Attest://s/ Joseph Orning________
      Name: Joseph Orning
      Title: Vice President

                                DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
[Seal]

                                            By://s/ Ronaldo Reyes
                                                 Name: Ronaldo Reyes
                                                 Title: Assistant Vice President

                                            By://s/Jeremy Conyers
                                                 Name: Jeremy Conyers
                                                 Title:  Associate

Attest://s/James F. Noriega________
      Name: James F. Noriega
      Title: Associate

                                       42
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On 28th day of August, 2003 before me, a notary public in and for
said State, personally appeared Joseph Orning, known to me to be a Vice
President of Residential Accredit Loans, Inc., one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.

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

                                                   //s/ Brian S. Bangerter
                                                   Notary Public

[Notarial Seal]

<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 28th day of August, 2003 before me, a notary public in and
for said State, personally appeared Michael Mead, known to me to be an Associate
of Residential Funding Corporation, one of the corporations that executed the
within instrument, and also known to me to be the person who executed it on
behalf of said corporation, and acknowledged to me that such corporation
executed the within instrument.

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

                                                        //s/ Brian S. Bangerter
                                                          Notary Public

[Notarial Seal]

<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 28th day of August, 2003 before me, a notary public in and
for said State, personally appeared Ronaldo Reyes, known to me to be a(n)
Assistant Vice President of Deutsche Bank Trust Company Americas, the New York
banking corporation that executed the within instrument, and also known to me to
be the person who executed it on behalf of said banking corporation and
acknowledged to me that such banking corporation executed the within instrument.

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

                                                   //s/Brent Wayne Hoyler
                                                   Notary Public

[Notarial Seal]

STATE OF CALIFORNIA               )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 28th day of August, 2003 before me, a notary public in and
for said State, personally appeared Jeremy Conyers, known to me to be a(n)
Associate of Deutsche Bank Trust Company Americas, the New York banking
corporation that executed the within instrument, and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.

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

                                                   //s/Brent Wayne Hoyler
                                                   Notary Public

               [

[Notarial Seal]

<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 08/22/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 09.03.02           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2003-QS16                                 CUTOFF : 08/01/03
  POOL       : 0004728
             :
             :
  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
  -------------------------------------------------------------------------

      8124987                              .2500
      100,464.09                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.0000                        1.4200

      8276449                              .2500
      143,822.46                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            5.0000                        1.5450

      8313947                              .2500
      110,600.44                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8373011                              .2500
       60,225.54                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8377848                              .2500
       53,111.21                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8378114                              .2500
       64,577.18                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700
1

      8378292                              .2500
      208,242.28                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8378328                              .2500
      137,478.30                          .0300
            4.8750                         .0000
            4.6250                         .0000
            4.5950                         .0000
            4.5950                         .0000

      8378938                              .2500
      117,262.11                          .0800
            6.8900                         .0000
            6.6400                         .0000
            6.5600                         .0000
            5.0000                        1.5600

      8379140                              .2500
       49,617.24                          .0300
            4.7500                         .0000
            4.5000                         .0000
            4.4700                         .0000
            4.4700                         .0000

      8379492                              .2500
      108,060.83                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8379538                              .2500
      345,144.13                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8379708                              .2500
      103,275.37                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8379738                              .2500
      244,092.91                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000
1

      8379782                              .2500
      122,758.02                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8379900                              .2500
       92,676.78                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8379906                              .2500
      206,349.16                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8380446                              .2500
       89,272.80                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8381520                              .2500
       88,687.40                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8382656                              .2500
      156,355.42                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8382746                              .2500
      185,332.72                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8383460                              .2500
      147,100.96                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950
1

      8383592                              .2500
       99,641.25                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8388814                              .2500
       79,436.66                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8389136                              .2500
      992,578.45                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8389190                              .2500
      169,744.25                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8389626                              .2500
       39,854.98                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8389630                              .2500
       70,988.96                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8389752                              .2500
      107,616.62                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8389886                              .2500
       64,263.69                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000
1

      8389900                              .2500
       87,670.77                          .0300
            5.0000                         .0000
            4.7500                         .0000
            4.7200                         .0000
            4.7200                         .0000

      8391338                              .2500
      577,178.65                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8391442                              .2500
      160,028.50                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8391506                              .2500
       80,172.45                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8391580                              .2500
       69,877.04                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8393200                              .2500
      444,744.28                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8393202                              .2500
      352,393.02                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8393552                              .2500
      180,137.59                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000
1

      8393580                              .2500
       49,329.79                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8393626                              .2500
      204,057.50                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8393830                              .2500
      109,554.94                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8393864                              .2500
      183,655.57                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8393886                              .2500
       81,307.26                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8398102                              .2500
      124,546.82                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8398240                              .2500
      117,173.64                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8398532                              .2500
       53,009.14                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700
1

      8398582                              .2500
       68,555.77                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

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      8575214                              .2500
       92,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8599263                              .2500
      295,799.41                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8630463                              .2500
       43,142.50                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8638455                              .2500
      165,192.61                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8664177                              .2500
      132,155.54                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8667641                              .2500
      148,809.82                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8677121                              .2500
      296,823.61                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200
1

      8683039                              .2500
       62,859.44                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8708567                              .2500
      147,443.21                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8719087                              .2500
       49,269.99                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8724425                              .2500
      205,071.44                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8724433                              .2500
      105,855.13                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8724437                              .2500
      245,896.42                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8724481                              .2500
      178,094.18                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8725045                              .2500
       80,712.97                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450
1

      8728557                              .2500
       76,954.26                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8740133                              .2500
       78,606.76                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8741215                              .2500
      196,545.97                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8745177                              .2500
       65,927.49                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8755977                              .2500
      446,695.39                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8758009                              .2500
      151,625.15                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8764313                              .2500
      373,870.26                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8764627                              .2500
      103,600.49                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000
1

      8764995                              .2500
      142,435.16                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8765337                              .2500
       49,247.03                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8766875                              .2500
      175,481.76                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8772097                              .2500
      118,179.57                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8773091                              .2500
      373,582.32                          .0300
            4.8750                         .0000
            4.6250                         .0000
            4.5950                         .0000
            4.5950                         .0000

      8775785                              .2500
      158,849.36                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8777343                              .2500
      203,541.17                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8787375                              .2500
       81,094.77                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000
1

      8787379                              .2500
       98,907.46                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8787483                              .2500
      173,070.25                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8787709                              .2500
       99,625.88                          .0300
            5.0000                         .0000
            4.7500                         .0000
            4.7200                         .0000
            4.7200                         .0000

      8787721                              .2500
      103,642.39                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8789575                              .2500
      516,100.97                          .0300
            5.0000                         .0000
            4.7500                         .0000
            4.7200                         .0000
            4.7200                         .0000

      8790135                              .2500
      120,617.03                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8791093                              .2500
      179,298.54                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8795259                              .2500
       59,573.02                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950
1

      8796399                              .2500
      181,353.94                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8797375                              .2500
      109,621.76                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8800039                              .2500
       96,150.14                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8800185                              .2500
      133,927.93                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8801817                              .2500
      147,432.07                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8805875                              .2500
      519,111.13                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8808069                              .2500
      180,151.38                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8810361                              .2500
       68,762.74                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700
1

      8811795                              .2500
      432,000.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8813697                              .2500
      156,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8814989                              .2500
      231,539.57                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8815029                              .2500
      130,031.83                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8815207                              .2500
      396,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8819457                              .2500
       60,500.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8821135                              .2500
      161,387.57                          .0300
            4.8750                         .0000
            4.6250                         .0000
            4.5950                         .0000
            4.5950                         .0000

      8822307                              .2500
      108,800.00                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000
1

      8822333                              .2500
      275,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8825621                              .2500
      150,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8826865                              .2500
      155,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8826941                              .2500
      200,000.00                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

  TOTAL NUMBER OF LOANS:     1146
  TOTAL BALANCE........:        183,757,688.06

  RUN ON     : 08/22/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 09.03.02            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS16       FIXED SUMMARY REPORT      CUTOFF : 08/01/03
  POOL       : 0004728
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        5.3770            4.3750      6.8900
  RFC NET RATE                          5.1270            4.1250      6.6400
  NET MTG RATE(INVSTR RATE)             5.0685            4.0950      6.5600
  POST STRIP RATE                       4.8980            4.0950      5.0000
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0585             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .1705             .0000      1.5600

  TOTAL NUMBER OF LOANS:  1146
  TOTAL BALANCE........:     183,757,688.06

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 08/22/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 09.03.02          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS16                                 CUTOFF : 08/01/03
  POOL       : 0004728
             :
             :
  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 #
  ______________________________________________________________________________

    8124987          N67/G02             F          103,900.00         ZZ
                                         180        100,464.09          1
                                       6.750            919.42         80
                                       6.500            919.42
    BEL AIRE         KS   67220          1            09/30/02         00
    0434753919                           05           11/01/02          0
    1161002437A                          O            10/01/17
    0

    8276449          K15/G02             F          147,800.00         ZZ
                                         180        143,822.46          1
                                       6.875          1,318.16         90
                                       6.625          1,318.16
    ASHLAND CITY     TN   37015          5            11/22/02         26
    0435077714                           05           01/01/03         12
    000290005504339                      O            12/01/17
    0

    8313947          W68/G02             F          113,400.00         ZZ
                                         180        110,600.44          1
                                       5.875            949.29         87
                                       5.625            949.29
    SHREVEPORT       LA   71105          2            12/10/02         12
    0435164256                           05           02/01/03         12
    33519                                O            01/01/18
    0

    8373011          X67/G02             F           61,750.00         ZZ
                                         180         60,225.54          1
                                       5.875            516.92         83
                                       5.625            516.92
    MAYNARDVILLE     TN   37807          2            12/26/02         11
    0435284443                           27           02/01/03         12
1

    00241454                             O            01/01/18
    0

    8377848          Q87/G02             F           53,500.00         ZZ
                                         180         53,111.21          1
                                       5.375            433.60         72
                                       5.125            433.60
    WARNER ROBINS    GA   31093          5            06/12/03         00
    0436059323                           05           07/17/03          0
    SHALO1                               O            06/17/18
    0

    8378114          E22/G02             F           64,800.00         ZZ
                                         180         64,577.18          1
                                       6.000            546.82         90
                                       5.750            546.82
    HARTSELLE        AL   35640          5            06/12/03         11
    0417487600                           05           08/01/03         12
    0417487600                           O            07/01/18
    0

    8378292          E22/G02             F          209,000.00         TX
                                         180        208,242.28          1
                                       5.375          1,693.87         79
                                       5.125          1,693.87
    HOUSTON          TX   77082          5            06/12/03         00
    0417357514                           03           08/01/03          0
    0417357514                           O            07/01/18
    0

    8378328          E22/G02             F          138,000.00         ZZ
                                         180        137,478.30          1
                                       4.875          1,082.33         89
                                       4.625          1,082.33
    SUMMERVILLE      SC   29483          5            06/12/03         01
    0417379591                           05           08/01/03         12
    0417379591                           O            07/01/18
    0

    8378938          U81/G02             F          118,400.00         ZZ
                                         180        117,262.11          1
                                       6.890          1,056.94         80
                                       6.640          1,056.94
    OWENS CROSS ROA  AL   35763          5            04/14/03         00
    0436229777                           05           06/01/03          0
    1800005581                           O            05/01/18
    0

1

    8379140          E47/G02             F           50,000.00         ZZ
                                         180         49,617.24          1
                                       4.750            388.92         41
                                       4.500            388.92
    HUDSON           FL   34667          1            05/30/03         00
    0436238612                           05           07/01/03          0
    7361014559                           O            06/01/18
    0

    8379492          K15/G02             F          109,200.00         ZZ
                                         180        108,060.83          1
                                       6.000            921.49         95
                                       5.750            921.49
    BASSETT          VA   24055          5            04/24/03         41
    0436038673                           05           06/01/03         25
    017305514798                         O            05/01/18
    0

    8379538          U05/G02             F          346,400.00         TX
                                         180        345,144.13          1
                                       5.375          2,807.45         80
                                       5.125          2,807.45
    COPPELL          TX   75019          5            06/12/03         00
    0436035620                           03           08/01/03          0
    3366874                              O            07/01/18
    0

    8379708          168/168             F          104,000.00         ZZ
                                         180        103,275.37          1
                                       5.875            870.60         80
                                       5.625            870.60
    NEW BALTIMORE    NY   12192          2            04/30/03         00
    3347509                              05           07/01/03          0
    0339475099                           O            06/01/18
    0

    8379738          U05/G02             F          245,000.00         TX
                                         180        244,092.91          1
                                       5.125          1,953.44         77
                                       4.875          1,953.44
    SAN ANTONIO      TX   78232          5            06/05/03         00
    0436035661                           05           08/01/03          0
    3360293                              O            07/01/18
    0

    8379782          P01/G02             F          123,200.00         T
                                         180        122,758.02          1
                                       5.500          1,006.65         80
                                       5.250          1,006.65
1

    NEW BALTIMORE    NY   12124          1            06/11/03         00
    0436121016                           05           08/01/03          0
    03005160                             O            07/01/18
    0

    8379900          S27/G02             F           93,000.00         ZZ
                                         180         92,676.78          1
                                       5.875            778.53         75
                                       5.625            778.53
    LANTANA          FL   33426          5            06/13/03         00
    0436042089                           05           08/01/03          0
    1010028020                           N            07/01/18
    0

    8379906          S27/G02             F          207,100.00         ZZ
                                         180        206,349.16          1
                                       5.375          1,678.48         95
                                       5.125          1,678.48
    BALL GROUND      GA   30107          2            06/11/03         10
    0436044101                           05           08/01/03         25
    1900004466                           O            07/01/18
    0

    8380446          Q87/G02             F           91,000.00         ZZ
                                         180         89,272.80          1
                                       5.875            761.78         46
                                       5.625            761.78
    WETUMPKA         AL   36093          5            05/21/03         00
    0436051494                           05           06/27/03          0
    HAJA12                               O            05/27/18
    0

    8381520          M24/G02             F           89,000.00         ZZ
                                         180         88,687.40          1
                                       5.750            739.06         28
                                       5.500            739.06
    CHARLOTTESVILLE  VA   22903          2            06/13/03         00
    0436123780                           05           08/01/03          0
    918212957                            N            07/01/18
    0

    8382656          N74/G02             F          157,500.00         ZZ
                                         180        156,355.42          1
                                       5.375          1,276.48         90
                                       5.125          1,276.48
    SAND SPRINGS     OK   74063          5            06/13/03         27
    0436039861                           05           07/18/03         10
    0032609010                           O            06/18/18
    0
1

    8382746          Q30/G02             F          186,000.00         ZZ
                                         180        185,332.72          1
                                       5.500          1,519.78         21
                                       5.250          1,519.78
    ROSLYN           NY   11576          2            06/13/03         00
    0436056501                           05           08/01/03          0
    21022187                             O            07/01/18
    0

    8383460          U42/G02             F          147,625.00         ZZ
                                         180        147,100.96          1
                                       5.625          1,216.03         75
                                       5.375          1,216.03
    BRYAN            TX   77808          2            05/23/03         00
    0436235550                           05           08/01/03          0
    24300898                             O            07/01/18
    0

    8383592          T44/G02             F          100,000.00         ZZ
                                         180         99,641.25          1
                                       5.500            817.08         69
                                       5.250            817.08
    TEHACHAPI        CA   93561          5            06/10/03         00
    0436243323                           05           08/01/03          0
    1078192                              N            07/01/18
    0

    8388814          T08/G02             F           80,000.00         ZZ
                                         180         79,436.66          1
                                       5.750            664.33         35
                                       5.500            664.33
    TAMPA            FL   33629          2            05/30/03         00
    0436024871                           05           07/01/03          0
    11093103                             N            06/01/18
    0

    8389136          W96/G02             F          999,999.00         ZZ
                                         180        992,578.45          1
                                       5.125          7,973.20         59
                                       4.875          7,973.20
    MIAMI            FL   33133          5            05/23/03         00
    0436026660                           03           07/01/03          0
    23040597                             O            06/01/18
    0

    8389190          W96/G02             F          171,000.00         ZZ
                                         180        169,744.25          1
1

                                       5.250          1,374.63         66
                                       5.000          1,374.63
    MIRAMAR          FL   33027          5            05/23/03         00
    0436027254                           03           07/01/03          0
    23050224                             O            06/01/18
    0

    8389626          E22/G02             F           40,000.00         ZZ
                                         180         39,854.98          1
                                       5.375            324.19         80
                                       5.125            324.19
    SOUTH BEND       IN   46613          5            06/16/03         00
    0417495926                           05           08/01/03          0
    0417495926                           O            07/01/18
    0

    8389630          E22/G02             F           71,250.00         ZZ
                                         180         70,988.96          1
                                       5.250            572.76         75
                                       5.000            572.76
    PORT CHARLOTTE   FL   33981          5            06/16/03         00
    0417497682                           05           08/01/03          0
    0417497682                           O            07/01/18
    0

    8389752          E22/G02             F          108,000.00         ZZ
                                         180        107,616.62          1
                                       5.625            889.63         90
                                       5.375            889.63
    CHARLOTTE        NC   28205          5            06/16/03         01
    0417303526                           05           08/01/03         25
    0417303526                           O            07/01/18
    0

    8389886          E22/G02             F           64,500.00         ZZ
                                         180         64,263.69          1
                                       5.250            518.50         75
                                       5.000            518.50
    MCCALL           ID   83638          5            06/11/03         00
    0417239829                           05           08/01/03          0
    0417239829                           N            07/01/18
    0

    8389900          E22/G02             F           88,000.00         ZZ
                                         180         87,670.77          1
                                       5.000            695.90         80
                                       4.750            695.90
    WENATCHEE        WA   98801          5            06/11/03         00
    0417257045                           05           08/01/03          0
1

    0417257045                           O            07/01/18
    0

    8391338          313/G02             F          583,700.00         ZZ
                                         180        577,178.65          1
                                       5.375          4,730.69         27
                                       5.125          4,730.69
    DACULA           GA   30019          2            05/07/03         00
    0436070379                           05           07/01/03          0
    9466608                              O            06/01/18
    0

    8391442          313/G02             F          161,200.00         ZZ
                                         180        160,028.50          1
                                       5.375          1,306.48         64
                                       5.125          1,306.48
    MELBOURNE        FL   32934          2            05/23/03         00
    0436069967                           03           07/01/03          0
    9577669                              O            06/01/18
    0

    8391506          313/G02             F           80,861.00         ZZ
                                         180         80,172.45          1
                                       5.375            655.36         40
                                       5.125            655.36
    MALABAR          FL   32950          5            05/23/03         00
    0436055743                           05           07/01/03          0
    9564063                              O            06/01/18
    0

    8391580          313/G02             F           70,134.00         ZZ
                                         180         69,877.04          1
                                       5.250            563.80         59
                                       5.000            563.80
    PALM BAY         FL   32909          1            06/04/03         00
    0436070130                           05           08/01/03          0
    9218785                              O            07/01/18
    0

    8393200          313/G02             F          448,000.00         ZZ
                                         180        444,744.28          1
                                       5.375          3,630.89         80
                                       5.125          3,630.89
    SPRINGFIELD      VA   22153          5            05/22/03         00
    0436065247                           03           07/01/03          0
    9566902                              O            06/01/18
    0

1

    8393202          313/G02             F          355,000.00         ZZ
                                         180        352,393.02          1
                                       5.250          2,853.77         49
                                       5.000          2,853.77
    SAN MARINO       CA   91108          2            05/12/03         00
    0436069777                           05           07/01/03          0
    9532409                              O            06/01/18
    0

    8393552          M24/G02             F          180,800.00         ZZ
                                         180        180,137.59          1
                                       5.250          1,453.41         80
                                       5.000          1,453.41
    LAWRENCEVILLE    GA   30043          2            06/10/03         00
    0436081541                           03           08/01/03          0
    253213104                            O            07/01/18
    0

    8393580          K15/G02             F           49,500.00         ZZ
                                         180         49,329.79          1
                                       6.000            417.71         90
                                       5.750            417.71
    WEST CHAZY       NY   12992          5            06/10/03         41
    0436043855                           05           08/01/03         12
    030705516575                         O            07/01/18
    0

    8393626          K15/G02             F          204,800.00         ZZ
                                         180        204,057.50          1
                                       5.375          1,659.83         80
                                       5.125          1,659.83
    CHESHIRE         CT   06410          5            06/09/03         00
    0436042303                           05           08/01/03          0
    037805509553                         O            07/01/18
    0

    8393830          K15/G02             F          110,400.00         ZZ
                                         180        109,554.94          1
                                       5.875            924.18         80
                                       5.625            924.18
    WILMINGTON       NC   28409          5            05/21/03         00
    0436043723                           05           07/01/03          0
    017105516154                         N            06/01/18
    0

    8393864          Q30/G02             F          185,000.00         ZZ
                                         180        183,655.57          1
                                       5.375          1,499.36         43
                                       5.125          1,499.36
1

    NORTHPORT        NY   11768          5            05/30/03         00
    0436078174                           05           07/01/03          0
    21023341                             O            06/01/18
    0

    8393886          K15/G02             F           81,600.00         ZZ
                                         180         81,307.26          1
                                       5.500            666.74         77
                                       5.250            666.74
    HENDERSON        NV   89014          5            06/10/03         00
    0436040414                           01           08/01/03          0
    022005517291                         O            07/01/18
    0

    8398102          E22/G02             F          125,000.00         ZZ
                                         180        124,546.82          1
                                       5.375          1,013.08         79
                                       5.125          1,013.08
    WEST BLOOMFIELD  MI   48324          5            06/18/03         00
    0417366507                           05           08/01/03          0
    0417366507                           O            07/01/18
    0

    8398240          E22/G02             F          117,600.00         ZZ
                                         180        117,173.64          1
                                       5.375            953.11         80
                                       5.125            953.11
    BERNVILLE        PA   19506          5            06/18/03         00
    0416851558                           05           08/01/03          0
    0416851558                           O            07/01/18
    0

    8398532          E22/G02             F           53,200.00         ZZ
                                         180         53,009.14          1
                                       5.500            434.69         95
                                       5.250            434.69
    AMES             OK   73718          5            06/17/03         01
    0417155983                           05           08/01/03         35
    0417155983                           O            07/01/18
    0

    8398582          E22/G02             F           68,800.00         ZZ
                                         180         68,555.77          1
                                       5.625            566.73         80
                                       5.375            566.73
    ASHEVILLE        NC   28806          1            06/23/03         00
    0417332368                           05           08/01/03          0
    0417332368                           N            07/01/18
    0
1

    8398928          A52/G02             F          302,000.00         ZZ
                                         180        300,905.11          1
                                       5.375          2,447.60         80
                                       5.125          2,447.60
    LAWRENCEVILLE    GA   30045          5            06/10/03         00
    0436047195                           03           08/01/03          0
    25137                                O            07/01/18
    0

    8398986          X10/G02             F           92,000.00         TX
                                         180         91,659.39          1
                                       5.125            733.53         80
                                       4.875            733.53
    HOUSTON          TX   77036          5            06/16/03         00
    0436147219                           03           08/01/03          0
    60000967                             O            07/01/18
    0

    8400460          940/G02             F           92,500.00         ZZ
                                         180         92,164.64          1
                                       5.375            749.68         57
                                       5.125            749.68
    BLOOMINGTON      CA   92316          5            06/13/03         00
    0436132591                           05           08/01/03          0
    40030617                             N            07/01/18
    0

    8401242          T44/G02             F           32,300.00         ZZ
                                         180         31,965.13          1
                                       6.000            272.57         65
                                       5.750            272.57
    GAINESVILLE      FL   32605          2            04/09/03         00
    0436153720                           05           06/01/03          0
    1072187                              N            05/01/18
    0

    8401292          U19/G02             F          120,000.00         ZZ
                                         180        119,574.02          1
                                       5.625            988.48         80
                                       5.375            988.48
    PHOENIX          AZ   85053          2            06/16/03         00
    0436226013                           05           08/01/03          0
    11000877                             N            07/01/18
    0

    8402294          E22/G02             F           63,000.00         ZZ
                                         180         62,769.19          1
1

                                       5.250            506.44         74
                                       5.000            506.44
    BELLEVUE         NE   68005          5            06/19/03         00
    0417300498                           05           08/01/03          0
    0417300498                           O            07/01/18
    0

    8402536          E22/G02             F           67,500.00         ZZ
                                         180         67,257.84          1
                                       5.500            551.53         89
                                       5.250            551.53
    MEMPHIS          TN   38117          2            06/24/03         10
    0417464526                           05           08/01/03         20
    0417464526                           N            07/01/18
    0

    8402576          E22/G02             F          128,800.00         TX
                                         180        128,337.93          1
                                       5.500          1,052.40         80
                                       5.250          1,052.40
    ARLINGTON        TX   76016          5            06/18/03         00
    0417528783                           05           08/01/03          0
    0417528783                           O            07/01/18
    0

    8403214          P27/G02             F           67,000.00         ZZ
                                         180         66,764.67          1
                                       5.750            556.37         95
                                       5.500            556.37
    POCOLA           OK   74902          5            06/16/03         01
    0436048698                           05           08/01/03         30
    2104083983                           O            07/01/18
    0

    8405384          Y44/G02             F          192,500.00         ZZ
                                         180        191,772.26          1
                                       4.875          1,509.77         60
                                       4.625          1,509.77
    ALTADENA (AREA)  CA   91001          5            06/10/03         00
    0436228712                           05           08/01/03          0
    111249601                            O            07/01/18
    0

    8406056          N74/G02             F           62,000.00         ZZ
                                         180         61,530.28          1
                                       4.875            486.26         80
                                       4.625            486.26
    HAYS             NC   28635          5            06/19/03         00
    0436056287                           05           07/24/03          0
1

    0032657010                           O            06/24/18
    0

    8407328          E82/G02             F          216,600.00         ZZ
                                         180        215,814.72          1
                                       5.375          1,755.47         76
                                       5.125          1,755.47
    LEVITTOWN        NY   11756          2            06/23/03         00
    0400845301                           05           08/01/03          0
    0400845301                           O            07/01/18
    0

    8407380          E82/G02             F          108,000.00         ZZ
                                         180        107,616.62          4
                                       5.625            889.63         80
                                       5.375            889.63
    WICHITA FALLS    TX   76310          2            06/26/03         00
    0400843520                           05           08/01/03          0
    0400843520                           N            07/01/18
    0

    8407536          E22/G02             F          160,000.00         ZZ
                                         180        159,438.01          1
                                       5.750          1,328.66         80
                                       5.500          1,328.66
    RIALTO           CA   92376          5            06/13/03         00
    0417307469                           05           08/01/03          0
    0417307469                           O            07/01/18
    0

    8407790          E22/G02             F          200,000.00         TX
                                         180        199,282.50          1
                                       5.500          1,634.17         80
                                       5.250          1,634.17
    KATY             TX   77450          5            06/13/03         00
    0417289501                           03           08/01/03          0
    0417289501                           O            07/01/18
    0

    8408412          K15/G02             F          187,700.00         ZZ
                                         180        186,982.99          1
                                       4.750          1,459.99         60
                                       4.500          1,459.99
    VALLEY STREAM    NY   11580          5            06/12/03         00
    0436064281                           05           08/01/03          0
    021205514859                         O            07/01/18
    0

1

    8408454          K15/G02             F           52,000.00         ZZ
                                         180         51,821.19          1
                                       6.000            438.81         80
                                       5.750            438.81
    BELMAWR          NJ   08031          5            06/13/03         00
    0436064224                           07           08/01/03          0
    010805516262                         N            07/01/18
    0

    8408608          K15/G02             F          127,500.00         ZZ
                                         120        126,678.91          1
                                       5.000          1,352.34         85
                                       4.750          1,352.34
    DOVER            DE   19904          5            06/10/03         41
    0436063929                           05           08/01/03          6
    013405516434                         O            07/01/13
    0

    8409046          P09/G02             F          171,000.00         ZZ
                                         180        170,405.72          1
                                       5.875          1,431.47         95
                                       5.625          1,431.47
    CLINTON          MD   20735          5            06/20/03         10
    0436073175                           03           08/01/03         25
    3005270167                           O            07/01/18
    0

    8411120          E22/G02             F          480,000.00         T
                                         180        478,204.19          1
                                       5.000          3,795.81         33
                                       4.750          3,795.81
    KILAUEA          HI   96754          5            06/11/03         00
    0417057809                           05           08/01/03          0
    0417057809                           O            07/01/18
    0

    8411194          E22/G02             F          103,000.00         ZZ
                                         180        102,630.48          1
                                       5.500            841.60         94
                                       5.250            841.60
    ALBANY           OR   97322          5            06/11/03         11
    0417312154                           05           08/01/03         30
    0417312154                           O            07/01/18
    0

    8411906          W68/G02             F           98,300.00         TX
                                         180         97,951.05          1
                                       5.625            809.73         77
                                       5.375            809.73
1

    GARLAND          TX   75040          5            06/05/03         00
    0436147433                           05           08/01/03          0
    3053060                              O            07/01/18
    0

    8412028          U85/G02             F           55,350.00         ZZ
                                         180         55,140.75          1
                                       4.875            434.11         90
                                       4.625            434.11
    MILWAUKEE        WI   53222          5            06/26/03         11
    0436049399                           01           08/01/03         12
    TQS225                               O            07/01/18
    0

    8412086          W68/G02             F           55,000.00         TX
                                         180         54,221.68          1
                                       5.750            456.73         55
                                       5.500            456.73
    PROSPER          TX   75078          5            03/03/03         00
    0436135248                           05           05/01/03          0
    3021919                              O            04/01/18
    0

    8412104          Q14/G02             F          136,800.00         ZZ
                                         180        136,298.80          1
                                       5.250          1,099.70         80
                                       5.000          1,099.70
    PHOENIX          AZ   85044          5            06/18/03         00
    0436056824                           05           08/01/03          0
    314152                               O            07/01/18
    0

    8412276          E84/G02             F          241,000.00         ZZ
                                         180        239,266.86          1
                                       5.500          1,969.17         80
                                       5.250          1,969.17
    AVON             OH   44011          5            05/20/03         00
    0436066047                           01           07/01/03          0
    69931731                             O            06/01/18
    0

    8412796          X78/G02             F           60,000.00         ZZ
                                         180         59,784.75          1
                                       5.500            490.25         75
                                       5.250            490.25
    MARIETTA         GA   30062          1            06/26/03         00
    0436107783                           05           08/01/03          0
    990505                               O            07/01/18
    0
1

    8412898          X60/G02             F          389,000.00         ZZ
                                         180        387,559.77          1
                                       5.125          3,101.58         79
                                       4.875          3,101.58
    SAMMAMISH        WA   98074          5            06/19/03         00
    0436338198                           03           08/01/03          0
    112979701                            O            07/01/18
    0

    8413558          E82/G02             F          142,600.00         ZZ
                                         180        142,600.00          1
                                       5.250          1,146.33         42
                                       5.000          1,146.33
    HOWELL TOWNSHIP  NJ   07727          2            06/23/03         00
    0400852992                           05           09/01/03          0
    0400852992                           O            08/01/18
    0

    8413748          E22/G02             F          143,900.00         ZZ
                                         180        143,378.29          1
                                       5.375          1,166.26         77
                                       5.125          1,166.26
    WESTMINSTER      CO   80031          5            06/06/03         00
    0416825008                           05           08/01/03          0
    0416825008                           O            07/01/18
    0

    8413872          E22/G02             F           45,220.00         ZZ
                                         180         45,064.51          1
                                       6.000            381.59         94
                                       5.750            381.59
    OKLAHOMA CITY    OK   73109          5            06/23/03         01
    0417191095                           05           08/01/03         25
    0417191095                           O            07/01/18
    0

    8414130          E22/G02             F          200,000.00         ZZ
                                         180        199,290.04          1
                                       5.625          1,647.46         68
                                       5.375          1,647.46
    SALISBURY        CT   06039          5            06/27/03         00
    0417436763                           05           08/01/03          0
    0417436763                           N            07/01/18
    0

    8414232          E22/G02             F          123,000.00         ZZ
                                         180        122,549.36          1
1

                                       5.250            988.77         65
                                       5.000            988.77
    TEMPE            AZ   85283          5            06/18/03         00
    0417525292                           05           08/01/03          0
    0417525292                           O            07/01/18
    0

    8414358          E22/G02             F          139,000.00         ZZ
                                         180        138,496.05          2
                                       5.375          1,126.55         53
                                       5.125          1,126.55
    PATERSON         NJ   07513          2            06/23/03         00
    0147635612                           05           08/01/03          0
    0417635612                           O            07/01/18
    0

    8415224          W74/G02             F           90,000.00         ZZ
                                         180         89,677.12          1
                                       5.500            735.38         77
                                       5.250            735.38
    ROSAMOND         CA   93560          5            06/20/03         00
    0436094080                           05           08/01/03          0
    03050064                             O            07/01/18
    0

    8417654          E82/G02             F          104,600.00         ZZ
                                         180        104,600.00          1
                                       5.375            847.75         41
                                       5.125            847.75
    HOLMDEL          NJ   07733          2            06/30/03         00
    0400846218                           01           09/01/03          0
    0400846218                           N            08/01/18
    0

    8418588          W35/G02             F           91,400.00         ZZ
                                         180         91,050.85          1
                                       4.750            710.94         67
                                       4.500            710.94
    VEAZIE           ME   04401          5            06/20/03         00
    0436075337                           05           08/01/03          0
    21098                                O            07/01/18
    0

    8419070          E22/G02             F          152,000.00         ZZ
                                         180        151,454.70          1
                                       5.500          1,241.97         63
                                       5.250          1,241.97
    TARPON SPRINGS   FL   33761          2            06/30/03         00
    0417664679                           03           08/01/03          0
1

    0417664679                           N            07/01/18
    0

    8419248          K15/G02             F          276,500.00         ZZ
                                         180        275,465.54          1
                                       5.000          2,186.54         73
                                       4.750          2,186.54
    BROOKLYN         NY   11234          5            06/16/03         00
    0436103741                           05           08/01/03          0
    011205517228                         O            07/01/18
    0

    8419312          E22/G02             F          624,650.00         TX
                                         180        622,361.42          1
                                       5.250          5,021.42         80
                                       5.000          5,021.42
    DALLAS           TX   75229          5            06/24/03         00
    0417151453                           05           08/01/03          0
    0417151453                           O            07/01/18
    0

    8419386          E22/G02             F          319,000.00         ZZ
                                         180        317,794.03          1
                                       4.875          2,501.91         78
                                       4.625          2,501.91
    LAKE WYLIE       SC   29710          5            06/24/03         00
    0417207099                           05           08/01/03          0
    0417207099                           O            07/01/18
    0

    8419538          K15/G02             F          124,000.00         ZZ
                                         180        123,545.69          1
                                       5.250            996.81         80
                                       5.000            996.81
    WINDHAM          ME   04062          5            06/10/03         00
    0436065312                           05           08/01/03          0
    007705516238                         O            07/01/18
    0

    8419608          E22/G02             F          123,150.00         ZZ
                                         180        122,712.84          3
                                       5.625          1,014.43         65
                                       5.375          1,014.43
    SALIDA           CO   81201          2            06/25/03         00
    0417352770                           05           08/01/03          0
    0417352770                           N            07/01/18
    0

1

    8419656          P09/G02             F          190,000.00         ZZ
                                         180        190,000.00          1
                                       4.875          1,490.17         73
                                       4.625          1,490.17
    BRANDYWINE       MD   20613          5            06/27/03         00
    0436099717                           05           09/01/03          0
    ARSCOTT                              O            08/01/18
    0

    8419676          E22/G02             F          286,000.00         ZZ
                                         180        284,941.12          1
                                       5.125          2,280.34         73
                                       4.875          2,280.34
    PUTNAM VALLEY    NY   10579          2            06/25/03         00
    0417389970                           05           08/01/03          0
    0417389970                           O            07/01/18
    0

    8419736          P09/G02             F           97,000.00         ZZ
                                         180         96,640.87          1
                                       5.125            773.40         66
                                       4.875            773.40
    WALLINGFORD      PA   19086          2            06/26/03         00
    0436190987                           01           08/01/03          0
    3002260307                           O            07/01/18
    0

    8420112          E22/G02             F           43,000.00         ZZ
                                         180         42,842.46          1
                                       5.250            345.67         85
                                       5.000            345.67
    MOULTON          AL   35650          5            06/24/03         04
    0417525540                           05           08/01/03          6
    0417525540                           O            07/01/18
    0

    8420316          P09/G02             F          183,500.00         ZZ
                                         180        183,500.00          1
                                       4.750          1,427.32         77
                                       4.500          1,427.32
    CLINTON          MD   20735          2            06/30/03         00
    0436100416                           05           09/01/03          0
    3006040014                           O            08/01/18
    0

    8420972          K15/G02             F          200,000.00         ZZ
                                         180        199,243.91          1
                                       4.875          1,568.59         34
                                       4.625          1,568.59
1

    ROSLYN HEIGHTS   NY   11577          5            06/17/03         00
    0436065114                           05           08/01/03          0
    021205516831                         O            07/01/18
    0

    8422506          144/144             F           37,500.00         ZZ
                                         180         37,057.28          1
                                       5.625            308.90         17
                                       5.375            308.90
    ULSTER PARK      NY   12487          5            04/30/03         00
    160721910000000                      05           06/01/03          0
    1                                    O            05/01/18
    0

    8423262          E22/G02             F           83,500.00         ZZ
                                         180         83,206.71          1
                                       5.750            693.39         90
                                       5.500            693.39
    ARDMORE          OK   73401          1            07/01/03         01
    0417719168                           05           08/01/03         25
    0417719168                           O            07/01/18
    0

    8423394          E22/G02             F           84,000.00         ZZ
                                         180         83,711.16          1
                                       6.000            708.84         26
                                       5.750            708.84
    WHITTIER         CA   90603          5            06/23/03         00
    0417288735                           05           08/01/03          0
    0417288735                           N            07/01/18
    0

    8423558          E22/G02             F          181,000.00         ZZ
                                         180        180,364.25          1
                                       5.750          1,503.04         95
                                       5.500          1,503.04
    MORRISVILLE      PA   19067          5            06/26/03         04
    0416975803                           05           08/01/03         25
    0416975803                           O            07/01/18
    0

    8425526          E84/G02             F          268,000.00         ZZ
                                         180        267,028.37          1
                                       5.375          2,172.05         71
                                       5.125          2,172.05
    PEARL RIVER      NY   10965          2            06/09/03         00
    0436078257                           05           08/01/03          0
    10500162                             O            07/01/18
    0
1

    8426020          E84/G02             F          395,500.00         ZZ
                                         180        391,179.07          1
                                       5.375          3,205.39         70
                                       5.125          3,205.39
    EDMONDS          WA   98020          2            04/28/03         00
    0436072144                           05           06/01/03          0
    1101043202                           O            05/01/18
    0

    8426090          E84/G02             F          250,000.00         ZZ
                                         180        246,368.43          1
                                       5.625          2,059.33         42
                                       5.375          2,059.33
    DEARBORN         MI   48124          2            03/14/03         00
    0436070346                           01           05/01/03          0
    1101026630                           O            04/01/18
    0

    8426176          E84/G02             F          115,000.00         ZZ
                                         180        113,105.23          2
                                       6.625          1,009.69         31
                                       6.375          1,009.69
    COLORADO SPRING  CO   80907          5            02/24/03         00
    0436069496                           05           04/01/03          0
    1101022085                           N            03/01/18
    0

    8426216          E84/G02             F          200,000.00         ZZ
                                         180        198,531.27          1
                                       5.250          1,607.76         68
                                       5.000          1,607.76
    SUCCASUNNA       NJ   07876          2            05/19/03         00
    0436070296                           05           07/01/03          0
    10500143                             O            06/01/18
    0

    8426232          E84/G02             F          191,000.00         ZZ
                                         180        188,891.45          1
                                       5.250          1,535.41         68
                                       5.000          1,535.41
    ANNAPOLIS        MD   21401          2            04/10/03         00
    0436070684                           05           06/01/03          0
    86520268                             O            05/01/18
    0

    8426382          E84/G02             F          197,000.00         ZZ
                                         180        195,568.36          1
1

                                       5.375          1,596.62         79
                                       5.125          1,596.62
    DEARBORN HEIGHT  MI   48127          2            05/07/03         00
    0436072011                           05           07/01/03          0
    14501452                             O            06/01/18
    0

    8426414          E84/G02             F          360,000.00         ZZ
                                         180        350,862.51          1
                                       5.500          2,941.50         80
                                       5.250          2,941.50
    COLORADO SPRING  CO   80920          5            03/26/03         00
    0436082523                           03           05/01/03          0
    32812496                             O            04/01/18
    0

    8426432          E84/G02             F          187,100.00         ZZ
                                         180        185,119.00          1
                                       5.750          1,553.70         77
                                       5.500          1,553.70
    AURORA           CO   80012          2            04/11/03         00
    0436070767                           05           06/01/03          0
    1101038193                           O            05/01/18
    0

    8426536          E84/G02             F          400,000.00         ZZ
                                         180        395,806.05          1
                                       5.875          3,348.47         57
                                       5.625          3,348.47
    REDWOOD CITY     CA   94061          2            04/04/03         00
    0436072888                           09           06/01/03          0
    24430571                             N            05/01/18
    0

    8426548          E84/G02             F          158,600.00         ZZ
                                         180        156,260.40          1
                                       5.250          1,274.95         53
                                       5.000          1,274.95
    GAITHERSBURG     MD   20879          2            03/14/03         00
    0436072995                           05           05/01/03          0
    1101031728                           O            04/01/18
    0

    8426574          A50/G02             F           93,600.00         ZZ
                                         180         93,271.24          1
                                       5.750            777.26         80
                                       5.500            777.26
    COLUMBUS         GA   31909          5            06/24/03         00
    0436079008                           05           08/01/03          0
1

    1018266                              O            07/01/18
    0

    8427368          W68/G02             F          640,000.00         ZZ
                                         180        637,605.59          1
                                       5.000          5,061.08         78
                                       4.750          5,061.08
    ASHEVILLE        NC   28803          2            06/16/03         00
    0436114052                           05           08/01/03          0
    3061268                              O            07/01/18
    0

    8427476          E22/G02             F          163,000.00         ZZ
                                         180        163,000.00          2
                                       6.000          1,375.49         70
                                       5.750          1,375.49
    WEST ORANGE TOW  NJ   07052          2            07/02/03         00
    0416915130                           05           09/01/03          0
    0416915130                           N            08/01/18
    0

    8427550          E22/G02             F          105,000.00         ZZ
                                         180        104,638.95          2
                                       6.000            886.05         75
                                       5.750            886.05
    ATLANTA          GA   30344          5            07/02/03         00
    0417206885                           05           08/01/03          0
    0417206885                           N            07/01/18
    0

    8427560          E22/G02             F          140,500.00         ZZ
                                         180        140,500.00          1
                                       5.125          1,120.24         55
                                       4.875          1,120.24
    APOLLO BEACH     FL   33572          5            06/27/03         00
    0417233574                           05           09/01/03          0
    0417233574                           O            08/01/18
    0

    8427582          E22/G02             F           52,000.00         ZZ
                                         180         52,000.00          1
                                       6.000            438.81         80
                                       5.750            438.81
    WEST PALM BEACH  FL   33415          1            07/02/03         00
    0417261765                           01           09/01/03          0
    0417261765                           N            08/01/18
    0

1

    8427614          E22/G02             F          180,000.00         TX
                                         180        179,361.03          1
                                       5.625          1,482.72         74
                                       5.375          1,482.72
    WHITNEY          TX   76692          5            06/27/03         00
    0417311404                           03           08/01/03          0
    0417311404                           O            07/01/18
    0

    8427632          E22/G02             F          114,000.00         TX
                                         180        113,573.50          1
                                       5.000            901.50         80
                                       4.750            901.50
    SAN ANTONIO      TX   78248          5            06/27/03         00
    0417334570                           03           08/01/03          0
    0417334570                           O            07/01/18
    0

    8427674          E22/G02             F           89,000.00         TX
                                         120         88,449.51          1
                                       5.750            976.95         72
                                       5.500            976.95
    LEANDER          TX   78641          5            06/27/03         00
    0417413853                           05           08/01/03          0
    0417413853                           O            07/01/13
    0

    8427690          E22/G02             F           50,000.00         ZZ
                                         180         49,824.37          1
                                       5.750            415.21         88
                                       5.500            415.21
    GRETNA           LA   70053          1            07/02/03         01
    0417433125                           05           08/01/03         25
    0417433125                           N            07/01/18
    0

    8427790          E22/G02             F           94,300.00         ZZ
                                         180         93,950.87          1
                                       5.125            751.87         80
                                       4.875            751.87
    DURHAM           NC   27713          2            06/27/03         00
    0417566056                           09           08/01/03          0
    0417566056                           O            07/01/18
    0

    8427810          E22/G02             F          256,000.00         ZZ
                                         180        255,100.82          1
                                       5.750          2,125.85         80
                                       5.500          2,125.85
1

    TUPELO           MS   38801          2            06/27/03         00
    0417585494                           05           08/01/03          0
    0417585494                           O            07/01/18
    0

    8427832          E22/G02             F          194,000.00         ZZ
                                         120        192,767.29          1
                                       5.250          2,081.46         57
                                       5.000          2,081.46
    HOLBROOK         NY   11741          5            06/27/03         00
    0417620747                           05           08/01/03          0
    0417620747                           O            07/01/13
    0

    8427952          E22/G02             F           73,350.00         ZZ
                                         180         73,072.70          1
                                       4.875            575.28         90
                                       4.625            575.28
    OKLAHOMA CITY    OK   73112          5            06/27/03         01
    0417492402                           05           08/01/03         12
    0417492402                           O            07/01/18
    0

    8427982          E82/G02             F          268,000.00         ZZ
                                         180        268,000.00          1
                                       5.125          2,136.82         59
                                       4.875          2,136.82
    REDLANDS         CA   92373          2            06/27/03         00
    0400853743                           05           09/01/03          0
    0400853743                           O            08/01/18
    0

    8428030          E82/G02             F           87,800.00         ZZ
                                         180         87,800.00          1
                                       5.375            711.59         69
                                       5.125            711.59
    ELKHART          IN   46516          2            07/01/03         00
    0400843181                           05           09/01/03          0
    0400843181                           O            08/01/18
    0

    8428038          E82/G02             F           53,000.00         ZZ
                                         180         53,000.00          1
                                       5.250            426.06         28
                                       5.000            426.06
    OMAHA            NE   68114          2            06/30/03         00
    0400857272                           05           09/01/03          0
    0400857272                           O            08/01/18
    0
1

    8428052          E82/G02             F          117,700.00         ZZ
                                         180        117,700.00          1
                                       5.375            953.92         74
                                       5.125            953.92
    INDIANAPOLIS     IN   46234          2            06/30/03         00
    0400840153                           05           09/01/03          0
    0400840153                           O            08/01/18
    0

    8428102          E84/G02             F          320,500.00         ZZ
                                         180        314,903.57          1
                                       5.250          2,576.43         72
                                       5.000          2,576.43
    EVERGREEN        CO   80439          2            05/22/03         00
    0436069959                           05           07/01/03          0
    32813344                             O            06/01/18
    0

    8428128          E84/G02             F          105,600.00         ZZ
                                         180        103,708.04          1
                                       5.625            869.86         72
                                       5.375            869.86
    ODESSA           MO   64076          5            02/14/03         00
    0436070064                           05           04/01/03          0
    32810849                             O            03/01/18
    0

    8428140          E84/G02             F          213,000.00         ZZ
                                         180        212,251.86          1
                                       5.750          1,768.77         56
                                       5.500          1,768.77
    FORT WASHINGTON  MD   20744          2            06/11/03         00
    0436070916                           05           08/01/03          0
    65130456                             O            07/01/18
    0

    8428148          E84/G02             F           45,000.00         ZZ
                                         180         44,669.55          1
                                       5.250            361.74         25
                                       5.000            361.74
    SEATTLE          WA   98146          2            04/28/03         00
    0436069330                           05           07/01/03          0
    1101041154                           O            06/01/18
    0

    8428172          E84/G02             F          105,000.00         ZZ
                                         180        102,908.55          1
1

                                       5.500            857.94         70
                                       5.250            857.94
    YAMHILL          OR   97148          5            03/13/03         00
    0436068993                           05           05/01/03          0
    61703170                             O            04/01/18
    0

    8428212          E84/G02             F          300,000.00         ZZ
                                         180        294,569.19          1
                                       5.500          2,451.25         34
                                       5.250          2,451.25
    POTOMAC          MD   20854          2            02/21/03         00
    0436078331                           05           04/01/03          0
    87320289                             O            03/01/18
    0

    8428222          E84/G02             F          101,700.00         ZZ
                                         180         99,896.71          1
                                       5.750            844.53         68
                                       5.500            844.53
    WHITEFIELD       CO   80911          2            02/12/03         00
    0436082663                           05           04/01/03          0
    1101019826                           O            03/01/18
    0

    8428384          E84/G02             F          446,000.00         ZZ
                                         180        439,283.74          1
                                       5.000          3,526.94         64
                                       4.750          3,526.94
    FOXFIELD         CO   80016          2            03/25/03         00
    0436072607                           05           05/01/03          0
    1101013570                           O            04/01/18
    0

    8428434          E84/G02             F          420,000.00         ZZ
                                         180        413,931.44          1
                                       5.500          3,431.75         45
                                       5.250          3,431.75
    BABYLON          NY   11702          5            02/27/03         00
    0436101380                           05           05/01/03          0
    1101025274                           O            04/01/18
    0

    8428532          E84/G02             F          105,000.00         ZZ
                                         180        103,482.85          1
                                       5.500            857.94         75
                                       5.250            857.94
    RISING SUN       MD   21811          5            03/31/03         00
    0436072839                           05           05/01/03          0
1

    86120419                             O            04/01/18
    0

    8428686          E84/G02             F           84,500.00         ZZ
                                         180         81,917.38          1
                                       5.375            684.84         52
                                       5.125            684.84
    IMPERIAL         MO   63052          2            03/20/03         00
    0436072698                           03           05/01/03          0
    14606579                             O            04/01/18
    0

    8428826          E84/G02             F          488,000.00         ZZ
                                         180        482,668.48          1
                                       5.375          3,955.07         58
                                       5.125          3,955.07
    LITTLETON        CO   80120          5            04/21/03         00
    0436073001                           05           06/01/03          0
    32812632                             O            05/01/18
    0

    8429206          E84/G02             F          118,000.00         T
                                         180        115,951.57          1
                                       5.625            972.00         67
                                       5.375            972.00
    BEND             OR   97701          2            03/13/03         00
    0436069751                           05           05/01/03          0
    61703169                             O            04/01/18
    0

    8430292          E82/G02             F           88,800.00         ZZ
                                         180         88,800.00          1
                                       5.125            708.02         60
                                       4.875            708.02
    ROQUE RIVER      OR   97537          2            07/01/03         00
    0400835831                           05           09/01/03          0
    0400835831                           O            08/01/18
    0

    8430294          E82/G02             F          117,100.00         ZZ
                                         180        116,675.45          1
                                       5.375            949.06         45
                                       5.125            949.06
    LAHAINA          HI   96761          2            07/01/03         00
    0400846739                           01           08/01/03          0
    0400846739                           N            07/01/18
    0

1

    8430298          E82/G02             F           83,000.00         ZZ
                                         180         83,000.00          1
                                       5.375            672.69         60
                                       5.125            672.69
    WEST BLOCTON     AL   35184          5            07/01/03         00
    0400855987                           05           09/01/03          0
    0400855987                           O            08/01/18
    0

    8430312          E82/G02             F          103,700.00         ZZ
                                         180        103,700.00          4
                                       5.625            854.21         47
                                       5.375            854.21
    HIALEAH          FL   33010          2            07/03/03         00
    0400840310                           05           09/01/03          0
    0400840310                           N            08/01/18
    0

    8430330          E82/G02             F           75,050.00         ZZ
                                         180         75,050.00          2
                                       5.875            628.26         65
                                       5.625            628.26
    SPRINGFIELD      MA   01119          2            07/07/03         00
    0400857165                           05           09/01/03          0
    0400857165                           N            08/01/18
    0

    8430354          E82/G02             F          102,100.00         ZZ
                                         180        102,100.00          1
                                       5.000            807.40         33
                                       4.750            807.40
    SHOREVIEW        MN   55126          2            07/02/03         00
    0400848107                           05           09/01/03          0
    0400848107                           O            08/01/18
    0

    8430444          E22/G02             F          117,000.00         ZZ
                                         180        117,000.00          1
                                       5.875            979.43         92
                                       5.625            979.43
    REYNOLDSBURG     OH   43068          5            07/01/03         04
    0417210861                           05           09/01/03         25
    0417210861                           O            08/01/18
    0

    8430462          E22/G02             F          211,500.00         ZZ
                                         180        210,733.21          1
                                       5.375          1,714.13         90
                                       5.125          1,714.13
1

    MIAMI            FL   33193          5            06/27/03         01
    0416955540                           03           08/01/03         25
    0416955540                           O            07/01/18
    0

    8430570          E22/G02             F          266,500.00         ZZ
                                         180        266,500.00          2
                                       5.375          2,159.89         75
                                       5.125          2,159.89
    CHICAGO          IL   60630          2            07/01/03         00
    0417623501                           05           09/01/03          0
    0417623501                           O            08/01/18
    0

    8430592          E22/G02             F          235,000.00         ZZ
                                         180        233,907.09          1
                                       5.500          1,920.15         59
                                       5.250          1,920.15
    WALLED LAKE      MI   48390          2            06/30/03         00
    0417464229                           05           08/01/03          0
    0417464229                           O            07/01/18
    0

    8430634          E22/G02             F           58,150.00         ZZ
                                         180         58,150.00          1
                                       5.875            486.78         80
                                       5.625            486.78
    CROWLEY          TX   76036          2            07/03/03         00
    0417549672                           05           09/01/03          0
    0417549672                           N            08/01/18
    0

    8430636          E22/G02             F           57,600.00         ZZ
                                         180         57,600.00          1
                                       5.875            482.18         80
                                       5.625            482.18
    CROWLEY          TX   76036          2            07/03/03         00
    0417550969                           05           09/01/03          0
    0417550969                           N            08/01/18
    0

    8430638          E22/G02             F           58,400.00         ZZ
                                         180         58,400.00          1
                                       5.875            488.88         80
                                       5.625            488.88
    CROWLEY          TX   76036          2            07/03/03         00
    0417551835                           05           09/01/03          0
    0417551835                           N            08/01/18
    0
1

    8430764          N74/G02             F          130,900.00         ZZ
                                         180        129,997.53          1
                                       6.000          1,104.61         85
                                       5.750          1,104.61
    RALEIGH          NC   27612          5            06/25/03         10
    0436157390                           05           07/30/03         12
    2200001137                           O            06/30/18
    0

    8430812          N47/G02             F          191,250.00         ZZ
                                         180        190,563.89          1
                                       5.500          1,562.67         75
                                       5.250          1,562.67
    NORWALK          CA   90650          5            06/20/03         00
    0436134225                           05           08/01/03          0
    30506121                             O            07/01/18
    0

    8430972          M82/G02             F          314,200.00         ZZ
                                         180        313,060.87          1
                                       5.375          2,546.48         62
                                       5.125          2,546.48
    ALPHARETTA       GA   30005          5            06/26/03         00
    0436233738                           05           08/01/03          0
    10301                                O            07/01/18
    0

    8431058          N47/G02             F          157,500.00         ZZ
                                         180        156,910.75          2
                                       5.000          1,245.50         47
                                       4.750          1,245.50
    BELL GARDENS     CA   90201          2            06/24/03         00
    0436177497                           05           08/01/03          0
    30504949                             O            07/01/18
    0

    8431196          642/G02             F           67,425.00         ZZ
                                         180         66,960.16          2
                                       6.000            568.97         75
                                       5.750            568.97
    SCHENECTADY      NY   12306          5            05/28/03         00
    0436105894                           05           07/01/03          0
    09-1608-02                           N            06/01/18
    0

    8431300          S11/G02             F          380,000.00         ZZ
                                         180        378,622.31          1
1

                                       5.375          3,079.77         80
                                       5.125          3,079.77
    FAIR OAKS        CA   95628          5            06/23/03         00
    0436083976                           05           08/01/03          0
    10211581                             O            07/01/18
    0

    8432490          N47/G02             F           81,500.00         ZZ
                                         180         81,201.40          1
                                       5.250            655.16         25
                                       5.000            655.16
    SAN FRANCISCO    CA   94103          2            06/19/03         00
    0436221253                           01           08/01/03          0
    20507097                             O            07/01/18
    0

    8432560          U85/G02             F           45,000.00         ZZ
                                         180         45,000.00          2
                                       5.750            373.68         73
                                       5.500            373.68
    MILWAUKEE        WI   53215          5            07/03/03         00
    0436279368                           05           09/01/03          0
    TQS228                               O            08/01/18
    0

    8432660          U35/G02             F           87,000.00         ZZ
                                         180         86,704.02          1
                                       6.125            740.04         93
                                       5.875            740.04
    LA CROSSE        WI   54603          5            06/26/03         04
    0436207260                           05           08/01/03         25
    12317522                             O            07/01/18
    0

    8433694          286/286             F          100,100.00         ZZ
                                         180         99,040.13          2
                                       5.750            831.25         75
                                       5.500            831.25
    BLOOMINGTON      IL   61701          1            04/29/03         00
    2237789                              05           06/01/03          0
    2237789                              N            05/01/18
    0

    8433698          286/286             F          166,000.00         ZZ
                                         180        164,223.88          1
                                       5.625          1,367.40         73
                                       5.375          1,367.40
    GURNEE           IL   60031          2            04/25/03         00
    2163989                              05           06/01/03          0
1

    2163989                              O            05/01/18
    0

    8433700          286/286             F          165,000.00         ZZ
                                         180        163,800.90          1
                                       5.375          1,337.27         72
                                       5.125          1,337.27
    BRICK            NJ   08724          5            05/05/03         00
    2168554                              05           07/01/03          0
    2168554                              O            06/01/18
    0

    8433702          286/286             F          108,000.00         ZZ
                                         180        106,818.05          1
                                       5.375            875.30         80
                                       5.125            875.30
    SPRING GROVE     PA   17362          5            04/30/03         00
    2171829                              05           06/01/03          0
    2171829                              O            05/01/18
    0

    8433704          286/286             F           47,000.00         ZZ
                                         180         46,486.51          1
                                       5.375            380.92         70
                                       5.125            380.92
    GETTYSBURG       PA   17325          5            04/30/03         00
    2172254                              05           06/01/03          0
    2172254                              N            05/01/18
    0

    8433710          286/286             F          184,000.00         ZZ
                                         180        182,662.83          1
                                       5.375          1,491.26         80
                                       5.125          1,491.26
    DAVIE            FL   33331          5            05/15/03         00
    2351071                              05           07/01/03          0
    2351071                              O            06/01/18
    0

    8433712          286/286             F          400,000.00         ZZ
                                         180        397,212.90          1
                                       5.875          3,348.48         80
                                       5.625          3,348.48
    QUINCY           MA   02169          5            05/05/03         00
    2292106                              05           07/01/03          0
    2292106                              O            06/01/18
    0

1

    8433714          286/286             F          216,500.00         ZZ
                                         180        209,380.18          1
                                       5.500          1,768.99         51
                                       5.250          1,768.99
    PHOENIXVILLE     PA   19460          5            04/23/03         00
    2169099                              05           06/01/03          0
    2169099                              O            05/01/18
    0

    8433716          286/286             F           44,000.00         ZZ
                                         180         43,699.84          1
                                       6.125            374.28         74
                                       5.875            374.28
    SAVANNA          GA   31415          5            05/16/03         00
    2305696                              05           07/01/03          0
    2305696                              N            06/01/18
    0

    8433718          286/286             F          130,000.00         ZZ
                                         180        128,579.70          1
                                       5.375          1,053.61         27
                                       5.125          1,053.61
    BLOOMINGDALE     IL   60108          5            04/29/03         00
    2263439                              05           06/01/03          0
    2263439                              O            05/01/18
    0

    8433720          286/286             F          368,000.00         ZZ
                                         180        364,103.66          1
                                       5.750          3,055.91         80
                                       5.500          3,055.91
    EDMONDS          WA   98026          5            04/18/03         00
    2242787                              05           06/01/03          0
    2242787                              O            05/01/18
    0

    8433722          286/286             F          164,800.00         ZZ
                                         180        161,809.45          1
                                       5.750          1,368.52         80
                                       5.500          1,368.52
    AUSINBURG        OH   44010          5            04/30/03         00
    2321397                              05           06/01/03          0
    2321397                              O            05/01/18
    0

    8433724          286/286             F           20,000.00         ZZ
                                         180         19,862.10          1
                                       6.000            168.78         53
                                       5.750            168.78
1

    DANVILLE         IL   61832          5            05/13/03         00
    2276710                              05           07/01/03          0
    2276710                              N            06/01/18
    0

    8433726          286/286             F           20,000.00         ZZ
                                         180         19,862.10          1
                                       6.000            168.78         59
                                       5.750            168.78
    DANVILLE         IL   61832          5            05/13/03         00
    2276716                              05           07/01/03          0
    2276716                              N            06/01/18
    0

    8433728          286/286             F          233,000.00         ZZ
                                         180        230,382.89          3
                                       6.000          1,966.19         43
                                       5.750          1,966.19
    STAMFORD         CT   06902          2            04/21/03         00
    2124056                              05           06/01/03          0
    2124056                              N            05/01/18
    0

    8433730          286/286             F          113,500.00         ZZ
                                         180        112,675.17          1
                                       5.375            919.88         57
                                       5.125            919.88
    ANNAPOLIS        MD   21403          2            05/08/03         00
    2253019                              05           07/01/03          0
    2253019                              O            06/01/18
    0

    8433732          286/286             F          232,000.00         ZZ
                                         180        229,491.62          1
                                       5.500          1,895.64         80
                                       5.250          1,895.64
    MIAMI            FL   33165          5            04/24/03         00
    2209562                              05           06/01/03          0
    2209562                              O            05/01/18
    0

    8433734          286/286             F           76,200.00         ZZ
                                         180         75,269.40          1
                                       5.500            622.62         77
                                       5.250            622.62
    BLUE SPRINGS     MO   64015          5            04/28/03         00
    2226760                              05           06/01/03          0
    2226760                              O            05/01/18
    0
1

    8433736          286/286             F          260,000.00         ZZ
                                         180        257,275.93          1
                                       5.875          2,176.51         80
                                       5.625          2,176.51
    ST. JAMES        NY   11780          5            04/23/03         00
    2273135                              05           06/01/03          0
    2273135                              O            05/01/18
    0

    8433738          286/286             F          121,783.00         ZZ
                                         180        120,907.20          1
                                       5.500            995.07         79
                                       5.250            995.07
    LOS ANGELES      CA   90015          5            05/13/03         00
    2270928                              01           07/01/03          0
    2270928                              O            06/01/18
    0

    8433744          286/286             F           68,500.00         ZZ
                                         180         67,866.68          1
                                       5.250            550.66         51
                                       5.000            550.66
    DAVIE            FL   33324          5            05/05/03         00
    2222440                              01           07/01/03          0
    2222440                              O            06/01/18
    0

    8433748          286/286             F           66,500.00         ZZ
                                         180         65,780.98          1
                                       5.500            543.37         70
                                       5.250            543.37
    MIDLOTHIAN       IL   60445          5            04/30/03         00
    2139054                              01           06/01/03          0
    2139054                              O            05/01/18
    0

    8433750          286/286             F          178,000.00         ZZ
                                         180        176,095.48          1
                                       5.625          1,466.25         91
                                       5.375          1,466.25
    SAPELLO          NM   87745          5            04/03/03         12
    2056281                              05           06/01/03         30
    2056281                              O            05/01/18
    0

    8433752          286/286             F          156,800.00         ZZ
                                         180        155,718.96          1
1

                                       6.000          1,323.17         80
                                       5.750          1,323.17
    MIAMI            FL   33175          5            05/08/03         00
    2250974                              05           07/01/03          0
    2250974                              O            06/01/18
    0

    8433756          286/286             F          108,500.00         ZZ
                                         180        107,172.14          1
                                       5.375            879.36         43
                                       5.125            879.36
    LEETONIA         OH   44431          2            04/22/03         00
    2157930                              05           06/01/03          0
    2157930                              O            05/01/18
    0

    8433758          286/286             F          357,000.00         ZZ
                                         180        353,140.14          1
                                       5.500          2,916.99         54
                                       5.250          2,916.99
    MAHWAH           NJ   07430          2            04/23/03         00
    2013257                              05           06/01/03          0
    2013257                              O            05/01/18
    0

    8433762          286/286             F          142,500.00         ZZ
                                         180        141,091.95          2
                                       6.625          1,251.15         75
                                       6.375          1,251.15
    PATERSON         NJ   07501          5            04/18/03         00
    2048492                              05           06/01/03          0
    2048492                              N            05/01/18
    0

    8433768          286/286             F          139,000.00         ZZ
                                         180        137,166.45          1
                                       5.625          1,144.99         39
                                       5.375          1,144.99
    WATSONVILLE      CA   95076          2            04/16/03         00
    2199428                              05           06/01/03          0
    2199428                              N            05/01/18
    0

    8433772          286/286             F          240,000.00         ZZ
                                         180        237,485.46          1
                                       5.875          2,009.09         80
                                       5.625          2,009.09
    BOWLING GREEN    KY   42104          5            04/17/03         00
    2201151                              05           06/01/03          0
1

    2201151                              O            05/01/18
    0

    8433774          286/286             F          290,500.00         ZZ
                                         180        287,424.20          1
                                       5.750          2,412.35         70
                                       5.500          2,412.35
    CHANDLER         AZ   85248          2            04/14/03         00
    1983062                              05           06/01/03          0
    1983062                              O            05/01/18
    0

    8433776          286/286             F          176,000.00         ZZ
                                         180        174,707.52          1
                                       5.250          1,414.83         80
                                       5.000          1,414.83
    SHAVANO PARK     TX   78231          1            05/15/03         00
    2350596                              05           07/01/03          0
    2350596                              O            06/01/18
    0

    8433778          286/286             F           45,000.00         ZZ
                                         180         44,702.70          1
                                       6.500            392.00         75
                                       6.250            392.00
    KANSAS CITY      MO   64126          5            05/06/03         00
    2238709                              05           07/01/03          0
    2238709                              N            06/01/18
    0

    8433782          286/286             F           55,000.00         ZZ
                                         180         54,392.81          1
                                       5.250            442.14         48
                                       5.000            442.14
    CHAMPAIGN        IL   61821          2            04/18/03         00
    1998003                              05           06/01/03          0
    1998003                              O            05/01/18
    0

    8433786          286/286             F          180,000.00         ZZ
                                         180        178,114.09          1
                                       5.875          1,506.82         67
                                       5.625          1,506.82
    STRATFORD        CT   06615          2            04/28/03         00
    2254217                              05           06/01/03          0
    2254217                              N            05/01/18
    0

1

    8433788          286/286             F          140,000.00         ZZ
                                         180        138,486.32          1
                                       5.500          1,143.92         80
                                       5.250          1,143.92
    MAUMEE           OH   43537          2            04/25/03         00
    2049664                              05           06/01/03          0
    2049664                              O            05/01/18
    0

    8433790          286/286             F          121,000.00         ZZ
                                         180        119,673.65          1
                                       5.375            980.67         38
                                       5.125            980.67
    SALINAS          CA   93901          2            04/15/03         00
    2192338                              05           06/01/03          0
    2192338                              N            05/01/18
    0

    8433794          286/286             F          124,500.00         TX
                                         180        121,925.96          1
                                       6.125          1,059.03         75
                                       5.875          1,059.03
    ALLEN            TX   75013          5            01/31/03         00
    2023976                              05           03/01/03          0
    2023976                              N            02/01/18
    0

    8433812          286/286             F          105,000.00         ZZ
                                         180        104,268.38          1
                                       5.875            878.98         80
                                       5.625            878.98
    PANAMA CITY      FL   32404          5            05/16/03         00
    2307247                              05           07/01/03          0
    2307247                              N            06/01/18
    0

    8433814          286/286             F          425,000.00         ZZ
                                         180        420,686.08          1
                                       6.250          3,644.05         60
                                       6.000          3,644.05
    WASHINGTON       DC   20007          2            04/11/03         00
    2081591                              05           06/01/03          0
    2081591                              N            05/01/18
    0

    8433818          286/286             F          174,900.00         ZZ
                                         180        173,642.21          1
                                       5.500          1,429.08         77
                                       5.250          1,429.08
1

    STILLWATER       MN   55082          5            05/06/03         00
    2102864                              05           07/01/03          0
    2102864                              O            06/01/18
    0

    8433820          286/286             F           98,800.00         ZZ
                                         180         97,753.90          1
                                       5.750            820.45         80
                                       5.500            820.45
    GARLAND          TX   75044          1            04/30/03         00
    2248837                              05           06/01/03          0
    2248837                              N            05/01/18
    0

    8433822          286/286             F          113,600.00         ZZ
                                         180        112,300.99          1
                                       6.500            989.58         80
                                       6.250            989.58
    ALBUQUERQUE      NM   87108          5            04/07/03         00
    2217790                              05           06/01/03          0
    2217790                              O            05/01/18
    0

    8433824          286/286             F          133,000.00         ZZ
                                         180        131,606.53          1
                                       5.875          1,113.37         80
                                       5.625          1,113.37
    PORTAGE          WI   53901          5            04/15/03         00
    2186655                              05           06/01/03          0
    2186655                              O            05/01/18
    0

    8433826          286/286             F          100,000.00         ZZ
                                         180         98,952.20          1
                                       5.875            837.12         38
                                       5.625            837.12
    WHEATON          MD   20906          5            04/30/03         00
    2298084                              05           06/01/03          0
    2298084                              N            05/01/18
    0

    8433828          286/286             F           54,985.00         ZZ
                                         180         54,601.88          2
                                       5.875            460.29         76
                                       5.625            460.29
    CANTON           OH   44708          2            05/14/03         00
    2223910                              05           07/01/03          0
    2223910                              N            06/01/18
    0
1

    8433830          286/286             F           57,000.00         TX
                                         180         56,409.06          1
                                       6.000            481.00         75
                                       5.750            481.00
    CONROE           TX   77301          5            04/22/03         00
    2248576                              05           06/01/03          0
    2248576                              N            05/01/18
    0

    8433832          286/286             F          100,000.00         ZZ
                                         180         98,907.46          1
                                       5.375            810.47         43
                                       5.125            810.47
    DOWNEY           CA   90240          2            04/22/03         00
    2139293                              05           06/01/03          0
    2139293                              O            05/01/18
    0

    8433834          286/286             F          110,600.00         ZZ
                                         180        109,829.36          2
                                       5.875            925.86         70
                                       5.625            925.86
    PROVIDENCE       RI   02904          5            05/07/03         00
    2226181                              05           07/01/03          0
    2226181                              N            06/01/18
    0

    8433836          286/286             F          126,600.00         ZZ
                                         180        125,273.59          1
                                       5.875          1,059.79         74
                                       5.625          1,059.79
    CHICAGO          IL   60629          5            04/14/03         00
    2286356                              05           06/01/03          0
    2286356                              O            05/01/18
    0

    8433838          286/286             F           42,500.00         ZZ
                                         180         41,954.63          1
                                       5.625            350.09         50
                                       5.375            350.09
    URBANA           IL   61802          5            04/15/03         00
    2128040                              05           06/01/03          0
    2128040                              N            05/01/18
    0

    8433840          286/286             F           76,500.00         ZZ
                                         180         75,572.43          1
1

                                       5.500            625.07         26
                                       5.250            625.07
    CAPTAIN COOK     HI   96704          5            04/24/03         00
    2299384                              05           06/01/03          0
    2299384                              O            05/01/18
    0

    8433842          286/286             F          300,000.00         ZZ
                                         180        297,796.91          2
                                       5.250          2,411.64         57
                                       5.000          2,411.64
    HAIKU            HI   99000          5            05/09/03         00
    2354078                              05           07/01/03          0
    2354078                              O            06/01/18
    0

    8433844          286/286             F          150,844.00         ZZ
                                         180        148,645.84          1
                                       5.750          1,252.63         80
                                       5.500          1,252.63
    FRISCO           TX   75034          1            03/28/03         00
    2035569                              05           05/01/03          0
    2035569                              O            04/01/18
    0

    8433850          286/286             F           79,000.00         ZZ
                                         180         78,163.54          1
                                       5.750            656.03         66
                                       5.500            656.03
    MESQUITE         NM   88048          5            04/16/03         00
    2186968                              05           06/01/03          0
    2186968                              O            05/01/18
    0

    8433852          286/286             F          137,000.00         ZZ
                                         180        134,595.98          1
                                       5.875          1,146.85         70
                                       5.625          1,146.85
    MELROSE PARK     IL   60160          5            02/27/03         00
    2141458                              05           04/01/03          0
    2141458                              O            03/01/18
    0

    8433854          286/286             F          124,000.00         ZZ
                                         180        122,673.26          1
                                       5.625          1,021.43         90
                                       5.375          1,021.43
    DOYLESTOWN       OH   44230          2            04/18/03         12
    2107504                              05           06/01/03         25
1

    2107504                              O            05/01/18
    0

    8433856          286/286             F          186,200.00         ZZ
                                         180        184,289.86          1
                                       6.125          1,583.87         95
                                       5.875          1,583.87
    MIAMI            FL   33165          5            04/29/03         21
    2263198                              05           06/01/03         30
    2263198                              O            05/01/18
    0

    8433860          286/286             F          118,400.00         ZZ
                                         180        117,516.86          1
                                       5.750            983.21         78
                                       5.500            983.21
    GILBERT          AZ   85296          2            05/05/03         00
    2181367                              05           07/01/03          0
    2181367                              N            06/01/18
    0

    8433866          286/286             F          336,000.00         ZZ
                                         180        332,290.72          1
                                       5.250          2,701.03         80
                                       5.000          2,701.03
    CORAL SPRINGS    FL   33067          5            04/25/03         00
    2271026                              05           06/01/03          0
    2271026                              O            05/01/18
    0

    8433868          286/286             F          436,000.00         ZZ
                                         180        432,864.51          1
                                       5.500          3,562.49         80
                                       5.250          3,562.49
    DARTMOUTH        MA   02748          1            05/06/03         00
    2312478                              05           07/01/03          0
    2312478                              O            06/01/18
    0

    8433870          286/286             F          167,950.00         ZZ
                                         180        166,190.37          1
                                       5.875          1,405.94         75
                                       5.625          1,405.94
    BURBANK          IL   60459          5            04/21/03         00
    2306131                              05           06/01/03          0
    2306131                              O            05/01/18
    0

1

    8433872          286/286             F          183,000.00         ZZ
                                         180        181,697.72          2
                                       5.625          1,507.43         65
                                       5.375          1,507.43
    MIAMI            FL   33133          2            05/16/03         00
    2025549                              05           07/01/03          0
    2025549                              N            06/01/18
    0

    8433880          286/286             F          255,200.00         ZZ
                                         180        253,345.40          1
                                       5.375          2,068.31         80
                                       5.125          2,068.31
    MIAMI            FL   33143          5            05/12/03         00
    2318194                              05           07/01/03          0
    2318194                              O            06/01/18
    0

    8433884          286/286             F          288,350.00         ZZ
                                         180        285,232.35          1
                                       5.500          2,356.06         79
                                       5.250          2,356.06
    MIAMI            FL   33175          5            04/25/03         00
    2190802                              05           06/01/03          0
    2190802                              O            05/01/18
    0

    8433886          286/286             F          175,000.00         ZZ
                                         180        172,803.11          2
                                       5.625          1,441.54         50
                                       5.375          1,441.54
    SANTA PAULA      CA   93060          2            04/17/03         00
    2265143                              05           06/01/03          0
    2265143                              N            05/01/18
    0

    8433888          286/286             F          175,000.00         ZZ
                                         180        173,147.12          2
                                       5.750          1,453.22         50
                                       5.500          1,453.22
    VENTURA          CA   93004          5            04/17/03         00
    2265199                              05           06/01/03          0
    2265199                              N            05/01/18
    0

    8433890          286/286             F           86,500.00         ZZ
                                         180         85,871.37          1
                                       5.375            701.06         68
                                       5.125            701.06
1

    VANCOUVER        WA   98664          5            05/08/03         00
    2354293                              05           07/01/03          0
    2354293                              N            06/01/18
    0

    8433892          286/286             F          180,500.00         ZZ
                                         180        179,242.33          1
                                       5.875          1,511.00         26
                                       5.625          1,511.00
    SAN MARINO       CA   91108          2            05/09/03         00
    2331164                              05           07/01/03          0
    2331164                              N            06/01/18
    0

    8433894          286/286             F           35,500.00         ZZ
                                         180         35,120.16          1
                                       5.625            292.43         56
                                       5.375            292.43
    CARBONDALE       IL   62901          2            04/29/03         00
    2127461                              05           06/01/03          0
    2127461                              N            05/01/18
    0

    8433900          286/286             F          182,000.00         ZZ
                                         180        180,052.68          1
                                       5.625          1,499.20         40
                                       5.375          1,499.20
    DOWNEY           CA   90240          5            04/24/03         00
    2134799                              05           06/01/03          0
    2134799                              O            05/01/18
    0

    8433902          286/286             F          191,500.00         ZZ
                                         180        189,429.51          2
                                       5.500          1,564.72         68
                                       5.250          1,564.72
    WEST ORANGE      NJ   07052          2            04/22/03         00
    2212440                              05           06/01/03          0
    2212440                              O            05/01/18
    0

    8433904          286/286             F          226,730.00         ZZ
                                         180        225,116.49          1
                                       5.625          1,867.65         79
                                       5.375          1,867.65
    OLD HICKORY      TN   37138          5            05/05/03         00
    2265847                              05           07/01/03          0
    2265847                              O            06/01/18
    0
1

    8433906          286/286             F          117,000.00         ZZ
                                         180        116,130.99          1
                                       5.625            963.77         60
                                       5.375            963.77
    VISTA            CA   92083          5            05/12/03         00
    2297209                              01           07/01/03          0
    2297209                              N            06/01/18
    0

    8433908          286/286             F          156,000.00         ZZ
                                         180        154,299.63          3
                                       5.875          1,305.91         80
                                       5.625          1,305.91
    GREELEY          CO   80631          2            04/24/03         00
    1758243                              05           06/01/03          0
    1758243                              N            05/01/18
    0

    8433910          286/286             F          103,200.00         ZZ
                                         180        101,906.83          1
                                       5.750            856.99         80
                                       5.500            856.99
    GRAND RAPIDS     MN   55744          5            04/23/03         00
    2249040                              05           06/01/03          0
    2249040                              O            05/01/18
    0

    8433916          286/286             F          102,000.00         ZZ
                                         180        100,873.96          1
                                       5.250            819.96         68
                                       5.000            819.96
    WARWICK          RI   02886          5            04/30/03         00
    2317919                              05           06/01/03          0
    2317919                              O            05/01/18
    0

    8433918          286/286             F          112,000.00         ZZ
                                         180        111,141.15          1
                                       6.125            952.70         75
                                       5.875            952.70
    ALBUQUERQUE      NM   87112          5            05/06/03         00
    2308772                              05           07/01/03          0
    2308772                              N            06/01/18
    0

    8433920          286/286             F          517,300.00         ZZ
                                         180        511,822.86          1
1

                                       5.750          4,295.72         35
                                       5.500          4,295.72
    HOUSTON          TX   77024          2            04/04/03         00
    2135040                              05           06/01/03          0
    2135040                              N            05/01/18
    0

    8433922          286/286             F           80,000.00         ZZ
                                         180         79,156.61          1
                                       6.250            685.94         80
                                       6.000            685.94
    ALBUQUERQUE      NM   87112          5            04/25/03         00
    2270533                              05           06/01/03          0
    2270533                              O            05/01/18
    0

    8433924          286/286             F           40,400.00         ZZ
                                         180         39,359.55          1
                                       6.625            354.71         90
                                       6.375            354.71
    ELOY             AZ   85231          1            04/30/03         21
    2197736                              05           06/01/03         25
    2197736                              N            05/01/18
    0

    8433926          286/286             F          120,000.00         ZZ
                                         180        117,550.82          1
                                       6.250          1,028.91         78
                                       6.000          1,028.91
    ALBUQUERQUE      NM   87123          2            04/30/03         00
    2308241                              03           06/01/03          0
    2308241                              O            05/01/18
    0

    8433928          286/286             F          100,000.00         ZZ
                                         180         98,995.65          1
                                       6.375            864.26         34
                                       6.125            864.26
    ADDISON          IL   60101          5            04/28/03         00
    2199189                              05           06/01/03          0
    2199189                              N            05/01/18
    0

    8433930          286/286             F          130,000.00         ZZ
                                         180        128,517.82          1
                                       5.750          1,079.54         60
                                       5.500          1,079.54
    SACRAMENTO       CA   95824          5            04/25/03         00
    2060301                              05           06/01/03          0
1

    2060301                              N            05/01/18
    0

    8433934          286/286             F           60,000.00         ZZ
                                         180         59,377.94          1
                                       6.000            506.32         79
                                       5.750            506.32
    MARTINSVILLE     IN   46151          2            04/14/03         00
    2215230                              05           06/01/03          0
    2215230                              N            05/01/18
    0

    8433936          286/286             F          240,000.00         ZZ
                                         180        238,108.67          2
                                       5.500          1,961.01         73
                                       5.250          1,961.01
    SAN DIMAS        CA   91773          5            05/05/03         00
    2255038                              05           07/01/03          0
    2255038                              O            06/01/18
    0

    8433938          286/286             F           60,800.00         T
                                         180         58,995.57          1
                                       6.750            538.02         80
                                       6.500            538.02
    VENUS            TX   76084          5            10/07/02         00
    1623324                              05           12/01/02          0
    1623324                              O            11/01/17
    0

    8433940          286/286             F          555,290.00         ZZ
                                         180        550,253.22          1
                                       5.375          4,500.44         47
                                       5.125          4,500.44
    BONSALL          CA   92003          2            05/08/03         00
    2233178                              05           07/01/03          0
    2233178                              O            06/01/18
    0

    8433942          286/286             F          120,000.00         ZZ
                                         180        118,781.90          1
                                       6.250          1,028.91         75
                                       6.000          1,028.91
    ALBUQUERQUE      NM   87107          5            04/30/03         00
    2236534                              05           06/01/03          0
    2236534                              N            05/01/18
    0

1

    8433944          286/286             F          182,000.00         ZZ
                                         180        179,370.26          1
                                       5.500          1,487.08         80
                                       5.250          1,487.08
    ROWLETT          TX   75088          2            04/04/03         00
    2140311                              05           06/01/03          0
    2140311                              N            05/01/18
    0

    8433946          286/286             F          195,000.00         ZZ
                                         180        193,641.28          3
                                       5.875          1,632.39         71
                                       5.625          1,632.39
    LONG BEACH       CA   90806          2            04/30/03         00
    2301772                              05           07/01/03          0
    2301772                              O            06/01/18
    0

    8433948          286/286             F          280,000.00         ZZ
                                         180        277,066.36          1
                                       5.875          2,343.94         80
                                       5.625          2,343.94
    SAN DIEGO        CA   92111          5            04/24/03         00
    2249796                              05           06/01/03          0
    2249796                              O            05/01/18
    0

    8433950          286/286             F          240,000.00         TX
                                         180        235,455.29          1
                                       5.500          1,961.01         74
                                       5.250          1,961.01
    AUSTIN           TX   78738          5            03/31/03         00
    2173560                              05           05/01/03          0
    2173560                              N            04/01/18
    0

    8433952          286/286             F          146,400.00         ZZ
                                         180        145,390.66          1
                                       6.000          1,235.41         80
                                       5.750          1,235.41
    SALT LAKE CITY   UT   84121          2            05/21/03         00
    2230302                              01           07/01/03          0
    2230302                              N            06/01/18
    0

    8433956          286/286             F          168,750.00         ZZ
                                         180        166,925.49          1
                                       5.500          1,378.83         75
                                       5.250          1,378.83
1

    TURLOCK          CA   95382          5            04/17/03         00
    2229647                              05           06/01/03          0
    2229647                              N            05/01/18
    0

    8433958          286/286             F          207,500.00         ZZ
                                         180        204,128.20          1
                                       5.375          1,681.72         61
                                       5.125          1,681.72
    UKIAH            CA   95482          2            05/06/03         00
    2265094                              05           07/01/03          0
    2265094                              N            06/01/18
    0

    8433960          286/286             F          147,500.00         ZZ
                                         180        145,723.44          1
                                       5.875          1,234.75         80
                                       5.625          1,234.75
    GLENDALE         AZ   85310          5            04/17/03         00
    2227399                              03           06/01/03          0
    2227399                              O            05/01/18
    0

    8433962          286/286             F          170,000.00         ZZ
                                         180        168,815.47          1
                                       5.875          1,423.11         64
                                       5.625          1,423.11
    SANTA ANA        CA   92706          5            05/06/03         00
    2289348                              05           07/01/03          0
    2289348                              N            06/01/18
    0

    8433966          286/286             F           83,600.00         ZZ
                                         180         82,843.43          1
                                       5.375            677.55         95
                                       5.125            677.55
    NORWICH          NY   13815          5            05/02/03         21
    2236107                              05           07/01/03         30
    2236107                              O            06/01/18
    0

    8433970          286/286             F          143,500.00         ZZ
                                         180        142,500.12          1
                                       5.875          1,201.27         40
                                       5.625          1,201.27
    PASADENA         CA   91104          2            05/05/03         00
    2292332                              05           07/01/03          0
    2292332                              N            06/01/18
    0
1

    8434130          E84/G02             F          212,000.00         ZZ
                                         180        211,247.44          1
                                       5.625          1,746.31         79
                                       5.375          1,746.31
    BAILEY           CO   80421          5            06/11/03         00
    0436075360                           05           08/01/03          0
    32814841                             O            07/01/18
    0

    8434132          E22/G02             F           65,000.00         ZZ
                                         180         64,769.26          1
                                       5.625            535.43         71
                                       5.375            535.43
    LOUISVILLE       KY   40229          2            07/03/03         00
    0417219375                           05           08/01/03          0
    0417219375                           N            07/01/18
    0

    8434150          E22/G02             F          202,000.00         ZZ
                                         180        201,267.65          1
                                       5.375          1,637.14         90
                                       5.125          1,637.14
    DULUTH           GA   30097          2            06/30/03         01
    0417243938                           05           08/01/03         12
    0417243938                           O            07/01/18
    0

    8434186          E22/G02             F          155,000.00         ZZ
                                         180        154,414.03          1
                                       4.875          1,215.66         33
                                       4.625          1,215.66
    SAN FRANCISCO    CA   94112          2            06/24/03         00
    0417358843                           05           08/01/03          0
    0417358843                           O            07/01/18
    0

    8434216          E22/G02             F          215,000.00         ZZ
                                         180        214,244.83          1
                                       5.750          1,785.38         85
                                       5.500          1,785.38
    MIAMI            FL   33196          5            07/01/03         04
    0417395472                           03           08/01/03          6
    0417395472                           O            07/01/18
    0

    8434234          E22/G02             F          108,000.00         ZZ
                                         180        107,444.03          1
1

                                       5.375            875.30         80
                                       5.125            875.30
    LOUISVILLE       KY   40258          5            06/30/03         00
    0417503786                           05           08/01/03          0
    0417503786                           O            07/01/18
    0

    8434242          E22/G02             F           46,000.00         ZZ
                                         180         46,000.00          1
                                       5.000            363.77         80
                                       4.750            363.77
    BETHANY          OK   73008          2            06/30/03         00
    0417521440                           05           09/01/03          0
    0417521440                           O            08/01/18
    0

    8434344          E22/G02             F          150,000.00         ZZ
                                         180        150,000.00          1
                                       6.000          1,265.79         46
                                       5.750          1,265.79
    OZONE PARK       NY   11417          5            07/01/03         00
    0417123189                           05           09/01/03          0
    0417123189                           O            08/01/18
    0

    8434482          E22/G02             F          108,000.00         ZZ
                                         180        107,604.31          1
                                       5.250            868.19         90
                                       5.000            868.19
    NORFOLK          VA   23518          5            07/01/03         01
    0417330990                           05           08/01/03         25
    0417330990                           O            07/01/18
    0

    8434504          E22/G02             F          100,000.00         ZZ
                                         180         99,633.62          1
                                       5.250            803.88         37
                                       5.000            803.88
    ABERDEEN         NJ   07747          5            06/27/03         00
    0417341252                           05           08/01/03          0
    0417341252                           O            07/01/18
    0

    8434562          E22/G02             F           87,400.00         TX
                                         180         87,069.58          1
                                       4.875            685.48         43
                                       4.625            685.48
    DALLAS           TX   75248          5            06/30/03         00
    0417450780                           05           08/01/03          0
1

    0417450780                           O            07/01/18
    0

    8434692          E22/G02             F           90,000.00         ZZ
                                         180         89,663.29          1
                                       5.000            711.71         61
                                       4.750            711.71
    ORLANDO          FL   32824          1            07/07/03         00
    0417566932                           03           08/01/03          0
    0417566932                           O            07/01/18
    0

    8434754          E22/G02             F           50,000.00         TX
                                         120         49,682.29          1
                                       5.250            536.46         33
                                       5.000            536.46
    HOUSTON          TX   77070          5            07/01/03         00
    0417584935                           03           08/01/03          0
    0417584935                           O            07/01/13
    0

    8434818          E84/G02             F           82,000.00         ZZ
                                         180         80,401.50          1
                                       5.250            659.18         71
                                       5.000            659.18
    BOISE            ID   83706          2            05/21/03         00
    0436075428                           05           07/01/03          0
    1101051212                           O            06/01/18
    0

    8434864          E22/G02             F          115,000.00         TX
                                         180        114,569.76          1
                                       5.000            909.41         43
                                       4.750            909.41
    SAN ANTONIO      TX   78216          5            06/30/03         00
    0417624897                           03           08/01/03          0
    0417624897                           O            07/01/18
    0

    8434954          E22/G02             F          269,500.00         ZZ
                                         180        268,491.73          1
                                       5.000          2,131.19         75
                                       4.750          2,131.19
    DRAPER           UT   84020          2            06/27/03         00
    0417683216                           05           08/01/03          0
    0417683216                           O            07/01/18
    0

1

    8435012          601/G02             F          150,000.00         ZZ
                                         180        147,669.03          1
                                       5.875          1,255.68         75
                                       5.625          1,255.68
    GARFIELD         NJ   07026          5            04/28/03         00
    0436123640                           05           06/01/03          0
    62738075                             O            05/01/18
    0

    8435102          E22/G02             F          275,000.00         ZZ
                                         180        273,981.85          1
                                       5.125          2,192.63         43
                                       4.875          2,192.63
    TORRANCE         CA   90505          5            06/24/03         00
    0416746485                           05           08/01/03          0
    0416746485                           O            07/01/18
    0

    8435126          E22/G02             F          349,000.00         T
                                         180        343,706.15          1
                                       5.125          2,782.65         46
                                       4.875          2,782.65
    KETCHUM          OK   74074          2            06/30/03         00
    0416819415                           03           08/01/03          0
    0416819415                           O            07/01/18
    0

    8436276          601/G02             F          184,500.00         ZZ
                                         180        183,130.90          1
                                       5.125          1,471.06         79
                                       4.875          1,471.06
    LAKEWOOD         CO   80228          2            06/02/03         00
    0436111264                           05           07/01/03          0
    62866066                             O            06/01/18
    0

    8436326          601/G02             F          128,000.00         ZZ
                                         180        127,098.65          1
                                       5.750          1,062.93         76
                                       5.500          1,062.93
    ELGIN            IL   60120          5            05/13/03         00
    0436111249                           05           07/01/03          0
    62879762                             O            06/01/18
    0

    8436430          601/G02             F           65,500.00         ZZ
                                         180         63,122.09          1
                                       5.500            535.19         79
                                       5.250            535.19
1

    HICKORY          NC   28601          2            05/22/03         00
    0436111199                           07           07/01/03          0
    62820683                             O            06/01/18
    0

    8436450          601/G02             F          240,000.00         ZZ
                                         180        237,350.51          1
                                       5.250          1,929.31         77
                                       5.000          1,929.31
    HAMPDEN          MA   01036          2            04/18/03         00
    0436111124                           05           06/01/03          0
    62806633                             O            05/01/18
    0

    8436812          601/G02             F          162,000.00         ZZ
                                         180        160,834.98          1
                                       5.500          1,323.68         90
                                       5.250          1,323.68
    NORTH EAST       MD   21901          5            05/30/03         11
    0436114979                           05           07/01/03         12
    62906276                             O            06/01/18
    0

    8437386          A19/G02             F          375,000.00         ZZ
                                         180        375,000.00          1
                                       5.125          2,989.95         43
                                       4.875          2,989.95
    BROOKLINE        MA   02446          5            07/02/03         00
    0436137764                           05           09/01/03          0
    0312781                              O            08/01/18
    0

    8437466          601/G02             F           99,520.00         ZZ
                                         180         98,455.18          1
                                       5.625            819.78         80
                                       5.375            819.78
    JOHNSTON         IA   50131          1            04/30/03         00
    0436115273                           05           06/01/03          0
    62907506                             O            05/01/18
    0

    8438868          253/253             F           52,200.00         ZZ
                                         180         52,012.73          1
                                       5.500            426.52         76
                                       5.250            426.52
    GRAND PRAIRIE    TX   75052          2            06/25/03         00
    474437                               05           08/01/03          0
    474437                               N            07/01/18
    0
1

    8438926          601/G02             F          106,000.00         ZZ
                                         180        105,261.41          1
                                       5.875            887.35         71
                                       5.625            887.35
    TAMPA            FL   33629          2            05/02/03         00
    0436108658                           05           07/01/03          0
    62910906                             N            06/01/18
    0

    8438966          601/G02             F           60,050.00         ZZ
                                         180         59,084.50          1
                                       5.750            498.67         67
                                       5.500            498.67
    FORT WORTH       TX   76108          2            05/19/03         00
    0436109896                           05           07/01/03          0
    62931142                             N            06/01/18
    0

    8439124          601/G02             F           80,000.00         ZZ
                                         180         79,436.66          1
                                       5.750            664.33         80
                                       5.500            664.33
    OGDEN            UT   84404          1            05/01/03         00
    0436110043                           05           07/01/03          0
    62885066                             N            06/01/18
    0

    8439242          601/G02             F           90,000.00         ZZ
                                         180         89,359.54          2
                                       5.625            741.36         72
                                       5.375            741.36
    KAUKAUNA         WI   54130          2            05/06/03         00
    0436127146                           05           07/01/03          0
    62935689                             N            06/01/18
    0

    8439346          M37/G02             F           99,350.00         ZZ
                                         180         99,008.38          1
                                       6.000            838.37         75
                                       5.750            838.37
    CHANDLER         AZ   85225          5            06/26/03         00
    0436120307                           03           08/01/03          0
    613614                               N            07/01/18
    0

    8439646          601/G02             F          192,600.00         ZZ
                                         180        191,229.40          1
1

                                       5.625          1,586.51         80
                                       5.375          1,586.51
    LAYTON           UT   84040          2            05/12/03         00
    0436107635                           05           07/01/03          0
    62959754                             O            06/01/18
    0

    8439678          601/G02             F           84,000.00         ZZ
                                         180         83,701.81          1
                                       5.625            691.94         54
                                       5.375            691.94
    COOKSON          OK   74427          5            06/13/03         00
    0436108096                           05           08/01/03          0
    62945068                             O            07/01/18
    0

    8439742          A06/G02             F          212,000.00         ZZ
                                         180        212,000.00          1
                                       5.375          1,718.19         80
                                       5.125          1,718.19
    FLINT            MI   48532          5            06/30/03         00
    0436120109                           05           09/01/03          0
    021000020313034                      O            08/01/18
    0

    8439822          E82/G02             F           75,050.00         ZZ
                                         180         75,050.00          2
                                       5.875            628.26         66
                                       5.625            628.26
    SPRINGFIELD      MA   01119          2            07/07/03         00
    0400857140                           05           09/01/03          0
    0400857140                           N            08/01/18
    0

    8439866          W35/G02             F          233,300.00         ZZ
                                         120        231,777.38          1
                                       4.750          2,446.10         34
                                       4.500          2,446.10
    CHESTNUT HILL    MA   02467          5            06/06/03         00
    0436110902                           05           08/01/03          0
    20341                                O            07/01/13
    0

    8440026          Q30/G02             F          322,700.00         ZZ
                                         180        321,530.06          2
                                       5.375          2,615.37         47
                                       5.125          2,615.37
    BROOKLYN         NY   11209          5            06/04/03         00
    0436124838                           05           08/01/03          0
1

    21022402                             O            07/01/18
    0

    8440494          E82/G02             F          157,400.00         ZZ
                                         180        157,400.00          1
                                       5.250          1,265.30         79
                                       5.000          1,265.30
    CARMICHAEL       CA   95608          2            07/02/03         00
    0400862678                           05           09/01/03          0
    0400862678                           O            08/01/18
    0

    8440552          E22/G02             F          139,900.00         TX
                                         180        139,403.38          1
                                       5.625          1,152.40         39
                                       5.375          1,152.40
    AUSTIN           TX   78704          5            07/02/03         00
    0416900058                           05           08/01/03          0
    0416900058                           O            07/01/18
    0

    8440570          E22/G02             F           30,000.00         ZZ
                                         120         29,815.69          1
                                       5.875            331.18         37
                                       5.625            331.18
    FT WORTH         TX   76133          2            07/03/03         00
    0417067436                           05           08/01/03          0
    0417067436                           N            07/01/13
    0

    8440596          E22/G02             F           43,000.00         ZZ
                                         180         43,000.00          1
                                       5.750            357.08         46
                                       5.500            357.08
    VERO BEACH       FL   32967          2            07/02/03         00
    0417209681                           05           09/01/03          0
    0417209681                           O            08/01/18
    0

    8440614          E22/G02             F          448,000.00         TX
                                         180        446,375.78          1
                                       5.375          3,630.89         80
                                       5.125          3,630.89
    FORT WORTH       TX   76126          5            07/02/03         00
    0417266053                           05           08/01/03          0
    0417266053                           O            07/01/18
    0

1

    8440746          E22/G02             F           85,000.00         ZZ
                                         180         84,707.72          1
                                       6.000            717.28         95
                                       5.750            717.28
    SUFFOLK          VA   23434          5            06/30/03         04
    0417461621                           05           08/01/03         25
    0417461621                           O            07/01/18
    0

    8440750          E22/G02             F           68,800.00         ZZ
                                         180         68,800.00          1
                                       5.250            553.07         80
                                       5.000            553.07
    OMAHA            NE   68114          1            07/08/03         00
    0417473139                           05           09/01/03          0
    0417473139                           N            08/01/18
    0

    8440790          E22/G02             F          107,500.00         TX
                                         180        107,110.26          1
                                       5.375            871.25         70
                                       5.125            871.25
    BURLESON         TX   76028          5            07/02/03         00
    0417540507                           05           08/01/03          0
    0417540507                           O            07/01/18
    0

    8440808          E22/G02             F          191,700.00         ZZ
                                         180        191,700.00          3
                                       5.750          1,591.90         90
                                       5.500          1,591.90
    NEWARK           NJ   07106          5            06/30/03         01
    0417584414                           05           09/01/03         12
    0417584414                           O            08/01/18
    0

    8440820          E22/G02             F          125,600.00         TX
                                         180        125,600.00          1
                                       5.375          1,017.94         80
                                       5.125          1,017.94
    CARROLLTON       TX   75007          5            07/02/03         00
    0417595311                           03           09/01/03          0
    0417595311                           O            08/01/18
    0

    8440890          E22/G02             F           95,200.00         ZZ
                                         180         95,200.00          1
                                       5.375            771.56         80
                                       5.125            771.56
1

    BELLINGHAM       WA   98229          5            06/30/03         00
    0417706728                           05           09/01/03          0
    0417706728                           O            08/01/18
    0

    8440930          601/G02             F          219,600.00         ZZ
                                         180        218,037.26          1
                                       5.625          1,808.92         95
                                       5.375          1,808.92
    LAFAYETTE        LA   70508          1            05/30/03         04
    0436108351                           05           07/01/03         25
    63057608                             O            06/01/18
    0

    8440976          G51/G02             F          216,000.00         ZZ
                                         180        215,249.32          2
                                       5.875          1,808.18         90
                                       5.625          1,808.18
    TUCSON           AZ   85719          1            06/25/03         01
    0436121248                           05           08/01/03         25
    22000882                             N            07/01/18
    0

    8441046          E84/G02             F          445,500.00         ZZ
                                         180        443,884.85          1
                                       5.375          3,610.62         60
                                       5.125          3,610.62
    CORNELIUS        NC   28031          5            06/06/03         00
    0436344220                           05           08/01/03          0
    47111957                             O            07/01/18
    0

    8441192          601/G02             F           95,500.00         ZZ
                                         180         94,827.51          1
                                       5.750            793.04         64
                                       5.500            793.04
    OREM             UT   84057          2            05/19/03         00
    0436109474                           05           07/01/03          0
    6293778                              N            06/01/18
    0

    8441524          601/G02             F          150,000.00         ZZ
                                         180        148,898.46          1
                                       5.250          1,205.82         77
                                       5.000          1,205.82
    BATON ROUGE      LA   70808          2            05/16/03         00
    0436104830                           05           07/01/03          0
    62961529                             O            06/01/18
    0
1

    8441644          601/G02             F           45,000.00         ZZ
                                         180         44,840.26          1
                                       5.625            370.68         75
                                       5.375            370.68
    BEMIDJI          MN   56601          1            06/11/03         00
    0436105209                           05           08/01/03          0
    63059968                             N            07/01/18
    0

    8441762          Q87/G02             F           50,400.00         ZZ
                                         180         50,217.28          1
                                       5.375            408.47         70
                                       5.125            408.47
    LENIOR CITY      TN   37771          5            06/29/03         00
    0436129431                           05           08/03/03          0
    MUST02                               O            07/03/18
    0

    8442386          U36/G02             F          176,000.00         ZZ
                                         180        175,381.81          1
                                       5.750          1,461.52         80
                                       5.500          1,461.52
    GAITHERSBURG     MD   20878          1            06/26/03         00
    0436229157                           09           08/01/03          0
    294102003                            N            07/01/18
    0

    8443046          E47/G02             F          202,975.00         ZZ
                                         180        202,239.12          1
                                       5.375          1,645.04         70
                                       5.125          1,645.04
    SACRAMENTO       CA   95829          5            06/20/03         00
    0436147847                           05           08/01/03          0
    7359515173                           O            07/01/18
    0

    8443102          E57/G02             F          216,800.00         ZZ
                                         180        215,997.33          1
                                       5.125          1,728.59         80
                                       4.875          1,728.59
    PICO RIVERA      CA   90660          5            06/16/03         00
    0436126650                           05           08/01/03          0
    06017022                             O            07/01/18
    0

    8443968          H93/G02             F           66,400.00         ZZ
                                         180         66,171.68          1
1

                                       6.000            560.32         80
                                       5.750            560.32
    NORTH PORT       FL   34287          5            06/30/03         00
    0436136923                           03           08/01/03          0
    2003000820                           N            07/01/18
    0

    8444080          742/G02             F          885,000.00         ZZ
                                         180        881,757.56          1
                                       5.250          7,114.32         45
                                       5.000          7,114.32
    HARVEYS LAKE     PA   18618          2            06/17/03         00
    0436176226                           05           08/01/03          0
    6593321                              O            07/01/18
    0

    8444208          W68/G02             F          204,030.00         TX
                                         180        203,305.73          1
                                       5.625          1,680.66         26
                                       5.375          1,680.66
    AUSTIN           TX   78703          5            06/20/03         00
    0436233555                           05           08/01/03          0
    3054100                              O            07/01/18
    0

    8444774          144/144             F          100,000.00         ZZ
                                         180         99,366.33          1
                                       5.250            803.88         80
                                       5.000            803.88
    KINGSTON         NY   12401          1            06/02/03         00
    160726125000000                      05           08/01/03          0
    1                                    O            07/01/18
    0

    8444786          144/144             F          120,000.00         ZZ
                                         180        119,100.23          1
                                       5.000            948.95         47
                                       4.750            948.95
    MIDDLETOWN       NY   10941          2            05/28/03         00
    160725382000000                      05           07/01/03          0
    1                                    O            06/01/18
    0

    8444812          952/G02             F          157,000.00         ZZ
                                         180        156,418.73          1
                                       5.125          1,251.79         62
                                       4.875          1,251.79
    WEST BABYLON     NY   11704          2            06/24/03         00
    0436125744                           05           08/01/03          0
1

    03003232                             O            07/01/18
    0

    8444902          W39/G02             F          112,000.00         ZZ
                                         180        112,000.00          2
                                       6.000            945.12         80
                                       5.750            945.12
    FORT MYERS BEAC  FL   33931          1            07/09/03         00
    0436124259                           05           09/01/03          0
    LA033589                             N            08/01/18
    0

    8445850          967/G02             F           49,300.00         ZZ
                                         180         49,130.48          1
                                       6.000            416.02         40
                                       5.750            416.02
    WEST VALLEY      UT   84120          2            06/25/03         00
    0436126726                           05           08/01/03          0
    6795744                              N            07/01/18
    0

    8446050          B23/G02             F          230,000.00         ZZ
                                         180        230,000.00          1
                                       5.625          1,894.58         75
                                       5.375          1,894.58
    LOS ANGELES      CA   90016          5            07/01/03         00
    0436168389                           05           09/01/03          0
    80001650                             O            08/01/18
    0

    8446214          N67/G02             F           40,000.00         ZZ
                                         180         39,871.04          1
                                       6.750            353.96         39
                                       6.500            353.96
    SPRINGFIELD      MO   65807          5            06/09/03         00
    0436149116                           05           08/01/03          0
    3274009117                           O            07/01/18
    0

    8446852          N67/G02             F           40,400.00         ZZ
                                         180         40,266.90          1
                                       6.500            351.93         75
                                       6.250            351.93
    PHILADELPHIA     PA   19149          1            06/13/03         00
    0436170757                           05           08/01/03          0
    3264002284                           O            07/01/18
    0

1

    8447076          Y23/G02             F          104,550.00         TX
                                         180        104,550.00          1
                                       5.500            854.26         61
                                       5.250            854.26
    TEXARKANA        TX   75503          5            07/01/03         00
    0436248850                           05           09/01/03          0
    1000222312                           O            08/01/18
    0

    8448066          E22/G02             F           56,000.00         ZZ
                                         180         56,000.00          1
                                       5.375            453.86         69
                                       5.125            453.86
    FT WORTH         TX   76133          2            07/03/03         00
    0417025210                           05           09/01/03          0
    0417025210                           O            08/01/18
    0

    8448116          E22/G02             F          100,000.00         ZZ
                                         180        100,000.00          2
                                       6.000            843.86         80
                                       5.750            843.86
    EAST POINT       GA   30344          1            07/09/03         00
    0417206836                           05           09/01/03          0
    0417206836                           N            08/01/18
    0

    8448178          E22/G02             F          177,000.00         ZZ
                                         120        177,000.00          1
                                       5.250          1,899.06         57
                                       5.000          1,899.06
    HOUSTON          TX   77056          2            07/03/03         00
    0417330743                           09           09/01/03          0
    0417330743                           O            08/01/13
    0

    8448226          E22/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       4.875            392.15         36
                                       4.625            392.15
    NEW GLOUCESTER   ME   04260          5            07/09/03         00
    0417408721                           05           09/01/03          0
    0417408721                           N            08/01/18
    0

    8448290          E22/G02             F          204,250.00         ZZ
                                         180        204,250.00          1
                                       5.750          1,696.11         95
                                       5.500          1,696.11
1

    MEMPHIS          TN   38141          5            07/03/03         01
    0417531134                           05           09/01/03         30
    0417531134                           O            08/01/18
    0

    8448412          E22/G02             F          261,600.00         ZZ
                                         180        260,641.56          1
                                       5.250          2,102.94         80
                                       5.000          2,102.94
    MILWAUKIE        OR   97222          2            06/25/03         00
    0417685526                           05           08/01/03          0
    0417685526                           O            07/01/18
    0

    8449182          G51/G02             F          124,000.00         ZZ
                                         180        124,000.00          1
                                       5.125            988.68         80
                                       4.875            988.68
    PALM HARBOR      FL   34685          5            07/03/03         00
    0436242762                           03           09/01/03          0
    25003246                             O            08/01/18
    0

    8449220          E47/G02             F          105,000.00         TX
                                         180        104,607.17          1
                                       5.000            830.33         68
                                       4.750            830.33
    LAVERNIA         TX   78121          5            06/25/03         00
    0436292841                           05           08/01/03          0
    7329014009                           O            07/01/18
    0

    8449328          K15/G02             F           53,900.00         ZZ
                                         180         53,900.00          1
                                       6.000            454.84         93
                                       5.750            454.84
    IONIA            MI   48846          5            07/02/03         41
    0436121081                           05           09/01/03         25
    035905516994                         O            08/01/18
    0

    8449376          P34/G02             F           90,750.00         ZZ
                                         180         90,437.94          2
                                       6.000            765.81         75
                                       5.750            765.81
    PERRYVILLE       MD   21903          5            06/10/03         00
    0436188478                           05           08/01/03          0
    16199                                N            07/01/18
    0
1

    8449426          Q57/G02             F          500,000.00         ZZ
                                         180        498,148.82          1
                                       5.125          3,986.60         72
                                       4.875          3,986.60
    HERMOSA BEACH    CA   90254          2            06/13/03         00
    0436183925                           05           08/01/03          0
    10005760                             O            07/01/18
    0

    8449450          940/G02             F          221,000.00         ZZ
                                         180        220,198.77          1
                                       5.375          1,791.13         78
                                       5.125          1,791.13
    ALTADENA AREA    CA   91001          5            06/27/03         00
    0436173538                           05           08/01/03          0
    40030948                             O            07/01/18
    0

    8449692          253/253             F           56,850.00         ZZ
                                         180         56,646.04          1
                                       5.500            464.52         71
                                       5.250            464.52
    GRAND PRAIRIE    TX   75052          2            06/25/03         00
    474899                               05           08/01/03          0
    474899                               N            07/01/18
    0

    8449698          K15/G02             F           78,000.00         ZZ
                                         180         77,708.18          1
                                       5.000            616.82         42
                                       4.750            616.82
    LARKSPUR         CO   80118          5            06/25/03         00
    0436132161                           09           08/01/03          0
    023205510918                         O            07/01/18
    0

    8449774          N74/G02             F          118,000.00         ZZ
                                         180        117,576.67          1
                                       5.500            964.16         85
                                       5.250            964.16
    TRAPHILL         NC   28685          2            06/27/03         10
    0436156038                           05           08/02/03         12
    0032750010                           O            07/02/18
    0

    8449888          X89/G02             F          183,000.00         ZZ
                                         180        182,336.53          1
1

                                       5.375          1,483.16         61
                                       5.125          1,483.16
    RICHMOND         CA   94803          2            06/20/03         00
    0436134241                           05           08/01/03          0
    2006592                              N            07/01/18
    0

    8450966          Y23/G02             F          201,600.00         TX
                                         180        201,600.00          1
                                       5.375          1,633.90         80
                                       5.125          1,633.90
    HOUSTON          TX   77059          5            07/07/03         00
    0436229421                           05           09/01/03          0
    1000235165                           O            08/01/18
    0

    8451038          E82/G02             F           51,000.00         ZZ
                                         180         51,000.00          1
                                       5.375            413.34         39
                                       5.125            413.34
    BEND             OR   97707          2            07/07/03         00
    0400842357                           05           09/01/03          0
    0400842357                           O            08/01/18
    0

    8451046          E82/G02             F           35,700.00         ZZ
                                         180         35,700.00          1
                                       5.250            286.98         29
                                       5.000            286.98
    LAS VEGAS        NV   89103          2            07/03/03         00
    0400862314                           05           09/01/03          0
    0400862314                           O            08/01/18
    0

    8451302          X89/G02             F          129,000.00         ZZ
                                         180        128,527.38          1
                                       5.250          1,037.00         46
                                       5.000          1,037.00
    OAKLAND          CA   94618          5            06/20/03         00
    0436120448                           01           08/01/03          0
    2006590                              N            07/01/18
    0

    8451504          F96/G02             F           40,500.00         ZZ
                                         180         40,351.62          1
                                       5.250            325.57         75
                                       5.000            325.57
    NORTH LAUDERDAL  FL   33068          1            06/24/03         00
    0436236319                           01           08/01/03          0
1

    CORA00680                            N            07/01/18
    0

    8451674          E22/G02             F          200,000.00         ZZ
                                         180        199,267.24          1
                                       5.250          1,607.76         80
                                       5.000          1,607.76
    PANORAMA CITY(L  CA   91402          5            06/30/03         00
    0417544673                           05           08/01/03          0
    0417544673                           O            07/01/18
    0

    8451754          E22/G02             F          596,000.00         TX
                                         180        596,000.00          1
                                       5.250          4,791.11         80
                                       5.000          4,791.11
    MC KINNEY        TX   75070          5            07/03/03         00
    0417645645                           03           09/01/03          0
    0417645645                           O            08/01/18
    0

    8451786          E22/G02             F          185,000.00         ZZ
                                         180        185,000.00          1
                                       4.875          1,450.95         78
                                       4.625          1,450.95
    PHOENIX          AZ   85023          2            06/26/03         00
    0417706223                           05           09/01/03          0
    0417706223                           O            08/01/18
    0

    8451988          U05/G02             F          195,200.00         TX
                                         180        194,507.08          1
                                       5.625          1,607.92         80
                                       5.375          1,607.92
    HOUSTON          TX   77064          5            06/25/03         00
    0436173884                           03           08/01/03          0
    3375976                              O            07/01/18
    0

    8452014          E47/G02             F          125,442.00         TX
                                         180        124,967.77          1
                                       4.875            983.84         45
                                       4.625            983.84
    SAN ANTONIO      TX   78216          5            06/25/03         00
    0436134183                           03           08/01/03          0
    7329013931                           O            07/01/18
    0

1

    8452036          N74/G02             F          112,500.00         ZZ
                                         180        112,070.25          1
                                       4.750            875.06         78
                                       4.500            875.06
    ADVANCE          NC   27006          5            06/27/03         00
    0436201305                           05           08/02/03          0
    0032738010                           O            07/02/18
    0

    8452066          X67/G02             F          400,000.00         ZZ
                                         180        398,549.81          1
                                       5.375          3,241.86         67
                                       5.125          3,241.86
    PLACERVILLE      CA   95667          2            06/20/03         00
    0436142970                           05           08/01/03          0
    00287539                             O            07/01/18
    0

    8452518          W02/G02             F          409,000.00         ZZ
                                         180        407,437.62          1
                                       4.750          3,181.34         50
                                       4.500          3,181.34
    REDONDO BEACH    CA   90277          2            06/25/03         00
    0436161038                           05           08/01/03          0
    1002621406                           O            07/01/18
    0

    8452520          W02/G02             F          583,000.00         ZZ
                                         180        580,772.95          1
                                       4.750          4,534.76         64
                                       4.500          4,534.76
    LOS ANGELES      CA   90068          2            06/25/03         00
    0436161293                           05           08/01/03          0
    1002631041                           O            07/01/18
    0

    8452528          W02/G02             F          352,000.00         ZZ
                                         180        350,655.36          1
                                       4.750          2,737.97         56
                                       4.500          2,737.97
    LA CANADA        CA   91011          2            06/25/03         00
    0436161434                           05           08/01/03          0
    1002647064                           O            07/01/18
    0

    8452546          W02/G02             F          950,000.00         ZZ
                                         180        946,371.01          1
                                       4.750          7,389.41         52
                                       4.500          7,389.41
1

    PORTOLA VALLEY   CA   94028          2            06/13/03         00
    0436156400                           05           08/01/03          0
    1002493368                           O            07/01/18
    0

    8452550          W02/G02             F          375,000.00         ZZ
                                         180        372,188.19          1
                                       5.000          2,965.48         66
                                       4.750          2,965.48
    WESTLAKE VILLAG  CA   91361          2            05/30/03         00
    0436152516                           05           07/01/03          0
    1002496295                           O            06/01/18
    0

    8452566          W02/G02             F          450,000.00         ZZ
                                         180        448,298.79          1
                                       4.875          3,529.34         75
                                       4.625          3,529.34
    NARBERTH         PA   19072          5            06/19/03         00
    0436153159                           05           08/01/03          0
    1002547131                           O            07/01/18
    0

    8452606          W02/G02             F          417,000.00         ZZ
                                         180        415,407.06          1
                                       4.750          3,243.56         64
                                       4.500          3,243.56
    TRABUCO CANYON   CA   92679          2            06/25/03         00
    0436161384                           05           08/01/03          0
    1002561397                           O            07/01/18
    0

    8452608          W02/G02             F          560,000.00         ZZ
                                         180        557,860.81          1
                                       4.750          4,355.86         65
                                       4.500          4,355.86
    SIERRA MADRE     CA   91024          2            06/15/03         00
    0436147748                           05           08/01/03          0
    1002562791                           O            07/01/18
    0

    8452610          W02/G02             F          452,000.00         ZZ
                                         180        450,273.36          1
                                       4.750          3,515.81         68
                                       4.500          3,515.81
    SAN DIEGO        CA   92130          2            06/27/03         00
    0436153696                           05           08/01/03          0
    1002570421                           O            07/01/18
    0
1

    8452620          W02/G02             F          562,500.00         ZZ
                                         180        560,351.25          1
                                       4.750          4,375.31         75
                                       4.500          4,375.31
    SAN LEANDRO      CA   94577          5            06/25/03         00
    0436158174                           05           08/01/03          0
    1002585529                           O            07/01/18
    0

    8452624          W02/G02             F          412,000.00         ZZ
                                         180        410,426.16          1
                                       4.750          3,204.67         77
                                       4.500          3,204.67
    POTOMAC          MD   20854          2            06/20/03         00
    0436158059                           03           08/01/03          0
    1002592409                           O            07/01/18
    0

    8452630          W02/G02             F          363,000.00         ZZ
                                         180        361,627.69          1
                                       4.875          2,847.00         41
                                       4.625          2,847.00
    REDONDO BEACH    CA   90277          2            06/25/03         00
    0436148118                           05           08/01/03          0
    1002600799                           O            07/01/18
    0

    8452632          W02/G02             F          360,500.00         ZZ
                                         180        359,137.13          1
                                       4.875          2,827.40         44
                                       4.625          2,827.40
    LONG BEACH       CA   90807          2            06/20/03         00
    0436158596                           05           08/01/03          0
    1002603793                           O            07/01/18
    0

    8452692          X31/G02             F           78,000.00         ZZ
                                         180         77,717.22          1
                                       5.375            632.16         27
                                       5.125            632.16
    SANTA ANA        CA   92703          5            06/18/03         00
    0436226278                           05           08/01/03          0
    80001461                             O            07/01/18
    0

    8452818          G51/G02             F          126,000.00         ZZ
                                         180        126,000.00          1
1

                                       5.875          1,054.77         78
                                       5.625          1,054.77
    NORTH PROVIDENC  RI   02911          5            06/30/03         00
    0436131890                           05           09/01/03          0
    20006122                             O            08/01/18
    0

    8452904          N74/G02             F           68,800.00         ZZ
                                         180         68,539.90          1
                                       4.875            539.60         80
                                       4.625            539.60
    SPRINGDALE       AR   72762          2            06/26/03         00
    0436126502                           05           08/01/03          0
    0032697010                           O            07/01/18
    0

    8454778          U05/G02             F          459,750.00         ZZ
                                         180        458,029.96          1
                                       5.000          3,635.67         46
                                       4.750          3,635.67
    AUSTIN           TX   78730          2            06/26/03         00
    0436136550                           05           08/01/03          0
    3380413                              O            07/01/18
    0

    8455480          808/G02             F          143,000.00         ZZ
                                         180        142,497.72          1
                                       5.750          1,187.49         78
                                       5.500          1,187.49
    COMPTON          CA   90221          5            06/12/03         00
    0436118293                           05           08/01/03          0
    9901020                              O            07/01/18
    0

    8455688          Q14/G02             F           59,600.00         ZZ
                                         180         59,386.19          1
                                       5.500            486.98         80
                                       5.250            486.98
    RAYTOWN          MO   64133          5            06/26/03         00
    0436130850                           05           08/01/03          0
    313857                               O            07/01/18
    0

    8456046          975/G02             F          150,000.00         ZZ
                                         180        150,000.00          1
                                       5.375          1,215.70         46
                                       5.125          1,215.70
    ALHAMBRA         CA   91801          1            07/02/03         00
    0436133367                           03           09/01/03          0
1

    2033271                              O            08/01/18
    0

    8456142          E82/G02             F           93,500.00         ZZ
                                         180         93,500.00          3
                                       5.500            763.97         59
                                       5.250            763.97
    LANCASTER        CA   93534          2            07/01/03         00
    0400839056                           05           09/01/03          0
    0400839056                           O            08/01/18
    0

    8456372          E22/G02             F           35,000.00         ZZ
                                         180         35,000.00          1
                                       5.125            279.06         31
                                       4.875            279.06
    COLORADO SPRING  CO   80916          2            07/07/03         00
    0416696292                           01           09/01/03          0
    0416696292                           O            08/01/18
    0

    8456408          E22/G02             F          349,000.00         ZZ
                                         180        349,000.00          1
                                       5.625          2,874.82         57
                                       5.375          2,874.82
    WEST BLOOMFIELD  MI   48322          2            07/07/03         00
    0417169893                           05           09/01/03          0
    0417169893                           O            08/01/18
    0

    8456410          E22/G02             F          172,000.00         ZZ
                                         180        172,000.00          2
                                       5.875          1,439.84         48
                                       5.625          1,439.84
    LINDEN           NJ   07036          5            07/07/03         00
    0417170057                           05           09/01/03          0
    0417170057                           O            08/01/18
    0

    8456472          E22/G02             F          235,000.00         ZZ
                                         180        235,000.00          1
                                       5.125          1,873.70         45
                                       4.875          1,873.70
    FREEHOLD         NJ   07728          2            07/07/03         00
    0417407145                           05           09/01/03          0
    0417407145                           O            08/01/18
    0

1

    8456674          E22/G02             F           65,000.00         ZZ
                                         180         65,000.00          1
                                       5.625            535.43         73
                                       5.375            535.43
    GRAND JUNCTION   CO   81520          2            07/11/03         00
    0417758844                           05           09/01/03          0
    0417758844                           N            08/01/18
    0

    8458692          X78/G02             F           91,800.00         ZZ
                                         180         91,800.00          1
                                       5.250            737.96         42
                                       5.000            737.96
    MARIETTA         GA   30068          5            07/08/03         00
    0436140057                           05           09/01/03          0
    990519                               O            08/01/18
    0

    8458900          742/G02             F           40,000.00         ZZ
                                         180         39,856.50          1
                                       5.500            326.83         48
                                       5.250            326.83
    PARMA            NY   14468          2            06/26/03         00
    0436158604                           05           08/01/03          0
    6638332                              O            07/01/18
    0

    8459046          K15/G02             F           70,000.00         ZZ
                                         180         69,735.37          1
                                       4.875            549.01         39
                                       4.625            549.01
    SONORA           CA   95370          5            06/24/03         00
    0436137137                           05           08/01/03          0
    026605510216                         O            07/01/18
    0

    8459092          K15/G02             F           60,000.00         ZZ
                                         180         59,775.52          1
                                       5.000            474.48         30
                                       4.750            474.48
    WEST  CHESTER    OH   45069          5            06/25/03         00
    0436138093                           05           08/01/03          0
    028305510113                         O            07/01/18
    0

    8459268          K15/G02             F          114,300.00         ZZ
                                         180        113,885.61          1
                                       5.375            926.36         74
                                       5.125            926.36
1

    RAVENNA          OH   44266          5            06/10/03         00
    0436163406                           05           08/01/03          0
    028005509567                         O            07/01/18
    0

    8459356          K15/G02             F           55,900.00         ZZ
                                         180         55,690.87          1
                                       5.000            442.05         58
                                       4.750            442.05
    BREWER           ME   04412          2            06/25/03         00
    0436151997                           05           08/01/03          0
    007005517874                         O            07/01/18
    0

    8459468          K15/G02             F           58,100.00         ZZ
                                         180         57,900.22          1
                                       6.000            490.28         67
                                       5.750            490.28
    CINCINNATI       OH   45231          5            06/25/03         00
    0436152573                           05           08/01/03          0
    028105510046                         O            07/01/18
    0

    8459534          A06/G02             F          118,500.00         ZZ
                                         180        118,500.00          2
                                       5.875            991.99         75
                                       5.625            991.99
    DEARBORN         MI   48126          5            07/11/03         00
    0436139976                           05           09/01/03          0
    010114417                            N            08/01/18
    0

    8459998          K15/G02             F           81,200.00         ZZ
                                         180         80,896.21          1
                                       5.000            642.12         78
                                       4.750            642.12
    TROTWOOD         OH   45426          2            06/25/03         00
    0436157887                           05           08/01/03          0
    027805509684                         O            07/01/18
    0

    8460036          642/G02             F           54,700.00         ZZ
                                         180         54,700.00          1
                                       5.750            454.23         44
                                       5.500            454.23
    COLORADO SPRING  CO   80910          2            07/09/03         00
    0436136873                           05           09/01/03          0
    06241603                             N            08/01/18
    0
1

    8460052          808/G02             F          150,000.00         ZZ
                                         180        149,456.18          1
                                       5.375          1,215.70         54
                                       5.125          1,215.70
    SYLMAR           CA   91342          5            06/04/03         00
    0436122451                           05           08/01/03          0
    9507216                              O            07/01/18
    0

    8460310          H58/G02             F          560,000.00         ZZ
                                         180        557,882.93          1
                                       4.875          4,392.07         56
                                       4.625          4,392.07
    GOLETA           CA   93117          5            06/18/03         00
    0436197503                           05           08/01/03          0
    0000171939                           O            07/01/18
    0

    8461228          E82/G02             F          185,500.00         ZZ
                                         180        185,500.00          1
                                       5.125          1,479.03         80
                                       4.875          1,479.03
    CHINO            CA   91710          2            07/08/03         00
    0400861969                           05           09/01/03          0
    0400861969                           O            08/01/18
    0

    8461272          E82/G02             F          355,000.00         ZZ
                                         180        355,000.00          1
                                       5.625          2,924.25         42
                                       5.375          2,924.25
    SCARSDALE        NY   10583          2            07/15/03         00
    0400845830                           05           09/01/03          0
    0400845830                           N            08/01/18
    0

    8461304          E82/G02             F           70,600.00         ZZ
                                         180         70,600.00          2
                                       5.500            576.86         79
                                       5.250            576.86
    PHILIDELPHIA     PA   19149          2            07/11/03         00
    0400859286                           05           09/01/03          0
    0400859286                           O            08/01/18
    0

    8461324          E82/G02             F           97,600.00         ZZ
                                         180         97,600.00          1
1

                                       5.375            791.01         80
                                       5.125            791.01
    FRUITA           CO   81521          2            07/16/03         00
    0400862355                           03           09/01/03          0
    0400862355                           N            08/01/18
    0

    8461326          E82/G02             F          105,500.00         ZZ
                                         180        105,500.00          1
                                       5.375            855.04         80
                                       5.125            855.04
    FRUITA           CO   81521          2            07/16/03         00
    0400862389                           03           09/01/03          0
    0400862389                           N            08/01/18
    0

    8461328          E82/G02             F          108,300.00         ZZ
                                         180        108,300.00          1
                                       5.125            863.50         37
                                       4.875            863.50
    LOS ANGELES      CA   90041          2            07/08/03         00
    0400844742                           05           09/01/03          0
    0400844742                           O            08/01/18
    0

    8461456          E84/G02             F          125,000.00         ZZ
                                         180        124,532.34          1
                                       5.000            988.49         80
                                       4.750            988.49
    LAURENS          SC   29360          2            06/06/03         00
    0436133425                           05           08/01/03          0
    93002263                             O            07/01/18
    0

    8461674          X67/G02             F          907,500.00         ZZ
                                         180        904,140.10          1
                                       5.125          7,235.68         65
                                       4.875          7,235.68
    PHILADELPHIA     PA   19118          2            06/23/03         00
    0436240808                           05           08/01/03          0
    0000416899                           O            07/01/18
    0

    8461770          U05/G02             F           50,000.00         ZZ
                                         180         49,820.63          1
                                       5.500            408.54         31
                                       5.250            408.54
    MURPHYS          CA   95247          5            06/20/03         00
    0436150692                           05           08/01/03          0
1

    3373083                              O            07/01/18
    0

    8461932          E22/G02             F           45,000.00         ZZ
                                         180         45,000.00          1
                                       5.375            364.71         75
                                       5.125            364.71
    ENID             OK   73703          5            07/09/03         00
    0417646106                           05           09/01/03          0
    0417646106                           O            08/01/18
    0

    8461964          U05/G02             F           60,000.00         TX
                                         180         59,793.69          1
                                       6.000            506.31         80
                                       5.750            506.31
    WALLIS           TX   77485          5            06/20/03         00
    0436143218                           05           08/01/03          0
    3366546                              O            07/01/18
    0

    8462014          H49/G02             F          134,400.00         ZZ
                                         180        133,907.59          1
                                       5.250          1,080.41         80
                                       5.000          1,080.41
    WEST PALM BEACH  FL   33415          5            06/27/03         00
    0436144992                           03           08/01/03          0
    380233403                            O            07/01/18
    0

    8462156          E22/G02             F           80,000.00         TX
                                         180         80,000.00          1
                                       5.000            632.63         80
                                       4.750            632.63
    HOUSTON          TX   77015          5            07/08/03         00
    0416993533                           03           09/01/03          0
    0416993533                           O            08/01/18
    0

    8462162          E22/G02             F          322,000.00         ZZ
                                         180        322,000.00          1
                                       5.375          2,609.70         80
                                       5.125          2,609.70
    WEST BLOOMFIELD  MI   48322          2            07/08/03         00
    0416997658                           05           09/01/03          0
    0416997658                           O            08/01/18
    0

1

    8462172          E22/G02             F           49,200.00         ZZ
                                         180         49,200.00          1
                                       5.375            398.75         60
                                       5.125            398.75
    WILMINGTON       NC   28405          2            07/14/03         00
    0417058567                           05           09/01/03          0
    0417058567                           N            08/01/18
    0

    8462174          E22/G02             F           90,900.00         ZZ
                                         180         90,900.00          1
                                       5.625            748.77         90
                                       5.375            748.77
    BAKERSFIELD      CA   93308          5            07/07/03         01
    0417070125                           05           09/01/03         12
    0417070125                           O            08/01/18
    0

    8462238          E22/G02             F           54,000.00         ZZ
                                         180         54,000.00          1
                                       5.375            437.65         60
                                       5.125            437.65
    WILMINGTON       NC   28409          5            07/14/03         00
    0417213220                           05           09/01/03          0
    0417213220                           N            08/01/18
    0

    8462244          E22/G02             F           72,000.00         T
                                         180         72,000.00          1
                                       5.500            588.30         45
                                       5.250            588.30
    PALM SPRINGS     CA   92262          5            07/02/03         00
    0417223997                           01           09/01/03          0
    0417223997                           O            08/01/18
    0

    8462260          E22/G02             F          360,000.00         ZZ
                                         180        360,000.00          1
                                       5.875          3,013.63         70
                                       5.625          3,013.63
    OAKLAND          CA   94611          5            07/07/03         00
    0417271780                           05           09/01/03          0
    0417271780                           N            08/01/18
    0

    8462266          E22/G02             F           59,000.00         ZZ
                                         180         59,000.00          1
                                       5.375            478.17         72
                                       5.125            478.17
1

    HOUSTON          TX   77017          2            07/09/03         00
    0417278967                           05           09/01/03          0
    0417278967                           O            08/01/18
    0

    8462316          E22/G02             F          108,000.00         ZZ
                                         180        108,000.00          1
                                       5.125            861.11         90
                                       4.875            861.11
    OKLAHOMA CITY    OK   73135          2            07/09/03         01
    0417355302                           05           09/01/03         25
    0417355302                           O            08/01/18
    0

    8462370          E22/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       5.000            632.63         73
                                       4.750            632.63
    KISSIMMEE        FL   34744          2            07/09/03         00
    0417420627                           05           09/01/03          0
    0417420627                           O            08/01/18
    0

    8462382          E22/G02             F          322,700.00         TX
                                         180        322,700.00          1
                                       5.375          2,615.37         48
                                       5.125          2,615.37
    DALLAS           TX   75254          5            07/08/03         00
    0417446929                           05           09/01/03          0
    0417446929                           O            08/01/18
    0

    8462422          E22/G02             F          249,600.00         ZZ
                                         180        249,600.00          1
                                       5.500          2,039.44         80
                                       5.250          2,039.44
    DECATUR          TX   76234          2            07/09/03         00
    0417495181                           05           09/01/03          0
    0417495181                           O            08/01/18
    0

    8462466          E22/G02             F          156,000.00         ZZ
                                         180        156,000.00          1
                                       5.375          1,264.33         80
                                       5.125          1,264.33
    WASILLA          AK   99654          5            07/03/03         00
    0417536489                           05           09/01/03          0
    0417536489                           O            08/01/18
    0
1

    8462470          E22/G02             F          113,000.00         ZZ
                                         180        113,000.00          1
                                       5.000            893.60         79
                                       4.750            893.60
    COLDWATER        MS   38618          2            07/08/03         00
    0417547460                           05           09/01/03          0
    0417547460                           O            08/01/18
    0

    8462486          E22/G02             F           94,500.00         TX
                                         180         94,500.00          1
                                       5.000            747.30         65
                                       4.750            747.30
    ARLINGTON        TX   76017          5            07/08/03         00
    0417556966                           05           09/01/03          0
    0417556966                           O            08/01/18
    0

    8462492          E22/G02             F          166,200.00         ZZ
                                         180        166,200.00          1
                                       6.000          1,402.49         88
                                       5.750          1,402.49
    OKLAHOMA CITY    OK   73128          2            07/08/03         01
    0417576527                           05           09/01/03         25
    0417576527                           O            08/01/18
    0

    8462690          K15/G02             F          114,000.00         ZZ
                                         180        113,608.00          1
                                       6.000            962.00         90
                                       5.750            962.00
    GLENDALE         AZ   85307          5            06/10/03         41
    0436158752                           05           08/01/03         12
    021705510356                         O            07/01/18
    0

    8462940          E47/G02             F           72,000.00         ZZ
                                         180         71,741.70          1
                                       5.500            588.30         59
                                       5.250            588.30
    MOUNT PROSPECT   IL   60056          2            06/24/03         00
    0436174403                           08           08/01/03          0
    7360516044                           O            07/01/18
    0

    8463582          144/144             F           96,000.00         ZZ
                                         180         95,295.02          1
1

                                       5.250            771.72         28
                                       5.000            771.72
    WEST HURLEY      NY   12491          2            05/15/03         00
    160723676000000                      05           07/01/03          0
    160723676                            O            06/01/18
    0

    8463690          P27/G02             F          424,000.00         ZZ
                                         180        424,000.00          1
                                       5.000          3,352.96         80
                                       4.750          3,352.96
    ORANGE           CT   06477          5            06/27/03         00
    0436227656                           05           09/01/03          0
    2105892740                           O            08/01/18
    0

    8463740          P34/G02             F          103,800.00         ZZ
                                         180        103,427.61          1
                                       5.500            848.14         87
                                       5.250            848.14
    CROFTON          MD   21114          2            06/16/03         10
    0436234041                           01           08/01/03         20
    16222                                N            07/01/18
    0

    8463742          Q87/G02             F           80,750.00         ZZ
                                         180         80,460.31          1
                                       5.500            659.79         74
                                       5.250            659.79
    CHICKASAW        AL   36611          5            07/08/03         00
    0436175293                           05           08/14/03          0
    WAMA03                               O            07/14/18
    0

    8463752          Q87/G02             F           68,000.00         ZZ
                                         180         67,753.46          1
                                       5.375            551.12         74
                                       5.125            551.12
    MONROE           GA   30656          5            06/25/03         00
    0436220677                           05           08/01/03          0
    MAPA03                               O            07/01/18
    0

    8464074          144/144             F          199,400.00         ZZ
                                         180        198,677.08          1
                                       5.375          1,616.07         52
                                       5.125          1,616.07
    BEARSVILLE       NY   12409          5            06/02/03         00
    160726034000000                      05           08/01/03          0
1

    160726034                            O            07/01/18
    0

    8464178          964/G02             F          100,000.00         ZZ
                                         180         99,621.95          1
                                       4.875            784.30         61
                                       4.625            784.30
    ORLANDO          FL   32804          2            06/25/03         00
    0436141212                           05           08/01/03          0
    429391                               O            07/01/18
    0

    8464192          964/G02             F          322,700.00         ZZ
                                         180        321,492.68          1
                                       5.000          2,551.90         56
                                       4.750          2,551.90
    RANCHO MIRAGE    CA   92270          2            06/20/03         00
    0436140834                           03           08/01/03          0
    431632                               O            07/01/18
    0

    8464210          X31/G02             F          136,000.00         ZZ
                                         180        136,000.00          1
                                       5.375          1,102.23         83
                                       5.125          1,102.23
    NORTH LAS VEGAS  NV   89031          2            07/01/03         01
    0436240477                           05           09/01/03         12
    71000355                             O            08/01/18
    0

    8464226          964/G02             F          247,000.00         ZZ
                                         180        246,095.05          1
                                       5.250          1,985.58         75
                                       5.000          1,985.58
    FOUNTAIN HILLS   AZ   85268          5            06/23/03         00
    0436176184                           03           08/01/03          0
    435419                               O            07/01/18
    0

    8464280          964/G02             F          236,000.00         ZZ
                                         180        235,126.24          1
                                       5.125          1,881.68         80
                                       4.875          1,881.68
    SACRAMENTO       CA   95829          1            06/20/03         00
    0436179808                           05           08/01/03          0
    468310                               O            07/01/18
    0

1

    8464298          964/G02             F          391,000.00         ZZ
                                         180        389,537.16          1
                                       5.000          3,092.01         61
                                       4.750          3,092.01
    EL DORADO HILLS  CA   95762          1            06/23/03         00
    0436176762                           03           08/01/03          0
    424138                               O            07/01/18
    0

    8464302          964/G02             F          287,500.00         ZZ
                                         180        286,424.38          1
                                       5.000          2,273.54         48
                                       4.750          2,273.54
    NEWARK           CA   94560          5            06/20/03         00
    0436231088                           05           08/01/03          0
    424347                               O            07/01/18
    0

    8464322          964/G02             F           95,760.00         ZZ
                                         180         95,409.16          1
                                       5.250            769.79         84
                                       5.000            769.79
    SAN ANTONIO      TX   78217          2            06/25/03         04
    0436171672                           05           08/01/03          6
    419427                               O            07/01/18
    0

    8464340          964/G02             F           95,000.00         ZZ
                                         180         94,629.51          1
                                       4.500            726.74         49
                                       4.250            726.74
    CHICAGO          IL   60634          1            06/30/03         00
    0436225544                           08           08/01/03          0
    427975                               O            07/01/18
    0

    8464384          964/G02             F           61,500.00         ZZ
                                         180         61,267.50          1
                                       4.875            482.34         73
                                       4.625            482.34
    SAN ANTONIO      TX   78233          2            06/25/03         00
    0436172621                           05           08/01/03          0
    442565                               O            07/01/18
    0

    8464390          964/G02             F          180,000.00         ZZ
                                         180        179,298.01          1
                                       4.500          1,376.99         70
                                       4.250          1,376.99
1

    ANTHEM           AZ   85086          2            06/18/03         00
    0436231112                           03           08/01/03          0
    442731                               O            07/01/18
    0

    8464406          964/G02             F          322,700.00         ZZ
                                         180        321,467.28          1
                                       4.750          2,510.07         40
                                       4.500          2,510.07
    LA MESA          CA   91941          2            06/24/03         00
    0436147888                           05           08/01/03          0
    429811                               O            07/01/18
    0

    8464424          964/G02             F          115,000.00         ZZ
                                         180        114,583.06          1
                                       5.375            932.04         27
                                       5.125            932.04
    OCEANSIDE        CA   92054          2            06/18/03         00
    0436146310                           05           08/01/03          0
    455030                               O            07/01/18
    0

    8464426          964/G02             F          153,000.00         ZZ
                                         180        152,427.58          1
                                       5.000          1,209.92         56
                                       4.750          1,209.92
    SANTA MARIA      CA   93458          2            06/19/03         00
    0436139869                           05           08/01/03          0
    431462                               N            07/01/18
    0

    8464434          964/G02             F          132,400.00         ZZ
                                         180        131,914.92          1
                                       5.250          1,064.33         58
                                       5.000          1,064.33
    WASHINGTON       MO   63090          2            06/24/03         00
    0436147656                           05           08/01/03          0
    431643                               O            07/01/18
    0

    8464458          964/G02             F          110,830.00         ZZ
                                         180        110,406.63          1
                                       4.750            862.07         55
                                       4.500            862.07
    HOUSTON          TX   77025          2            06/23/03         00
    0436140941                           05           08/01/03          0
    457613                               O            07/01/18
    0
1

    8464468          964/G02             F          180,000.00         ZZ
                                         180        179,326.57          4
                                       5.000          1,423.43         29
                                       4.750          1,423.43
    TAHOE VISTA      CA   96148          5            06/19/03         00
    0436145270                           05           08/01/03          0
    460681                               O            07/01/18
    0

    8464484          964/G02             F           94,000.00         ZZ
                                         180         93,655.60          1
                                       5.250            755.65         71
                                       5.000            755.65
    CLOVIS           CA   93612          5            06/20/03         00
    0436186647                           05           08/01/03          0
    462170                               O            07/01/18
    0

    8464510          964/G02             F           98,000.00         ZZ
                                         180         98,000.00          1
                                       5.000            774.98         57
                                       4.750            774.98
    LAS VEGAS        NV   89147          2            07/03/03         00
    0436139828                           05           09/01/03          0
    467757                               O            08/01/18
    0

    8464546          964/G02             F           85,000.00         ZZ
                                         180         85,000.00          1
                                       4.750            661.16         78
                                       4.500            661.16
    OZARK            MO   65721          2            07/03/03         00
    0436139604                           05           09/01/03          0
    471789                               O            08/01/18
    0

    8464568          964/G02             F          202,000.00         ZZ
                                         180        201,236.35          1
                                       4.875          1,584.28         72
                                       4.625          1,584.28
    CLOVIS           CA   93611          2            06/21/03         00
    0436187926                           05           08/01/03          0
    434686                               O            07/01/18
    0

    8464680          964/G02             F          190,000.00         ZZ
                                         180        189,251.33          1
1

                                       4.375          1,441.38         55
                                       4.125          1,441.38
    SANDY            UT   84093          2            06/20/03         00
    0436145452                           05           08/01/03          0
    440135                               O            07/01/18
    0

    8464684          964/G02             F          103,200.00         ZZ
                                         180        102,817.91          1
                                       5.125            822.84         33
                                       4.875            822.84
    SOUTHLAKE        TX   76092          2            06/26/03         00
    0436172936                           03           08/01/03          0
    440325                               O            07/01/18
    0

    8464692          964/G02             F          125,000.00         ZZ
                                         180        125,000.00          1
                                       4.625            964.25         14
                                       4.375            964.25
    SAN MATEO        CA   94402          2            07/01/03         00
    0436140909                           05           09/01/03          0
    447992                               O            08/01/18
    0

    8464740          A06/G02             F           78,750.00         ZZ
                                         180         78,750.00          2
                                       5.875            659.23         75
                                       5.625            659.23
    DETROIT          MI   48210          5            07/11/03         00
    0436223416                           05           09/01/03          0
    1000010301109                        N            08/01/18
    0

    8464752          964/G02             F          322,700.00         ZZ
                                         180        321,480.04          1
                                       4.875          2,530.93         25
                                       4.625          2,530.93
    SARATOGA         CA   95070          2            06/20/03         00
    0436149173                           05           08/01/03          0
    450638                               O            07/01/18
    0

    8464766          964/G02             F          190,000.00         ZZ
                                         180        190,000.00          1
                                       4.750          1,477.88         45
                                       4.500          1,477.88
    SAN JOSE         CA   95121          2            07/01/03         00
    0436231161                           05           09/01/03          0
1

    452156                               O            08/01/18
    0

    8464818          964/G02             F          210,000.00         ZZ
                                         180        210,000.00          2
                                       4.375          1,593.10         50
                                       4.125          1,593.10
    BERKELEY         CA   94702          5            07/01/03         00
    0436172639                           05           09/01/03          0
    441765                               O            08/01/18
    0

    8464820          964/G02             F          115,000.00         ZZ
                                         180        114,546.86          1
                                       4.375            872.41         50
                                       4.125            872.41
    BAKERSFIELD      CA   93312          2            06/18/03         00
    0436160055                           05           08/01/03          0
    441937                               O            07/01/18
    0

    8464824          964/G02             F          189,000.00         ZZ
                                         180        188,307.55          1
                                       5.250          1,519.33         60
                                       5.000          1,519.33
    BELLEVUE         WA   98008          2            06/13/03         00
    0436171649                           05           08/01/03          0
    442165                               O            07/01/18
    0

    8464850          964/G02             F          168,000.00         ZZ
                                         180        168,000.00          1
                                       4.875          1,317.62         27
                                       4.625          1,317.62
    SAN FRANCISCO    CA   94116          5            06/26/03         00
    0436226708                           05           09/01/03          0
    443439                               O            08/01/18
    0

    8464854          964/G02             F          116,000.00         ZZ
                                         180        115,561.46          1
                                       4.875            909.79         80
                                       4.625            909.79
    DUNDEE           OR   97115          2            06/25/03         00
    0436231195                           05           08/01/03          0
    443977                               O            07/01/18
    0

1

    8464872          964/G02             F          322,000.00         ZZ
                                         180        320,769.96          1
                                       4.750          2,504.62         59
                                       4.500          2,504.62
    SAN FRANCISCO    CA   94116          5            06/19/03         00
    0436174072                           05           08/01/03          0
    445897                               O            07/01/18
    0

    8464876          964/G02             F          190,000.00         ZZ
                                         180        190,000.00          1
                                       4.625          1,465.66         46
                                       4.375          1,465.66
    SAN FRANCISCO    CA   94134          2            07/02/03         00
    0436226690                           05           09/01/03          0
    446032                               O            08/01/18
    0

    8464890          964/G02             F          322,700.00         ZZ
                                         180        322,700.00          1
                                       4.875          2,530.93         40
                                       4.625          2,530.93
    MILLBRAE         CA   94030          2            06/27/03         00
    0436139075                           05           09/01/03          0
    447535                               O            08/01/18
    0

    8464976          964/G02             F          300,000.00         ZZ
                                         180        298,900.87          1
                                       5.250          2,411.63         55
                                       5.000          2,411.63
    ROWLAND HEIGHTS  CA   91748          2            06/19/03         00
    0436172613                           03           08/01/03          0
    432060                               O            07/01/18
    0

    8464984          964/G02             F          194,000.00         ZZ
                                         180        193,274.19          1
                                       5.000          1,534.14         36
                                       4.750          1,534.14
    DALY CITY        CA   94015          2            06/19/03         00
    0436186969                           05           08/01/03          0
    433064                               O            07/01/18
    0

    8465006          964/G02             F          191,700.00         ZZ
                                         180        190,982.80          2
                                       5.000          1,515.95         28
                                       4.750          1,515.95
1

    LONG BEACH       CA   90803          2            06/25/03         00
    0436231278                           05           08/01/03          0
    433879                               O            07/01/18
    0

    8465328          K15/G02             F          137,700.00         ZZ
                                         180        137,226.51          1
                                       6.000          1,161.99         90
                                       5.750          1,161.99
    KENTWOOD         MI   49508          5            06/24/03         41
    0436157713                           05           08/01/03         12
    035905515223                         O            07/01/18
    0

    8465742          E82/G02             F          117,000.00         ZZ
                                         180        117,000.00          1
                                       5.250            940.54         78
                                       5.000            940.54
    PORT ST LUCIE    FL   34984          2            07/10/03         00
    0400855250                           05           09/01/03          0
    0400855250                           O            08/01/18
    0

    8465780          E82/G02             F          119,300.00         ZZ
                                         180        119,300.00          1
                                       5.375            966.89         71
                                       5.125            966.89
    PAYSON           AZ   85541          2            07/07/03         00
    0400839197                           05           09/01/03          0
    0400839197                           O            08/01/18
    0

    8465808          F34/G02             F           55,600.00         ZZ
                                         180         55,600.00          1
                                       6.000            469.18         80
                                       5.750            469.18
    WACO             TX   76706          1            07/07/03         00
    0436142756                           01           09/01/03          0
    47306017                             N            08/01/18
    0

    8465908          W35/G02             F           41,600.00         ZZ
                                         180         41,446.30          1
                                       5.150            332.23         80
                                       4.900            332.23
    BROOK            IN   47922          2            06/12/03         00
    0436154876                           05           08/01/03          0
    20969                                O            07/01/18
    0
1

    8466200          N67/G02             F           40,000.00         ZZ
                                         180         39,868.23          1
                                       6.500            348.44         52
                                       6.250            348.44
    PUEBLO           CO   81004          5            06/10/03         00
    0436149850                           05           08/01/03          0
    1162002326                           N            07/01/18
    0

    8466254          N67/G02             F          111,200.00         ZZ
                                         180        110,801.07          1
                                       5.500            908.60         80
                                       5.250            908.60
    LAKE HAVASU CIT  AZ   86404          1            06/05/03         00
    0436150429                           05           08/01/03          0
    1162002440                           O            07/01/18
    0

    8467154          N67/G02             F           93,000.00         ZZ
                                         180         92,666.36          1
                                       5.500            759.89         50
                                       5.250            759.89
    CONYERS          GA   30094          5            06/12/03         00
    0436155402                           05           08/01/03          0
    3254006663                           O            07/01/18
    0

    8467186          K15/G02             F          108,000.00         ZZ
                                         180        107,608.45          2
                                       5.375            875.30         80
                                       5.125            875.30
    RUTLAND          VT   05701          5            06/24/03         00
    0436157036                           05           08/01/03          0
    033105517971                         O            07/01/18
    0

    8467386          E11/G02             F          245,700.00         ZZ
                                         180        245,700.00          1
                                       4.750          1,911.13         48
                                       4.500          1,911.13
    LAKEVILLE        MN   55044          5            07/07/03         00
    0436176754                           05           09/01/03          0
    0002001029822                        O            08/01/18
    0

    8467820          F89/G02             F           94,500.00         ZZ
                                         180         94,168.07          1
1

                                       5.750            784.74         61
                                       5.500            784.74
    LANCASTER        CA   93534          2            06/27/03         00
    0436139026                           05           08/01/03          0
    10626985                             N            07/01/18
    0

    8468222          E22/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       6.000            421.93         43
                                       5.750            421.93
    LINCOLN PARK     MI   48146          5            07/15/03         00
    0417255312                           05           09/01/03          0
    0417255312                           N            08/01/18
    0

    8468246          E22/G02             F          322,000.00         ZZ
                                         180        322,000.00          1
                                       5.125          2,567.37         43
                                       4.875          2,567.37
    OAKLEY           CA   94561          1            07/08/03         00
    0417320678                           05           09/01/03          0
    0417320678                           O            08/01/18
    0

    8468264          E22/G02             F          139,500.00         ZZ
                                         180        139,500.00          4
                                       5.375          1,130.60         90
                                       5.125          1,130.60
    RUTLAND          VT   05701          1            07/15/03         04
    0417369261                           05           09/01/03         25
    0417369261                           N            08/01/18
    0

    8468492          E22/G02             F           87,200.00         ZZ
                                         180         87,200.00          1
                                       5.750            724.12         80
                                       5.500            724.12
    BEACH PARK       IL   60087          1            07/15/03         00
    0417513413                           05           09/01/03          0
    0417513413                           N            08/01/18
    0

    8468510          E22/G02             F           77,400.00         ZZ
                                         180         77,400.00          1
                                       5.375            627.30         90
                                       5.125            627.30
    OCEAN SPRINGS    MS   39564          5            07/09/03         04
    0417527462                           05           09/01/03         25
1

    0417527462                           O            08/01/18
    0

    8468620          E22/G02             F           93,500.00         ZZ
                                         180         93,500.00          1
                                       5.500            763.97        100
                                       5.250            763.97
    SEMMES           AL   36575          2            07/10/03         11
    0417616943                           05           09/01/03         30
    0417616943                           O            08/01/18
    0

    8468640          E22/G02             F           76,500.00         TX
                                         120         76,500.00          1
                                       5.625            834.97         75
                                       5.375            834.97
    SAN MARCOS       TX   78666          5            07/14/03         00
    0417648094                           05           09/01/03          0
    0417648094                           N            08/01/13
    0

    8468646          E22/G02             F           75,000.00         TX
                                         120         75,000.00          1
                                       5.625            818.60         75
                                       5.375            818.60
    SAN MARCOS       TX   78666          5            07/14/03         00
    0417650900                           05           09/01/03          0
    0417650900                           N            08/01/13
    0

    8468648          E22/G02             F           76,500.00         TX
                                         120         76,500.00          1
                                       5.625            834.97         75
                                       5.375            834.97
    SAN MARCOS       TX   78666          5            07/14/03         00
    0417651197                           05           09/01/03          0
    0417651197                           N            08/01/13
    0

    8468760          E22/G02             F          300,000.00         TX
                                         180        300,000.00          1
                                       5.500          2,451.25         72
                                       5.250          2,451.25
    LAKEWAY          TX   78734          5            07/10/03         00
    0417730660                           05           09/01/03          0
    0417730660                           O            08/01/18
    0

1

    8469066          E22/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       5.500            653.67         73
                                       5.250            653.67
    LABADIE          MO   63055          5            07/10/03         00
    0417126224                           05           09/01/03          0
    0417126224                           O            08/01/18
    0

    8469076          E22/G02             F          125,000.00         TX
                                         180        125,000.00          1
                                       5.375          1,013.08         46
                                       5.125          1,013.08
    HOUSTON          TX   77018          5            07/10/03         00
    0417143468                           05           09/01/03          0
    0417143468                           O            08/01/18
    0

    8469176          U97/G02             F          210,000.00         ZZ
                                         180        210,000.00          1
                                       4.875          1,647.02         46
                                       4.625          1,647.02
    SAN LEANDRO      CA   94577          2            07/09/03         00
    0436306716                           05           09/01/03          0
    8212812                              O            08/01/18
    0

    8469208          X67/G02             F           98,000.00         ZZ
                                         180         97,633.35          1
                                       5.000            774.98         40
                                       4.750            774.98
    NORWALK          CA   90650          2            06/10/03         00
    0436173389                           05           08/01/03          0
    00287712                             O            07/01/18
    0

    8469834          Q14/G02             F           73,600.00         ZZ
                                         180         73,344.21          1
                                       5.875            616.12         80
                                       5.625            616.12
    PRAIRIE VILLAGE  KS   66208          1            07/02/03         00
    0436179923                           05           08/01/03          0
    0000314105                           N            07/01/18
    0

    8471052          G27/G02             F          200,000.00         ZZ
                                         180        199,267.24          2
                                       5.250          1,607.76         79
                                       5.000          1,607.76
1

    LOS ANGELES      CA   90018          5            06/27/03         00
    0436163703                           05           08/01/03          0
    20903086                             O            07/01/18
    0

    8471054          U05/G02             F           96,750.00         T
                                         180         96,391.79          1
                                       5.125            771.41         75
                                       4.875            771.41
    ARLINGTON        TX   76013          5            06/24/03         00
    0436167712                           05           08/01/03          0
    3376785                              O            07/01/18
    0

    8471060          Q14/G02             F          112,500.00         ZZ
                                         180        112,500.00          1
                                       5.250            904.36         90
                                       5.000            904.36
    VINTON           IA   52349          5            07/01/03         01
    0436147524                           05           09/01/03         25
    00003-13666                          O            08/01/18
    0

    8471290          Q30/G02             F          132,000.00         ZZ
                                         180        132,000.00          1
                                       5.250          1,061.12         42
                                       5.000          1,061.12
    NEW MILFORD      CT   06776          5            06/27/03         00
    0436269583                           05           09/01/03          0
    21023937                             O            08/01/18
    0

    8471568          K15/G02             F          130,000.00         ZZ
                                         180        129,513.64          1
                                       5.000          1,028.03         77
                                       4.750          1,028.03
    ALBUQUERQUE      NM   87123          5            06/24/03         00
    0436188213                           03           08/01/03          0
    033505518065                         O            07/01/18
    0

    8471570          K15/G02             F           63,000.00         ZZ
                                         180         63,000.00          1
                                       4.875            494.11         52
                                       4.625            494.11
    WALPOLE          NH   03608          5            07/09/03         00
    0436188411                           05           09/01/03          0
    033305517868                         O            08/01/18
    0
1

    8471752          B98/G02             F          374,000.00         ZZ
                                         180        372,629.75          1
                                       5.250          3,006.50         79
                                       5.000          3,006.50
    SAN JOSE         CA   95116          2            06/19/03         00
    0436243927                           05           08/01/03          0
    B5030359VP                           O            07/01/18
    0

    8471800          N34/G02             F          112,000.00         ZZ
                                         180        112,000.00          1
                                       5.625            922.58         61
                                       5.375            922.58
    DES PLAINES      IL   60018          5            07/11/03         00
    0436198972                           09           09/01/03          0
    112668601                            O            08/01/18
    0

    8471822          W35/G02             F           72,500.00         ZZ
                                         180         72,500.00          1
                                       5.375            587.59         69
                                       5.125            587.59
    INDIANAPOLIS     IN   46254          5            07/08/03         00
    0436197552                           05           09/01/03          0
    21629                                O            08/01/18
    0

    8471958          U05/G02             F           93,600.00         TX
                                         180         93,600.00          1
                                       4.875            734.10         80
                                       4.625            734.10
    HOUSTON          TX   77066          5            07/03/03         00
    0436225494                           03           09/01/03          0
    3378606                              O            08/01/18
    0

    8471968          T23/G02             F           69,600.00         ZZ
                                         180         69,600.00          1
                                       5.250            559.50         61
                                       5.000            559.50
    ENON             OH   45323          5            07/12/03         00
    0436230288                           05           09/01/03          0
    6604                                 O            08/01/18
    0

    8472098          N74/G02             F          153,000.00         ZZ
                                         180        152,456.88          1
1

                                       5.625          1,260.31         85
                                       5.375          1,260.31
    CHESTER          VA   23831          5            06/30/03         10
    0436197198                           05           08/07/03         12
    0032739010                           O            07/07/18
    0

    8472172          E82/G02             F          165,150.00         ZZ
                                         180        165,150.00          4
                                       5.750          1,371.42         77
                                       5.500          1,371.42
    LAS VEGAS        NV   89115          2            07/16/03         00
    0400844213                           05           09/01/03          0
    0400844213                           N            08/01/18
    0

    8472188          E82/G02             F           71,250.00         T
                                         180         71,250.00          1
                                       6.000            601.25         75
                                       5.750            601.25
    MIAMI            FL   33160          5            07/16/03         00
    0400857421                           08           09/01/03          0
    0400857421                           O            08/01/18
    0

    8472210          E82/G02             F          380,500.00         ZZ
                                         180        380,500.00          1
                                       5.375          3,083.82         84
                                       5.125          3,083.82
    WESTMINISTER     CO   80234          2            07/14/03         10
    0400846374                           03           09/01/03          6
    0400846374                           O            08/01/18
    0

    8472372          E22/G02             F           66,500.00         ZZ
                                         180         66,500.00          1
                                       5.375            538.96         84
                                       5.125            538.96
    SAINT PETERS     MO   63376          5            07/11/03         04
    0417586104                           05           09/01/03          6
    0417586104                           O            08/01/18
    0

    8472434          E22/G02             F           40,500.00         TX
                                         180         40,500.00          1
                                       6.000            341.76         75
                                       5.750            341.76
    ORANGE           TX   77630          5            07/16/03         00
    0417487071                           05           09/01/03          0
1

    0417487071                           N            08/01/18
    0

    8472468          E22/G02             F           81,000.00         ZZ
                                         180         81,000.00          1
                                       5.000            640.54         60
                                       4.750            640.54
    LOGANVILLE       GA   30052          5            07/11/03         00
    0417665387                           05           09/01/03          0
    0417665387                           O            08/01/18
    0

    8472580          E22/G02             F          197,500.00         ZZ
                                         180        197,500.00          1
                                       5.250          1,587.66         79
                                       5.000          1,587.66
    DENVER           CO   80204          2            07/16/03         00
    0417517414                           05           09/01/03          0
    0417517414                           O            08/01/18
    0

    8472620          E22/G02             F          500,000.00         ZZ
                                         180        500,000.00          1
                                       5.000          3,953.97         67
                                       4.750          3,953.97
    MADISON          MS   39110          2            07/11/03         00
    0417547932                           05           09/01/03          0
    0417547932                           O            08/01/18
    0

    8472654          E22/G02             F          118,000.00         ZZ
                                         180        118,000.00          1
                                       5.250            948.58         74
                                       5.000            948.58
    EUREKA           CA   95501          5            07/02/03         00
    0417152824                           05           09/01/03          0
    0417152824                           O            08/01/18
    0

    8472688          E22/G02             F          374,500.00         ZZ
                                         180        374,500.00          1
                                       4.875          2,937.19         75
                                       4.625          2,937.19
    BROKEN ARROW     OK   74012          2            07/11/03         00
    0417615226                           03           09/01/03          0
    0417615226                           O            08/01/18
    0

1

    8472768          U41/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       5.375            810.47         73
                                       5.125            810.47
    POYNETTE         WI   53955          5            07/14/03         00
    0436187470                           05           09/01/03          0
    BROOME1203                           O            08/01/18
    0

    8472808          E22/G02             F           60,000.00         TX
                                         180         60,000.00          1
                                       5.375            486.28         58
                                       5.125            486.28
    HOUSTON          TX   77099          5            07/09/03         00
    0417285947                           03           09/01/03          0
    0417285947                           O            08/01/18
    0

    8472816          E22/G02             F          650,000.00         ZZ
                                         180        650,000.00          1
                                       5.125          5,182.58         69
                                       4.875          5,182.58
    MARLBORO TWP.    NJ   07751          5            07/11/03         00
    0417313657                           05           09/01/03          0
    0417313657                           O            08/01/18
    0

    8472880          168/168             F          171,950.00         ZZ
                                         180        170,739.18          1
                                       5.750          1,427.89         67
                                       5.500          1,427.89
    DUBLIN           OH   43017          2            05/06/03         00
    3190884                              05           07/01/03          0
    0319908844                           O            06/01/18
    0

    8472968          P67/G02             F          120,000.00         ZZ
                                         180        120,000.00          3
                                       5.625            988.47         25
                                       5.375            988.47
    REVERE           MA   02151          5            07/09/03         00
    0436238695                           05           09/01/03          0
    708740                               O            08/01/18
    0

    8473428          K15/G02             F           74,000.00         ZZ
                                         180         73,742.82          1
                                       5.875            619.47         62
                                       5.625            619.47
1

    GREELEY          CO   80634          5            06/25/03         00
    0436166714                           05           08/01/03          0
    002330005511019                      O            07/01/18
    0

    8473774          K15/G02             F           65,800.00         ZZ
                                         180         65,573.74          1
                                       6.000            555.26         85
                                       5.750            555.26
    JACKSONVILLE     NC   28540          5            06/24/03         41
    0436189302                           05           08/01/03          6
    017105517700                         O            07/01/18
    0

    8473784          K15/G02             F          104,400.00         ZZ
                                         180        104,400.00          1
                                       5.500            853.04         90
                                       5.250            853.04
    GRAND RAPIDS     MI   49509          2            06/27/03         41
    0436201248                           05           09/01/03         12
    035905517664                         O            08/01/18
    0

    8473792          M24/G02             F           75,000.00         ZZ
                                         180         75,000.00          1
                                       6.000            632.89         49
                                       5.750            632.89
    NORCROSS         GA   30093          5            07/10/03         00
    0436244602                           05           09/01/03          0
    253214908                            N            08/01/18
    0

    8473812          950/G02             F          118,500.00         ZZ
                                         180        118,056.66          1
                                       5.000            937.09         66
                                       4.750            937.09
    FEDERAL WAY      WA   98023          5            06/06/03         00
    0436227599                           05           08/01/03          0
    EW35688                              O            07/01/18
    0

    8473828          K15/G02             F          261,500.00         ZZ
                                         180        260,521.65          1
                                       5.000          2,067.93         77
                                       4.750          2,067.93
    SHELTON          CT   06484          2            06/25/03         00
    0436186696                           05           08/01/03          0
    037405510912                         O            07/01/18
    0
1

    8476182          758/G02             F          129,000.00         ZZ
                                         180        129,000.00          2
                                       6.000          1,088.58         77
                                       5.750          1,088.58
    COLLEGE STATION  TX   77845          1            07/01/03         00
    0436230015                           05           09/01/03          0
    201987                               N            08/01/18
    0

    8476222          K15/G02             F          150,500.00         ZZ
                                         180        149,936.94          1
                                       5.000          1,190.14         52
                                       4.750          1,190.14
    CENTEREACH       NY   11720          5            06/23/03         00
    0436207203                           05           08/01/03          0
    020605517869                         O            07/01/18
    0

    8476226          737/G02             F          270,750.00         ZZ
                                         180        270,750.00          1
                                       5.875          2,266.50         95
                                       5.625          2,266.50
    FONTANA          CA   92336          5            07/01/03         01
    0436247555                           05           09/01/03         25
    6020294                              O            08/01/18
    0

    8476248          K15/G02             F           68,000.00         ZZ
                                         180         67,761.15          1
                                       5.750            564.68         73
                                       5.500            564.68
    CHARLOTTE        NC   28212          5            06/25/03         00
    0436198451                           05           08/01/03          0
    017405517495                         O            07/01/18
    0

    8476260          Q73/G02             F          164,000.00         ZZ
                                         180        163,392.81          1
                                       5.125          1,307.61         75
                                       4.875          1,307.61
    OLIVE BRANCH     MS   38654          5            07/02/03         00
    0436228274                           05           08/01/03          0
    3081453                              O            07/01/18
    0

    8476298          K15/G02             F           64,200.00         ZZ
                                         180         63,979.24          2
1

                                       6.000            541.76         86
                                       5.750            541.76
    BUFFALO          NY   14220          2            06/25/03         41
    0436190854                           05           08/01/03         12
    023605518288                         O            07/01/18
    0

    8476766          S25/G02             F           50,000.00         ZZ
                                         180         49,829.90          1
                                       6.125            425.31         32
                                       5.875            425.31
    MCLEANSVILLE     NC   27301          5            06/30/03         00
    0436261630                           05           08/07/03          0
    2378842870                           O            07/07/18
    0

    8476912          E82/G02             F          103,500.00         ZZ
                                         180        103,500.00          1
                                       5.375            838.83         40
                                       5.125            838.83
    STERLING         VA   20165          2            07/16/03         00
    0400837639                           09           09/01/03          0
    0400837639                           O            08/01/18
    0

    8476938          E82/G02             F          120,000.00         ZZ
                                         180        120,000.00          1
                                       5.375            972.56         54
                                       5.125            972.56
    CLEBURNE         TX   76033          2            07/16/03         00
    0400839759                           05           09/01/03          0
    0400839759                           O            08/01/18
    0

    8477490          E22/G02             F          140,000.00         ZZ
                                         180        140,000.00          2
                                       5.750          1,162.57         70
                                       5.500          1,162.57
    JERSEY CITY      NJ   07307          5            07/17/03         00
    0417576808                           05           09/01/03          0
    0417576808                           N            08/01/18
    0

    8477710          E22/G02             F           68,000.00         ZZ
                                         180         68,000.00          1
                                       5.625            560.14         85
                                       5.375            560.14
    BALTIMORE        MD   21206          5            07/10/03         04
    0417684354                           07           09/01/03          6
1

    0417684354                           O            08/01/18
    0

    8477718          E22/G02             F           97,600.00         TX
                                         180         97,600.00          1
                                       5.250            784.58         80
                                       5.000            784.58
    SUGARLAND        TX   77478          5            07/11/03         00
    0417688959                           03           09/01/03          0
    0417688959                           O            08/01/18
    0

    8477794          E22/G02             F          108,000.00         ZZ
                                         180        108,000.00          1
                                       5.125            861.11         80
                                       4.875            861.11
    GARDNER          KS   66030          2            07/17/03         00
    0417788122                           05           09/01/03          0
    0417788122                           N            08/01/18
    0

    8477798          E22/G02             F          177,000.00         ZZ
                                         180        177,000.00          2
                                       5.625          1,458.01         75
                                       5.375          1,458.01
    MINNEAPOLIS      MN   55411          2            07/17/03         00
    0417801677                           05           09/01/03          0
    0417801677                           N            08/01/18
    0

    8478454          Q87/G02             F           70,000.00         TX
                                         180         69,746.21          1
                                       5.375            567.33         79
                                       5.125            567.33
    CORRIGAN         TX   75939          5            07/09/03         00
    0436245245                           05           08/14/03          0
    WISH03                               O            07/14/18
    0

    8478858          B23/G02             F          125,500.00         ZZ
                                         180        125,500.00          2
                                       5.375          1,017.13         59
                                       5.125          1,017.13
    COMPTON AREA     CA   90222          5            07/01/03         00
    0436244222                           05           09/01/03          0
    80000930                             O            08/01/18
    0

1

    8478934          738/G02             F           50,000.00         ZZ
                                         180         49,824.37          1
                                       5.750            415.21         74
                                       5.500            415.21
    WEST PALM BEACH  FL   33415          5            06/11/03         00
    0436176085                           01           08/01/03          0
    41073032                             N            07/01/18
    0

    8478938          964/G02             F          155,000.00         ZZ
                                         180        155,000.00          1
                                       4.625          1,195.67         60
                                       4.375          1,195.67
    LITTLETON        CO   80120          2            07/08/03         00
    0436223663                           05           09/01/03          0
    457605                               O            08/01/18
    0

    8478942          964/G02             F          129,000.00         ZZ
                                         180        129,000.00          1
                                       5.000          1,020.13         33
                                       4.750          1,020.13
    SCOTTSDALE       AZ   85258          2            07/01/03         00
    0436226351                           03           09/01/03          0
    466832                               O            08/01/18
    0

    8478952          964/G02             F          219,500.00         ZZ
                                         180        219,500.00          1
                                       5.000          1,735.79         59
                                       4.750          1,735.79
    SAN JOSE         CA   95122          2            07/07/03         00
    0436225411                           05           09/01/03          0
    435245                               O            08/01/18
    0

    8478958          964/G02             F          270,000.00         ZZ
                                         180        270,000.00          1
                                       5.000          2,135.15         29
                                       4.750          2,135.15
    CUPERTINO        CA   95014          2            07/01/03         00
    0436173009                           05           09/01/03          0
    449048                               O            08/01/18
    0

    8478960          964/G02             F          115,000.00         ZZ
                                         180        115,000.00          1
                                       4.750            894.51         63
                                       4.500            894.51
1

    TAMPA            FL   33629          5            07/09/03         00
    0436163752                           05           09/01/03          0
    449604                               O            08/01/18
    0

    8478964          964/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
                                       5.000          1,581.59         31
                                       4.750          1,581.59
    SAN MATEO        CA   94403          5            07/02/03         00
    0436224950                           05           09/01/03          0
    452127                               O            08/01/18
    0

    8478974          964/G02             F          195,000.00         ZZ
                                         180        195,000.00          1
                                       4.875          1,529.38         43
                                       4.625          1,529.38
    DALY CITY        CA   94015          2            07/01/03         00
    0436160527                           05           09/01/03          0
    461387                               O            08/01/18
    0

    8478986          X89/G02             F          263,200.00         ZZ
                                         180        263,200.00          1
                                       5.500          2,150.56         80
                                       5.250          2,150.56
    MURRIETA         CA   92563          5            07/08/03         00
    0436181481                           05           09/01/03          0
    2005925                              O            08/01/18
    0

    8479096          Q87/G02             F           55,000.00         ZZ
                                         180         54,808.85          1
                                       5.875            460.42         89
                                       5.625            460.42
    CLANTON          AL   35045          5            07/14/03         04
    0436227540                           05           08/18/03         12
    EDBI01                               O            07/18/18
    0

    8479706          E82/G02             F          158,500.00         ZZ
                                         180        158,500.00          1
                                       5.375          1,284.59         55
                                       5.125          1,284.59
    MONROE           NC   28110          2            07/15/03         00
    0400830634                           05           09/01/03          0
    0400830634                           O            08/01/18
    0
1

    8479722          E82/G02             F          290,800.00         ZZ
                                         180        290,800.00          1
                                       5.250          2,337.68         77
                                       5.000          2,337.68
    CARLSBAD         CA   92009          2            07/14/03         00
    0400866745                           03           09/01/03          0
    0400866745                           O            08/01/18
    0

    8479802          E82/G02             F           59,050.00         ZZ
                                         180         59,050.00          1
                                       5.125            470.82         57
                                       4.875            470.82
    HOUSTON          TX   77089          2            07/17/03         00
    0400861084                           03           09/01/03          0
    0400861084                           O            08/01/18
    0

    8479888          E22/G02             F          163,323.90         ZZ
                                         180        163,323.90          1
                                       5.375          1,323.68         92
                                       5.125          1,323.68
    HOUSTON          TX   77084          2            07/09/03         01
    0416476018                           03           09/01/03         25
    0416476018                           O            08/01/18
    0

    8479894          E22/G02             F          300,000.00         ZZ
                                         180        300,000.00          1
                                       5.500          2,451.25         80
                                       5.250          2,451.25
    BURBANK          CA   91505          2            07/09/03         00
    0416628816                           05           09/01/03          0
    0416628816                           O            08/01/18
    0

    8479968          E22/G02             F          450,000.00         ZZ
                                         180        450,000.00          1
                                       5.125          3,587.94         64
                                       4.875          3,587.94
    MADERA           CA   93638          5            07/14/03         00
    0417411907                           05           09/01/03          0
    0417411907                           O            08/01/18
    0

    8479992          E22/G02             F          145,000.00         ZZ
                                         120        145,000.00          1
1

                                       5.250          1,555.73         56
                                       5.000          1,555.73
    WEST CHICAGO     IL   60185          5            07/14/03         00
    0417480548                           05           09/01/03          0
    0417480548                           O            08/01/13
    0

    8480004          E22/G02             F          142,000.00         ZZ
                                         180        142,000.00          1
                                       4.875          1,113.70         46
                                       4.625          1,113.70
    OMAHA            NE   68114          2            07/11/03         00
    0417510864                           09           09/01/03          0
    0417510864                           O            08/01/18
    0

    8480082          E22/G02             F          124,000.00         ZZ
                                         180        124,000.00          1
                                       5.000            980.58         80
                                       4.750            980.58
    SUGAR LAND       TX   77479          2            07/14/03         00
    0417592318                           03           09/01/03          0
    0417592318                           O            08/01/18
    0

    8480182          E22/G02             F          170,000.00         ZZ
                                         180        170,000.00          1
                                       5.000          1,344.35         57
                                       4.750          1,344.35
    PRINCETON        MN   55371          2            07/14/03         00
    0417656014                           05           09/01/03          0
    0417656014                           O            08/01/18
    0

    8480220          E22/G02             F          211,000.00         ZZ
                                         180        211,000.00          1
                                       4.875          1,654.87         55
                                       4.625          1,654.87
    BAY POINT        CA   94565          2            07/11/03         00
    0417691870                           05           09/01/03          0
    0417691870                           O            08/01/18
    0

    8480224          E22/G02             F          112,000.00         TX
                                         180        112,000.00          1
                                       5.250            900.34         80
                                       5.000            900.34
    GARLAND          TX   75042          5            07/14/03         00
    0417696051                           05           09/01/03          0
1

    0417696051                           O            08/01/18
    0

    8481196          U05/G02             F           94,000.00         TX
                                         180         94,000.00          1
                                       6.000            793.23         80
                                       5.750            793.23
    CONROE           TX   77303          5            07/08/03         00
    0436197149                           05           09/01/03          0
    3370784                              O            08/01/18
    0

    8481362          U05/G02             F          400,000.00         ZZ
                                         180        398,503.50          1
                                       5.000          3,163.17         53
                                       4.750          3,163.17
    SAN RAFAEL       CA   94903          2            06/12/03         00
    0436210033                           05           08/01/03          0
    3364341                              O            07/01/18
    0

    8481664          952/G02             F          240,000.00         ZZ
                                         180        240,000.00          1
                                       4.875          1,882.31         80
                                       4.625          1,882.31
    ROXBURY          NJ   07876          1            07/14/03         00
    0436237846                           05           09/01/03          0
    03002928                             O            08/01/18
    0

    8481692          F89/G02             F          157,500.00         ZZ
                                         180        156,922.95          3
                                       5.250          1,266.11         49
                                       5.000          1,266.11
    VISALIA          CA   93292          2            06/23/03         00
    0436220420                           05           08/01/03          0
    11630614                             N            07/01/18
    0

    8482490          H58/G02             F          265,000.00         T
                                         180        264,049.31          1
                                       5.500          2,165.27         35
                                       5.250          2,165.27
    SCOTTSDALE       AZ   85258          2            06/16/03         00
    0436202295                           03           08/01/03          0
    161570                               O            07/01/18
    0

1

    8482588          H58/G02             F          150,000.00         ZZ
                                         180        149,473.13          1
                                       5.750          1,245.62         60
                                       5.500          1,245.62
    OAKLAND          CA   94603          5            06/17/03         00
    0436202717                           05           08/01/03          0
    164953                               O            07/01/18
    0

    8482810          U05/G02             F          378,500.00         ZZ
                                         180        377,127.75          1
                                       5.375          3,067.61         55
                                       5.125          3,067.61
    IRVINE           CA   92612          2            06/24/03         00
    0436238836                           03           08/01/03          0
    3371157                              O            07/01/18
    0

    8482886          E47/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
                                       5.375          1,620.93         54
                                       5.125          1,620.93
    MARINA           CA   93933          5            07/09/03         00
    0436268817                           05           09/01/03          0
    7333013544                           O            08/01/18
    0

    8483014          X80/G02             F          124,500.00         ZZ
                                         180        124,053.35          1
                                       5.500          1,017.27         50
                                       5.250          1,017.27
    AZUSA            CA   91720          5            06/12/03         00
    0436257737                           05           08/01/03          0
    1410177918                           O            07/01/18
    0

    8484148          N47/G02             F          504,000.00         ZZ
                                         180        504,000.00          1
                                       5.250          4,051.54         68
                                       5.000          4,051.54
    SAN DIEGO        CA   92129          5            07/10/03         00
    0436240618                           03           09/01/03          0
    30506384                             O            08/01/18
    0

    8484242          U05/G02             F        1,000,000.00         ZZ
                                         180      1,000,000.00          1
                                       5.250          8,038.78         55
                                       5.000          8,038.78
1

    PASADENA         CA   91105          2            07/09/03         00
    0436221188                           05           09/01/03          0
    3357291                              O            08/01/18
    0

    8485794          E82/G02             F           43,300.00         ZZ
                                         180         43,300.00          1
                                       5.250            348.08         59
                                       5.000            348.08
    DELRAY BEACH     FL   33445          2            07/15/03         00
    0400862637                           09           09/01/03          0
    0400862637                           O            08/01/18
    0

    8485822          E82/G02             F          235,200.00         ZZ
                                         180        235,200.00          1
                                       5.125          1,875.30         57
                                       4.875          1,875.30
    NEWTOWN          PA   18940          2            07/16/03         00
    0400856977                           03           09/01/03          0
    0400856977                           O            08/01/18
    0

    8485844          E82/G02             F           91,000.00         ZZ
                                         180         91,000.00          1
                                       5.250            731.53         68
                                       5.000            731.53
    MERRIMACK        NH   03054          2            07/18/03         00
    0400859294                           05           09/01/03          0
    0400859294                           O            08/01/18
    0

    8485996          E22/G02             F           63,000.00         ZZ
                                         180         63,000.00          1
                                       5.250            506.44         93
                                       5.000            506.44
    MEMPHIS          TN   38122          2            07/15/03         04
    0417626785                           09           09/01/03         25
    0417626785                           O            08/01/18
    0

    8486066          E22/G02             F           92,000.00         TX
                                         180         92,000.00          1
                                       5.750            763.98         80
                                       5.500            763.98
    HOUSTON          TX   77081          5            07/10/03         00
    0417682689                           05           09/01/03          0
    0417682689                           O            08/01/18
    0
1

    8486126          E22/G02             F          166,000.00         ZZ
                                         180        166,000.00          1
                                       5.375          1,345.37         93
                                       5.125          1,345.37
    MOBILE           AL   36693          5            07/16/03         11
    0417729647                           05           09/01/03         25
    0417729647                           O            08/01/18
    0

    8486180          N74/G02             F           90,900.00         ZZ
                                         180         90,900.00          1
                                       5.500            742.73         90
                                       5.250            742.73
    FILLMORE         UT   84631          5            07/09/03         10
    0436230577                           05           09/01/03         25
    0032828010                           O            08/01/18
    0

    8486326          E22/G02             F          500,000.00         TX
                                         180        500,000.00          1
                                       5.250          4,019.39         80
                                       5.000          4,019.39
    ARGYLE           TX   76226          5            07/15/03         00
    0416944916                           05           09/01/03          0
    0416944916                           O            08/01/18
    0

    8486336          E22/G02             F           75,200.00         TX
                                         180         75,200.00          1
                                       4.875            589.79         80
                                       4.625            589.79
    HOUSTON          TX   77035          5            07/16/03         00
    0417005394                           03           09/01/03          0
    0417005394                           O            08/01/18
    0

    8486338          144/144             F          120,000.00         ZZ
                                         180        119,560.35          1
                                       5.250            964.65         20
                                       5.000            964.65
    COMMACK          NY   11725          5            06/12/03         00
    160727446                            05           08/01/03          0
    160727446                            O            07/01/18
    0

    8486486          E22/G02             F           60,000.00         ZZ
                                         180         60,000.00          1
1

                                       6.000            506.31         34
                                       5.750            506.31
    FORT LAUDERDALE  FL   33312          2            07/16/03         00
    0417111572                           05           09/01/03          0
    0417111572                           O            08/01/18
    0

    8486550          E22/G02             F          208,500.00         ZZ
                                         180        208,500.00          1
                                       5.000          1,648.80         76
                                       4.750          1,648.80
    HENDERSONVILLE   NC   28792          5            07/16/03         00
    0417327194                           05           09/01/03          0
    0417327194                           O            08/01/18
    0

    8486598          E22/G02             F           56,400.00         ZZ
                                         180         56,400.00          1
                                       6.000            475.94         55
                                       5.750            475.94
    BAKERSFIELD      CA   93307          2            07/09/03         00
    0417444767                           03           09/01/03          0
    0417444767                           N            08/01/18
    0

    8486642          E22/G02             F          112,500.00         ZZ
                                         180        112,500.00          1
                                       5.250            904.36         80
                                       5.000            904.36
    BREESE           IL   62230          2            07/15/03         00
    0417483609                           05           09/01/03          0
    0417483609                           O            08/01/18
    0

    8486716          K15/G02             F          139,400.00         TX
                                         180        138,878.46          1
                                       5.000          1,102.37         80
                                       4.750          1,102.37
    MISSOURI CITY    TX   77459          5            06/25/03         00
    0436225510                           03           08/01/03          0
    006005509094                         O            07/01/18
    0

    8486718          E22/G02             F          236,200.00         ZZ
                                         180        236,200.00          1
                                       4.875          1,852.51         53
                                       4.625          1,852.51
    DALLAS           TX   75229          2            07/16/03         00
    0417527900                           05           09/01/03          0
1

    0417527900                           O            08/01/18
    0

    8486752          E22/G02             F          256,500.00         ZZ
                                         180        256,500.00          1
                                       5.125          2,045.13         27
                                       4.875          2,045.13
    SAN FRANCISCO    CA   94118          2            07/09/03         00
    0417540929                           01           09/01/03          0
    0417540929                           O            08/01/18
    0

    8486762          E22/G02             F           59,000.00         ZZ
                                         180         59,000.00          1
                                       5.375            478.17         55
                                       5.125            478.17
    LEE'S SUMMIT     MO   64086          2            07/21/03         00
    0417556727                           05           09/01/03          0
    0417556727                           N            08/01/18
    0

    8486814          E22/G02             F          175,000.00         ZZ
                                         180        175,000.00          1
                                       5.375          1,418.31         78
                                       5.125          1,418.31
    LOXAHATCHEE      FL   33470          5            07/15/03         00
    0417577137                           05           09/01/03          0
    0417577137                           O            08/01/18
    0

    8486972          K15/G02             F           85,700.00         ZZ
                                         180         85,376.02          1
                                       4.875            672.14         69
                                       4.625            672.14
    TALLAHASSEE      FL   32311          2            06/25/03         00
    0436220966                           09           08/01/03          0
    009805511015                         O            07/01/18
    0

    8487030          K15/G02             F           96,100.00         ZZ
                                         180         95,736.70          1
                                       4.875            753.71         62
                                       4.625            753.71
    FRESNO           CA   93727          5            06/25/03         00
    0436225064                           05           08/01/03          0
    0383005511029                        O            07/01/18
    0

1

    8487182          P27/G02             F          182,250.00         ZZ
                                         180        182,250.00          1
                                       5.500          1,489.13         90
                                       5.250          1,489.13
    WHITEFIELD       NH   03598          5            07/01/03         01
    0436233548                           05           09/01/03         30
    2104689652                           O            08/01/18
    0

    8487218          M29/G02             F          210,000.00         ZZ
                                         180        210,000.00          1
                                       5.375          1,701.98         70
                                       5.125          1,701.98
    SUPERIOR         CO   80027          1            07/11/03         00
    0436241061                           03           09/01/03          0
    0306245CB                            N            08/01/18
    0

    8487246          X67/G02             F          106,250.00         ZZ
                                         180        105,860.72          1
                                       5.250            854.12         85
                                       5.000            854.12
    LYNWOOD          IL   60411          5            06/23/03         10
    0436225973                           07           08/01/03         12
    00287397                             O            07/01/18
    0

    8487252          K15/G02             F          212,500.00         ZZ
                                         180        211,721.45          1
                                       5.250          1,708.24         85
                                       5.000          1,708.24
    NEWPORT NEWS     VA   23602          5            06/25/03         41
    0436220545                           03           08/01/03          6
    012305509814                         O            07/01/18
    0

    8487314          N74/G02             F           46,100.00         ZZ
                                         120         45,809.03          1
                                       5.375            497.46         71
                                       5.125            497.46
    LAFE             AR   72436          2            07/10/03         00
    0436231633                           05           08/15/03          0
    0032832010                           O            07/15/13
    0

    8487332          F89/G02             F          188,900.00         ZZ
                                         180        188,900.00          1
                                       5.375          1,530.97         79
                                       5.125          1,530.97
1

    ONTARIO          CA   91761          2            07/01/03         00
    0436229769                           05           09/01/03          0
    13732237                             O            08/01/18
    0

    8487334          K15/G02             F          189,700.00         ZZ
                                         180        188,982.85          1
                                       4.875          1,487.81         53
                                       4.625          1,487.81
    ALEXANDRIA       VA   22309          2            06/25/03         00
    0436210629                           05           08/01/03          0
    013405517826                         O            07/01/18
    0

    8488026          P34/G02             F           60,000.00         T
                                         180         59,775.52          1
                                       5.000            474.48         75
                                       4.750            474.48
    NEWARK           DE   19702          5            06/27/03         00
    0436271654                           05           08/01/03          0
    16306                                O            07/01/18
    0

    8488610          G34/G02             F          168,000.00         ZZ
                                         180        168,000.00          1
                                       5.000          1,328.53         80
                                       4.750          1,328.53
    LAS VEGAS        NV   89123          2            07/11/03         00
    0436223820                           05           09/01/03          0
    77304050                             O            08/01/18
    0

    8488692          U05/G02             F          297,000.00         ZZ
                                         180        297,000.00          1
                                       5.125          2,368.04         37
                                       4.875          2,368.04
    WALNUT           CA   91789          2            07/07/03         00
    0436230114                           05           09/01/03          0
    3363624                              O            08/01/18
    0

    8488706          U05/G02             F          320,000.00         ZZ
                                         180        320,000.00          1
                                       5.500          2,614.67         69
                                       5.250          2,614.67
    LOS ANGELES      CA   90025          5            07/01/03         00
    0436224224                           01           09/01/03          0
    3379222                              O            08/01/18
    0
1

    8488708          K15/G02             F           90,100.00         ZZ
                                         180         90,100.00          1
                                       5.125            718.39         66
                                       4.875            718.39
    FAIRBORN         OH   45324          5            07/11/03         00
    0436224752                           05           09/01/03          0
    028505510472                         O            08/01/18
    0

    8488712          Q14/G02             F          149,010.00         ZZ
                                         180        149,010.00          1
                                       4.875          1,168.68         41
                                       4.625          1,168.68
    TEMPE            AZ   85284          2            07/15/03         00
    0436221915                           05           09/01/03          0
    0000313948                           O            08/01/18
    0

    8488814          U05/G02             F           76,500.00         TX
                                         180         76,500.00          1
                                       5.500            625.07         68
                                       5.250            625.07
    LONGVIEW         TX   75605          5            07/11/03         00
    0436222863                           05           09/01/03          0
    3385086                              O            08/01/18
    0

    8488888          K15/G02             F          112,600.00         ZZ
                                         180        112,187.46          1
                                       5.250            905.17         76
                                       5.000            905.17
    HOLLAND          MI   49424          5            06/26/03         00
    0436231047                           05           08/01/03          0
    035905517772                         O            07/01/18
    0

    8488894          253/253             F          103,200.00         ZZ
                                         180        103,200.00          1
                                       5.500            843.24         80
                                       5.250            843.24
    LEWISVILLE       TX   75067          1            07/15/03         00
    486353                               05           09/01/03          0
    486353                               N            08/01/18
    0

    8489092          N74/G02             F           96,000.00         ZZ
                                         120         95,381.77          1
1

                                       5.000          1,018.23         75
                                       4.750          1,018.23
    STAUNTON         VA   24401          2            07/15/03         00
    0436235352                           05           08/21/03          0
    0032865010                           O            07/21/13
    0

    8489126          964/G02             F          100,800.00         ZZ
                                         180        100,800.00          1
                                       4.750            784.06         26
                                       4.500            784.06
    ROANOKE          TX   76262          2            07/09/03         00
    0436231310                           05           09/01/03          0
    462451                               O            08/01/18
    0

    8489140          964/G02             F          150,000.00         ZZ
                                         180        150,000.00          1
                                       4.625          1,157.10         67
                                       4.375          1,157.10
    BAILEY           CO   80421          5            07/08/03         00
    0436231328                           05           09/01/03          0
    450309                               O            08/01/18
    0

    8489168          K15/G02             F          107,800.00         ZZ
                                         180        107,413.26          1
                                       5.500            880.82         90
                                       5.250            880.82
    BEDFORD HEIGHTS  OH   44146          5            06/24/03         41
    0436238703                           05           08/01/03         12
    028005509569                         O            07/01/18
    0

    8489606          W58/G02             F          131,350.00         ZZ
                                         180        131,350.00          1
                                       5.375          1,064.55         39
                                       5.125          1,064.55
    SANTA ANA        CA   92704          5            07/12/03         00
    0436237507                           05           09/01/03          0
    88026                                O            08/01/18
    0

    8489608          X67/G02             F          150,000.00         ZZ
                                         180        149,461.87          1
                                       5.500          1,225.63         62
                                       5.250          1,225.63
    NORWALK          CA   90650          5            06/25/03         00
    0436234355                           05           08/01/03          0
1

    00287567                             O            07/01/18
    0

    8489646          T09/G02             F          113,000.00         ZZ
                                         180        113,000.00          1
                                       5.625            930.82         76
                                       5.375            930.82
    IVANHOE          CA   93235          5            07/11/03         00
    0436225809                           05           09/01/03          0
    2003001785                           O            08/01/18
    0

    8489694          N74/G02             F           90,250.00         ZZ
                                         180         89,926.23          1
                                       5.500            737.42         89
                                       5.250            737.42
    DANVILLE         VA   24541          5            07/10/03         10
    0436234868                           05           08/15/03         25
    0032839010                           O            07/15/18
    0

    8489864          U05/G02             F           85,500.00         TX
                                         180         85,500.00          1
                                       4.750            665.05         64
                                       4.500            665.05
    SPRING           TX   77386          2            07/11/03         00
    0436235915                           05           09/01/03          0
    3376915                              O            08/01/18
    0

    8489928          U05/G02             F          344,000.00         TX
                                         180        344,000.00          1
                                       5.500          2,810.77         60
                                       5.250          2,810.77
    DALLAS           TX   75214          2            07/14/03         00
    0436227854                           05           09/01/03          0
    3386757                              O            08/01/18
    0

    8489936          N74/G02             F          190,000.00         ZZ
                                         180        190,000.00          1
                                       5.125          1,514.91         79
                                       4.875          1,514.91
    FARMINGTON       UT   84025          5            07/11/03         00
    0436229934                           05           09/01/03          0
    0032857010                           O            08/01/18
    0

1

    8489972          E57/G02             F          158,000.00         ZZ
                                         180        157,408.88          1
                                       5.000          1,249.45         68
                                       4.750          1,249.45
    INGLEWOOD        CA   90302          2            06/25/03         00
    0436251615                           05           08/01/03          0
    06017249                             O            07/01/18
    0

    8489980          Y23/G02             F           96,000.00         TX
                                         180         96,000.00          1
                                       5.375            778.05         80
                                       5.125            778.05
    FRIENDSWOOD      TX   77546          5            07/17/03         00
    0436225676                           05           09/01/03          0
    1000244323                           O            08/01/18
    0

    8490010          Q87/G02             F          137,500.00         ZZ
                                         180        137,022.14          1
                                       5.875          1,151.04         95
                                       5.625          1,151.04
    VALDOSTA         GA   31605          5            06/30/03         10
    0436235329                           05           08/07/03         30
    JAAL01                               O            07/07/18
    0

    8490354          X31/G02             F          297,000.00         ZZ
                                         180        297,000.00          1
                                       5.625          2,446.48         80
                                       5.375          2,446.48
    LA HABRA         CA   90631          5            07/08/03         00
    0436230452                           05           09/01/03          0
    80001422                             O            08/01/18
    0

    8490642          E22/G02             F          130,000.00         ZZ
                                         180        130,000.00          1
                                       5.625          1,070.85         76
                                       5.375          1,070.85
    WESTLAND         MI   48185          5            07/10/03         00
    0416908796                           05           09/01/03          0
    0416908796                           O            08/01/18
    0

    8490744          E22/G02             F          128,000.00         ZZ
                                         180        128,000.00          1
                                       5.375          1,037.40         80
                                       5.125          1,037.40
1

    HOUSTON          TX   77081          2            07/14/03         00
    0417421625                           05           09/01/03          0
    0417421625                           O            08/01/18
    0

    8490764          E22/G02             F           72,980.00         ZZ
                                         180         72,980.00          1
                                       5.375            591.48         89
                                       5.125            591.48
    BILOXI           MS   39531          2            07/21/03         01
    0417661550                           05           09/01/03         20
    0417661550                           N            08/01/18
    0

    8490796          E22/G02             F           54,735.00         ZZ
                                         180         54,735.00          1
                                       5.375            443.61         60
                                       5.125            443.61
    HUMBLE           TX   77346          2            07/17/03         00
    0417450079                           03           09/01/03          0
    0417450079                           O            08/01/18
    0

    8490820          E22/G02             F          108,000.00         ZZ
                                         180        108,000.00          1
                                       5.375            875.30         45
                                       5.125            875.30
    SILVER SPRING    MD   20906          2            07/15/03         00
    0417506524                           05           09/01/03          0
    0417506524                           O            08/01/18
    0

    8490976          E22/G02             F          178,000.00         ZZ
                                         180        178,000.00          1
                                       5.250          1,430.90         54
                                       5.000          1,430.90
    CHICAGO          IL   60610          5            07/17/03         00
    0417627114                           06           09/01/03          0
    0417627114                           O            08/01/18
    0

    8491048          E22/G02             F           68,500.00         ZZ
                                         180         68,500.00          1
                                       4.875            537.24         20
                                       4.625            537.24
    LA MESA          CA   91941          2            07/14/03         00
    0417715182                           05           09/01/03          0
    0417715182                           O            08/01/18
    0
1

    8491128          E22/G02             F          158,500.00         TX
                                         180        158,500.00          1
                                       5.375          1,284.59         54
                                       5.125          1,284.59
    ROCKWALL         TX   75032          5            07/17/03         00
    0417762358                           03           09/01/03          0
    0417762358                           O            08/01/18
    0

    8491196          E22/G02             F          172,500.00         TX
                                         180        172,500.00          2
                                       6.750          1,526.47         75
                                       6.500          1,526.47
    GRAPEVINE        TX   76051          5            07/22/03         00
    0417544087                           05           09/01/03          0
    0417544087                           N            08/01/18
    0

    8491292          E82/G02             F           71,950.00         ZZ
                                         180         71,950.00          1
                                       5.375            583.13         56
                                       5.125            583.13
    HIALEAH          FL   33012          2            07/18/03         00
    0400871554                           05           09/01/03          0
    0400871554                           O            08/01/18
    0

    8491340          W35/G02             F          108,000.00         ZZ
                                         180        108,000.00          1
                                       5.000            854.06         80
                                       4.750            854.06
    BOOTHBAY HARBOR  ME   04538          5            07/03/03         00
    0436225346                           05           09/01/03          0
    21508                                O            08/01/18
    0

    8491456          K15/G02             F           53,400.00         ZZ
                                         180         53,400.00          1
                                       5.000            422.28         49
                                       4.750            422.28
    CORALVILLE       IA   52241          5            07/08/03         00
    0436233175                           05           09/01/03          0
    009905511292                         O            08/01/18
    0

    8491464          K15/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
1

                                       5.000          1,107.11         80
                                       4.750          1,107.11
    BRUNSWICK        ME   04011          2            07/16/03         00
    0436233597                           05           09/01/03          0
    007805518319                         O            08/01/18
    0

    8491570          K15/G02             F          140,000.00         ZZ
                                         180        139,470.73          1
                                       4.875          1,098.02         80
                                       4.625          1,098.02
    MIAMI            FL   33177          5            06/25/03         00
    0436237887                           05           08/01/03          0
    009705510555                         O            07/01/18
    0

    8492166          K15/G02             F          199,500.00         ZZ
                                         180        199,500.00          1
                                       6.000          1,683.49         95
                                       5.750          1,683.49
    MULLICA TOWNSHI  NJ   08215          5            07/10/03         41
    0436235881                           05           09/01/03         25
    010805517930                         O            08/01/18
    0

    8492180          E11/G02             F          403,000.00         ZZ
                                         180        403,000.00          1
                                       5.250          3,239.63         52
                                       5.000          3,239.63
    MEDINA           MN   55340          2            07/15/03         00
    0436238596                           05           09/01/03          0
    0014001060614                        O            08/01/18
    0

    8492306          A46/G02             F           49,850.00         ZZ
                                         180         49,850.00          1
                                       6.000            420.67         67
                                       5.750            420.67
    ALVIN            TX   77511          2            07/16/03         00
    0436244826                           05           09/01/03          0
    0295391                              N            08/01/18
    0

    8494618          U05/G02             F          246,000.00         ZZ
                                         180        246,000.00          2
                                       5.500          2,010.03         70
                                       5.250          2,010.03
    SAN CLEMENTE     CA   92672          2            07/12/03         00
    0436269005                           05           09/01/03          0
1

    3389178                              O            08/01/18
    0

    8494704          X10/G02             F          115,000.00         TX
                                         180        115,000.00          1
                                       5.375            932.04         72
                                       5.125            932.04
    WACO             TX   76710          5            07/09/03         00
    0436238505                           05           09/01/03          0
    60001054                             O            08/01/18
    0

    8494926          E82/G02             F          104,200.00         ZZ
                                         180        104,200.00          1
                                       5.250            837.64         68
                                       5.000            837.64
    LOWER PAXTON TO  PA   17112          2            07/21/03         00
    0400842738                           05           09/01/03          0
    0400842738                           O            08/01/18
    0

    8495082          E82/G02             F          103,000.00         ZZ
                                         180        103,000.00          1
                                       5.000            814.52         46
                                       4.750            814.52
    THOUSAND OAKS    CA   91360          2            07/18/03         00
    0400868261                           01           09/01/03          0
    0400868261                           O            08/01/18
    0

    8495142          E82/G02             F          112,600.00         ZZ
                                         180        112,600.00          1
                                       5.125            897.78         41
                                       4.875            897.78
    HERNDON          VA   20170          2            07/21/03         00
    0400851127                           05           09/01/03          0
    0400851127                           O            08/01/18
    0

    8495146          E82/G02             F           70,200.00         ZZ
                                         180         70,200.00          2
                                       5.500            573.59         90
                                       5.250            573.59
    AKRON            OH   44314          2            07/21/03         04
    0400862439                           05           09/01/03         20
    0400862439                           N            08/01/18
    0

1

    8495212          E22/G02             F          110,000.00         ZZ
                                         180        110,000.00          1
                                       5.125            877.05         86
                                       4.875            877.05
    ATHENS           AL   35614          2            07/18/03         01
    0417129186                           05           09/01/03         25
    0417129186                           O            08/01/18
    0

    8495260          E22/G02             F          580,000.00         ZZ
                                         180        580,000.00          1
                                       5.625          4,777.64         74
                                       5.375          4,777.64
    SARATOGA         CA   95070          5            07/16/03         00
    0417339553                           05           09/01/03          0
    0417339553                           O            08/01/18
    0

    8495352          E22/G02             F           82,000.00         ZZ
                                         180         82,000.00          1
                                       4.875            643.12         78
                                       4.625            643.12
    SIDNEY           ME   04330          5            07/18/03         00
    0417573235                           05           09/01/03          0
    0417573235                           O            08/01/18
    0

    8495422          E22/G02             F          148,000.00         ZZ
                                         180        148,000.00          1
                                       5.625          1,219.12         84
                                       5.375          1,219.12
    SUITLAND         MD   20746          5            07/18/03         01
    0417615861                           05           09/01/03         12
    0417615861                           O            08/01/18
    0

    8495446          E22/G02             F          399,000.00         ZZ
                                         180        399,000.00          1
                                       5.375          3,233.76         80
                                       5.125          3,233.76
    WILMINGTON       DE   19803          5            07/18/03         00
    0417659869                           05           09/01/03          0
    0417659869                           O            08/01/18
    0

    8495614          E22/G02             F           76,100.00         ZZ
                                         180         76,100.00          1
                                       5.375            616.76         77
                                       5.125            616.76
1

    GARLAND          TX   75042          2            07/18/03         00
    0417855798                           05           09/01/03          0
    0417855798                           O            08/01/18
    0

    8495618          E22/G02             F          230,000.00         ZZ
                                         180        230,000.00          1
                                       5.500          1,879.29         76
                                       5.250          1,879.29
    BOCA RATON       FL   33487          2            07/18/03         00
    0417858081                           03           09/01/03          0
    0417858081                           O            08/01/18
    0

    8496714          Y23/G02             F          100,000.00         TX
                                         180        100,000.00          1
                                       5.500            817.08         80
                                       5.250            817.08
    LEWISVILLE       TX   75067          5            07/17/03         00
    0436239073                           05           09/01/03          0
    1000249607                           O            08/01/18
    0

    8497132          952/G02             F          180,000.00         ZZ
                                         180        180,000.00          1
                                       4.875          1,411.74         70
                                       4.625          1,411.74
    BELLEVILLE       NJ   07109          5            07/21/03         00
    0436242523                           05           09/01/03          0
    03530127                             O            08/01/18
    0

    8497256          U19/G02             F          137,600.00         ZZ
                                         180        137,600.00          4
                                       5.500          1,124.31         80
                                       5.250          1,124.31
    PHOENIX          AZ   85006          2            07/07/03         00
    0436293880                           05           09/01/03          0
    11001152                             O            08/01/18
    0

    8497262          X10/G02             F          220,000.00         ZZ
                                         180        220,000.00          1
                                       5.250          1,768.53         79
                                       5.000          1,768.53
    ROWLETT          TX   75089          1            07/21/03         00
    0436243877                           03           09/01/03          0
    03052207                             O            08/01/18
    0
1

    8497346          U05/G02             F          100,000.00         ZZ
                                         180         99,656.14          1
                                       6.000            843.86         51
                                       5.750            843.86
    TARZANA          CA   91356          5            06/24/03         00
    0436239248                           01           08/01/03          0
    3356099                              N            07/01/18
    0

    8497352          Y23/G02             F          144,000.00         TX
                                         180        144,000.00          1
                                       5.875          1,205.45         79
                                       5.625          1,205.45
    IRVING           TX   75063          5            07/17/03         00
    0436272090                           03           09/01/03          0
    1000250172                           O            08/01/18
    0

    8497436          U05/G02             F          320,000.00         TX
                                         180        320,000.00          1
                                       5.375          2,593.49         45
                                       5.125          2,593.49
    HOUSTON          TX   77005          5            07/16/03         00
    0436239628                           05           09/01/03          0
    3385119                              O            08/01/18
    0

    8497460          742/G02             F          322,700.00         ZZ
                                         180        322,700.00          1
                                       5.250          2,594.11         36
                                       5.000          2,594.11
    RYE BROOK        NY   10573          2            07/09/03         00
    0436249650                           03           09/01/03          0
    6698765                              O            08/01/18
    0

    8497652          758/G02             F           58,700.00         ZZ
                                         180         58,700.00          1
                                       5.000            464.20         54
                                       4.750            464.20
    HOUSTON          TX   77077          2            07/08/03         00
    0436266324                           09           09/01/03          0
    1                                    O            08/01/18
    0

    8498870          E82/G02             F           94,500.00         ZZ
                                         180         94,500.00          1
1

                                       5.250            759.66         52
                                       5.000            759.66
    AUSTIN           TX   78731          2            07/23/03         00
    0400868642                           03           09/01/03          0
    0400868642                           O            08/01/18
    0

    8498928          E82/G02             F          172,950.00         ZZ
                                         180        172,950.00          1
                                       5.250          1,390.31         37
                                       5.000          1,390.31
    DALLAS           TX   75230          2            07/22/03         00
    0400855078                           05           09/01/03          0
    0400855078                           O            08/01/18
    0

    8498946          E82/G02             F           76,000.00         ZZ
                                         180         76,000.00          1
                                       5.250            610.95         33
                                       5.000            610.95
    WILLITS          CA   95490          2            07/18/03         00
    0400858031                           05           09/01/03          0
    0400858031                           O            08/01/18
    0

    8498952          E82/G02             F          128,100.00         ZZ
                                         180        128,100.00          1
                                       5.375          1,038.21         79
                                       5.125          1,038.21
    GLASGOW          VA   24555          2            07/22/03         00
    0400870218                           05           09/01/03          0
    0400870218                           O            08/01/18
    0

    8498964          E22/G02             F          119,000.00         ZZ
                                         180        119,000.00          1
                                       5.625            980.24         39
                                       5.375            980.24
    LIVERMORE        CA   94551          2            07/16/03         00
    0417613213                           01           09/01/03          0
    0417613213                           N            08/01/18
    0

    8498976          E22/G02             F          295,000.00         ZZ
                                         180        295,000.00          1
                                       4.875          2,313.68         47
                                       4.625          2,313.68
    SAN CLEMENTE     CA   92672          5            07/17/03         00
    0417641255                           05           09/01/03          0
1

    0417641255                           O            08/01/18
    0

    8499146          E22/G02             F          118,000.00         ZZ
                                         180        118,000.00          1
                                       5.875            987.80         90
                                       5.625            987.80
    JUNCTION CITY    KS   66441          1            07/24/03         01
    0417938131                           03           09/01/03         12
    0417938131                           O            08/01/18
    0

    8499806          K15/G02             F           52,000.00         ZZ
                                         180         52,000.00          1
                                       5.125            414.61         80
                                       4.875            414.61
    AKRON            OH   44301          5            07/14/03         00
    0436239586                           05           09/01/03          0
    028005510411                         O            08/01/18
    0

    8500114          N74/G02             F          100,600.00         ZZ
                                         180        100,600.00          1
                                       5.375            815.33         89
                                       5.125            815.33
    LEE'S SUMMIT     MO   64064          2            07/18/03         10
    0436245740                           05           09/01/03         25
    0032897010                           O            08/01/18
    0

    8500344          Q87/G02             F           50,000.00         TX
                                         180         49,816.81          1
                                       5.250            401.94         46
                                       5.000            401.94
    LOCKHART         TX   78644          5            06/30/03         00
    0436270243                           05           08/07/03          0
    SIGO01                               O            07/07/18
    0

    8500424          964/G02             F          375,000.00         ZZ
                                         180        375,000.00          1
                                       5.125          2,989.96         64
                                       4.875          2,989.96
    SAN FRANCISCO    CA   94122          2            07/17/03         00
    0436281802                           05           09/01/03          0
    448242                               O            08/01/18
    0

1

    8500472          883/G02             F          112,000.00         ZZ
                                         180        112,000.00          1
                                       5.625            922.58         70
                                       5.375            922.58
    MAITLAND         FL   32751          5            07/14/03         00
    0436237630                           05           09/01/03          0
    04000318                             O            08/01/18
    0

    8500514          B23/G02             F          105,000.00         ZZ
                                         180        105,000.00          1
                                       5.750            871.93         57
                                       5.500            871.93
    CATHEDRAL CITY   CA   92234          5            07/21/03         00
    0436245237                           05           09/01/03          0
    80001667                             O            08/01/18
    0

    8500534          M24/G02             F          148,500.00         ZZ
                                         180        148,500.00          1
                                       5.500          1,213.37         90
                                       5.250          1,213.37
    VENICE           FL   34293          5            07/17/03         14
    0436272306                           05           09/01/03         25
    253213620                            O            08/01/18
    0

    8500726          T29/G02             F          120,000.00         TX
                                         180        119,551.05          1
                                       5.000            948.95         78
                                       4.750            948.95
    AUSTIN           TX   78750          5            06/25/03         00
    0436294367                           05           08/01/03          0
    1586355                              O            07/01/18
    0

    8500732          964/G02             F          750,000.00         ZZ
                                         180        750,000.00          1
                                       5.375          6,078.50         50
                                       5.125          6,078.50
    LAKE FOREST PAR  WA   98155          2            07/08/03         00
    0436265763                           05           09/01/03          0
    414866                               O            08/01/18
    0

    8500770          E76/G02             F           60,500.00         ZZ
                                         180         60,500.00          1
                                       5.500            494.34         50
                                       5.250            494.34
1

    EASTPOINT        FL   32328          5            07/11/03         00
    0436242283                           05           09/01/03          0
    10023797                             O            08/01/18
    0

    8500816          964/G02             F          156,000.00         ZZ
                                         180        156,000.00          1
                                       5.250          1,254.05         41
                                       5.000          1,254.05
    MODESTO          CA   95356          2            07/01/03         00
    0436236640                           05           09/01/03          0
    462216                               N            08/01/18
    0

    8500830          964/G02             F          145,600.00         ZZ
                                         180        145,600.00          1
                                       5.250          1,170.45         40
                                       5.000          1,170.45
    MODESTO          CA   95356          2            07/01/03         00
    0436244768                           05           09/01/03          0
    464386                               N            08/01/18
    0

    8500844          964/G02             F          253,000.00         ZZ
                                         180        253,000.00          1
                                       5.000          2,000.71         78
                                       4.750          2,000.71
    LAS VEGAS        NV   89129          2            07/10/03         00
    0436258115                           03           09/01/03          0
    472271                               O            08/01/18
    0

    8500864          964/G02             F          106,500.00         ZZ
                                         180        106,500.00          1
                                       4.500            814.72         27
                                       4.250            814.72
    HALF MOON BAY    CA   94019          2            07/10/03         00
    0436257679                           01           09/01/03          0
    436737                               O            08/01/18
    0

    8500882          964/G02             F          322,700.00         ZZ
                                         180        322,700.00          1
                                       4.625          2,489.30         56
                                       4.375          2,489.30
    SAN FRANCISCO    CA   94122          5            07/09/03         00
    0436240386                           05           09/01/03          0
    453805                               O            08/01/18
    0
1

    8500888          964/G02             F           83,000.00         ZZ
                                         180         83,000.00          1
                                       4.875            650.97         59
                                       4.625            650.97
    KINGSBURG        CA   93631          5            07/11/03         00
    0436248637                           05           09/01/03          0
    474990                               O            08/01/18
    0

    8501130          964/G02             F           85,000.00         ZZ
                                         180         85,000.00          1
                                       5.625            700.17         49
                                       5.375            700.17
    MODESTO          CA   95351          5            07/15/03         00
    0436244503                           05           09/01/03          0
    485035                               N            08/01/18
    0

    8501144          964/G02             F          322,700.00         ZZ
                                         180        322,700.00          1
                                       5.000          2,551.90         60
                                       4.750          2,551.90
    MILPITAS         CA   95035          2            06/27/03         00
    0436254650                           05           09/01/03          0
    429905                               O            08/01/18
    0

    8501160          964/G02             F          203,250.00         ZZ
                                         180        203,250.00          1
                                       4.625          1,567.87         25
                                       4.375          1,567.87
    SAN RAFAEL       CA   94903          2            06/30/03         00
    0436243885                           05           09/01/03          0
    441792                               O            08/01/18
    0

    8501176          964/G02             F          144,500.00         T
                                         180        144,500.00          1
                                       4.375          1,096.21         42
                                       4.125          1,096.21
    CONCORD          CA   94519          2            07/01/03         00
    0436241236                           05           09/01/03          0
    449814                               O            08/01/18
    0

    8501180          964/G02             F          264,000.00         ZZ
                                         180        264,000.00          1
1

                                       4.500          2,019.58         59
                                       4.250          2,019.58
    SAN GABRIEL      CA   91775          2            06/30/03         00
    0436241509                           05           09/01/03          0
    449999                               O            08/01/18
    0

    8501182          964/G02             F          116,000.00         ZZ
                                         180        116,000.00          1
                                       5.375            940.14         80
                                       5.125            940.14
    PEORIA           AZ   85382          5            07/08/03         00
    0436244677                           05           09/01/03          0
    449483                               O            08/01/18
    0

    8501188          964/G02             F          255,000.00         ZZ
                                         180        255,000.00          1
                                       4.375          1,934.48         51
                                       4.125          1,934.48
    LOXAHATCHEE      FL   33470          2            07/09/03         00
    0436239362                           05           09/01/03          0
    450214                               O            08/01/18
    0

    8501190          964/G02             F          133,000.00         ZZ
                                         180        133,000.00          1
                                       4.500          1,017.44         68
                                       4.250          1,017.44
    BEDFORD          TX   76021          2            07/03/03         00
    0436239925                           03           09/01/03          0
    455600                               O            08/01/18
    0

    8501192          964/G02             F          130,000.00         ZZ
                                         180        130,000.00          1
                                       5.000          1,028.03         73
                                       4.750          1,028.03
    LAS VEGAS        NV   89123          5            07/02/03         00
    0436242556                           03           09/01/03          0
    455308                               O            08/01/18
    0

    8501194          964/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
                                       4.750          1,555.67         38
                                       4.500          1,555.67
    SAN JOSE         CA   95128          5            07/10/03         00
    0436241293                           05           09/01/03          0
1

    457399                               O            08/01/18
    0

    8501196          964/G02             F          117,500.00         ZZ
                                         180        117,500.00          1
                                       4.375            891.38         33
                                       4.125            891.38
    SAN DIEGO        CA   92117          2            07/10/03         00
    0436257778                           01           09/01/03          0
    455479                               O            08/01/18
    0

    8501198          964/G02             F          300,000.00         ZZ
                                         180        300,000.00          1
                                       4.875          2,352.89         45
                                       4.625          2,352.89
    SAN JOSE         CA   95129          2            07/02/03         00
    0436243869                           05           09/01/03          0
    462950                               O            08/01/18
    0

    8501200          964/G02             F          192,000.00         ZZ
                                         180        192,000.00          1
                                       5.000          1,518.33         60
                                       4.750          1,518.33
    FREMONT          CA   94555          2            07/02/03         00
    0436248645                           05           09/01/03          0
    455710                               O            08/01/18
    0

    8501236          964/G02             F           81,000.00         ZZ
                                         180         81,000.00          1
                                       4.625            624.83         31
                                       4.375            624.83
    ROLLA            MO   65401          2            07/14/03         00
    0436240733                           05           09/01/03          0
    463815                               O            08/01/18
    0

    8501242          964/G02             F          124,000.00         ZZ
                                         180        124,000.00          1
                                       4.875            972.53         80
                                       4.625            972.53
    HENDERSON        NV   89014          2            07/09/03         00
    0436252282                           03           09/01/03          0
    464226                               O            08/01/18
    0

1

    8501258          964/G02             F          270,000.00         ZZ
                                         180        270,000.00          1
                                       5.000          2,135.15         59
                                       4.750          2,135.15
    DALY CITY        CA   94014          2            07/11/03         00
    0436252209                           05           09/01/03          0
    432254                               O            08/01/18
    0

    8501294          964/G02             F          131,800.00         ZZ
                                         180        131,800.00          1
                                       5.250          1,059.51         90
                                       5.000          1,059.51
    LAS VEGAS        NV   89130          2            07/08/03         10
    0436241541                           05           09/01/03         25
    426906                               N            08/01/18
    0

    8502026          E82/G02             F          138,000.00         ZZ
                                         180        138,000.00          1
                                       5.375          1,118.44         55
                                       5.125          1,118.44
    CHARLESTOWN      RI   02813          5            07/24/03         00
    0400864278                           05           09/01/03          0
    0400864278                           O            08/01/18
    0

    8502034          E82/G02             F           79,300.00         ZZ
                                         180         79,300.00          1
                                       5.250            637.48         84
                                       5.000            637.48
    BATESVILLE       MS   38606          2            07/24/03         10
    0400868816                           05           09/01/03          6
    0400868816                           O            08/01/18
    0

    8502054          E82/G02             F           99,200.00         ZZ
                                         180         99,200.00          2
                                       5.500            810.55         80
                                       5.250            810.55
    CHICAGO          IL   60609          2            07/24/03         00
    0400835377                           05           09/01/03          0
    0400835377                           N            08/01/18
    0

    8502170          E22/G02             F          124,500.00         ZZ
                                         180        124,500.00          1
                                       5.625          1,025.55         93
                                       5.375          1,025.55
1

    SPOKANE          WA   99223          5            07/17/03         04
    0417753845                           05           09/01/03         30
    0417753845                           O            08/01/18
    0

    8502318          E22/G02             F           40,000.00         ZZ
                                         180         40,000.00          1
                                       5.625            329.49         58
                                       5.375            329.49
    ATHENS           AL   35614          5            07/18/03         00
    0417129665                           05           09/01/03          0
    0417129665                           N            08/01/18
    0

    8502320          E22/G02             F           40,000.00         ZZ
                                         180         40,000.00          1
                                       5.625            329.49         43
                                       5.375            329.49
    ATHENS           AL   35614          5            07/18/03         00
    0417130077                           05           09/01/03          0
    0417130077                           N            08/01/18
    0

    8502404          E22/G02             F           88,350.00         ZZ
                                         180         88,350.00          1
                                       6.000            745.55         95
                                       5.750            745.55
    SHELTON          WA   98584          5            07/09/03         04
    0417437464                           05           09/01/03         25
    0417437464                           O            08/01/18
    0

    8502434          E22/G02             F           75,000.00         ZZ
                                         180         75,000.00          1
                                       5.000            593.10         80
                                       4.750            593.10
    ALBUQUERQUE      NM   87120          5            07/18/03         00
    0417498441                           07           09/01/03          0
    0417498441                           O            08/01/18
    0

    8502452          E22/G02             F          144,800.00         TX
                                         180        144,800.00          1
                                       5.500          1,183.14         80
                                       5.250          1,183.14
    HOUSTON          TX   77091          5            07/21/03         00
    0417524436                           03           09/01/03          0
    0417524436                           O            08/01/18
    0
1

    8502688          E22/G02             F          236,600.00         ZZ
                                         180        236,600.00          1
                                       5.750          1,964.75         78
                                       5.500          1,964.75
    ORLAND PARK      IL   60462          5            07/21/03         00
    0417880242                           05           09/01/03          0
    0417880242                           O            08/01/18
    0

    8502738          E22/G02             F           41,000.00         ZZ
                                         180         41,000.00          1
                                       5.000            324.23         49
                                       4.750            324.23
    SAGINAW          MI   48601          5            07/21/03         00
    0417947223                           05           09/01/03          0
    0417947223                           O            08/01/18
    0

    8503348          642/G02             F          266,500.00         ZZ
                                         180        266,500.00          1
                                       5.125          2,124.86         50
                                       4.875          2,124.86
    ALPINE           CA   91901          2            07/11/03         00
    0436330948                           05           09/01/03          0
    05180103                             O            08/01/18
    0

    8503576          940/G02             F          118,000.00         ZZ
                                         180        118,000.00          1
                                       5.375            956.35         55
                                       5.125            956.35
    LOS ANGELES ARE  CA   90022          2            07/10/03         00
    0436284137                           05           09/01/03          0
    40030974                             O            08/01/18
    0

    8503772          H76/G02             F           50,000.00         ZZ
                                         120         50,000.00          1
                                       6.500            567.74         31
                                       6.250            567.74
    CHRISTIANSBURG   VA   24073          5            07/14/03         00
    0436239602                           05           09/01/03          0
    2003481610                           O            08/01/13
    0

    8503874          286/286             F          121,000.00         ZZ
                                         180        119,718.86          1
1

                                       5.750          1,004.80         70
                                       5.500          1,004.80
    CHICAGO          IL   60632          5            04/19/03         00
    2301473                              05           06/01/03          0
    2301473                              O            05/01/18
    0

    8503886          286/286             F           75,000.00         ZZ
                                         180         74,722.31          1
                                       5.125            598.00         47
                                       4.875            598.00
    BALTIMORE        MD   21222          5            06/09/03         00
    2324886                              05           08/01/03          0
    2324886                              O            07/01/18
    0

    8503892          286/286             F          100,000.00         ZZ
                                         180         99,168.69          1
                                       5.750            830.42         55
                                       5.500            830.42
    ST MICHAELS      MD   21663          5            05/23/03         00
    2272936                              05           07/01/03          0
    2272936                              N            06/01/18
    0

    8503898          286/286             F           50,000.00         ZZ
                                         180         49,820.62          1
                                       5.500            408.55         41
                                       5.250            408.55
    WAUCONDA         IL   60084          5            06/06/03         00
    2474132                              01           08/01/03          0
    2474132                              O            07/01/18
    0

    8503900          286/286             F           57,500.00         ZZ
                                         180         57,086.50          1
                                       5.500            469.83         68
                                       5.250            469.83
    WHEATON          MN   56296          2            05/19/03         00
    2312088                              05           07/01/03          0
    2312088                              O            06/01/18
    0

    8503908          286/286             F          110,400.00         T
                                         180        109,622.58          1
                                       5.750            916.78         80
                                       5.500            916.78
    DAVIE            FL   33324          1            05/29/03         00
    2350281                              01           07/01/03          0
1

    2350281                              O            06/01/18
    0

    8503922          286/286             F           16,000.00         ZZ
                                         180         15,085.57          1
                                       5.875            133.94         77
                                       5.625            133.94
    HARTFORD         CT   06114          1            05/22/03         00
    2190087                              01           07/01/03          0
    2190087                              O            06/01/18
    0

    8503930          286/286             F          202,000.00         ZZ
                                         180        201,175.32          2
                                       5.500          1,650.51         66
                                       5.250          1,650.51
    NEW BRUNSWICK    NJ   08901          5            06/16/03         00
    2272673                              05           08/01/03          0
    2272673                              N            07/01/18
    0

    8503932          286/286             F          177,000.00         ZZ
                                         180        175,145.53          3
                                       5.875          1,481.70         64
                                       5.625          1,481.70
    CHICAGO          IL   60647          5            04/30/03         00
    2330642                              05           06/01/03          0
    2330642                              O            05/01/18
    0

    8503940          286/286             F           48,100.00         ZZ
                                         180         47,746.77          1
                                       5.250            386.67         90
                                       5.000            386.67
    WEST SPRINGFIEL  MA   01089          1            05/29/03         11
    2289379                              01           07/01/03         12
    2289379                              O            06/01/18
    0

    8503944          286/286             F           68,000.00         ZZ
                                         180         67,507.20          1
                                       6.125            578.43         80
                                       5.875            578.43
    HOLT             MO   64048          5            05/09/03         00
    2287385                              05           07/01/03          0
    2287385                              O            06/01/18
    0

1

    8503952          286/286             F        1,000,000.00         ZZ
                                         180        982,181.85          1
                                       6.625          8,779.94         59
                                       6.375          8,779.94
    SOUTHLAKE        TX   76092          2            05/23/03         00
    2184604                              05           07/01/03          0
    2184604                              N            06/01/18
    0

    8503956          286/286             F          200,000.00         ZZ
                                         180        198,576.73          1
                                       5.625          1,647.47         66
                                       5.375          1,647.47
    BRICK            NJ   08723          5            05/23/03         00
    2328120                              05           07/01/03          0
    2328120                              O            06/01/18
    0

    8503964          286/286             F           54,800.00         ZZ
                                         180         54,401.75          1
                                       5.375            444.14         80
                                       5.125            444.14
    LEWISVILLE       TX   75067          1            05/20/03         00
    2399292                              05           07/01/03          0
    2399292                              N            06/01/18
    0

    8503974          286/286             F          161,250.00         ZZ
                                         180        160,090.37          1
                                       5.500          1,317.55         75
                                       5.250          1,317.55
    BRANFORD         CT   06405          5            05/27/03         00
    2365355                              05           07/01/03          0
    2365355                              N            06/01/18
    0

    8503976          286/286             F           47,500.00         ZZ
                                         180         47,343.51          1
                                       6.500            413.78         80
                                       6.250            413.78
    HAMPTON          VA   23669          2            06/09/03         00
    2277139                              01           08/01/03          0
    2277139                              N            07/01/18
    0

    8503978          286/286             F          160,000.00         ZZ
                                         180        158,825.02          1
                                       5.250          1,286.21         80
                                       5.000          1,286.21
1

    GRAND RAPIDS     MN   55744          5            05/12/03         00
    2311964                              05           07/01/03          0
    2311964                              O            06/01/18
    0

    8503986          286/286             F          278,600.00         ZZ
                                         180        276,739.57          4
                                       6.375          2,407.81         74
                                       6.125          2,407.81
    WOBURN           MA   01801          1            05/16/03         00
    2241297                              05           07/01/03          0
    2241297                              N            06/01/18
    0

    8503994          286/286             F          236,000.00         ZZ
                                         180        234,284.93          1
                                       5.375          1,912.70         47
                                       5.125          1,912.70
    MILPITAS         CA   95035          2            05/16/03         00
    2244331                              05           07/01/03          0
    2244331                              N            06/01/18
    0

    8503996          286/286             F          297,000.00         ZZ
                                         180        294,818.95          1
                                       5.250          2,387.52         90
                                       5.000          2,387.52
    STERLING         VA   20166          1            05/30/03         11
    2156501                              05           07/01/03         25
    2156501                              N            06/01/18
    0

    8504006          286/286             F           56,000.00         ZZ
                                         180         55,803.30          1
                                       5.750            465.03         68
                                       5.500            465.03
    GIFFORD          IL   61847          2            06/09/03         00
    2063911                              05           08/01/03          0
    2063911                              O            07/01/18
    0

    8504014          286/286             F           54,750.00         ZZ
                                         180         53,582.25          1
                                       5.750            454.65         57
                                       5.500            454.65
    PHOENIX          AZ   85020          2            01/27/03         00
    1983147                              05           03/01/03          0
    1983147                              N            02/01/18
    0
1

    8504016          286/286             F          378,500.00         ZZ
                                         120        372,107.80          1
                                       5.375          4,084.32         56
                                       5.125          4,084.32
    ATLANTIC HIGHLA  NJ   07716          2            05/30/03         00
    2404046                              05           07/01/03          0
    2404046                              O            06/01/13
    0

    8504020          286/286             F           71,500.00         ZZ
                                         180         70,991.19          2
                                       5.625            588.97         60
                                       5.375            588.97
    NEWPORT NEWS     VA   23607          2            05/21/03         00
    2332643                              05           07/01/03          0
    2332643                              N            06/01/18
    0

    8504028          286/286             F          142,000.00         ZZ
                                         180        141,490.57          1
                                       5.500          1,160.26         67
                                       5.250          1,160.26
    BOWIE            MD   20715          2            06/19/03         00
    2402025                              05           08/01/03          0
    2402025                              N            07/01/18
    0

    8504038          286/286             F           91,800.00         ZZ
                                         180         91,456.55          1
                                       5.000            725.95         68
                                       4.750            725.95
    KATY             TX   77450          2            06/11/03         00
    2452983                              05           08/01/03          0
    2452983                              N            07/01/18
    0

    8504042          286/286             F          114,500.00         ZZ
                                         180        113,667.89          1
                                       5.375            927.99         68
                                       5.125            927.99
    NAUGATUCK        CT   06770          5            05/16/03         00
    2267528                              05           07/01/03          0
    2267528                              O            06/01/18
    0

    8504052          286/286             F          113,600.00         ZZ
                                         180        112,808.46          1
1

                                       5.875            950.97         77
                                       5.625            950.97
    GLENDALE         WI   53217          5            05/21/03         00
    2354924                              05           07/01/03          0
    2354924                              O            06/01/18
    0

    8504056          286/286             F          113,600.00         ZZ
                                         180        113,188.14          1
                                       5.375            920.69         80
                                       5.125            920.69
    ROCK ISLAND      IL   61201          1            06/06/03         00
    2414414                              05           08/01/03          0
    2414414                              O            07/01/18
    0

    8504064          286/286             F          160,000.00         ZZ
                                         180        158,919.92          1
                                       5.375          1,296.75         42
                                       5.125          1,296.75
    RANDOLPH         MA   02368          5            06/05/03         00
    2358782                              05           08/01/03          0
    2358782                              O            07/01/18
    0

    8504070          286/286             F          132,000.00         ZZ
                                         180        131,541.25          1
                                       5.875          1,105.00         80
                                       5.625          1,105.00
    MORENO VALLEY    CA   92553          5            06/09/03         00
    2384965                              05           08/01/03          0
    2384965                              N            07/01/18
    0

    8504072          286/286             F          260,000.00         ZZ
                                         180        258,207.47          2
                                       6.000          2,194.03         60
                                       5.750          2,194.03
    SAN LEANDRO      CA   94578          5            05/16/03         00
    2337820                              05           07/01/03          0
    2337820                              N            06/01/18
    0

    8504080          286/286             F          148,000.00         ZZ
                                         180        147,474.62          1
                                       5.625          1,219.13         80
                                       5.375          1,219.13
    SEWICKLEY        PA   15143          1            06/16/03         00
    2260485                              03           08/01/03          0
1

    2260485                              O            07/01/18
    0

    8504088          286/286             F          162,100.00         ZZ
                                         180        161,017.55          1
                                       6.375          1,400.95         75
                                       6.125          1,400.95
    OVERLAND PARK    KS   66207          2            05/30/03         00
    2272517                              05           07/01/03          0
    2272517                              N            06/01/18
    0

    8504092          286/286             F          105,000.00         ZZ
                                         180        104,623.31          1
                                       5.500            857.94         49
                                       5.250            857.94
    DEERFIELD BEACH  FL   33442          5            06/09/03         00
    2379496                              05           08/01/03          0
    2379496                              O            07/01/18
    0

    8504098          286/286             F           51,200.00         ZZ
                                         180         50,839.46          1
                                       5.750            425.17         80
                                       5.500            425.17
    URBANA           IL   61802          1            05/23/03         00
    2389477                              05           07/01/03          0
    2389477                              N            06/01/18
    0

    8504106          286/286             F          144,000.00         ZZ
                                         180        143,494.20          1
                                       5.750          1,195.80         43
                                       5.500          1,195.80
    WAKEFIELD        MA   01880          5            06/05/03         00
    2312614                              05           08/01/03          0
    2312614                              O            07/01/18
    0

    8504116          286/286             F           40,000.00         ZZ
                                         180         39,860.98          1
                                       5.875            334.85         80
                                       5.625            334.85
    AKRON            OH   44306          5            06/04/03         00
    2323471                              05           08/01/03          0
    2323471                              N            07/01/18
    0

1

    8504122          286/286             F          100,000.00         ZZ
                                         180         99,280.84          1
                                       5.500            817.09         33
                                       5.250            817.09
    PASO ROBLES      CA   93446          5            05/14/03         00
    2236869                              05           07/01/03          0
    2236869                              N            06/01/18
    0

    8504128          286/286             F           90,000.00         ZZ
                                         180         89,315.99          1
                                       5.500            735.38         48
                                       5.250            735.38
    EL MONTE         CA   91732          2            05/20/03         00
    2327527                              05           07/01/03          0
    2327527                              O            06/01/18
    0

    8504134          286/286             F           43,200.00         ZZ
                                         180         43,049.86          1
                                       5.875            361.64         80
                                       5.625            361.64
    AKRON            OH   44310          5            06/04/03         00
    2323474                              05           08/01/03          0
    2323474                              N            07/01/18
    0

    8504138          286/286             F          358,200.00         ZZ
                                         180        354,292.48          1
                                       5.750          2,974.53         57
                                       5.500          2,974.53
    DUCK             NC   27949          2            06/05/03         00
    1976334                              05           07/01/03          0
    1976334                              N            06/01/18
    0

    8504142          286/286             F           85,000.00         ZZ
                                         180         84,030.39          1
                                       5.500            694.53         54
                                       5.250            694.53
    BREVARD          NC   28712          5            04/08/03         00
    2216005                              05           06/01/03          0
    2216005                              O            05/01/18
    0

    8504152          286/286             F          350,000.00         ZZ
                                         180        348,395.83          1
                                       6.500          3,048.88         51
                                       6.250          3,048.88
1

    LINCOLN          RI   02865          5            06/02/03         00
    2328221                              05           08/01/03          0
    2328221                              O            07/01/18
    0

    8504156          286/286             F           56,250.00         ZZ
                                         180         55,874.36          1
                                       6.375            486.15         75
                                       6.125            486.15
    DAYTON           OH   45427          5            06/04/03         00
    2432234                              05           07/01/03          0
    2432234                              N            06/01/18
    0

    8504160          286/286             F          195,000.00         ZZ
                                         180        194,289.47          1
                                       6.000          1,645.53         67
                                       5.750          1,645.53
    HUNTINGTOWN      MD   20639          5            06/13/03         00
    2388304                              05           08/01/03          0
    2388304                              O            07/01/18
    0

    8504164          286/286             F           78,000.00         ZZ
                                         180         77,479.14          4
                                       6.375            674.12         65
                                       6.125            674.12
    DAYTON           OH   45407          5            06/04/03         00
    2432333                              05           07/01/03          0
    2432333                              N            06/01/18
    0

    8504170          286/286             F           52,500.00         ZZ
                                         180         52,149.41          1
                                       6.375            453.74         75
                                       6.125            453.74
    DAYTON           OH   45407          5            06/04/03         00
    2437291                              05           07/01/03          0
    2437291                              N            06/01/18
    0

    8504182          286/286             F           49,500.00         ZZ
                                         180         49,169.44          1
                                       6.375            427.81         75
                                       6.125            427.81
    DAYTON           OH   45417          5            06/04/03         00
    2437423                              05           07/01/03          0
    2437423                              N            06/01/18
    0
1

    8504186          286/286             F          115,500.00         ZZ
                                         180        114,646.87          2
                                       5.875            966.88         75
                                       5.625            966.88
    VANCOUVER        WA   98664          5            05/08/03         00
    2319986                              05           07/01/03          0
    2319986                              N            06/01/18
    0

    8504190          286/286             F          125,000.00         ZZ
                                         180        124,560.94          1
                                       5.750          1,038.02         50
                                       5.500          1,038.02
    LAKEVILLE        MA   02347          5            06/06/03         00
    2339262                              05           08/01/03          0
    2339262                              O            07/01/18
    0

    8504196          286/286             F          227,600.00         ZZ
                                         180        226,774.84          1
                                       5.375          1,844.62         74
                                       5.125          1,844.62
    WHITEHOUSE       OH   43571          5            06/05/03         00
    2252639                              05           08/01/03          0
    2252639                              O            07/01/18
    0

    8504202          286/286             F           37,500.00         ZZ
                                         180         37,246.89          1
                                       6.250            321.54         75
                                       6.000            321.54
    BIRMINGHAM       AL   35214          5            06/02/03         00
    2309873                              05           07/01/03          0
    2309873                              N            06/01/18
    0

    8504204          286/286             F          132,000.00         ZZ
                                         180        130,996.78          1
                                       5.500          1,078.56         38
                                       5.250          1,078.56
    MIAMI            FL   33176          5            05/28/03         00
    2304794                              05           07/01/03          0
    2304794                              O            06/01/18
    0

    8504210          286/286             F          190,000.00         ZZ
                                         180        188,528.39          1
1

                                       5.500          1,552.46         95
                                       5.250          1,552.46
    LAWRENCE         MA   01843          5            05/30/03         12
    2299648                              05           07/01/03         25
    2299648                              O            06/01/18
    0

    8504214          286/286             F          287,000.00         ZZ
                                         180        284,762.12          1
                                       5.500          2,345.03         26
                                       5.250          2,345.03
    SUDBURY          MA   01760          2            05/27/03         00
    2334313                              05           07/01/03          0
    2334313                              O            06/01/18
    0

    8504222          286/286             F           43,500.00         ZZ
                                         180         43,196.90          2
                                       5.875            364.15         42
                                       5.625            364.15
    ORLANDO          FL   32812          2            05/30/03         00
    2363280                              05           07/01/03          0
    2363280                              N            06/01/18
    0

    8504224          286/286             F           43,500.00         ZZ
                                         180         43,206.40          2
                                       6.250            372.98         75
                                       6.000            372.98
    DODGE CITY       KS   67801          5            05/22/03         00
    2385528                              05           07/01/03          0
    2385528                              N            06/01/18
    0

    8504230          286/286             F           93,000.00         ZZ
                                         180         92,365.58          1
                                       6.125            791.08         66
                                       5.875            791.08
    WAUKEGAN         IL   60085          5            05/12/03         00
    2378839                              05           07/01/03          0
    2378839                              O            06/01/18
    0

    8504234          286/286             F          170,000.00         ZZ
                                         180        168,815.47          2
                                       5.875          1,423.11         90
                                       5.625          1,423.11
    HENNIKER         NH   03242          1            05/23/03         12
    2318818                              05           07/01/03         25
1

    2318818                              O            06/01/18
    0

    8504246          286/286             F          132,000.00         TX
                                         180        131,080.25          1
                                       5.875          1,105.00         80
                                       5.625          1,105.00
    GEORGETOWN       TX   78628          5            05/30/03         00
    2338509                              05           07/01/03          0
    2338509                              N            06/01/18
    0

    8504254          286/286             F          111,300.00         ZZ
                                         180        110,913.19          1
                                       5.875            931.72         69
                                       5.625            931.72
    FAIRBORN         OH   45324          2            06/05/03         00
    2059317                              05           08/01/03          0
    2059317                              N            07/01/18
    0

    8504262          286/286             F           58,400.00         ZZ
                                         180         58,159.60          1
                                       5.250            469.47         76
                                       5.000            469.47
    OTHELLO          WA   99344          5            06/09/03         00
    2369904                              05           08/01/03          0
    2369904                              O            07/01/18
    0

    8504264          286/286             F           36,000.00         ZZ
                                         180         35,746.49          1
                                       5.750            298.95         80
                                       5.500            298.95
    EAGAR            AZ   85925          1            05/30/03         00
    2294495                              05           07/01/03          0
    2294495                              N            06/01/18
    0

    8504266          286/286             F           64,000.00         ZZ
                                         180         63,568.02          1
                                       6.250            548.76         80
                                       6.000            548.76
    ALBUQUERQUE      NM   87105          2            05/22/03         00
    2236597                              05           07/01/03          0
    2236597                              N            06/01/18
    0

1

    8504274          286/286             F          125,000.00         ZZ
                                         180        123,690.35          1
                                       5.875          1,046.40         77
                                       5.625          1,046.40
    CHICAGO          IL   60623          5            04/24/03         00
    2318050                              05           06/01/03          0
    2318050                              O            05/01/18
    0

    8504282          286/286             F          140,000.00         ZZ
                                         180        139,003.51          2
                                       5.625          1,153.23         41
                                       5.375          1,153.23
    LOS ANGELES      CA   90039          5            05/16/03         00
    2322437                              05           07/01/03          0
    2322437                              N            06/01/18
    0

    8504284          286/286             F           58,400.00         ZZ
                                         180         58,203.43          1
                                       6.250            500.74         80
                                       6.000            500.74
    ALBUQUERQUE      NM   87102          2            06/02/03         00
    2236666                              05           08/01/03          0
    2236666                              N            07/01/18
    0

    8504288          286/286             F          159,900.00         ZZ
                                         180        158,774.03          2
                                       5.750          1,327.83         78
                                       5.500          1,327.83
    CHICAGO          IL   60632          2            05/23/03         00
    2365195                              05           07/01/03          0
    2365195                              O            06/01/18
    0

    8504290          286/286             F           66,000.00         ZZ
                                         180         65,535.23          1
                                       5.750            548.08         78
                                       5.500            548.08
    GLENDALE         AZ   85306          2            05/15/03         00
    2314521                              05           07/01/03          0
    2314521                              N            06/01/18
    0

    8504300          286/286             F          135,000.00         ZZ
                                         180        133,534.10          1
                                       5.875          1,130.11         57
                                       5.625          1,130.11
1

    DES PLAINES      IL   60018          5            04/22/03         00
    2305995                              05           06/01/03          0
    2305995                              O            05/01/18
    0

    8504302          286/286             F           82,000.00         ZZ
                                         180         81,711.98          1
                                       5.750            680.94         72
                                       5.500            680.94
    HOUSTON          TX   77071          2            06/09/03         00
    2274314                              05           08/01/03          0
    2274314                              O            07/01/18
    0

    8504306          286/286             F           92,000.00         ZZ
                                         180         91,676.85          2
                                       5.750            763.98         44
                                       5.500            763.98
    MIAMI            FL   33134          2            06/09/03         00
    2398464                              05           08/01/03          0
    2398464                              N            07/01/18
    0

    8504314          286/286             F           56,800.00         ZZ
                                         180         56,420.70          2
                                       6.375            490.90         80
                                       6.125            490.90
    PHILADELPHIA     PA   19141          1            06/05/03         00
    2419787                              05           07/01/03          0
    2419787                              N            06/01/18
    0

    8504316          286/286             F          110,000.00         ZZ
                                         180        109,006.06          1
                                       5.500            898.80         40
                                       5.250            898.80
    SAN DIEGO        CA   92105          2            05/06/03         00
    2249532                              05           07/01/03          0
    2249532                              O            06/01/18
    0

    8504318          286/286             F           55,500.00         ZZ
                                         180         55,121.40          1
                                       6.125            472.10         74
                                       5.875            472.10
    RENO             NV   89502          2            05/29/03         00
    2245970                              01           07/01/03          0
    2245970                              N            06/01/18
    0
1

    8504334          286/286             F          450,000.00         ZZ
                                         180        448,436.08          1
                                       5.875          3,767.04         63
                                       5.625          3,767.04
    DEL MAR          CA   92014          5            06/06/03         00
    2446423                              05           08/01/03          0
    2446423                              N            07/01/18
    0

    8504340          286/286             F          132,000.00         ZZ
                                         180        130,592.39          1
                                       5.875          1,105.00         70
                                       5.625          1,105.00
    ADDISON          IL   60101          5            04/23/03         00
    2306209                              05           06/01/03          0
    2306209                              O            05/01/18
    0

    8504346          286/286             F           50,000.00         ZZ
                                         180         49,655.28          1
                                       6.000            421.93         59
                                       5.750            421.93
    CANTON           OH   44709          5            05/22/03         00
    2297813                              05           07/01/03          0
    2297813                              N            06/01/18
    0

    8504356          286/286             F          150,000.00         T
                                         180        148,863.55          1
                                       4.875          1,176.45         75
                                       4.625          1,176.45
    LAKEWOOD         NJ   08701          5            05/28/03         00
    2364704                              01           07/01/03          0
    2364704                              O            06/01/18
    0

    8504370          286/286             F           22,500.00         ZZ
                                         180         22,348.12          1
                                       6.250            192.93         75
                                       6.000            192.93
    DODGE CITY       KS   67801          5            05/22/03         00
    2385468                              05           07/01/03          0
    2385468                              N            06/01/18
    0

    8504374          286/286             F           84,000.00         ZZ
                                         180         81,599.64          1
1

                                       5.750            697.55         79
                                       5.500            697.55
    INDIANAPOLIS     IN   46231          5            11/11/02         00
    1662251                              05           01/01/03          0
    1662251                              N            12/01/17
    0

    8504382          286/286             F          129,000.00         ZZ
                                         180        128,098.13          1
                                       5.875          1,079.89         70
                                       5.625          1,079.89
    HAZEL CREST      IL   60429          5            05/23/03         00
    2309881                              05           07/01/03          0
    2309881                              O            06/01/18
    0

    8504390          286/286             F          100,000.00         T
                                         179         95,485.00          1
                                       6.250            860.32         45
                                       6.000            860.32
    SPRING HILL      FL   34606          1            06/28/02         00
    2042297                              05           08/01/02          0
    2042297                              O            06/01/17
    0

    8504400          286/286             F          145,000.00         ZZ
                                         180        141,345.81          1
                                       5.625          1,194.42         68
                                       5.375          1,194.42
    SACRAMENTO       CA   95829          1            12/08/02         00
    1757176                              05           02/01/03          0
    1757176                              N            01/01/18
    0

    8504404          286/286             F          272,000.00         ZZ
                                         180        268,428.68          1
                                       5.375          2,204.47         80
                                       5.125          2,204.47
    ANN ARBOR        MI   48108          5            05/28/03         00
    2321536                              05           07/01/03          0
    2321536                              O            06/01/18
    0

    8504418          286/286             F          283,600.00         ZZ
                                         180        282,471.80          1
                                       5.375          2,298.49         80
                                       5.125          2,298.49
    ONTARIO          CA   91761          5            06/04/03         00
    2227471                              05           08/01/03          0
1

    2227471                              O            07/01/18
    0

    8504422          286/286             F          108,000.00         ZZ
                                         180        107,231.42          1
                                       5.625            889.64         80
                                       5.375            889.64
    GEORGETOWN       TX   78628          2            05/30/03         00
    2358750                              05           07/01/03          0
    2358750                              N            06/01/18
    0

    8504432          286/286             F          237,390.00         ZZ
                                         180        228,854.32          2
                                       4.875          1,861.85         37
                                       4.625          1,861.85
    NEWTON           MA   02467          5            05/19/03         00
    2313397                              05           07/01/03          0
    2313397                              O            06/01/18
    0

    8504442          286/286             F          132,000.00         ZZ
                                         180        131,080.25          1
                                       5.875          1,105.00         60
                                       5.625          1,105.00
    SACRAMENTO       CA   95828          5            05/23/03         00
    2324739                              05           07/01/03          0
    2324739                              N            06/01/18
    0

    8504454          286/286             F           60,550.00         ZZ
                                         180         59,940.20          1
                                       5.375            490.74         45
                                       5.125            490.74
    PORT ORCHARD     WA   98366          2            05/27/03         00
    2320558                              05           07/01/03          0
    2320558                              N            06/01/18
    0

    8504468          286/286             F           85,600.00         ZZ
                                         180         84,977.93          1
                                       5.375            693.76         80
                                       5.125            693.76
    HOUSTON          TX   77055          1            05/22/03         00
    2322866                              05           07/01/03          0
    2322866                              N            06/01/18
    0

1

    8504472          286/286             F          116,000.00         ZZ
                                         180        115,060.96          2
                                       5.375            940.14         71
                                       5.125            940.14
    PORT ORCHARD     WA   98366          2            05/27/03         00
    2224380                              05           07/01/03          0
    2224380                              N            06/01/18
    0

    8504486          286/286             F          176,000.00         ZZ
                                         180        175,388.34          1
                                       5.875          1,473.33         80
                                       5.625          1,473.33
    ALBUQUERQUE      NM   87106          2            06/04/03         00
    2338148                              05           08/01/03          0
    2338148                              O            07/01/18
    0

    8504494          286/286             F           65,000.00         TX
                                         180         63,819.66          1
                                       5.875            544.13         64
                                       5.625            544.13
    HOUSTON          TX   77082          5            05/21/03         00
    2349750                              05           07/01/03          0
    2349750                              N            06/01/18
    0

    8504504          286/286             F           60,000.00         ZZ
                                         180         59,590.70          1
                                       6.125            510.38         80
                                       5.875            510.38
    RENO             NV   89502          2            05/28/03         00
    2162810                              01           07/01/03          0
    2162810                              N            06/01/18
    0

    8504514          286/286             F           49,000.00         ZZ
                                         180         48,665.73          1
                                       6.125            416.81         66
                                       5.875            416.81
    RENO             NV   89502          2            05/28/03         00
    2174449                              01           07/01/03          0
    2174449                              N            06/01/18
    0

    8504524          286/286             F           46,000.00         ZZ
                                         180         45,686.20          1
                                       6.125            391.29         61
                                       5.875            391.29
1

    RENO             NV   89502          2            05/28/03         00
    2174454                              01           07/01/03          0
    2174454                              N            06/01/18
    0

    8504536          286/286             F           46,900.00         ZZ
                                         180         46,580.06          1
                                       6.125            398.95         67
                                       5.875            398.95
    RENO             NV   89502          2            05/29/03         00
    2246010                              01           07/01/03          0
    2246010                              N            06/01/18
    0

    8504544          286/286             F          100,000.00         ZZ
                                         180         99,652.46          1
                                       5.875            837.12         65
                                       5.625            837.12
    LAKEVILLE        MA   02347          5            06/04/03         00
    2458659                              05           08/01/03          0
    2458659                              N            07/01/18
    0

    8504556          286/286             F          140,000.00         ZZ
                                         180        139,003.71          1
                                       5.625          1,153.23         70
                                       5.375          1,153.23
    PORTLAND         OR   97217          5            05/28/03         00
    2333724                              05           07/01/03          0
    2333724                              N            06/01/18
    0

    8504566          286/286             F           32,750.00         ZZ
                                         180         31,926.27          1
                                       5.500            267.60         73
                                       5.250            267.60
    BRYAN            TX   77802          2            05/23/03         00
    2301576                              05           07/01/03          0
    2301576                              N            06/01/18
    0

    8505546          T23/G02             F           58,500.00         ZZ
                                         180         58,500.00          1
                                       5.250            470.27         74
                                       5.000            470.27
    NEWARK           OH   43055          2            07/25/03         00
    0436250450                           05           09/01/03          0
    6660                                 O            08/01/18
    0
1

    8505690          G34/G02             F          141,600.00         ZZ
                                         180        141,600.00          1
                                       5.625          1,166.40         80
                                       5.375          1,166.40
    LAS VEGAS        NV   89144          1            07/23/03         00
    0436259436                           03           09/01/03          0
    773011361                            N            08/01/18
    0

    8505770          W93/G02             F           92,000.00         ZZ
                                         180         92,000.00          1
                                       5.375            745.63         70
                                       5.125            745.63
    GLENDALE         AZ   85301          1            07/16/03         00
    0436261937                           03           09/01/03          0
    35491423                             O            08/01/18
    0

    8505778          W93/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       5.000            632.64         45
                                       4.750            632.64
    FRESNO           CA   93711          5            07/09/03         00
    0436257398                           05           09/01/03          0
    45455076                             O            08/01/18
    0

    8505916          H81/G02             F          115,000.00         ZZ
                                         180        115,000.00          1
                                       5.125            916.92         77
                                       4.875            916.92
    MECHANSICSVILLE  VA   23116          5            07/23/03         00
    0436247449                           05           09/01/03          0
    WH20068                              O            08/01/18
    0

    8505958          M45/G02             F          385,000.00         ZZ
                                         180        385,000.00          1
                                       4.750          2,994.66         62
                                       4.500          2,994.66
    FARMINGDALE      NJ   07727          2            07/03/03         00
    0436254072                           05           09/01/03          0
    A0500883                             O            08/01/18
    0

    8506008          Q87/G02             F          106,200.00         ZZ
                                         180        106,200.00          1
1

                                       5.375            860.71         90
                                       5.125            860.71
    TUSCALOOSA       AL   35406          5            07/24/03         04
    0436238968                           05           09/01/03         12
    WRME01                               O            08/01/18
    0

    8506064          883/G02             F          159,000.00         ZZ
                                         180        159,000.00          1
                                       5.125          1,267.74         68
                                       4.875          1,267.74
    ABINGTON         MA   02351          5            07/15/03         00
    0436248421                           05           09/01/03          0
    60001775                             O            08/01/18
    0

    8506088          K15/G02             F           60,000.00         ZZ
                                         180         60,000.00          1
                                       5.125            478.39         28
                                       4.875            478.39
    CIRCLE PINES     MN   55014          5            07/10/03         00
    0436245229                           05           09/01/03          0
    013205518611                         O            08/01/18
    0

    8506446          X10/G02             F           77,200.00         TX
                                         180         77,200.00          1
                                       5.625            635.92         80
                                       5.375            635.92
    MISSOURI CITY    TX   77489          5            07/21/03         00
    0436279699                           03           09/01/03          0
    60001238                             O            08/01/18
    0

    8506454          K60/G02             F           91,300.00         ZZ
                                         180         91,300.00          1
                                       5.500            746.00         63
                                       5.250            746.00
    NEWARK           DE   19713          2            07/17/03         00
    0436327191                           05           09/01/03          0
    79438                                O            08/01/18
    0

    8506492          E22/G02             F          200,000.00         TX
                                         180        200,000.00          1
                                       5.250          1,607.76         68
                                       5.000          1,607.76
    HOUSTON          TX   77082          5            07/21/03         00
    0416819670                           03           09/01/03          0
1

    0416819670                           O            08/01/18
    0

    8506498          E22/G02             F           88,800.00         TX
                                         180         88,800.00          1
                                       5.000            702.22         80
                                       4.750            702.22
    HOUSTON          TX   77088          5            07/22/03         00
    0416945418                           03           09/01/03          0
    0416945418                           O            08/01/18
    0

    8506572          E22/G02             F          142,000.00         ZZ
                                         180        142,000.00          1
                                       5.375          1,150.86         51
                                       5.125          1,150.86
    CAROLINA BEACH   NC   28428          2            07/22/03         00
    0416693216                           05           09/01/03          0
    0416693216                           O            08/01/18
    0

    8506628          E22/G02             F           80,700.00         ZZ
                                         180         80,700.00          1
                                       5.125            643.44         58
                                       4.875            643.44
    BROKEN ARROW     OK   74011          1            07/25/03         00
    0417438017                           05           09/01/03          0
    0417438017                           N            08/01/18
    0

    8506630          E82/G02             F           95,700.00         ZZ
                                         180         95,700.00          1
                                       5.375            775.62         80
                                       5.125            775.62
    DALLAS           TX   75228          2            07/25/03         00
    0400869665                           05           09/01/03          0
    0400869665                           O            08/01/18
    0

    8506642          E82/G02             F          221,900.00         ZZ
                                         180        221,900.00          1
                                       5.375          1,798.42         76
                                       5.125          1,798.42
    WEST BLOOMFIELD  MI   48322          2            07/25/03         00
    0400864294                           01           09/01/03          0
    0400864294                           O            08/01/18
    0

1

    8506726          E22/G02             F          230,000.00         ZZ
                                         180        230,000.00          1
                                       5.125          1,833.84         38
                                       4.875          1,833.84
    SAN FRANCISCO    CA   94134          2            07/20/03         00
    0417517059                           07           09/01/03          0
    0417517059                           O            08/01/18
    0

    8506770          E82/G02             F           75,400.00         ZZ
                                         180         75,400.00          1
                                       5.125            601.18         40
                                       4.875            601.18
    SLIPPERY ROCK    PA   16057          2            07/24/03         00
    0400867693                           05           09/01/03          0
    0400867693                           O            08/01/18
    0

    8506804          E82/G02             F          150,000.00         ZZ
                                         180        150,000.00          1
                                       5.250          1,205.82         58
                                       5.000          1,205.82
    OAKLAND          NJ   07436          2            07/21/03         00
    0400868055                           05           09/01/03          0
    0400868055                           O            08/01/18
    0

    8506808          E82/G02             F           58,300.00         ZZ
                                         180         58,300.00          1
                                       5.875            488.04         53
                                       5.625            488.04
    TREDYFFRIN TOWN  PA   19333          2            07/25/03         00
    0400862249                           01           09/01/03          0
    0400862249                           N            08/01/18
    0

    8506854          E22/G02             F          167,000.00         ZZ
                                         180        167,000.00          1
                                       5.625          1,375.63         74
                                       5.375          1,375.63
    LEAKESVILLE      MS   39451          5            07/22/03         00
    0417570546                           05           09/01/03          0
    0417570546                           O            08/01/18
    0

    8506898          E82/G02             F           39,950.00         ZZ
                                         180         39,950.00          1
                                       5.750            331.75         51
                                       5.500            331.75
1

    HALLANDALE       FL   33009          2            07/23/03         00
    0400871166                           08           09/01/03          0
    0400871166                           O            08/01/18
    0

    8506924          E22/G02             F           71,000.00         ZZ
                                         180         71,000.00          1
                                       5.500            580.13         70
                                       5.250            580.13
    CHEYENNE         WY   82001          5            07/28/03         00
    0417587813                           07           09/01/03          0
    0417587813                           N            08/01/18
    0

    8506978          E22/G02             F          126,000.00         ZZ
                                         180        126,000.00          1
                                       5.375          1,021.19         56
                                       5.125          1,021.19
    VALLEJO          CA   94589          2            07/16/03         00
    0417663838                           05           09/01/03          0
    0417663838                           N            08/01/18
    0

    8507128          E22/G02             F          150,000.00         ZZ
                                         180        150,000.00          1
                                       5.375          1,215.70         75
                                       5.125          1,215.70
    DUNEDIN          FL   34698          5            07/23/03         00
    0417728748                           05           09/01/03          0
    0417728748                           O            08/01/18
    0

    8507160          E22/G02             F           92,550.00         ZZ
                                         180         92,550.00          1
                                       5.500            756.21         73
                                       5.250            756.21
    EDMOND           OK   73013          5            07/22/03         00
    0417782646                           05           09/01/03          0
    0417782646                           O            08/01/18
    0

    8507218          E22/G02             F          135,000.00         ZZ
                                         180        135,000.00          1
                                       5.125          1,076.38         80
                                       4.875          1,076.38
    MINNEAPOLIS      MN   55417          5            07/22/03         00
    0417827466                           05           09/01/03          0
    0417827466                           O            08/01/18
    0
1

    8507234          E22/G02             F           65,000.00         ZZ
                                         180         65,000.00          1
                                       5.500            531.10         70
                                       5.250            531.10
    BATON ROUGE      LA   70815          5            07/23/03         00
    0417895463                           05           09/01/03          0
    0417895463                           O            08/01/18
    0

    8507244          E22/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       5.500          1,143.92         62
                                       5.250          1,143.92
    KALAMAZOO        MI   49009          2            07/23/03         00
    0417905106                           05           09/01/03          0
    0417905106                           O            08/01/18
    0

    8507314          E22/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       5.375            810.47         80
                                       5.125            810.47
    FRANKLIN TOWNSH  NJ   08322          5            07/23/03         00
    0417957842                           05           09/01/03          0
    0417957842                           O            08/01/18
    0

    8507422          E22/G02             F          400,000.00         ZZ
                                         180        400,000.00          1
                                       5.125          3,189.28         80
                                       4.875          3,189.28
    FREMONT          CA   94538          5            07/14/03         00
    0417595261                           03           09/01/03          0
    0417595261                           O            08/01/18
    0

    8507426          E22/G02             F          137,200.00         ZZ
                                         180        137,200.00          1
                                       5.375          1,111.96         75
                                       5.125          1,111.96
    NEW CASTLE       VA   24127          5            07/23/03         00
    0417599743                           05           09/01/03          0
    0417599743                           O            08/01/18
    0

    8507718          E22/G02             F          255,000.00         ZZ
                                         180        255,000.00          2
1

                                       5.375          2,066.69         65
                                       5.125          2,066.69
    WEST PATERSON    NJ   07424          5            07/22/03         00
    0417716313                           05           09/01/03          0
    0417716313                           O            08/01/18
    0

    8507772          E22/G02             F          248,500.00         TX
                                         180        248,500.00          1
                                       5.125          1,981.34         70
                                       4.875          1,981.34
    ROCKWALL         TX   75032          5            07/22/03         00
    0417740412                           05           09/01/03          0
    0417740412                           O            08/01/18
    0

    8507822          E22/G02             F          101,500.00         ZZ
                                         180        101,500.00          1
                                       5.375            822.62         35
                                       5.125            822.62
    SAN DIEGO        CA   92110          2            07/17/03         00
    0417755618                           01           09/01/03          0
    0417755618                           N            08/01/18
    0

    8507842          E22/G02             F          100,600.00         ZZ
                                         180        100,600.00          1
                                       5.375            815.33         38
                                       5.125            815.33
    SAN DIEGO        CA   92110          2            07/16/03         00
    0417766573                           01           09/01/03          0
    0417766573                           N            08/01/18
    0

    8507864          E22/G02             F          116,600.00         ZZ
                                         180        116,600.00          1
                                       5.375            945.00         51
                                       5.125            945.00
    COPPELL          TX   75019          2            07/28/03         00
    0417834991                           05           09/01/03          0
    0417834991                           N            08/01/18
    0

    8507926          K15/G02             F          192,000.00         ZZ
                                         180        192,000.00          1
                                       5.000          1,518.32         80
                                       4.750          1,518.32
    WOODBURY         MN   55125          5            07/09/03         00
    0436244420                           05           09/01/03          0
1

    013305518381                         O            08/01/18
    0

    8508008          K15/G02             F          109,000.00         ZZ
                                         180        109,000.00          1
                                       5.750            905.15         92
                                       5.500            905.15
    BEREA            OH   44017          2            07/09/03         42
    0436263107                           05           09/01/03         25
    028705509887                         O            08/01/18
    0

    8508020          H49/G02             F          115,000.00         ZZ
                                         180        115,000.00          1
                                       5.375            932.04         68
                                       5.125            932.04
    MESA             AZ   85205          5            07/14/03         00
    0436241723                           05           09/01/03          0
    379437                               O            08/01/18
    0

    8508028          H49/G02             F           76,000.00         ZZ
                                         180         76,000.00          1
                                       5.500            620.98         80
                                       5.250            620.98
    PARK FOREST      IL   60466          5            07/16/03         00
    0436241186                           05           09/01/03          0
    378726                               O            08/01/18
    0

    8508208          L76/G02             F          103,000.00         ZZ
                                         180        103,000.00          1
                                       5.125            821.24         51
                                       4.875            821.24
    ROSEMOUNT        MN   55068          2            07/23/03         00
    0436242499                           05           09/01/03          0
    9507922                              O            08/01/18
    0

    8508294          B49/G02             F          279,000.00         ZZ
                                         180        279,000.00          1
                                       5.500          2,279.66         79
                                       5.250          2,279.66
    BERTHOUD         CO   80513          5            07/22/03         00
    0436240642                           05           09/01/03          0
    000326540442                         O            08/01/18
    0

1

    8508370          G34/G02             F          128,000.00         TX
                                         180        128,000.00          1
                                       5.375          1,037.40         80
                                       5.125          1,037.40
    MESQUITE         TX   75181          5            07/24/03         00
    0436264014                           05           09/01/03          0
    47006087                             O            08/01/18
    0

    8508606          X13/G02             F          105,200.00         ZZ
                                         180        105,200.00          1
                                       5.750            873.60         80
                                       5.500            873.60
    MIDLOTHIAN PL    VA   23113          5            07/22/03         00
    0436242945                           05           09/01/03          0
    1004338                              N            08/01/18
    0

    8508734          G34/G02             F          108,000.00         TX
                                         180        108,000.00          1
                                       5.375            875.30         80
                                       5.125            875.30
    CROWLEY          TX   76036          5            07/24/03         00
    0436265961                           05           09/01/03          0
    4706315                              O            08/01/18
    0

    8508766          B28/G02             F           46,000.00         ZZ
                                         180         46,000.00          1
                                       6.000            388.18         96
                                       5.750            388.18
    CENTRAL CITY     NE   68826          2            07/23/03         01
    0436241715                           05           09/01/03         35
    16600403                             O            08/01/18
    0

    8508806          R84/G02             F          163,000.00         ZZ
                                         180        163,000.00          1
                                       5.250          1,310.32         75
                                       5.000          1,310.32
    LAS VEGAS        NV   89117          2            07/18/03         00
    0436243000                           05           09/01/03          0
    LVW6692                              O            08/01/18
    0

    8508898          369/G02             F          392,000.00         ZZ
                                         180        390,563.79          1
                                       5.250          3,151.21         80
                                       5.000          3,151.21
1

    POMONA           CA   91768          2            06/18/03         00
    0436248256                           09           08/01/03          0
    0075749853                           O            07/01/18
    0

    8508914          758/G02             F          114,600.00         ZZ
                                         180        114,600.00          1
                                       5.250            921.24         80
                                       5.000            921.24
    SAN MARCOS       TX   78666          1            07/17/03         00
    0436245484                           05           09/01/03          0
    503782                               N            08/01/18
    0

    8509010          E47/G02             F          166,650.00         TX
                                         180        166,650.00          1
                                       4.875          1,307.03         51
                                       4.625          1,307.03
    SAN ANTONIO      TX   78216          5            07/08/03         00
    0436315568                           05           09/01/03          0
    73625120585                          O            08/01/18
    0

    8509086          T29/G02             F          208,200.00         TX
                                         180        207,453.08          1
                                       5.500          1,701.17         72
                                       5.250          1,701.17
    HOUSTON          TX   77030          5            06/21/03         00
    0436294292                           05           08/01/03          0
    1586036                              O            07/01/18
    0

    8509140          Y21/G02             F          424,000.00         ZZ
                                         180        422,462.79          1
                                       5.375          3,436.38         80
                                       5.125          3,436.38
    RANCHO CUCAMONG  CA   91701          1            06/13/03         00
    0436254916                           05           08/01/03          0
    203402570                            O            07/01/18
    0

    8509152          Y21/G02             F          368,000.00         ZZ
                                         180        368,000.00          1
                                       5.500          3,006.87         62
                                       5.250          3,006.87
    ANNAPOLIS        MD   21401          5            07/10/03         00
    0436255079                           05           09/01/03          0
    203287126                            O            08/01/18
    0
1

    8509170          Y21/G02             F          204,000.00         ZZ
                                         180        203,275.83          2
                                       5.625          1,680.42         65
                                       5.375          1,680.42
    BERGENFIELD      NJ   07621          5            06/17/03         00
    0436243620                           05           08/01/03          0
    203171926                            O            07/01/18
    0

    8509358          N47/G02             F          245,000.00         ZZ
                                         180        245,000.00          1
                                       5.125          1,953.44         59
                                       4.875          1,953.44
    WINTER SPRINGS   FL   32708          2            07/16/03         00
    0436294813                           03           09/01/03          0
    30505627                             O            08/01/18
    0

    8509392          K15/G02             F          142,800.00         ZZ
                                         180        142,800.00          1
                                       6.000          1,205.03         85
                                       5.750          1,205.03
    WINDSOR          CO   80550          5            07/10/03         41
    0436248793                           05           09/01/03          6
    023305511632                         O            08/01/18
    0

    8509446          K15/G02             F           88,000.00         ZZ
                                         180         88,000.00          1
                                       5.000            695.90         80
                                       4.750            695.90
    CAYCE            SC   29033          5            07/03/03         00
    0436246763                           05           09/01/03          0
    017405517830                         O            08/01/18
    0

    8509726          K15/G02             F          203,600.00         ZZ
                                         180        203,600.00          1
                                       5.125          1,623.34         75
                                       4.875          1,623.34
    GAINESVILLE      VA   20155          5            07/08/03         00
    0436246755                           05           09/01/03          0
    013405518343                         O            08/01/18
    0

    8509906          E82/G02             F           42,350.00         ZZ
                                         180         42,350.00          3
1

                                       5.750            351.68         50
                                       5.500            351.68
    SWEDESBORO       NJ   08069          2            07/17/03         00
    0400867131                           05           09/01/03          0
    0400867131                           N            08/01/18
    0

    8509922          E82/G02             F           79,550.00         ZZ
                                         180         79,550.00          3
                                       5.875            665.93         58
                                       5.625            665.93
    TORRINGTON       CT   06790          2            07/21/03         00
    0400867644                           05           09/01/03          0
    0400867644                           N            08/01/18
    0

    8509932          S11/G02             F          194,150.00         ZZ
                                         180        194,150.00          1
                                       5.375          1,573.52         49
                                       5.125          1,573.52
    MENIFEE          CA   92584          2            07/15/03         00
    0436242192                           05           09/01/03          0
    11400061                             O            08/01/18
    0

    8509946          E82/G02             F           55,900.00         ZZ
                                         180         55,900.00          1
                                       5.250            449.37         40
                                       5.000            449.37
    STOCKTON         CA   95203          2            07/24/03         00
    0400866919                           05           09/01/03          0
    0400866919                           N            08/01/18
    0

    8509980          E82/G02             F           98,500.00         ZZ
                                         180         98,500.00          1
                                       5.375            798.31         73
                                       5.125            798.31
    LAS VEGAS        NV   89121          2            07/26/03         00
    0400871398                           05           09/01/03          0
    0400871398                           O            08/01/18
    0

    8510010          E82/G02             F           69,500.00         ZZ
                                         180         69,500.00          1
                                       5.625            572.49         65
                                       5.375            572.49
    PALM HARBOR      FL   34683          2            07/25/03         00
    0400784377                           05           09/01/03          0
1

    0400784377                           O            08/01/18
    0

    8510014          E82/G02             F           72,300.00         ZZ
                                         180         72,300.00          1
                                       5.625            595.56         66
                                       5.375            595.56
    MARYVILLE        TN   37803          2            07/23/03         00
    0400865580                           05           09/01/03          0
    0400865580                           N            08/01/18
    0

    8510048          E82/G02             F          155,000.00         ZZ
                                         180        155,000.00          1
                                       5.250          1,246.01         39
                                       5.000          1,246.01
    WALNUT           CA   91789          2            07/24/03         00
    0400860490                           05           09/01/03          0
    0400860490                           O            08/01/18
    0

    8510054          E82/G02             F          840,000.00         ZZ
                                         180        840,000.00          1
                                       5.125          6,697.49         70
                                       4.875          6,697.49
    PLANO            TX   75024          2            07/26/03         00
    0400851069                           03           09/01/03          0
    0400851069                           O            08/01/18
    0

    8510102          E82/G02             F           72,000.00         ZZ
                                         180         72,000.00          1
                                       5.500            588.30         36
                                       5.250            588.30
    SOUTH BERWICK    ME   03908          2            07/28/03         00
    0400867388                           05           09/01/03          0
    0400867388                           N            08/01/18
    0

    8510126          E82/G02             F           91,700.00         T
                                         180         91,700.00          1
                                       4.750            713.27         56
                                       4.500            713.27
    MONROE TOWNSHIP  NJ   08512          2            07/29/03         00
    0400870911                           01           09/01/03          0
    0400870911                           O            08/01/18
    0

1

    8510408          A21/G02             F          238,000.00         ZZ
                                         180        238,000.00          1
                                       5.125          1,897.63         28
                                       4.875          1,897.63
    COLONIA          NJ   07067          2            07/16/03         00
    0436243984                           29           09/01/03          0
    0100135362                           O            08/01/18
    0

    8510586          E22/G02             F          183,000.00         ZZ
                                         180        183,000.00          1
                                       5.375          1,483.15         75
                                       5.125          1,483.15
    BLOOMINGDALE     IL   60108          2            07/24/03         00
    0417770575                           05           09/01/03          0
    0417770575                           O            08/01/18
    0

    8510614          E22/G02             F          152,750.00         TX
                                         180        152,750.00          1
                                       5.250          1,227.92         64
                                       5.000          1,227.92
    BUCHANAN DAM     TX   78609          5            07/23/03         00
    0417501046                           03           09/01/03          0
    0417501046                           O            08/01/18
    0

    8510656          E22/G02             F          334,800.00         ZZ
                                         180        334,800.00          1
                                       6.000          2,825.23         85
                                       5.750          2,825.23
    DACULA           GA   30019          5            07/22/03         10
    0417520053                           03           09/01/03          6
    0417520053                           O            08/01/18
    0

    8510772          E22/G02             F           81,600.00         TX
                                         180         81,600.00          1
                                       5.750            677.61         80
                                       5.500            677.61
    DENTON           TX   76201          5            07/22/03         00
    0417555133                           05           09/01/03          0
    0417555133                           O            08/01/18
    0

    8511088          883/G02             F           36,000.00         ZZ
                                         180         36,000.00          1
                                       6.000            303.79         48
                                       5.750            303.79
1

    LAKE WORTH       FL   33462          5            07/18/03         00
    0436246177                           05           09/01/03          0
    05021810                             O            08/01/18
    0

    8511364          E22/G02             F           72,000.00         ZZ
                                         180         72,000.00          1
                                       5.000            569.37         60
                                       4.750            569.37
    BOISE            ID   83713          5            07/23/03         00
    0417846896                           05           09/01/03          0
    0417846896                           O            08/01/18
    0

    8511474          E22/G02             F          156,800.00         ZZ
                                         180        156,800.00          1
                                       5.125          1,250.20         80
                                       4.875          1,250.20
    BALDWIN          MI   49304          5            07/25/03         00
    0417957313                           05           09/01/03          0
    0417957313                           O            08/01/18
    0

    8511634          K15/G02             F          146,100.00         ZZ
                                         180        146,100.00          1
                                       5.375          1,184.09         67
                                       5.125          1,184.09
    TIVERTON         RI   02878          5            07/10/03         00
    0436252878                           05           09/01/03          0
    029805510259                         O            08/01/18
    0

    8512850          Q14/G02             F          124,800.00         ZZ
                                         180        124,800.00          1
                                       5.375          1,011.46         80
                                       5.125          1,011.46
    LEE'S SUMMIT     MO   64081          5            07/21/03         00
    0436258735                           05           09/01/03          0
    0000314418                           O            08/01/18
    0

    8513080          E57/G02             F          100,500.00         ZZ
                                         180        100,131.79          1
                                       5.250            807.90         58
                                       5.000            807.90
    COMPTON          CA   90221          2            06/20/03         00
    0436306658                           05           08/01/03          0
    06017394                             O            07/01/18
    0
1

    8513498          K15/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       5.125          1,116.25         74
                                       4.875          1,116.25
    WEST SACRAMENTO  CA   95691          5            07/10/03         00
    0436259402                           05           09/01/03          0
    039005511307                         O            08/01/18
    0

    8513672          K15/G02             F          135,500.00         ZZ
                                         180        135,500.00          1
                                       5.125          1,080.37         67
                                       4.875          1,080.37
    SACRAMENTO       CA   95823          5            07/07/03         00
    0436250674                           05           09/01/03          0
    039005511122                         O            08/01/18
    0

    8515208          E22/G02             F          103,350.00         TX
                                         180        103,350.00          1
                                       5.125            824.03         69
                                       4.875            824.03
    FORT WORTH       TX   76135          5            07/25/03         00
    0416637452                           05           09/01/03          0
    0416637452                           O            08/01/18
    0

    8515286          E22/G02             F          110,000.00         ZZ
                                         180        110,000.00          3
                                       5.625            906.10         40
                                       5.375            906.10
    CHICAGO          IL   60619          5            07/25/03         00
    0417374840                           05           09/01/03          0
    0417374840                           O            08/01/18
    0

    8515388          E22/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       5.375            648.37         87
                                       5.125            648.37
    EAST GREENVILLE  PA   18041          2            07/22/03         01
    0417577921                           07           09/01/03         12
    0417577921                           O            08/01/18
    0

    8515414          E22/G02             F          309,050.00         ZZ
                                         180        309,050.00          1
1

                                       5.750          2,566.38         70
                                       5.500          2,566.38
    SOUTH LAKE TAHO  CA   96150          5            07/16/03         00
    0417613346                           05           09/01/03          0
    0417613346                           O            08/01/18
    0

    8515426          E22/G02             F          111,500.00         ZZ
                                         180        111,500.00          1
                                       5.375            903.67         77
                                       5.125            903.67
    BAY VILLAGE      OH   44140          2            07/25/03         00
    0417641594                           05           09/01/03          0
    0417641594                           O            08/01/18
    0

    8515436          E22/G02             F          142,550.00         ZZ
                                         180        142,550.00          1
                                       4.875          1,118.02         54
                                       4.625          1,118.02
    DALLAS           TX   75248          2            07/25/03         00
    0417651585                           05           09/01/03          0
    0417651585                           O            08/01/18
    0

    8515486          E22/G02             F          160,000.00         ZZ
                                         180        160,000.00          1
                                       5.250          1,286.20         80
                                       5.000          1,286.20
    HARRISON TOWNSH  MI   48045          5            07/23/03         00
    0417693520                           05           09/01/03          0
    0417693520                           O            08/01/18
    0

    8515548          E22/G02             F          122,000.00         ZZ
                                         180        122,000.00          2
                                       5.250            980.73         31
                                       5.000            980.73
    DORCHESTER       MA   02124          5            07/25/03         00
    0417736485                           05           09/01/03          0
    0417736485                           O            08/01/18
    0

    8515584          E22/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       5.875            669.69         94
                                       5.625            669.69
    MOBILE           AL   36605          2            07/21/03         10
    0417769247                           05           09/01/03         25
1

    0417769247                           O            08/01/18
    0

    8515630          696/G02             F          416,000.00         ZZ
                                         180        416,000.00          1
                                       5.500          3,399.07         80
                                       5.250          3,399.07
    BUMPASS          VA   23024          5            07/17/03         00
    0436248454                           05           09/01/03          0
    30103075                             O            08/01/18
    0

    8515670          E22/G02             F           53,600.00         TX
                                         180         53,600.00          1
                                       5.000            423.87         80
                                       4.750            423.87
    NEDERLAND        TX   77627          5            07/25/03         00
    0417812005                           05           09/01/03          0
    0417812005                           O            08/01/18
    0

    8515674          E22/G02             F          200,000.00         TX
                                         180        200,000.00          1
                                       5.250          1,607.76         80
                                       5.000          1,607.76
    COPPELL          TX   75019          5            07/25/03         00
    0417817350                           05           09/01/03          0
    0417817350                           O            08/01/18
    0

    8515694          E22/G02             F           40,000.00         ZZ
                                         120         40,000.00          1
                                       5.625            436.59         44
                                       5.375            436.59
    MOBILE           AL   36608          5            07/25/03         00
    0417833274                           05           09/01/03          0
    0417833274                           O            08/01/13
    0

    8515760          E22/G02             F          120,000.00         TX
                                         180        120,000.00          1
                                       5.375            972.56         69
                                       5.125            972.56
    HOUSTON          TX   77084          5            07/24/03         00
    0417908662                           03           09/01/03          0
    0417908662                           O            08/01/18
    0

1

    8515788          E22/G02             F           39,900.00         ZZ
                                         180         39,900.00          1
                                       5.875            334.01         80
                                       5.625            334.01
    EL RENO          OK   73036          5            07/25/03         00
    0417954724                           05           09/01/03          0
    0417954724                           O            08/01/18
    0

    8515862          U05/G02             F          246,500.00         ZZ
                                         180        246,500.00          1
                                       5.250          1,981.56         85
                                       5.000          1,981.56
    YUBA CITY        CA   95991          2            07/11/03         10
    0436251573                           05           09/01/03          6
    3366100                              O            08/01/18
    0

    8516372          N47/G02             F          101,250.00         ZZ
                                         180        101,250.00          1
                                       5.125            807.29         75
                                       4.875            807.29
    MORENO VALLEY    CA   92553          5            07/16/03         00
    0436267447                           05           09/01/03          0
    30507120                             N            08/01/18
    0

    8516742          E47/G02             F          108,000.00         ZZ
                                         180        108,000.00          1
                                       5.875            904.09         80
                                       5.625            904.09
    SAN ANTONIO      TX   78258          1            07/14/03         00
    0436269799                           05           09/01/03          0
    7328011820                           N            08/01/18
    0

    8517070          X89/G02             F           92,000.00         ZZ
                                         180         92,000.00          1
                                       5.375            745.63         34
                                       5.125            745.63
    DIAMOND BAR      CA   91789          2            07/19/03         00
    0436288146                           01           09/01/03          0
    2011948                              N            08/01/18
    0

    8517392          X67/G02             F          213,800.00         ZZ
                                         180        213,800.00          2
                                       5.375          1,732.78         74
                                       5.125          1,732.78
1

    BERWYN           IL   60402          5            07/03/03         00
    0436292577                           05           09/01/03          0
    0000419072                           O            08/01/18
    0

    8517458          X67/G02             F           83,000.00         ZZ
                                         180         83,000.00          1
                                       5.250            667.22         68
                                       5.000            667.22
    THREE OAKS       MI   49128          5            07/11/03         00
    0436274856                           05           09/01/03          0
    0000418504                           N            08/01/18
    0

    8517722          X67/G02             F          122,500.00         ZZ
                                         180        122,500.00          1
                                       5.375            992.82         77
                                       5.125            992.82
    WARE             MA   01082          5            06/27/03         00
    0436273130                           05           09/01/03          0
    0000419705                           O            08/01/18
    0

    8517746          K15/G02             F          121,500.00         ZZ
                                         180        121,500.00          1
                                       5.375            984.72         59
                                       5.125            984.72
    OXFORD           OH   45056          2            07/24/03         00
    0436265748                           05           09/01/03          0
    028105510637                         O            08/01/18
    0

    8517792          K15/G02             F           80,100.00         ZZ
                                         180         80,100.00          1
                                       5.875            670.53         48
                                       5.625            670.53
    GULF BREEZE      FL   32563          5            07/24/03         00
    0436260947                           05           09/01/03          0
    009305511594                         O            08/01/18
    0

    8517928          K15/G02             F          168,000.00         ZZ
                                         180        168,000.00          1
                                       5.750          1,395.09         80
                                       5.500          1,395.09
    LOVELAND         OH   45140          5            07/24/03         00
    0436251847                           05           09/01/03          0
    028105510521                         O            08/01/18
    0
1

    8517958          K15/G02             F           77,700.00         ZZ
                                         180         77,700.00          1
                                       5.375            629.73         53
                                       5.125            629.73
    BANGOR           ME   04401          2            07/10/03         00
    0436266340                           05           09/01/03          0
    007005518447                         O            08/01/18
    0

    8518012          K15/G02             F          215,000.00         ZZ
                                         180        215,000.00          1
                                       4.875          1,686.24         75
                                       4.625          1,686.24
    JACKSONVILLE     FL   32259          5            07/09/03         00
    0436261473                           05           09/01/03          0
    009805510714                         O            08/01/18
    0

    8518944          G34/G02             F          105,000.00         ZZ
                                         180        105,000.00          1
                                       5.625            864.92         67
                                       5.375            864.92
    LAS VEGAS        NV   89121          2            07/25/03         00
    0436259766                           05           09/01/03          0
    77320003                             O            08/01/18
    0

    8519370          U05/G02             F          158,900.00         TX
                                         180        158,900.00          1
                                       5.125          1,266.94         46
                                       4.875          1,266.94
    FORT WORTH       TX   76109          5            07/18/03         00
    0436296073                           05           09/01/03          0
    3372463                              O            08/01/18
    0

    8519478          X89/G02             F           88,000.00         ZZ
                                         180         88,000.00          1
                                       5.750            730.77         90
                                       5.500            730.77
    INDIANAPOLIS     IN   46227          5            07/24/03         04
    0436279954                           05           09/01/03         25
    2011106                              O            08/01/18
    0

    8519566          N74/G02             F           82,225.00         ZZ
                                         180         81,942.27          1
1

                                       6.000            693.86         65
                                       5.750            693.86
    STAUNTON         VA   24401          5            07/21/03         00
    0436262547                           05           08/25/03          0
    0032859010                           N            07/25/18
    0

    8519628          Y23/G02             F          156,000.00         TX
                                         180        156,000.00          1
                                       6.250          1,337.58         77
                                       6.000          1,337.58
    PLANO            TX   75093          5            07/28/03         00
    0436300966                           05           09/01/03          0
    1000240590                           O            08/01/18
    0

    8519728          N74/G02             F           84,000.00         ZZ
                                         180         84,000.00          1
                                       5.500            686.35         52
                                       5.250            686.35
    CHESAPEAKE       VA   23325          2            07/23/03         00
    0436278741                           05           09/01/03          0
    0032915010                           O            08/01/18
    0

    8519800          B44/G02             F           75,000.00         ZZ
                                         180         75,000.00          1
                                       4.750            583.37         58
                                       4.500            583.37
    BOISE            ID   83704          5            07/22/03         00
    0436250294                           05           09/01/03          0
    4031665                              O            08/01/18
    0

    8519992          M27/G02             F          227,000.00         ZZ
                                         180        227,000.00          1
                                       5.250          1,824.80         65
                                       5.000          1,824.80
    CHAPEL HILL      NC   27516          2            07/24/03         00
    0436270367                           05           09/01/03          0
    0100021279                           O            08/01/18
    0

    8520058          N74/G02             F           49,000.00         ZZ
                                         180         49,000.00          1
                                       5.500            400.37         58
                                       5.250            400.37
    CLEMMONS         NC   27012          5            07/23/03         00
    0436262596                           05           09/01/03          0
1

    0032945010                           N            08/01/18
    0

    8520244          X89/G02             F           80,100.00         ZZ
                                         180         80,100.00          1
                                       5.500            654.49         47
                                       5.250            654.49
    WESTMINSTER      CO   80021          5            07/26/03         00
    0436295794                           05           09/01/03          0
    2010153                              N            08/01/18
    0

    8520780          313/G02             F           45,000.00         ZZ
                                         180         44,841.94          1
                                       5.750            373.69         75
                                       5.500            373.69
    NORRISTOWN       PA   19401          5            07/02/03         00
    0436338719                           07           08/01/03          0
    9577719                              N            07/01/18
    0

    8520852          313/G02             F          117,000.00         ZZ
                                         180        116,593.38          2
                                       5.875            979.43         64
                                       5.625            979.43
    CHICAGO          IL   60623          5            06/14/03         00
    0436272132                           05           08/01/03          0
    9486432                              O            07/01/18
    0

    8520858          313/G02             F          382,000.00         ZZ
                                         180        380,600.43          1
                                       5.250          3,070.82         48
                                       5.000          3,070.82
    SAN FRANCISCO    CA   94127          5            06/24/03         00
    0436274195                           05           08/01/03          0
    9658170                              O            07/01/18
    0

    8520860          313/G02             F          252,700.00         ZZ
                                         180        251,783.84          1
                                       5.375          2,048.05         95
                                       5.125          2,048.05
    OXFORD           MS   38655          5            06/25/03         01
    0436285647                           05           08/01/03         30
    9588120                              O            07/01/18
    0

1

    8522250          B23/G02             F          145,000.00         ZZ
                                         180        145,000.00          1
                                       5.375          1,175.17         70
                                       5.125          1,175.17
    POMONA           CA   91767          5            07/23/03         00
    0436292734                           05           09/01/03          0
    80002006                             O            08/01/18
    0

    8522492          E22/G02             F          112,000.00         ZZ
                                         180        112,000.00          1
                                       5.500            915.13         61
                                       5.250            915.13
    MIAMI            FL   33186          2            07/31/03         00
    0417542263                           03           09/01/03          0
    0417542263                           N            08/01/18
    0

    8522520          Q14/G02             F          124,500.00         ZZ
                                         180        124,500.00          1
                                       5.375          1,009.03         94
                                       5.125          1,009.03
    MARION           IA   52302          5            07/23/03         01
    0436260558                           05           09/01/03         30
    00003-14202                          O            08/01/18
    0

    8522730          E22/G02             F           55,800.00         ZZ
                                         180         55,800.00          1
                                       5.375            452.24         90
                                       5.125            452.24
    RITZVILLE        WA   99169          1            07/10/03         04
    0417747136                           05           09/01/03         25
    0417747136                           O            08/01/18
    0

    8522826          E22/G02             F          225,000.00         ZZ
                                         180        225,000.00          1
                                       5.500          1,838.44         50
                                       5.250          1,838.44
    PROVINCETOWN     MA   02267          5            07/31/03         00
    0417778198                           01           09/01/03          0
    0417778198                           N            08/01/18
    0

    8522910          E22/G02             F          160,000.00         ZZ
                                         180        160,000.00          1
                                       5.875          1,339.39         67
                                       5.625          1,339.39
1

    HUNTINGTON PARK  CA   90255          5            07/24/03         00
    0417798436                           05           09/01/03          0
    0417798436                           O            08/01/18
    0

    8523316          E22/G02             F           88,400.00         ZZ
                                         180         88,400.00          1
                                       5.375            716.45         80
                                       5.125            716.45
    WEST PALM BEACH  FL   33406          1            07/31/03         00
    0417908860                           05           09/01/03          0
    0417908860                           O            08/01/18
    0

    8523341          Q57/G02             F           36,750.00         ZZ
                                         180         36,138.07          1
                                       6.500            320.13         75
                                       6.250            320.13
    BAKERSFIELD      CA   93304          1            02/28/03         00
    0435492665                           01           04/01/03          0
    21000189                             N            03/01/18
    0

    8523508          W35/G02             F           32,000.00         ZZ
                                         120         32,000.00          1
                                       5.500            347.28         56
                                       5.250            347.28
    FORT WAYNE       IN   46807          5            07/24/03         00
    0436264857                           05           09/01/03          0
    22006                                O            08/01/13
    0

    8524172          X89/G02             F          211,000.00         ZZ
                                         180        211,000.00          1
                                       5.250          1,696.18         80
                                       5.000          1,696.18
    LENNOX           SD   57039          2            07/23/03         00
    0436306682                           05           09/01/03          0
    2011818                              O            08/01/18
    0

    8524526          G51/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       5.625            823.74         77
                                       5.375            823.74
    CANON CITY       CO   81212          5            07/25/03         00
    0436260426                           05           09/01/03          0
    20006715                             O            08/01/18
    0
1

    8524564          M27/G02             F           85,250.00         ZZ
                                         180         85,250.00          1
                                       4.750            663.10         30
                                       4.500            663.10
    MATTHEWS         NC   28105          2            07/23/03         00
    0436302194                           03           09/01/03          0
    600970341                            O            08/01/18
    0

    8525144          H93/G02             F           36,000.00         ZZ
                                         180         36,000.00          1
                                       5.500            294.15         75
                                       5.250            294.15
    CAMERON          MO   64429          1            07/22/03         00
    0436298194                           05           09/01/03          0
    2003000818                           N            08/01/18
    0

    8525222          K15/G02             F          315,000.00         ZZ
                                         180        315,000.00          1
                                       5.125          2,511.56         79
                                       4.875          2,511.56
    AMITYVILLE       NY   11701          5            07/18/03         00
    0436287023                           05           09/01/03          0
    020605519329                         O            08/01/18
    0

    8525226          H93/G02             F           27,000.00         ZZ
                                         180         27,000.00          1
                                       5.500            220.61         75
                                       5.250            220.61
    CAMERON          MO   64429          1            07/22/03         00
    0436260061                           05           09/01/03          0
    2003000819                           N            08/01/18
    0

    8525294          R84/G02             F           77,500.00         ZZ
                                         180         77,500.00          1
                                       5.125            617.92         68
                                       4.875            617.92
    PRAIRIEVILLE     LA   70769          5            07/22/03         00
    0436351068                           05           09/01/03          0
    R0306036                             O            08/01/18
    0

    8525322          A06/G02             F           48,000.00         ZZ
                                         180         48,000.00          1
1

                                       5.750            398.60         34
                                       5.500            398.60
    ST CLAIR SHORES  MI   48080          5            07/24/03         00
    0436262380                           05           09/01/03          0
    021000020317829                      O            08/01/18
    0

    8525344          T44/G02             F          214,500.00         ZZ
                                         180        213,722.33          1
                                       5.375          1,738.45         65
                                       5.125          1,738.45
    PHENIX CITY      AL   36867          5            06/26/03         00
    0436253389                           05           08/01/03          0
    1072559                              O            07/01/18
    0

    8525532          E47/G02             F          229,000.00         ZZ
                                         180        229,000.00          1
                                       5.125          1,825.86         70
                                       4.875          1,825.86
    ROCKVILLE        MD   20850          1            07/24/03         00
    0436259006                           09           09/01/03          0
    7345510210                           O            08/01/18
    0

    8525542          X89/G02             F          145,000.00         ZZ
                                         180        145,000.00          1
                                       5.250          1,165.62         48
                                       5.000          1,165.62
    BRIGANTINE       NJ   08203          5            07/25/03         00
    0436301873                           05           09/01/03          0
    2013375                              O            08/01/18
    0

    8525668          U05/G02             F           61,000.00         ZZ
                                         180         61,000.00          1
                                       5.875            510.64         79
                                       5.625            510.64
    COLUMBUS         OH   43205          2            07/24/03         00
    0436270037                           05           09/01/03          0
    3400299                              N            08/01/18
    0

    8525678          E47/G02             F          110,000.00         ZZ
                                         180        110,000.00          1
                                       5.000            869.87         43
                                       4.750            869.87
    ORLANDO          FL   32804          5            07/21/03         00
    0436265656                           05           09/01/03          0
1

    7361015041                           O            08/01/18
    0

    8525928          514/G02             F          104,900.00         ZZ
                                         180        104,900.00          1
                                       5.875            878.14         80
                                       5.625            878.14
    LANCASTER        CA   93534          2            07/09/03         00
    0436266134                           05           09/01/03          0
    1119010029                           N            08/01/18
    0

    8525938          514/G02             F          347,500.00         ZZ
                                         180        344,974.64          1
                                       5.375          2,816.37         80
                                       5.125          2,816.37
    BLOOMINGDALE     IL   60108          2            05/05/03         00
    0436266175                           05           07/01/03          0
    1570506737                           O            06/01/18
    0

    8526086          U05/G02             F           58,000.00         ZZ
                                         180         58,000.00          2
                                       5.875            485.53         62
                                       5.625            485.53
    COLUMBUS         OH   43232          5            07/24/03         00
    0436269310                           05           09/01/03          0
    3400344                              N            08/01/18
    0

    8526462          U05/G02             F           57,000.00         ZZ
                                         180         57,000.00          1
                                       5.875            477.16         75
                                       5.625            477.16
    COLUMBUS         OH   43206          5            07/24/03         00
    0436270599                           05           09/01/03          0
    3400416                              N            08/01/18
    0

    8526928          N74/G02             F           75,460.00         ZZ
                                         180         75,460.00          1
                                       5.375            611.58         80
                                       5.125            611.58
    DANVILLE         VA   24540          5            07/24/03         00
    0436279129                           05           09/01/03          0
    0032963010                           O            08/01/18
    0

1

    8526984          X89/G02             F          224,000.00         ZZ
                                         180        224,000.00          1
                                       5.375          1,815.44         80
                                       5.125          1,815.44
    FRANKFORT        IL   60423          5            07/25/03         00
    0436319271                           05           09/01/03          0
    2004982                              O            08/01/18
    0

    8527142          M07/G02             F          180,000.00         ZZ
                                         180        180,000.00          1
                                       5.500          1,470.75         66
                                       5.250          1,470.75
    LOS ANGELES      CA   91331          5            07/17/03         00
    0436287072                           05           09/01/03          0
    02307074                             O            08/01/18
    0

    8527160          K15/G02             F           70,400.00         ZZ
                                         180         70,400.00          1
                                       5.125            561.31         80
                                       4.875            561.31
    HALTOM CITY      TX   76117          2            07/10/03         00
    0436272553                           05           09/01/03          0
    031705509881                         O            08/01/18
    0

    8527220          E22/G02             F          176,000.00         TX
                                         180        176,000.00          1
                                       5.500          1,438.07         74
                                       5.250          1,438.07
    BELLVILLE        TX   77418          5            07/28/03         00
    0416990133                           05           09/01/03          0
    0416990133                           O            08/01/18
    0

    8527236          E22/G02             F           68,000.00         ZZ
                                         180         68,000.00          1
                                       6.000            573.82         78
                                       5.750            573.82
    LOUISVILLE       KY   40219          5            08/01/03         00
    0417268828                           05           09/01/03          0
    0417268828                           N            08/01/18
    0

    8527240          E22/G02             F           50,400.00         ZZ
                                         180         50,400.00          1
                                       6.375            435.58         80
                                       6.125            435.58
1

    MEMPHIS          TN   38127          1            08/01/03         00
    0417301397                           05           09/01/03          0
    0417301397                           N            08/01/18
    0

    8527244          E22/G02             F          176,000.00         ZZ
                                         180        176,000.00          1
                                       5.375          1,426.42         80
                                       5.125          1,426.42
    WESTERVILLE      OH   43081          5            07/28/03         01
    0417313368                           05           09/01/03          0
    0417313368                           O            08/01/18
    0

    8527270          E22/G02             F          170,000.00         ZZ
                                         180        170,000.00          1
                                       5.500          1,389.04         50
                                       5.250          1,389.04
    CORONA           CA   92882          1            07/23/03         00
    0417495496                           05           09/01/03          0
    0417495496                           N            08/01/18
    0

    8527272          E22/G02             F          147,650.00         ZZ
                                         180        147,650.00          1
                                       5.000          1,167.61         87
                                       4.750          1,167.61
    HOUSTON          TX   77066          2            07/28/03         01
    0417499886                           03           09/01/03         25
    0417499886                           O            08/01/18
    0

    8527288          E22/G02             F           65,000.00         ZZ
                                         180         65,000.00          1
                                       6.375            561.76         77
                                       6.125            561.76
    MABLETON         GA   30126          2            08/01/03         00
    0417540580                           05           09/01/03          0
    0417540580                           N            08/01/18
    0

    8527304          E22/G02             F           76,000.00         TX
                                         180         76,000.00          1
                                       5.500            620.98         54
                                       5.250            620.98
    HOUSTON          TX   77062          5            07/28/03         00
    0417597416                           03           09/01/03          0
    0417597416                           O            08/01/18
    0
1

    8527334          E22/G02             F           52,885.00         ZZ
                                         180         52,885.00          1
                                       5.750            439.16         90
                                       5.500            439.16
    AUSTIN           TX   78741          1            07/31/03         01
    0417681137                           01           09/01/03         20
    0417681137                           N            08/01/18
    0

    8527380          E22/G02             F           70,000.00         ZZ
                                         180         70,000.00          1
                                       5.375            567.33         80
                                       5.125            567.33
    MACON            GA   31206          2            08/01/03         00
    0417745973                           05           09/01/03          0
    0417745973                           N            08/01/18
    0

    8527398          E22/G02             F          122,400.00         TX
                                         180        122,400.00          1
                                       5.500          1,000.11         80
                                       5.250          1,000.11
    ROCKWALL         TX   75032          5            07/28/03         00
    0417780988                           05           09/01/03          0
    0417780988                           O            08/01/18
    0

    8527494          E22/G02             F           47,500.00         ZZ
                                         180         47,500.00          1
                                       4.875            372.54         28
                                       4.625            372.54
    HIALEAH          FL   33013          2            07/18/03         00
    0417884434                           05           09/01/03          0
    0417884434                           O            08/01/18
    0

    8527498          E22/G02             F          224,000.00         ZZ
                                         180        224,000.00          1
                                       5.500          1,830.27         80
                                       5.250          1,830.27
    CRYSTAL LAKE     IL   60014          2            07/28/03         00
    0417887007                           05           09/01/03          0
    0417887007                           O            08/01/18
    0

    8527544          E22/G02             F          180,000.00         ZZ
                                         180        180,000.00          1
1

                                       5.375          1,458.84         53
                                       5.125          1,458.84
    CHICAGO          IL   60659          2            07/28/03         00
    0417938602                           05           09/01/03          0
    0417938602                           O            08/01/18
    0

    8527754          K15/G02             F           90,100.00         ZZ
                                         180         90,100.00          1
                                       5.500            736.19         43
                                       5.250            736.19
    SALEM            NH   03079          5            07/10/03         00
    0436272389                           05           09/01/03          0
    013905518118                         O            08/01/18
    0

    8527772          N74/G02             F           59,500.00         ZZ
                                         180         59,284.28          1
                                       5.375            482.23         70
                                       5.125            482.23
    CONWAY           AR   72032          5            07/24/03         00
    0436278311                           05           08/29/03          0
    0032964010                           O            07/29/18
    0

    8527804          N74/G02             F          480,000.00         ZZ
                                         180        480,000.00          1
                                       5.625          3,953.91         79
                                       5.375          3,953.91
    FAIRVIEW         NC   28730          5            07/24/03         00
    0436262646                           05           09/01/03          0
    0032940010                           O            08/01/18
    0

    8527808          K15/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       6.000            421.93         18
                                       5.750            421.93
    TOWNSHIP OF WOO  NJ   07067          5            07/11/03         00
    0436273221                           05           09/01/03          0
    011005518155                         O            08/01/18
    0

    8527902          952/G02             F          180,000.00         ZZ
                                         180        180,000.00          1
                                       5.250          1,446.98         80
                                       5.000          1,446.98
    EAST BRUNSWICK   NJ   08816          1            07/21/03         00
    0436295190                           05           09/01/03          0
1

    03003437                             O            08/01/18
    0

    8528048          N74/G02             F           38,000.00         ZZ
                                         180         37,867.93          1
                                       5.875            318.11         74
                                       5.625            318.11
    CHARLOTTE        NC   28213          5            07/24/03         00
    0436279640                           01           08/24/03          0
    0032934010                           N            07/24/18
    0

    8528452          B23/G02             F          141,000.00         ZZ
                                         180        141,000.00          1
                                       5.875          1,180.34         67
                                       5.625          1,180.34
    NORWALK          CA   90650          5            07/25/03         00
    0436292767                           05           09/01/03          0
    80002083                             N            08/01/18
    0

    8528532          K15/G02             F          160,500.00         ZZ
                                         180        160,500.00          1
                                       5.375          1,300.80         75
                                       5.125          1,300.80
    CENTENNIAL       CO   80015          5            07/09/03         00
    0436272595                           05           09/01/03          0
    023205511330                         O            08/01/18
    0

    8528608          K15/G02             F           63,000.00         ZZ
                                         180         63,000.00          1
                                       5.750            523.16         54
                                       5.500            523.16
    KEENE            NH   03431          5            07/11/03         00
    0436270870                           05           09/01/03          0
    033605518391                         O            08/01/18
    0

    8529827          X80/G02             F          274,000.00         ZZ
                                         180        270,040.98          1
                                       5.500          2,238.81         58
                                       5.250          2,238.81
    SAN JOSE         CA   95121          2            03/05/03         00
    0435548144                           05           05/01/03          0
    1410118112                           O            04/01/18
    0

1

    8530722          Q14/G02             F           90,800.00         ZZ
                                         180         90,800.00          1
                                       5.125            723.97         80
                                       4.875            723.97
    CEDAR RAPIDS     IA   52404          2            07/10/03         00
    0436270482                           05           09/01/03          0
    0000313523                           O            08/01/18
    0

    8530942          X31/G02             F          190,000.00         ZZ
                                         180        190,000.00          1
                                       5.625          1,565.09         76
                                       5.375          1,565.09
    CHINO VALLEY     AZ   86323          5            07/18/03         00
    0436296297                           05           09/01/03          0
    59000692                             O            08/01/18
    0

    8531302          940/G02             F           42,400.00         ZZ
                                         180         42,244.66          1
                                       5.250            340.84         20
                                       5.000            340.84
    SOUTH EL MONTE   CA   91733          5            07/11/03         00
    0436278527                           05           08/01/03          0
    40030642                             O            07/01/18
    0

    8531382          E57/G02             F          126,000.00         ZZ
                                         180        125,543.19          1
                                       5.375          1,021.19         76
                                       5.125          1,021.19
    LAKE ELSINORE    CA   92530          5            06/19/03         00
    0436291322                           05           08/01/03          0
    06017072                             O            07/01/18
    0

    8531536          K15/G02             F          246,400.00         ZZ
                                         180        246,400.00          1
                                       5.125          1,964.60         80
                                       4.875          1,964.60
    BOARDMAN         OH   44512          5            07/10/03         00
    0436281539                           05           09/01/03          0
    028005509867                         O            08/01/18
    0

    8532000          144/144             F          488,000.00         ZZ
                                         180        485,787.50          1
                                       5.625          4,019.81         80
                                       5.375          4,019.81
1

    PAWLING          NY   12564          5            06/02/03         00
    03VISCONTIM                          05           08/01/03          0
    03VISCONTIM                          O            07/01/18
    0

    8532117          X78/G02             F           74,400.00         ZZ
                                         180         73,302.47          1
                                       5.250            598.09         83
                                       5.000            598.09
    SAFETY HARBOR    FL   34695          2            03/11/03         10
    0435539838                           09           05/01/03         12
    990318                               O            04/01/18
    0

    8532148          S27/G02             F           68,000.00         ZZ
                                         180         68,000.00          1
                                       5.375            551.12         63
                                       5.125            551.12
    MELBOURNE        FL   32904          5            07/24/03         00
    0436268122                           05           09/01/03          0
    1900005293                           O            08/01/18
    0

    8532294          K15/G02             F           66,500.00         ZZ
                                         180         66,500.00          1
                                       5.500            543.36         70
                                       5.250            543.36
    GRAND RAPIDS     MI   49503          5            07/18/03         00
    0436282859                           05           09/01/03          0
    035905518649                         O            08/01/18
    0

    8532382          E22/G02             F          220,000.00         ZZ
                                         180        220,000.00          1
                                       5.125          1,754.10         75
                                       4.875          1,754.10
    BRICK            NJ   08724          2            07/30/03         00
    0416820264                           05           09/01/03          0
    0416820264                           O            08/01/18
    0

    8532434          K15/G02             F           90,000.00         ZZ
                                         180         90,000.00          1
                                       5.250            723.49         48
                                       5.000            723.49
    DURHAM           ME   04222          5            07/25/03         00
    0436281901                           05           09/01/03          0
    007705518143                         O            08/01/18
    0
1

    8532498          E22/G02             F           65,500.00         TX
                                         180         65,500.00          1
                                       5.250            526.54         76
                                       5.000            526.54
    ALVORD           TX   76225          5            07/29/03         00
    0417434511                           05           09/01/03          0
    0417434511                           O            08/01/18
    0

    8532504          K15/G02             F           51,200.00         ZZ
                                         180         51,200.00          1
                                       5.625            421.75         80
                                       5.375            421.75
    MILO             ME   04463          5            07/25/03         00
    0436279715                           05           09/01/03          0
    007005519198                         O            08/01/18
    0

    8532542          E22/G02             F           46,400.00         ZZ
                                         180         46,400.00          1
                                       5.375            376.06         80
                                       5.125            376.06
    GRANBURY         TX   76048          1            07/22/03         00
    0417458494                           05           09/01/03          0
    0417458494                           O            08/01/18
    0

    8532692          E22/G02             F          184,000.00         TX
                                         180        184,000.00          1
                                       5.375          1,491.26         80
                                       5.125          1,491.26
    SUGAR LAND       TX   77478          5            07/30/03         00
    0417620986                           03           09/01/03          0
    0417620986                           O            08/01/18
    0

    8533152          E22/G02             F           52,000.00         ZZ
                                         180         52,000.00          1
                                       5.750            431.81         80
                                       5.500            431.81
    JACKSONVILLE     AR   72076          5            07/30/03         00
    0417903192                           05           09/01/03          0
    0417903192                           O            08/01/18
    0

    8533160          E22/G02             F          113,600.00         TX
                                         180        113,600.00          1
1

                                       5.875            950.97         80
                                       5.625            950.97
    MESQUITE         TX   75150          5            07/30/03         00
    0417905247                           05           09/01/03          0
    0417905247                           O            08/01/18
    0

    8533426          E22/G02             F          143,000.00         ZZ
                                         180        143,000.00          1
                                       5.375          1,158.97         87
                                       5.125          1,158.97
    OKLAHOMA CITY    OK   73120          5            07/30/03         01
    0417972072                           05           09/01/03         12
    0417972072                           O            08/01/18
    0

    8533434          K15/G02             F          174,000.00         ZZ
                                         180        174,000.00          1
                                       5.125          1,387.34         76
                                       4.875          1,387.34
    NEW LENOX        IL   60451          2            07/24/03         00
    0436286512                           05           09/01/03          0
    019905511344                         O            08/01/18
    0

    8533518          E22/G02             F           80,000.00         ZZ
                                         180         80,000.00          3
                                       5.000            632.63         28
                                       4.750            632.63
    SHELTON          CT   06484          2            08/04/03         00
    0417986866                           05           09/01/03          0
    0417986866                           N            08/01/18
    0

    8533534          313/G02             F          350,000.00         ZZ
                                         180        348,717.67          1
                                       5.250          2,813.58         46
                                       5.000          2,813.58
    LOS ANGELES      CA   90048          5            06/16/03         00
    0436271738                           05           08/01/03          0
    9552480                              O            07/01/18
    0

    8533544          313/G02             F          373,000.00         ZZ
                                         180        371,619.01          1
                                       5.125          2,974.01         67
                                       4.875          2,974.01
    ROWLAND HEIGHTS  CA   91748          2            06/25/03         00
    0436270920                           03           08/01/03          0
1

    9692872                              O            07/01/18
    0

    8533606          369/G02             F          400,000.00         ZZ
                                         180        397,093.12          1
                                       5.375          3,241.86         87
                                       5.125          3,241.86
    WICHITA          KS   67206          5            05/12/03         14
    0436300115                           03           07/01/03         25
    0075619908                           O            06/01/18
    0

    8534132          N47/G02             F          144,000.00         ZZ
                                         180        144,000.00          1
                                       5.000          1,138.74         80
                                       4.750          1,138.74
    MORENO VALLEY    CA   92557          5            07/16/03         00
    0436294870                           05           09/01/03          0
    30507133                             O            08/01/18
    0

    8534146          Q31/G02             F           65,940.00         ZZ
                                         180         65,940.00          1
                                       5.250            530.08         74
                                       5.000            530.08
    APPLE VALLEY     CA   92308          2            07/21/03         00
    0436299135                           05           09/01/03          0
    570925881                            O            08/01/18
    0

    8534198          313/G02             F          383,000.00         ZZ
                                         180        381,581.99          1
                                       5.125          3,053.74         41
                                       4.875          3,053.74
    BEVERLY HILLS    CA   90211          2            06/18/03         00
    0436272223                           05           08/01/03          0
    9646498                              O            07/01/18
    0

    8534204          313/G02             F          488,500.00         ZZ
                                         180        486,691.38          1
                                       5.125          3,894.92         38
                                       4.875          3,894.92
    SARATOGA         CA   95070          2            06/17/03         00
    0436272256                           05           08/01/03          0
    9609850                              O            07/01/18
    0

1

    8534514          K15/G02             F          108,700.00         ZZ
                                         180        108,700.00          1
                                       5.500            888.17         75
                                       5.250            888.17
    JAFFREY          NH   03452          5            07/08/03         00
    0436279517                           05           09/01/03          0
    033405517590                         O            08/01/18
    0

    8534756          K15/G02             F          208,000.00         ZZ
                                         180        208,000.00          1
                                       5.750          1,727.25         76
                                       5.500          1,727.25
    DANBURY          CT   06810          5            07/25/03         00
    0436281737                           05           09/01/03          0
    037905511680                         O            08/01/18
    0

    8534966          W35/G02             F          100,000.00         ZZ
                                         120        100,000.00          1
                                       5.750          1,097.69         80
                                       5.500          1,097.69
    REYNOLDS         IN   47980          5            07/26/03         00
    0436316608                           05           09/01/03          0
    21706                                O            08/01/13
    0

    8535234          U05/G02             F           90,000.00         ZZ
                                         180         90,000.00          3
                                       5.750            747.37         43
                                       5.500            747.37
    HOLLYWOOD        FL   33020          5            07/22/03         00
    0436287338                           05           09/01/03          0
    3391086                              N            08/01/18
    0

    8535522          964/G02             F          292,500.00         ZZ
                                         180        292,500.00          1
                                       5.000          2,313.08         75
                                       4.750          2,313.08
    TAYLORSVILLE     UT   84123          5            07/15/03         00
    0436293039                           05           09/01/03          0
    466598                               O            08/01/18
    0

    8535810          U05/G02             F          119,200.00         ZZ
                                         180        119,200.00          1
                                       5.750            989.85         80
                                       5.500            989.85
1

    CANAL FULTON     OH   44614          5            07/24/03         00
    0436280705                           05           09/01/03          0
    3396150                              O            08/01/18
    0

    8535886          W68/G02             F          102,000.00         TX
                                         180        102,000.00          1
                                       5.625            840.21         80
                                       5.375            840.21
    SAN ANTONIO      TX   78238          5            07/23/03         00
    0436353668                           05           09/01/03          0
    3070842                              O            08/01/18
    0

    8537450          H58/G02             F          101,250.00         ZZ
                                         180        100,894.37          1
                                       5.750            840.79         75
                                       5.500            840.79
    MILWAUKIE        OR   97222          5            06/26/03         00
    0436281067                           05           08/01/03          0
    146278                               N            07/01/18
    0

    8537756          H58/G02             F          144,900.00         ZZ
                                         180        144,385.63          1
                                       5.625          1,193.59         27
                                       5.375          1,193.59
    CHULA VISTA      CA   91910          2            06/04/03         00
    0436281299                           05           08/01/03          0
    160873                               O            07/01/18
    0

    8537900          H58/G02             F           50,000.00         ZZ
                                         120         50,000.00          1
                                       5.625            545.73         35
                                       5.375            545.73
    BRIGHTWOOD       OR   97011          5            07/02/03         00
    0436281471                           05           09/01/03          0
    164463                               O            08/01/13
    0

    8537958          H58/G02             F          265,000.00         ZZ
                                         180        264,049.31          1
                                       5.500          2,165.27         68
                                       5.250          2,165.27
    ANTIOCH          CA   94531          2            06/17/03         00
    0436281497                           05           08/01/03          0
    164685                               O            07/01/18
    0
1

    8537966          H58/G02             F          230,000.00         ZZ
                                         180        229,174.88          1
                                       5.500          1,879.29         64
                                       5.250          1,879.29
    ANTIOCH          CA   94531          5            06/18/03         00
    0436281505                           05           08/01/03          0
    164802                               O            07/01/18
    0

    8538216          H58/G02             F           53,800.00         ZZ
                                         180         53,602.89          1
                                       5.250            432.49         42
                                       5.000            432.49
    STOCKTON         CA   95205          2            06/29/03         00
    0436282065                           05           08/01/03          0
    170228                               N            07/01/18
    0

    8538368          N74/G02             F           88,000.00         ZZ
                                         180         88,000.00          1
                                       5.125            701.64         64
                                       4.875            701.64
    CHESAPEAKE       VA   23323          2            07/18/03         00
    0436292981                           05           09/01/03          0
    0032902010                           O            08/01/18
    0

    8538736          L21/G02             F          125,000.00         ZZ
                                         180        124,091.60          1
                                       5.375          1,013.09         47
                                       5.125          1,013.09
    UPPER DUBLIN     PA   19002          5            05/16/03         00
    0436282602                           05           07/01/03          0
    13BLAC                               O            06/01/18
    0

    8538782          L21/G02             F          218,000.00         ZZ
                                         180        217,192.86          1
                                       5.125          1,738.16         57
                                       4.875          1,738.16
    ALEXANDRIA       VA   22311          2            07/02/03         00
    0436282743                           09           08/01/03          0
    43ROUS                               N            07/01/18
    0

    8538798          L21/G02             F          418,000.00         ZZ
                                         180        416,452.41          1
1

                                       5.125          3,332.80         51
                                       4.875          3,332.80
    NEWTON           MA   02459          2            06/23/03         00
    0436282826                           05           08/01/03          0
    50CHIN                               O            07/01/18
    0

    8538804          L21/G02             F          526,000.00         ZZ
                                         180        526,000.00          1
                                       5.125          4,193.91         24
                                       4.875          4,193.91
    WAYLAND          MA   01778          2            07/03/03         00
    0436282842                           05           09/01/03          0
    51COHE                               O            08/01/18
    0

    8539010          A21/A21             F          250,000.00         ZZ
                                         180        250,000.00          1
                                       4.875          1,960.75         34
                                       4.625          1,960.75
    TENAFLY          NJ   07670          5            07/30/03         00
    0100135346                           05           09/01/03          0
    0100135346                           O            08/01/18
    0

    8539626          K21/G02             F          275,000.00         ZZ
                                         180        275,000.00          1
                                       4.750          2,139.04         61
                                       4.500          2,139.04
    WESTMINSTER      CA   92683          2            07/24/03         00
    0436302061                           05           09/01/03          0
    0326489                              O            08/01/18
    0

    8541853          U05/G02             F          100,000.00         ZZ
                                         180         98,587.41          1
                                       6.000            843.86         67
                                       5.750            843.86
    BALTIMORE        MD   21230          2            03/10/03         00
    0436239206                           07           05/01/03          0
    3313186                              N            04/01/18
    0

    8542283          E82/G02             F           59,500.00         ZZ
                                         180         57,667.97          2
                                       6.000            502.09          4
                                       5.750            502.09
    NAPA             CA   94558          2            03/18/03         00
    0400782058                           05           05/01/03          0
1

    0400782058                           N            04/01/18
    0

    8543298          975/G02             F          650,000.00         ZZ
                                         180        650,000.00          1
                                       5.375          5,268.03         73
                                       5.125          5,268.03
    ANAHEIM          CA   92808          5            07/01/03         00
    0436292080                           03           09/01/03          0
    2033340                              O            08/01/18
    0

    8545654          E22/G02             F           91,000.00         ZZ
                                         180         91,000.00          1
                                       5.875            761.78         80
                                       5.625            761.78
    HOUSTON          TX   77066          2            07/30/03         00
    0417063237                           03           09/01/03          0
    0417063237                           O            08/01/18
    0

    8545730          E22/G02             F          645,000.00         T
                                         180        645,000.00          1
                                       5.375          5,227.50         75
                                       5.125          5,227.50
    OAKLEY           UT   84055          2            07/29/03         00
    0417579844                           05           09/01/03          0
    0417579844                           O            08/01/18
    0

    8545740          E22/G02             F          468,000.00         ZZ
                                         180        468,000.00          1
                                       5.375          3,792.98         36
                                       5.125          3,792.98
    WALNUT CREEK     CA   94598          2            07/25/03         00
    0417617834                           05           09/01/03          0
    0417617834                           O            08/01/18
    0

    8545762          E22/G02             F          150,400.00         TX
                                         180        150,400.00          1
                                       5.375          1,218.94         80
                                       5.125          1,218.94
    THE COLONY       TX   75056          5            07/29/03         00
    0417670254                           05           09/01/03          0
    0417670254                           O            08/01/18
    0

1

    8545950          E22/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
                                       4.875          1,568.59         80
                                       4.625          1,568.59
    PUEBLO           CO   81005          5            07/30/03         00
    0417949492                           05           09/01/03          0
    0417949492                           O            08/01/18
    0

    8546822          E22/G02             F          158,000.00         ZZ
                                         180        158,000.00          1
                                       5.875          1,322.65         88
                                       5.625          1,322.65
    NEOSHO           MO   64850          5            08/01/03         04
    0417609674                           05           09/01/03         12
    0417609674                           O            08/01/18
    0

    8546836          253/253             F           38,490.00         ZZ
                                         180         38,490.00          1
                                       5.375            311.95         62
                                       5.125            311.95
    HALTOM CITY      TX   76117          2            07/28/03         00
    475178                               05           09/01/03          0
    475178                               N            08/01/18
    0

    8546892          E22/G02             F           68,000.00         ZZ
                                         180         68,000.00          1
                                       5.250            546.64         42
                                       5.000            546.64
    HIALEAH          FL   33016          2            08/06/03         00
    0417728862                           05           09/01/03          0
    0417728862                           N            08/01/18
    0

    8546926          E22/G02             F           90,000.00         ZZ
                                         180         90,000.00          1
                                       5.375            729.42         82
                                       5.125            729.42
    ARCADIA          OK   73007          5            08/01/03         01
    0417790755                           05           09/01/03          6
    0417790755                           O            08/01/18
    0

    8546932          E22/G02             F           55,200.00         ZZ
                                         180         55,200.00          1
                                       5.375            447.38         80
                                       5.125            447.38
1

    COLUMBUS         OH   43211          5            08/06/03         00
    0417796802                           05           09/01/03          0
    0417796802                           N            08/01/18
    0

    8547072          E22/G02             F           98,000.00         ZZ
                                         180         98,000.00          1
                                       6.000            826.98         94
                                       5.750            826.98
    BANNING          CA   92220          5            07/15/03         11
    0417969086                           05           09/01/03         35
    0417969086                           O            08/01/18
    0

    8548738          P09/G02             F          190,375.00         ZZ
                                         180        190,375.00          1
                                       5.125          1,517.90         85
                                       4.875          1,517.90
    DEALE            MD   20751          2            07/30/03         10
    0436303788                           05           09/01/03         12
    3003310214                           O            08/01/18
    0

    8549686          K15/G02             F           96,100.00         ZZ
                                         180         96,100.00          1
                                       5.625            791.61         68
                                       5.375            791.61
    CINCINNATI       OH   45211          5            07/24/03         00
    0436315642                           05           09/01/03          0
    028305510379                         O            08/01/18
    0

    8549726          K15/G02             F           45,000.00         ZZ
                                         180         45,000.00          1
                                       6.000            379.74         90
                                       5.750            379.74
    VERDEN           OK   73092          5            07/26/03         41
    0436298855                           05           09/01/03          6
    032605510732                         O            08/01/18
    0

    8549838          E22/G02             F          239,800.00         ZZ
                                         180        239,800.00          1
                                       5.750          1,991.32         70
                                       5.500          1,991.32
    PROVO            UT   84604          1            07/31/03         00
    0417518925                           01           09/01/03          0
    0417518925                           N            08/01/18
    0
1

    8549858          E22/G02             F          239,800.00         ZZ
                                         180        239,800.00          1
                                       5.750          1,991.32         70
                                       5.500          1,991.32
    PROVO            UT   84604          1            07/31/03         00
    0417590528                           01           09/01/03          0
    0417590528                           N            08/01/18
    0

    8550760          U05/G02             F           84,800.00         TX
                                         180         84,800.00          1
                                       6.000            715.59         80
                                       5.750            715.59
    HOUSTON          TX   77083          5            07/31/03         00
    0436325948                           03           09/01/03          0
    3392754                              O            08/01/18
    0

    8550790          X67/G02             F          120,000.00         ZZ
                                         180        120,000.00          1
                                       5.500            980.50         50
                                       5.250            980.50
    RANCHO CUCAMONG  CA   91737          5            07/10/03         00
    0436307276                           03           09/01/03          0
    0000420398                           O            08/01/18
    0

    8550850          X89/G02             F           69,700.00         ZZ
                                         180         69,700.00          2
                                       5.250            560.31         59
                                       5.000            560.31
    SAN BERNARDINO   CA   92404          2            07/24/03         00
    0436342778                           05           09/01/03          0
    2012530                              N            08/01/18
    0

    8551478          N74/G02             F          160,000.00         ZZ
                                         180        160,000.00          1
                                       5.250          1,286.20         85
                                       5.000          1,286.20
    HOT SPRINGS      AR   71913          1            08/01/03         10
    0436319487                           05           09/01/03         12
    0033061010                           O            08/01/18
    0

    8551990          737/G02             F           97,600.00         ZZ
                                         180         97,600.00          1
1

                                       5.375            791.01         80
                                       5.125            791.01
    HOUSTON          TX   77022          1            07/28/03         00
    0436293302                           05           09/01/03          0
    6023421                              O            08/01/18
    0

    8553000          738/G02             F          128,000.00         ZZ
                                         180        128,000.00          1
                                       5.250          1,028.97         60
                                       5.000          1,028.97
    DEERFIELD BEACH  FL   33442          5            07/03/03         00
    0436316830                           03           09/01/03          0
    41200041                             O            08/01/18
    0

    8554136          F89/G02             F           62,800.00         ZZ
                                         180         62,800.00          1
                                       5.875            525.71         80
                                       5.625            525.71
    LAS VEGAS        NV   89121          1            07/31/03         00
    0436332969                           01           09/01/03          0
    21033203                             N            08/01/18
    0

    8555908          K15/G02             F          138,600.00         ZZ
                                         180        138,600.00          1
                                       5.375          1,123.31         75
                                       5.125          1,123.31
    MOORESVILLE      IN   46158          5            07/28/03         00
    0436320667                           05           09/01/03          0
    027605511899                         O            08/01/18
    0

    8556060          K15/G02             F           70,000.00         ZZ
                                         180         70,000.00          1
                                       5.875            585.98         47
                                       5.625            585.98
    COLORADO SPRING  CO   80905          5            07/28/03         00
    0436339873                           05           09/01/03          0
    021805511004                         N            08/01/18
    0

    8559246          408/G02             F          104,750.00         ZZ
                                         180        104,750.00          1
                                       5.250            842.07         70
                                       5.000            842.07
    KANSAS CITY      MO   64111          5            08/01/03         00
    0436300206                           05           09/01/03          0
1

    703038513                            O            08/01/18
    0

    8560014          E22/G02             F           44,000.00         ZZ
                                         180         44,000.00          1
                                       5.875            368.33         62
                                       5.625            368.33
    AUBURNDALE       FL   33823          5            08/04/03         00
    0418054805                           05           09/01/03          0
    0418054805                           O            08/01/18
    0

    8565016          K15/G02             F           87,900.00         ZZ
                                         120         87,900.00          1
                                       5.250            943.09         42
                                       5.000            943.09
    WALLINGFORD      CT   06492          5            07/10/03         00
    0436346142                           05           09/01/03          0
    037405510910                         O            08/01/13
    0

    8574522          K15/G02             F          153,000.00         ZZ
                                         180        153,000.00          1
                                       5.250          1,229.93         58
                                       5.000          1,229.93
    MOUNT LAUREL     NJ   08054          5            07/26/03         00
    0436365811                           05           09/01/03          0
    010805519373                         O            08/01/18
    0

    8575214          K15/G02             F           92,000.00         ZZ
                                         180         92,000.00          1
                                       5.875            770.15         80
                                       5.625            770.15
    CLAREMONT        NH   03743          5            07/26/03         00
    0436367031                           05           09/01/03          0
    03305518624                          O            08/01/18
    0

    8599263          E22/G02             F          300,000.00         ZZ
                                         180        295,799.41          1
                                       5.250          2,411.63         40
                                       5.000          2,411.63
    COTO DE CAZA     CA   92679          5            03/28/03         00
    0416500783                           03           06/01/03          0
    0416500783                           O            05/01/18
    0

1

    8630463          N74/G02             F           43,775.00         ZZ
                                         180         43,142.50          1
                                       5.500            357.68         85
                                       5.250            357.68
    NORTH LITTLE RO  AR   72118          2            04/09/03         10
    0435724190                           05           05/14/03         12
    0032161010                           O            04/14/18
    0

    8638455          Q14/G02             F          167,000.00         ZZ
                                         180        165,192.61          1
                                       5.500          1,364.53         88
                                       5.250          1,364.53
    ELY              IA   52227          2            04/16/03         33
    0435725155                           05           06/01/03         25
    0000311819                           O            05/01/18
    0

    8664177          E47/G02             F          133,600.00         TX
                                         180        132,155.54          1
                                       5.500          1,091.62         80
                                       5.250          1,091.62
    HARLINGEN        TX   78552          5            04/17/03         00
    0436029094                           05           06/01/03          0
    7329013605                           O            05/01/18
    0

    8667641          E82/G02             F          150,000.00         ZZ
                                         180        148,809.82          1
                                       5.875          1,255.68         79
                                       5.625          1,255.68
    MONTCLAIR        CA   91763          2            04/30/03         00
    0400822342                           05           07/01/03          0
    0400822342                           N            06/01/18
    0

    8677121          U36/G02             F          300,000.00         ZZ
                                         180        296,823.61          1
                                       5.750          2,491.24         56
                                       5.500          2,491.24
    SILVER SPRING    MD   20904          1            04/22/03         00
    0436180616                           03           06/01/03          0
    276022003                            O            05/01/18
    0

    8683039          N74/G02             F           63,525.00         ZZ
                                         180         62,859.44          1
                                       5.875            531.78         80
                                       5.625            531.78
1

    RINER            VA   24149          2            04/29/03         00
    0435895529                           27           06/05/03          0
    0032276030                           O            05/05/18
    0

    8708567          X13/G02             F          148,500.00         ZZ
                                         180        147,443.21          1
                                       5.625          1,223.25         83
                                       5.375          1,223.25
    LACEY            WA   98503          2            05/08/03         04
    0435983382                           03           07/01/03          6
    700219                               O            06/01/18
    0

    8719087          253/253             F           50,000.00         ZZ
                                         180         49,269.99          1
                                       5.375            405.24         57
                                       5.125            405.24
    ALVARADO         TX   76009          1            03/28/03         00
    465307                               05           05/01/03          0
    465307                               O            04/01/18
    0

    8724425          286/286             F          208,000.00         ZZ
                                         180        205,071.44          1
                                       5.625          1,713.37         80
                                       5.375          1,713.37
    ALBUQUERQUE      NM   87105          5            04/21/03         00
    2239013                              05           06/01/03          0
    2239013                              O            05/01/18
    0

    8724433          286/286             F          107,000.00         ZZ
                                         180        105,855.13          1
                                       5.625            881.40         63
                                       5.375            881.40
    MIAMI            FL   33129          5            04/15/03         00
    2167611                              06           06/01/03          0
    2167611                              O            05/01/18
    0

    8724437          286/286             F          248,500.00         ZZ
                                         180        245,896.42          1
                                       5.875          2,080.24         57
                                       5.625          2,080.24
    SAN GABRIEL      CA   91775          2            04/03/03         00
    2185974                              05           06/01/03          0
    2185974                              N            05/01/18
    0
1

    8724481          286/286             F          180,000.00         ZZ
                                         180        178,094.18          1
                                       5.750          1,494.74         45
                                       5.500          1,494.74
    MASSAPEQUA       NY   11758          5            04/24/03         00
    1992322                              05           06/01/03          0
    1992322                              O            05/01/18
    0

    8725045          K15/G02             F           81,600.00         ZZ
                                         180         80,712.97          1
                                       5.875            683.09         85
                                       5.625            683.09
    PENSACOLA        FL   32526          5            05/09/03         41
    0435891569                           05           07/01/03          6
    009305509304                         O            06/01/18
    0

    8728557          E82/G02             F           77,500.00         ZZ
                                         180         76,954.26          1
                                       5.750            643.57         59
                                       5.500            643.57
    GOLDEN           MO   65658          2            05/19/03         00
    0400820098                           27           07/01/03          0
    0400820098                           O            06/01/18
    0

    8740133          E22/G02             F           79,200.00         ZZ
                                         180         78,606.76          1
                                       5.500            647.13         80
                                       5.250            647.13
    FORT WAYNE       IN   46835          5            05/21/03         00
    0417186657                           05           07/01/03          0
    0417186657                           O            06/01/18
    0

    8741215          W02/G02             F          198,000.00         ZZ
                                         180        196,545.97          1
                                       5.250          1,591.68         90
                                       5.000          1,591.68
    MIAMI            FL   33173          5            05/15/03         12
    0435921044                           05           07/01/03         12
    1002383080                           O            06/01/18
    0

    8745177          W68/G02             F           66,400.00         TX
                                         180         65,927.49          1
1

                                       5.625            546.96         80
                                       5.375            546.96
    HEMPSTEAD        TX   77445          5            05/12/03         00
    0436217509                           05           07/01/03          0
    3041932                              O            06/01/18
    0

    8755977          P44/G02             F          450,000.00         ZZ
                                         180        446,695.39          2
                                       5.250          3,617.45         72
                                       5.000          3,617.45
    WOBURN           MA   01801          5            05/19/03         00
    0435917786                           05           07/01/03          0
    1                                    O            06/01/18
    0

    8758009          408/G02             F          153,300.00         ZZ
                                         180        151,625.15          1
                                       5.375          1,242.45         73
                                       5.125          1,242.45
    OKLAHOMA CITY    OK   73170          5            04/24/03         00
    0436053532                           03           06/01/03          0
    703035803                            O            05/01/18
    0

    8764313          E84/G02             F          378,000.00         ZZ
                                         180        373,870.26          1
                                       5.375          3,063.56         70
                                       5.125          3,063.56
    SAN MATEO        CA   94402          2            04/11/03         00
    0435931050                           05           06/01/03          0
    24421371                             O            05/01/18
    0

    8764627          E47/G02             F          104,375.00         TX
                                         180        103,600.49          1
                                       5.125            832.20         62
                                       4.875            832.20
    SAN ANTONIO      TX   78253          2            05/23/03         00
    0436158612                           05           07/01/03          0
    7329013428                           O            06/01/18
    0

    8764995          477/G02             F          143,500.00         ZZ
                                         180        142,435.16          1
                                       5.125          1,144.15         28
                                       4.875          1,144.15
    ALAMEDA          CA   94501          2            05/09/03         00
    0435930557                           05           07/01/03          0
1

    259012                               O            06/01/18
    0

    8765337          950/G02             F           49,600.00         ZZ
                                         180         49,247.03          1
                                       5.625            408.57         50
                                       5.375            408.57
    POCATELLO        ID   83204          2            05/17/03         00
    0436162416                           05           07/01/03          0
    E633046                              N            06/01/18
    0

    8766875          T63/G02             F          176,700.00         ZZ
                                         180        175,481.76          1
                                       6.000          1,491.10         95
                                       5.750          1,491.10
    FORT LAUDERDALE  FL   33334          5            05/21/03         11
    0435995121                           05           07/01/03         25
    10961282                             O            06/01/18
    0

    8772097          M24/G02             F          119,000.00         ZZ
                                         180        118,179.57          1
                                       6.000          1,004.19         85
                                       5.750          1,004.19
    LAS VEGAS        NV   89121          5            05/27/03         14
    0436046296                           05           07/01/03         12
    270212926                            O            06/01/18
    0

    8773091          E22/G02             F          375,000.00         ZZ
                                         180        373,582.32          1
                                       4.875          2,941.12         57
                                       4.625          2,941.12
    COLTS NECK       NJ   07722          2            06/02/03         00
    0416831139                           05           08/01/03          0
    0416831139                           O            07/01/18
    0

    8775785          H58/G02             F          160,000.00         ZZ
                                         180        158,849.36          1
                                       5.500          1,307.33         79
                                       5.250          1,307.33
    SAN BERNADINO    CA   92407          5            05/29/03         00
    0436219760                           05           07/01/03          0
    0000159515                           O            06/01/18
    0

1

    8777343          477/G02             F          205,000.00         ZZ
                                         180        203,541.17          2
                                       5.625          1,688.65         21
                                       5.375          1,688.65
    NEWPORT BEACH    CA   92662          2            05/23/03         00
    0436157846                           05           07/01/03          0
    236383                               O            06/01/18
    0

    8787375          144/144             F           82,000.00         ZZ
                                         180         81,094.77          1
                                       5.250            659.18         19
                                       5.000            659.18
    NEW CITY         NY   10956          5            04/24/03         00
    160721217000000                      05           06/01/03          0
    16-072121-7                          O            05/01/18
    0

    8787379          144/144             F          100,000.00         T
                                         180         98,907.46          1
                                       5.375            810.47         74
                                       5.125            810.47
    ACCORD           NY   12404          5            04/07/03         00
    160719286000000                      05           06/01/03          0
    160719286                            O            05/01/18
    0

    8787483          S27/G02             F          173,700.00         ZZ
                                         180        173,070.25          1
                                       5.375          1,407.78         76
                                       5.125          1,407.78
    REHOBOTH BEACH   DE   19971          5            06/03/03         00
    0436039051                           05           08/01/03          0
    1130012757                           O            07/01/18
    0

    8787709          E22/G02             F          100,000.00         TX
                                         180         99,625.88          1
                                       5.000            790.79         80
                                       4.750            790.79
    DICKINSON        TX   77539          5            06/06/03         00
    0417174414                           03           08/01/03          0
    0417174414                           O            07/01/18
    0

    8787721          E22/G02             F          104,000.00         ZZ
                                         180        103,642.39          2
                                       6.000            877.61         80
                                       5.750            877.61
1

    ARNOLD           MO   63010          5            06/11/03         00
    0417183050                           05           08/01/03          0
    0417183050                           N            07/01/18
    0

    8789575          P34/G02             F          520,000.00         ZZ
                                         180        516,100.97          1
                                       5.000          4,112.13         80
                                       4.750          4,112.13
    NEW ROCHELLE     NY   10804          5            05/22/03         00
    0436038533                           05           07/01/03          0
    16104                                O            06/01/18
    0

    8790135          P01/G02             F          121,500.00         ZZ
                                         180        120,617.03          1
                                       5.375            984.72         80
                                       5.125            984.72
    FORT ANN         NY   12827          1            05/27/03         00
    0436044598                           05           07/01/03          0
    03005149                             O            06/01/18
    0

    8791093          T17/G02             F          181,300.00         ZZ
                                         180        179,298.54          1
                                       5.250          1,457.43         72
                                       5.000          1,457.43
    AUSTIN           TX   78749          2            05/22/03         00
    0436047476                           05           06/21/03          0
    0305190009                           O            05/21/18
    0

    8795259          E84/G02             F           60,000.00         ZZ
                                         180         59,573.02          1
                                       5.625            494.24         57
                                       5.375            494.24
    LATHROP          MO   64465          5            05/08/03         00
    0435978119                           05           07/01/03          0
    69935333                             O            06/01/18
    0

    8796399          E22/G02             F          182,000.00         ZZ
                                         180        181,353.94          1
                                       5.625          1,499.19         80
                                       5.375          1,499.19
    MESA             AZ   85213          5            06/09/03         00
    0417026341                           05           08/01/03          0
    0417026341                           O            07/01/18
    0
1

    8797375          Y37/G02             F          110,000.00         ZZ
                                         180        109,621.76          1
                                       6.000            928.24         80
                                       5.750            928.24
    WASILLA          AK   99654          5            06/24/03         00
    0436242887                           05           08/01/03          0
    11002119                             O            07/01/18
    0

    8800039          E22/G02             F           96,500.00         ZZ
                                         180         96,150.14          1
                                       5.375            782.10         78
                                       5.125            782.10
    MONTPELIER       ID   83254          5            06/04/03         00
    0416853349                           05           08/01/03          0
    0416853349                           O            07/01/18
    0

    8800185          E22/G02             F          134,400.00         ZZ
                                         180        133,927.93          1
                                       5.750          1,116.07         80
                                       5.500          1,116.07
    BUXTON           ME   04093          5            06/11/03         00
    0417069390                           05           08/01/03          0
    0417069390                           O            07/01/18
    0

    8801817          U35/G02             F          148,500.00         ZZ
                                         180        147,432.07          1
                                       5.500          1,213.37         90
                                       5.250          1,213.37
    SILVIS           IL   61282          5            05/28/03         04
    0436255137                           05           07/01/03         25
    11961781                             O            06/01/18
    0

    8805875          E23/G02             F          521,000.00         ZZ
                                         180        519,111.13          1
                                       5.375          4,222.52         57
                                       5.125          4,222.52
    BEVERLY HILLS    CA   90210          2            06/16/03         00
    0436233225                           05           08/01/03          0
    61011737                             N            07/01/18
    0

    8808069          E23/G02             F          180,800.00         ZZ
                                         180        180,151.38          1
1

                                       5.500          1,477.29         40
                                       5.250          1,477.29
    SAN LEANDRO      CA   94579          2            06/05/03         00
    0436124812                           05           08/01/03          0
    61011609                             O            07/01/18
    0

    8810361          W82/G02             F           69,000.00         ZZ
                                         180         68,762.74          1
                                       6.000            582.26         90
                                       5.750            582.26
    SAINT JOSEPH     MO   64504          5            06/25/03         14
    0436178404                           05           08/01/03         12
    910004153                            O            07/01/18
    0

    8811795          E23/G02             F          432,000.00         ZZ
                                         180        432,000.00          1
                                       5.375          3,501.21         80
                                       5.125          3,501.21
    RANCHO SANTA MA  CA   92688          5            07/01/03         00
    0436185755                           03           09/01/03          0
    51033473                             O            08/01/18
    0

    8813697          W82/G02             F          156,000.00         ZZ
                                         180        156,000.00          1
                                       5.875          1,305.90         85
                                       5.625          1,305.90
    CLINTON TOWNSHI  MI   48038          5            07/14/03         10
    0436232540                           05           09/01/03          6
    910004264                            O            08/01/18
    0

    8814989          E23/G02             F          232,400.00         ZZ
                                         180        231,539.57          1
                                       5.125          1,852.97         80
                                       4.875          1,852.97
    FRESNO           CA   93722          5            06/16/03         00
    0436240337                           05           08/01/03          0
    64001631                             O            07/01/18
    0

    8815029          E23/G02             F          130,500.00         ZZ
                                         180        130,031.83          1
                                       5.500          1,066.29         65
                                       5.250          1,066.29
    MONTCLAIR        CA   91763          5            06/23/03         00
    0436238604                           05           08/01/03          0
1

    51032119                             O            07/01/18
    0

    8815207          Q51/G02             F          396,000.00         T
                                         180        396,000.00          1
                                       6.000          3,341.67         57
                                       5.750          3,341.67
    BIG BEAR LAKE    CA   92315          5            07/01/03         00
    0436248660                           05           09/01/03          0
    0726516H30523B6                      O            08/01/18
    0

    8819457          P90/G02             F           60,500.00         ZZ
                                         180         60,500.00          1
                                       6.000            510.53         73
                                       5.750            510.53
    YUKON            OK   73099          2            07/24/03         00
    0436325591                           05           09/01/03          0
    959939                               N            08/01/18
    0

    8821135          E23/G02             F          162,000.00         ZZ
                                         180        161,387.57          1
                                       4.875          1,270.56         80
                                       4.625          1,270.56
    SCOTTSDALE       AZ   85251          5            06/26/03         00
    0436269377                           05           08/01/03          0
    41008322                             O            07/01/18
    0

    8822307          E23/G02             F          108,800.00         ZZ
                                         180        108,800.00          1
                                       5.250            874.62         55
                                       5.000            874.62
    RIALTO           CA   92376          2            07/03/03         00
    0436279947                           05           09/01/03          0
    51029133                             O            08/01/18
    0

    8822333          E23/G02             F          275,000.00         ZZ
                                         180        275,000.00          1
                                       5.875          2,302.08         50
                                       5.625          2,302.08
    SAN JOSE         CA   95111          5            07/16/03         00
    0436314462                           05           09/01/03          0
    64002091                             N            08/01/18
    0

1

    8825621          E23/G02             F          150,000.00         ZZ
                                         180        150,000.00          1
                                       5.500          1,225.63         60
                                       5.250          1,225.63
    LOS ANGELES      CA   91331          5            07/23/03         00
    0436339394                           05           09/01/03          0
    51032921                             O            08/01/18
    0

    8826865          E23/G02             F          155,000.00         ZZ
                                         180        155,000.00          4
                                       5.500          1,266.48         42
                                       5.250          1,266.48
    LOS ANGELES      CA   90026          5            07/14/03         00
    0436350938                           05           09/01/03          0
    51032378                             O            08/01/18
    0

    8826941          E23/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
                                       5.250          1,607.76         80
                                       5.000          1,607.76
    AREA OF SAN FER  CA   91342          5            07/01/03         00
    0436351746                           05           09/01/03          0
    51031724                             O            08/01/18
    0

   TOTAL NUMBER OF LOANS   :      1,146

   TOTAL ORIGINAL BALANCE  :   184,478,041.90

   TOTAL PRINCIPAL BALANCE :   183,757,688.06

   TOTAL ORIGINAL P+I      :     1,501,437.89

   TOTAL CURRENT P+I       :     1,501,437.89

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

<PAGE>

<TABLE>
<CAPTION>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

                               Schedule of Discount Fractions

    Loan Number     Current Balance    Net Mortgage Rate  Discount Fraction   PO Balance
<S>   <C>             <C>                   <C>                <C>            <C>
      8378328         $137,478.30           4.595%             8.1000%        $11,135.74
      8379140         $49,617.24            4.470%            10.6000%         $5,259.43
      8379738         $244,092.91           4.845%             3.1000%         $7,566.88
      8389136         $992,578.45           4.845%             3.1000%        $30,769.93
      8389190         $169,744.25           4.970%             0.6000%         $1,018.47
      8389630         $70,988.96            4.970%             0.6000%          $425.93
      8389886         $64,263.69            4.970%             0.6000%          $385.58
      8389900         $87,670.77            4.720%             5.6000%         $4,909.56
      8391580         $69,877.04            4.970%             0.6000%          $419.26
      8393202         $352,393.02           4.970%             0.6000%         $2,114.36
      8393552         $180,137.59           4.970%             0.6000%         $1,080.83
      8398986         $91,659.39            4.845%             3.1000%         $2,841.44
      8402294         $62,769.19            4.970%             0.6000%          $376.62
      8405384         $191,772.26           4.595%             8.1000%        $15,533.55
      8406056         $61,530.28            4.595%             8.1000%         $4,983.95
      8408412         $186,982.99           4.470%            10.6000%        $19,820.20
      8408608         $126,678.91           4.720%             5.6000%         $7,094.02
      8411120         $478,204.19           4.720%             5.6000%        $26,779.43
      8412028         $55,140.75            4.595%             8.1000%         $4,466.40
      8412104         $136,298.80           4.970%             0.6000%          $817.79
      8412898         $387,559.77           4.845%             3.1000%        $12,014.35
      8413558         $142,600.00           4.970%             0.6000%          $855.60
      8414232         $122,549.36           4.970%             0.6000%          $735.30
      8418588         $91,050.85            4.470%            10.6000%         $9,651.39
      8419248         $275,465.54           4.720%             5.6000%        $15,426.07
      8419312         $622,361.42           4.970%             0.6000%         $3,734.17
      8419386         $317,794.03           4.595%             8.1000%        $25,741.32
      8419538         $123,545.69           4.970%             0.6000%          $741.27
      8419656         $190,000.00           4.595%             8.1000%        $15,390.00
      8419676         $284,941.12           4.845%             3.1000%         $8,833.17
      8419736         $96,640.87            4.845%             3.1000%         $2,995.87
      8420112         $42,842.46            4.970%             0.6000%          $257.05
      8420316         $183,500.00           4.470%            10.6000%        $19,451.00
      8420972         $199,243.91           4.595%             8.1000%        $16,138.76
      8426216         $198,531.27           4.970%             0.6000%         $1,191.19
      8426232         $188,891.45           4.970%             0.6000%         $1,133.35
      8426548         $156,260.40           4.970%             0.6000%          $937.56
      8427368         $637,605.59           4.720%             5.6000%        $35,705.91
      8427560         $140,500.00           4.845%             3.1000%         $4,355.50
      8427632         $113,573.50           4.720%             5.6000%         $6,360.12
      8427790         $93,950.87            4.845%             3.1000%         $2,912.48
      8427832         $192,767.29           4.970%             0.6000%         $1,156.60
      8427952         $73,072.70            4.595%             8.1000%         $5,918.89
      8427982         $268,000.00           4.845%             3.1000%         $8,308.00
      8428038         $53,000.00            4.970%             0.6000%          $318.00
      8428102         $314,903.57           4.970%             0.6000%         $1,889.42
      8428148         $44,669.55            4.970%             0.6000%          $268.02
      8428384         $439,283.74           4.720%             5.6000%        $24,599.89
      8430292         $88,800.00            4.845%             3.1000%         $2,752.80
      8430354         $102,100.00           4.720%             5.6000%         $5,717.60
      8431058         $156,910.75           4.720%             5.6000%         $8,787.00
      8432490         $81,201.40            4.970%             0.6000%          $487.21
      8433744         $67,866.68            4.970%             0.6000%          $407.20

 Friday, August 22, 2003                                                        Page 1 of 8

      8433776         $174,707.52           4.970%             0.6000%         $1,048.25
      8433782         $54,392.81            4.970%             0.6000%          $326.36
      8433842         $297,796.91           4.970%             0.6000%         $1,786.78
      8433866         $332,290.72           4.970%             0.6000%         $1,993.74
      8433916         $100,873.96           4.970%             0.6000%          $605.24
      8434186         $154,414.03           4.595%             8.1000%        $12,507.54
      8434242         $46,000.00            4.720%             5.6000%         $2,576.00
      8434482         $107,604.31           4.970%             0.6000%          $645.63
      8434504         $99,633.62            4.970%             0.6000%          $597.80
      8434562         $87,069.58            4.595%             8.1000%         $7,052.64
      8434692         $89,663.29            4.720%             5.6000%         $5,021.14
      8434754         $49,682.29            4.970%             0.6000%          $298.09
      8434818         $80,401.50            4.970%             0.6000%          $482.41
      8434864         $114,569.76           4.720%             5.6000%         $6,415.91
      8434954         $268,491.73           4.720%             5.6000%        $15,035.54
      8435102         $273,981.85           4.845%             3.1000%         $8,493.44
      8435126         $343,706.15           4.845%             3.1000%        $10,654.89
      8436276         $183,130.90           4.845%             3.1000%         $5,677.06
      8436450         $237,350.51           4.970%             0.6000%         $1,424.10
      8437386         $375,000.00           4.845%             3.1000%        $11,625.00
      8439866         $231,777.38           4.470%            10.6000%        $24,568.40
      8440494         $157,400.00           4.970%             0.6000%          $944.40
      8440750         $68,800.00            4.970%             0.6000%          $412.80
      8441524         $148,898.46           4.970%             0.6000%          $893.39
      8443102         $215,997.33           4.845%             3.1000%         $6,695.92
      8444080         $881,757.56           4.970%             0.6000%         $5,290.55
      8444774         $99,366.33            4.970%             0.6000%          $596.20
      8444786         $119,100.23           4.720%             5.6000%         $6,669.61
      8444812         $156,418.73           4.845%             3.1000%         $4,848.98
      8448178         $177,000.00           4.970%             0.6000%         $1,062.00
      8448226         $50,000.00            4.595%             8.1000%         $4,050.00
      8448412         $260,641.56           4.970%             0.6000%         $1,563.85
      8449182         $124,000.00           4.845%             3.1000%         $3,844.00
      8449220         $104,607.17           4.720%             5.6000%         $5,858.00
      8449426         $498,148.82           4.845%             3.1000%        $15,442.61
      8449698         $77,708.18            4.720%             5.6000%         $4,351.66
      8451046         $35,700.00            4.970%             0.6000%          $214.20
      8451302         $128,527.38           4.970%             0.6000%          $771.16
      8451504         $40,351.62            4.970%             0.6000%          $242.11
      8451674         $199,267.24           4.970%             0.6000%         $1,195.60
      8451754         $596,000.00           4.970%             0.6000%         $3,576.00
      8451786         $185,000.00           4.595%             8.1000%        $14,985.00
      8452014         $124,967.77           4.595%             8.1000%        $10,122.39
      8452036         $112,070.25           4.470%            10.6000%        $11,879.45
      8452518         $407,437.62           4.470%            10.6000%        $43,188.39
      8452520         $580,772.95           4.470%            10.6000%        $61,561.93
      8452528         $350,655.36           4.470%            10.6000%        $37,169.47
      8452546         $946,371.01           4.470%            10.6000%        $100,315.33
      8452550         $372,188.19           4.720%             5.6000%        $20,842.54
      8452566         $448,298.79           4.595%             8.1000%        $36,312.20
      8452606         $415,407.06           4.470%            10.6000%        $44,033.15
      8452608         $557,860.81           4.470%            10.6000%        $59,133.25
      8452610         $450,273.36           4.470%            10.6000%        $47,728.98
      8452620         $560,351.25           4.470%            10.6000%        $59,397.23
      8452624         $410,426.16           4.470%            10.6000%        $43,505.17
      8452630         $361,627.69           4.595%             8.1000%        $29,291.84
      8452632         $359,137.13           4.595%             8.1000%        $29,090.11

 Friday, August 22, 2003                                                        Page 2 of 8

      8452904         $68,539.90            4.595%             8.1000%         $5,551.73
      8454778         $458,029.96           4.720%             5.6000%        $25,649.68
      8456372         $35,000.00            4.845%             3.1000%         $1,085.00
      8456472         $235,000.00           4.845%             3.1000%         $7,285.00
      8458692         $91,800.00            4.970%             0.6000%          $550.80
      8459046         $69,735.37            4.595%             8.1000%         $5,648.57
      8459092         $59,775.52            4.720%             5.6000%         $3,347.43
      8459356         $55,690.87            4.720%             5.6000%         $3,118.69
      8459998         $80,896.21            4.720%             5.6000%         $4,530.19
      8460310         $557,882.93           4.595%             8.1000%        $45,188.52
      8461228         $185,500.00           4.845%             3.1000%         $5,750.50
      8461328         $108,300.00           4.845%             3.1000%         $3,357.30
      8461456         $124,532.34           4.720%             5.6000%         $6,973.81
      8461674         $904,140.10           4.845%             3.1000%        $28,028.34
      8462014         $133,907.59           4.970%             0.6000%          $803.45
      8462156         $80,000.00            4.720%             5.6000%         $4,480.00
      8462316         $108,000.00           4.845%             3.1000%         $3,348.00
      8462370         $80,000.00            4.720%             5.6000%         $4,480.00
      8462470         $113,000.00           4.720%             5.6000%         $6,328.00
      8462486         $94,500.00            4.720%             5.6000%         $5,292.00
      8463582         $95,295.02            4.970%             0.6000%          $571.77
      8463690         $424,000.00           4.720%             5.6000%        $23,744.00
      8464178         $99,621.95            4.595%             8.1000%         $8,069.38
      8464192         $321,492.68           4.720%             5.6000%        $18,003.59
      8464226         $246,095.05           4.970%             0.6000%         $1,476.57
      8464280         $235,126.24           4.845%             3.1000%         $7,288.91
      8464298         $389,537.16           4.720%             5.6000%        $21,814.08
      8464302         $286,424.38           4.720%             5.6000%        $16,039.77
      8464322         $95,409.16            4.970%             0.6000%          $572.46
      8464340         $94,629.51            4.220%            15.6000%        $14,762.20
      8464384         $61,267.50            4.595%             8.1000%         $4,962.67
      8464390         $179,298.01           4.220%            15.6000%        $27,970.49
      8464406         $321,467.28           4.470%            10.6000%        $34,075.53
      8464426         $152,427.58           4.720%             5.6000%         $8,535.94
      8464434         $131,914.92           4.970%             0.6000%          $791.49
      8464458         $110,406.63           4.470%            10.6000%        $11,703.10
      8464468         $179,326.57           4.720%             5.6000%        $10,042.29
      8464484         $93,655.60            4.970%             0.6000%          $561.93
      8464510         $98,000.00            4.720%             5.6000%         $5,488.00
      8464546         $85,000.00            4.470%            10.6000%         $9,010.00
      8464568         $201,236.35           4.595%             8.1000%        $16,300.14
      8464680         $189,251.33           4.095%            18.1000%        $34,254.49
      8464684         $102,817.91           4.845%             3.1000%         $3,187.36
      8464692         $125,000.00           4.345%            13.1000%        $16,375.00
      8464752         $321,480.04           4.595%             8.1000%        $26,039.88
      8464766         $190,000.00           4.470%            10.6000%        $20,140.00
      8464818         $210,000.00           4.095%            18.1000%        $38,010.00
      8464820         $114,546.86           4.095%            18.1000%        $20,732.98
      8464824         $188,307.55           4.970%             0.6000%         $1,129.85
      8464850         $168,000.00           4.595%             8.1000%        $13,608.00
      8464854         $115,561.46           4.595%             8.1000%         $9,360.48
      8464872         $320,769.96           4.470%            10.6000%        $34,001.62
      8464876         $190,000.00           4.345%            13.1000%        $24,890.00
      8464890         $322,700.00           4.595%             8.1000%        $26,138.70
      8464976         $298,900.87           4.970%             0.6000%         $1,793.41
      8464984         $193,274.19           4.720%             5.6000%        $10,823.35
      8465006         $190,982.80           4.720%             5.6000%        $10,695.04

 Friday, August 22, 2003                                                        Page 3 of 8
      8465742         $117,000.00           4.970%             0.6000%          $702.00
      8465908         $41,446.30            4.870%             2.6000%         $1,077.60
      8467386         $245,700.00           4.470%            10.6000%        $26,044.20
      8468246         $322,000.00           4.845%             3.1000%         $9,982.00
      8469176         $210,000.00           4.595%             8.1000%        $17,010.00
      8469208         $97,633.35            4.720%             5.6000%         $5,467.47
      8471052         $199,267.24           4.970%             0.6000%         $1,195.60
      8471054         $96,391.79            4.845%             3.1000%         $2,988.15
      8471060         $112,500.00           4.970%             0.6000%          $675.00
      8471290         $132,000.00           4.970%             0.6000%          $792.00
      8471568         $129,513.64           4.720%             5.6000%         $7,252.76
      8471570         $63,000.00            4.595%             8.1000%         $5,103.00
      8471752         $372,629.75           4.970%             0.6000%         $2,235.78
      8471958         $93,600.00            4.595%             8.1000%         $7,581.60
      8471968         $69,600.00            4.970%             0.6000%          $417.60
      8472468         $81,000.00            4.720%             5.6000%         $4,536.00
      8472580         $197,500.00           4.970%             0.6000%         $1,185.00
      8472620         $500,000.00           4.720%             5.6000%        $28,000.00
      8472654         $118,000.00           4.970%             0.6000%          $708.00
      8472688         $374,500.00           4.595%             8.1000%        $30,334.50
      8472816         $650,000.00           4.845%             3.1000%        $20,150.00
      8473812         $118,056.66           4.720%             5.6000%         $6,611.17
      8473828         $260,521.65           4.720%             5.6000%        $14,589.21
      8476222         $149,936.94           4.720%             5.6000%         $8,396.47
      8476260         $163,392.81           4.845%             3.1000%         $5,065.18
      8477718         $97,600.00            4.970%             0.6000%          $585.60
      8477794         $108,000.00           4.845%             3.1000%         $3,348.00
      8478938         $155,000.00           4.345%            13.1000%        $20,305.00
      8478942         $129,000.00           4.720%             5.6000%         $7,224.00
      8478952         $219,500.00           4.720%             5.6000%        $12,292.00
      8478958         $270,000.00           4.720%             5.6000%        $15,120.00
      8478960         $115,000.00           4.470%            10.6000%        $12,190.00
      8478964         $200,000.00           4.720%             5.6000%        $11,200.00
      8478974         $195,000.00           4.595%             8.1000%        $15,795.00
      8479722         $290,800.00           4.970%             0.6000%         $1,744.80
      8479802         $59,050.00            4.845%             3.1000%         $1,830.55
      8479968         $450,000.00           4.845%             3.1000%        $13,950.00
      8479992         $145,000.00           4.970%             0.6000%          $870.00
      8480004         $142,000.00           4.595%             8.1000%        $11,502.00
      8480082         $124,000.00           4.720%             5.6000%         $6,944.00
      8480182         $170,000.00           4.720%             5.6000%         $9,520.00
      8480220         $211,000.00           4.595%             8.1000%        $17,091.00
      8480224         $112,000.00           4.970%             0.6000%          $672.00
      8481362         $398,503.50           4.720%             5.6000%        $22,316.20
      8481664         $240,000.00           4.595%             8.1000%        $19,440.00
      8481692         $156,922.95           4.970%             0.6000%          $941.54
      8484148         $504,000.00           4.970%             0.6000%         $3,024.00
      8484242        $1,000,000.00          4.970%             0.6000%         $6,000.00
      8485794         $43,300.00            4.970%             0.6000%          $259.80
      8485822         $235,200.00           4.845%             3.1000%         $7,291.20
      8485844         $91,000.00            4.970%             0.6000%          $546.00
      8485996         $63,000.00            4.970%             0.6000%          $378.00
      8486326         $500,000.00           4.970%             0.6000%         $3,000.00
      8486336         $75,200.00            4.595%             8.1000%         $6,091.20
      8486338         $119,560.35           4.970%             0.6000%          $717.36
      8486550         $208,500.00           4.720%             5.6000%        $11,676.00
      8486642         $112,500.00           4.970%             0.6000%          $675.00

 Friday, August 22, 2003                                                        Page 4 of 8
      8486716         $138,878.46           4.720%             5.6000%         $7,777.19
      8486718         $236,200.00           4.595%             8.1000%        $19,132.20
      8486752         $256,500.00           4.845%             3.1000%         $7,951.50
      8486972         $85,376.02            4.595%             8.1000%         $6,915.46
      8487030         $95,736.70            4.595%             8.1000%         $7,754.67
      8487246         $105,860.72           4.970%             0.6000%          $635.16
      8487252         $211,721.45           4.970%             0.6000%         $1,270.33
      8487334         $188,982.85           4.595%             8.1000%        $15,307.61
      8488026         $59,775.52            4.720%             5.6000%         $3,347.43
      8488610         $168,000.00           4.720%             5.6000%         $9,408.00
      8488692         $297,000.00           4.845%             3.1000%         $9,207.00
      8488708         $90,100.00            4.845%             3.1000%         $2,793.10
      8488712         $149,010.00           4.595%             8.1000%        $12,069.81
      8488888         $112,187.46           4.970%             0.6000%          $673.12
      8489092         $95,381.77            4.720%             5.6000%         $5,341.38
      8489126         $100,800.00           4.470%            10.6000%        $10,684.80
      8489140         $150,000.00           4.345%            13.1000%        $19,650.00
      8489864         $85,500.00            4.470%            10.6000%         $9,063.00
      8489936         $190,000.00           4.845%             3.1000%         $5,890.00
      8489972         $157,408.88           4.720%             5.6000%         $8,814.90
      8490976         $178,000.00           4.970%             0.6000%         $1,068.00
      8491048         $68,500.00            4.595%             8.1000%         $5,548.50
      8491340         $108,000.00           4.720%             5.6000%         $6,048.00
      8491456         $53,400.00            4.720%             5.6000%         $2,990.40
      8491464         $140,000.00           4.720%             5.6000%         $7,840.00
      8491570         $139,470.73           4.595%             8.1000%        $11,297.13
      8492180         $403,000.00           4.970%             0.6000%         $2,418.00
      8494926         $104,200.00           4.970%             0.6000%          $625.20
      8495082         $103,000.00           4.720%             5.6000%         $5,768.00
      8495142         $112,600.00           4.845%             3.1000%         $3,490.60
      8495212         $110,000.00           4.845%             3.1000%         $3,410.00
      8495352         $82,000.00            4.595%             8.1000%         $6,642.00
      8497132         $180,000.00           4.595%             8.1000%        $14,580.00
      8497262         $220,000.00           4.970%             0.6000%         $1,320.00
      8497460         $322,700.00           4.970%             0.6000%         $1,936.20
      8497652         $58,700.00            4.720%             5.6000%         $3,287.20
      8498870         $94,500.00            4.970%             0.6000%          $567.00
      8498928         $172,950.00           4.970%             0.6000%         $1,037.70
      8498946         $76,000.00            4.970%             0.6000%          $456.00
      8498976         $295,000.00           4.595%             8.1000%        $23,895.00
      8499806         $52,000.00            4.845%             3.1000%         $1,612.00
      8500344         $49,816.81            4.970%             0.6000%          $298.90
      8500424         $375,000.00           4.845%             3.1000%        $11,625.00
      8500726         $119,551.05           4.720%             5.6000%         $6,694.86
      8500816         $156,000.00           4.970%             0.6000%          $936.00
      8500830         $145,600.00           4.970%             0.6000%          $873.60
      8500844         $253,000.00           4.720%             5.6000%        $14,168.00
      8500864         $106,500.00           4.220%            15.6000%        $16,614.00
      8500882         $322,700.00           4.345%            13.1000%        $42,273.70
      8500888         $83,000.00            4.595%             8.1000%         $6,723.00
      8501144         $322,700.00           4.720%             5.6000%        $18,071.20
      8501160         $203,250.00           4.345%            13.1000%        $26,625.75
      8501176         $144,500.00           4.095%            18.1000%        $26,154.50
      8501180         $264,000.00           4.220%            15.6000%        $41,184.00
      8501188         $255,000.00           4.095%            18.1000%        $46,155.00
      8501190         $133,000.00           4.220%            15.6000%        $20,748.00
      8501192         $130,000.00           4.720%             5.6000%         $7,280.00

 Friday, August 22, 2003                                                        Page 5 of 8
      8501194         $200,000.00           4.470%            10.6000%        $21,200.00
      8501196         $117,500.00           4.095%            18.1000%        $21,267.50
      8501198         $300,000.00           4.595%             8.1000%        $24,300.00
      8501200         $192,000.00           4.720%             5.6000%        $10,752.00
      8501236         $81,000.00            4.345%            13.1000%        $10,611.00
      8501242         $124,000.00           4.595%             8.1000%        $10,044.00
      8501258         $270,000.00           4.720%             5.6000%        $15,120.00
      8501294         $131,800.00           4.970%             0.6000%          $790.80
      8502034         $79,300.00            4.970%             0.6000%          $475.80
      8502434         $75,000.00            4.720%             5.6000%         $4,200.00
      8502738         $41,000.00            4.720%             5.6000%         $2,296.00
      8503348         $266,500.00           4.845%             3.1000%         $8,261.50
      8503886         $74,722.31            4.845%             3.1000%         $2,316.39
      8503940         $47,746.77            4.970%             0.6000%          $286.48
      8503978         $158,825.02           4.970%             0.6000%          $952.95
      8503996         $294,818.95           4.970%             0.6000%         $1,768.91
      8504038         $91,456.55            4.720%             5.6000%         $5,121.57
      8504262         $58,159.60            4.970%             0.6000%          $348.96
      8504356         $148,863.55           4.595%             8.1000%        $12,057.95
      8504432         $228,854.32           4.595%             8.1000%        $18,537.20
      8505546         $58,500.00            4.970%             0.6000%          $351.00
      8505778         $80,000.00            4.720%             5.6000%         $4,480.00
      8505916         $115,000.00           4.845%             3.1000%         $3,565.00
      8505958         $385,000.00           4.470%            10.6000%        $40,810.00
      8506064         $159,000.00           4.845%             3.1000%         $4,929.00
      8506088         $60,000.00            4.845%             3.1000%         $1,860.00
      8506492         $200,000.00           4.970%             0.6000%         $1,200.00
      8506498         $88,800.00            4.720%             5.6000%         $4,972.80
      8506628         $80,700.00            4.845%             3.1000%         $2,501.70
      8506726         $230,000.00           4.845%             3.1000%         $7,130.00
      8506770         $75,400.00            4.845%             3.1000%         $2,337.40
      8506804         $150,000.00           4.970%             0.6000%          $900.00
      8507218         $135,000.00           4.845%             3.1000%         $4,185.00
      8507422         $400,000.00           4.845%             3.1000%        $12,400.00
      8507772         $248,500.00           4.845%             3.1000%         $7,703.50
      8507926         $192,000.00           4.720%             5.6000%        $10,752.00
      8508208         $103,000.00           4.845%             3.1000%         $3,193.00
      8508806         $163,000.00           4.970%             0.6000%          $978.00
      8508898         $390,563.79           4.970%             0.6000%         $2,343.38
      8508914         $114,600.00           4.970%             0.6000%          $687.60
      8509010         $166,650.00           4.595%             8.1000%        $13,498.65
      8509358         $245,000.00           4.845%             3.1000%         $7,595.00
      8509446         $88,000.00            4.720%             5.6000%         $4,928.00
      8509726         $203,600.00           4.845%             3.1000%         $6,311.60
      8509946         $55,900.00            4.970%             0.6000%          $335.40
      8510048         $155,000.00           4.970%             0.6000%          $930.00
      8510054         $840,000.00           4.845%             3.1000%        $26,040.00
      8510126         $91,700.00            4.470%            10.6000%         $9,720.20
      8510408         $238,000.00           4.845%             3.1000%         $7,378.00
      8510614         $152,750.00           4.970%             0.6000%          $916.50
      8511364         $72,000.00            4.720%             5.6000%         $4,032.00
      8511474         $156,800.00           4.845%             3.1000%         $4,860.80
      8513080         $100,131.79           4.970%             0.6000%          $600.79
      8513498         $140,000.00           4.845%             3.1000%         $4,340.00
      8513672         $135,500.00           4.845%             3.1000%         $4,200.50
      8515208         $103,350.00           4.845%             3.1000%         $3,203.85
      8515436         $142,550.00           4.595%             8.1000%        $11,546.55

 Friday, August 22, 2003                                                        Page 6 of 8
      8515486         $160,000.00           4.970%             0.6000%          $960.00
      8515548         $122,000.00           4.970%             0.6000%          $732.00
      8515670         $53,600.00            4.720%             5.6000%         $3,001.60
      8515674         $200,000.00           4.970%             0.6000%         $1,200.00
      8515862         $246,500.00           4.970%             0.6000%         $1,479.00
      8516372         $101,250.00           4.845%             3.1000%         $3,138.75
      8517458         $83,000.00            4.970%             0.6000%          $498.00
      8518012         $215,000.00           4.595%             8.1000%        $17,415.00
      8519370         $158,900.00           4.845%             3.1000%         $4,925.90
      8519800         $75,000.00            4.470%            10.6000%         $7,950.00
      8519992         $227,000.00           4.970%             0.6000%         $1,362.00
      8520858         $380,600.43           4.970%             0.6000%         $2,283.60
      8524172         $211,000.00           4.970%             0.6000%         $1,266.00
      8524564         $85,250.00            4.470%            10.6000%         $9,036.50
      8525222         $315,000.00           4.845%             3.1000%         $9,765.00
      8525294         $77,500.00            4.845%             3.1000%         $2,402.50
      8525532         $229,000.00           4.845%             3.1000%         $7,099.00
      8525542         $145,000.00           4.970%             0.6000%          $870.00
      8525678         $110,000.00           4.720%             5.6000%         $6,160.00
      8527160         $70,400.00            4.845%             3.1000%         $2,182.40
      8527272         $147,650.00           4.720%             5.6000%         $8,268.40
      8527494         $47,500.00            4.595%             8.1000%         $3,847.50
      8527902         $180,000.00           4.970%             0.6000%         $1,080.00
      8530722         $90,800.00            4.845%             3.1000%         $2,814.80
      8531302         $42,244.66            4.970%             0.6000%          $253.47
      8531536         $246,400.00           4.845%             3.1000%         $7,638.40
      8532117         $73,302.47            4.970%             0.6000%          $439.81
      8532382         $220,000.00           4.845%             3.1000%         $6,820.00
      8532434         $90,000.00            4.970%             0.6000%          $540.00
      8532498         $65,500.00            4.970%             0.6000%          $393.00
      8533434         $174,000.00           4.845%             3.1000%         $5,394.00
      8533518         $80,000.00            4.720%             5.6000%         $4,480.00
      8533534         $348,717.67           4.970%             0.6000%         $2,092.31
      8533544         $371,619.01           4.845%             3.1000%        $11,520.19
      8534132         $144,000.00           4.720%             5.6000%         $8,064.00
      8534146         $65,940.00            4.970%             0.6000%          $395.64
      8534198         $381,581.99           4.845%             3.1000%        $11,829.04
      8534204         $486,691.38           4.845%             3.1000%        $15,087.43
      8535522         $292,500.00           4.720%             5.6000%        $16,380.00
      8538216         $53,602.89            4.970%             0.6000%          $321.62
      8538368         $88,000.00            4.845%             3.1000%         $2,728.00
      8538782         $217,192.86           4.845%             3.1000%         $6,732.98
      8538798         $416,452.41           4.845%             3.1000%        $12,910.02
      8538804         $526,000.00           4.845%             3.1000%        $16,306.00
      8539010         $250,000.00           4.595%             8.1000%        $20,250.00
      8539626         $275,000.00           4.470%            10.6000%        $29,150.00
      8545950         $200,000.00           4.595%             8.1000%        $16,200.00
      8546892         $68,000.00            4.970%             0.6000%          $408.00
      8548738         $190,375.00           4.845%             3.1000%         $5,901.63
      8550850         $69,700.00            4.970%             0.6000%          $418.20
      8551478         $160,000.00           4.970%             0.6000%          $960.00
      8553000         $128,000.00           4.970%             0.6000%          $768.00
      8559246         $104,750.00           4.970%             0.6000%          $628.50
      8565016         $87,900.00            4.970%             0.6000%          $527.40
      8574522         $153,000.00           4.970%             0.6000%          $918.00
      8599263         $295,799.41           4.970%             0.6000%         $1,774.80
      8741215         $196,545.97           4.970%             0.6000%         $1,179.28

 Friday, August 22, 2003                                                        Page 7 of 8

      8755977         $446,695.39           4.970%             0.6000%         $2,680.17
      8764627         $103,600.49           4.845%             3.1000%         $3,211.62
      8764995         $142,435.16           4.845%             3.1000%         $4,415.49
      8773091         $373,582.32           4.595%             8.1000%        $30,260.17
      8787375         $81,094.77            4.970%             0.6000%          $486.57
      8787709         $99,625.88            4.720%             5.6000%         $5,579.05
      8789575         $516,100.97           4.720%             5.6000%        $28,901.65
      8791093         $179,298.54           4.970%             0.6000%         $1,075.79
      8814989         $231,539.57           4.845%             3.1000%         $7,177.73
      8821135         $161,387.57           4.595%             8.1000%        $13,072.39
      8822307         $108,800.00           4.970%             0.6000%          $652.80
      8826941         $200,000.00           4.970%             0.6000%         $1,200.00

 Friday, August 22, 2003                                                        Page 8 of 8
</TABLE>

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

(i) (a) the amount of such distribution to the Certificateholders of such Class
applied to reduce the Certificate Principal Balance thereof, and (b) the
aggregate amount included therein representing Principal Prepayments;

(ii) the amount of such distribution to Holders of such Class of Certificates
allocable to interest;

(iii) if the distribution to the Holders of such Class of Certificates is less
than the full amount that would be distributable to such Holders if there were
sufficient funds available therefor, the amount of the shortfall;

(iv) the amount of any Advance by the Master Servicer pursuant to Section 4.04;

(v) the number and Pool Stated Principal Balance of the Mortgage Loans after
giving effect to the distribution of principal on such Distribution Date;

(vi) the aggregate Certificate Principal Balance of each Class of Certificates
and each of the Senior Percentage and Subordinate Class Percentage, after giving
effect to the amounts distributed on such Distribution Date, separately
identifying any reduction thereof due to Realized Losses other than pursuant to
an actual distribution of principal;

(vii) the related Subordinate Principal Distribution Amount and Prepayment
Distribution Percentage, if applicable;

(viii) on the basis of the most recent reports furnished to it by Sub-Servicers,
(a) the number and aggregate principal balances of Mortgage Loans that are
Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number
and aggregate principal balance of Mortgage Loans that are in foreclosure, (b)
the number and aggregate principal balances of Reportable Modified Mortgage
Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days
and the number and aggregate principal balance of Reportable Modified Mortgage
Loans that are in foreclosure and are REO Property, indicating in each case
capitalized Mortgage Loans, other Servicing Modifications and totals, and (c)
for all Reportable Modified Mortgage Loans, the number and aggregate Stated
Principal Balance of Reportable Modified Mortgage Loans that have been
liquidated, the subject of pay-offs and that have been repurchased by the Master
Servicer or Seller;

(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;

<PAGE>

(xii) the weighted average Pool Strip Rate for such Distribution Date and the
Pass-Through Rate with respect to the Class A-V Certificates and each Subclass,
if any, thereof;

(xiii) the Notional Amount with respect to each class of Interest Only
Certificates and each Subclass Notional Amount;

(xiv) the occurrence of the Credit Support Depletion Date;

(xv) the related Senior Accelerated Distribution Percentage applicable to such
distribution;

(xvi) the related Senior Percentage for such Distribution Date;

(xvii) the aggregate amount of Realized Losses for such Distribution Date;

(xviii) the aggregate amount of any recoveries on previously foreclosed loans
from Sellers due to a breach of a representation or warranty assigned to the
Trustee pursuant to Section 2.04;

(xix) the weighted average remaining term to maturity of the Mortgage Loans
after giving effect to the amounts distributed on such Distribution Date; and

(xx) the weighted average Mortgage Rates of the Mortgage Loans after giving
effect to the amounts distributed on such Distribution Date.

        In the case of information furnished pursuant to clauses (i) and (ii)
above, the amounts shall be expressed as a dollar amount per Certificate with a
$1,000 denomination.

        The Trustee's internet website, and assistance in using the website, can
be obtained by calling the Trustee's Shareholder Relations desk at (800)
735-7777. To receive this statement via first class mail, telephone the Trustee
at (800) 735-7777.

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF MARCH 1, 2003

                                 EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of March 1, 2003

                        Residential Accredit Loans, Inc.
                 Mortgage Asset-Backed Pass-Through Certificates

================================================================================
<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                        PAGE

<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................2

        Section 1.01. Definitions...........................................................2

        Section 1.02. Use of Words and Phrases.............................................32

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........33

        Section 2.01. Conveyance of Mortgage Loans.........................................33

        Section 2.02. Acceptance by Trustee................................................39

        Section 2.03. Representations, Warranties and Covenants of the Master Servicer
               and the Company.............................................................40

        Section 2.04. Representations and Warranties of Sellers............................42

        Section 2.05. Execution and Authentication of Certificates/Issuance of
                Certificates Evidencing Interests in REMIC I Certificates..................44

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                Acceptance by the Trustee..................................................44

        Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II............44

        Section 2.08. Purposes and Powers of the Trust.....................................44

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................45

        Section 3.01. Master Servicer to Act as Servicer...................................45

        Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers;
                Enforcement of Subservicers' and Sellers' Obligations......................46
        Section 3.03. Successor Subservicers...............................................47

        Section 3.04. Liability of the Master Servicer.....................................48

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
                Certificateholders ........................................................48

        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee..... 48

        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                Account ...................................................................49

        Section 3.08. Subservicing Accounts; Servicing Accounts............................51

        Section 3.09. Access to Certain Documentation and  Information Regarding the Mortgage
                Loans .....................................................................53

        Section 3.10. Permitted Withdrawals from the Custodial Account.....................53

                                        i

<PAGE>

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections Thereunder55

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity Coverage...56

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and  Modification Agreements;
               Certain Assignments.........................................................57

        Section 3.14. Realization Upon Defaulted Mortgage Loans............................59

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files......................63

        Section 3.16. Servicing and Other Compensation; Compensating Interest..............64

        Section 3.17. Reports to the Trustee and the Company...............................65

        Section 3.18. Annual Statement as to Compliance....................................65

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............66

        Section 3.20. Rights of the Company in Respect of the Master Servicer..............66

        Section 3.21. Administration of Buydown Funds......................................67

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................68

        Section 4.01. Certificate Account..................................................68

        Section 4.02. Distributions........................................................68

        Section 4.03. Statements to Certificateholders; Statements to Rating Agencies;
                Exchange Act Reporting.....................................................68

        Section 4.04. Distribution of Reports to the Trustee and  the Company; Advances
                by the Master Servicer.............. ......................................70

        Section 4.05. Allocation of Realized Losses........................................72

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........72

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................72

        Section 4.08. Surety Bond..........................................................72

Article V         THE CERTIFICATES.........................................................74

        Section 5.01. The Certificates.....................................................74

        Section 5.02. Registration of Transfer and Exchange of Certificates................76

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................81

        Section 5.04. Persons Deemed Owners................................................82

        Section 5.05. Appointment of Paying Agent..........................................82

                                        ii
<PAGE>

Article VI        THE COMPANY AND THE MASTER SERVICER......................................83

        Section 6.01. Respective Liabilities of the Company and the Master Servicer........83

        Section 6.02. Merger or Consolidation of the Company or the Master Servicer; Assignment of
               Rights and Delegation of Duties by Master Servicer..........................83

        Section 6.03. Limitation on Liability of the Company,  the Master Servicer and Others 84

        Section 6.04. Company and Master Servicer Not to Resign............................85

Article VII       DEFAULT..................................................................86

        Section 7.01. Events of Default....................................................86

        Section 7.02. Trustee or Company to Act; Appointment of Successor..................88

        Section 7.03. Notification to Certificateholders...................................89

        Section 7.04. Waiver of Events of Default..........................................89

Article VIII      CONCERNING THE TRUSTEE...................................................90

        Section 8.01. Duties of Trustee....................................................90

        Section 8.02. Certain Matters Affecting the Trustee................................91

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................93

        Section 8.04. Trustee May Own Certificates.........................................93

        Section 8.05. Master Servicer to Pay Trustee's Fees  and Expenses; Indemnification.93

        Section 8.06. Eligibility Requirements for Trustee.................................94

        Section 8.07. Resignation and Removal of the Trustee...............................95

        Section 8.08. Successor Trustee....................................................95

        Section 8.09. Merger or Consolidation of Trustee...................................96

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................96

        Section 8.11. Appointment of Custodians............................................97

        Section 8.12. Appointment of Office or Agency......................................98

Article IX        TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES.....................99

        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........ ....................................................99

                        iii
<PAGE>

        Section 9.02. Additional Termination Requirements.................................102

        Section 9.03. Termination of Multiple REMICs......................................103

Article X         REMIC PROVISIONS........................................................104

        Section 10.01.REMIC Administration................................................104

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification....107

        Section 10.03.Designation of REMIC(s).............................................108

Article XI        MISCELLANEOUS PROVISIONS................................................109

        Section 11.01.Amendment...........................................................109

        Section 11.02.Recordation of Agreement; Counterparts..............................111

        Section 11.03.Limitation on Rights of Certificateholders..........................112

        Section 11.04.Governing Law.......................................................112

        Section 11.05.Notices.............................................................113

        Section 11.06.Required Notices to Rating Agency and Subservicer...................114

        Section 11.07.Severability of Provisions..........................................114

        Section 11.08.Supplemental Provisions for Resecuritization........................114

        Section 11.09.Allocation of Voting Rights.........................................114

        Section 11.10.No Petition.........................................................114

                                        iv
<PAGE>

                                    EXHIBITS

Exhibit A:            Form of Class A Certificate
Exhibit B:            Form of Class M Certificate
Exhibit C:            Form of Class B Certificate
Exhibit D:            Form of Class R Certificate
Exhibit E:            Form of Seller/Servicer Contract
Exhibit F:            Forms of Request for Release
Exhibit G-1:          Form of Transfer Affidavit and Agreement
Exhibit G-2:          Form of Transferor Certificate
Exhibit H:            Form of Investor Representation Letter
Exhibit I:            Form of Transferor Representation Letter
Exhibit J:            Form of Rule 144A Investment Representation Letter
Exhibit K:            Text of Amendment to Pooling and Servicing Agreement Pursuant to Section 11.01(e) for a
                      Limited Guaranty
Exhibit L:            Form of Limited Guaranty
Exhibit M:            Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:            Request for Exchange Form
Exhibit O:            Form of Form 10-K Certification
Exhibit P:            Form of Back-Up Certification to Form 10-K Certificate
Exhibit Q:            Information to be Provided by the Master Servicer to the Rating Agencies Relating to
                      Reportable Modified Mortgage Loans

</TABLE>

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of March 1, 2003 (the "Standard Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or  "Agreement"),  among  RESIDENTIAL  ACCREDIT  LOANS,  INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and assigns,  the "Master  Servicer"),  and the trustee named in the
applicable  Series  Supplement  (together  with  its  permitted  successors  and
assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  asset-backed  pass-through
certificates  (collectively,  the  "Certificates"),   to  be  issued  under  the
Agreement in multiple  classes,  which in the aggregate will evidence the entire
beneficial ownership interest in the Mortgage Loans.

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

                                       1
<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

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

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

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

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

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

                                       2
<PAGE>

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

        Addendum  and   Assignment   Agreement:   The  Addendum  and  Assignment
Agreement, dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

        Advance:  As to any  Mortgage  Loan,  any  advance  made  by the  Master
Servicer, pursuant to Section 4.04.

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

                                       3
<PAGE>

     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Subsequent Recoveries,  Insurance Proceeds,  Curtailments,
Mortgage Loan  purchases made pursuant to Section 2.02,  2.03,  2.04 or 4.07 and
Mortgage  Loan  substitutions  made pursuant to Section 2.03 or 2.04 received or
made in the  month  of such  Distribution  Date  (other  than  such  Liquidation
Proceeds,  Insurance  Proceeds and  purchases of Mortgage  Loans that the Master
Servicer has deemed to have been received in the  preceding  month in accordance
with Section 3.07(b)),  and Principal Prepayments in Full made after the related
Prepayment  Period, and (ii) payments which represent early receipt of scheduled
payments of  principal  and interest  due on a date or dates  subsequent  to the
related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan

                                       4
<PAGE>

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, including any Subsequent  Recoveries,
and  amounts   deposited  in  the  Custodial  Account  in  connection  with  the
substitution  of Qualified  Substitute  Mortgage  Loans,  (ii) the amount of any
Advance made on the  immediately  preceding  Certificate  Account  Deposit Date,
(iii) any amount deposited in the Certificate Account on the related Certificate
Account Deposit Date pursuant to the second paragraph of Section  3.12(a),  (iv)
any amount  deposited in the Certificate  Account  pursuant to Section 4.07, (v)
any amount  that the Master  Servicer  is not  permitted  to  withdraw  from the
Custodial Account or the Certificate  Account pursuant to Section 3.16(e),  (vi)
any amount  received  by the  Trustee  pursuant to the Surety Bond in respect of
such  Distribution Date and (vii) the proceeds of any Pledged Assets received by
the Master  Servicer,  reduced by (b) the sum as of the close of business on the
immediately  preceding  Determination Date of (w) aggregate Foreclosure Profits,
(x) the Amount Held for Future  Distribution,  and (y) amounts  permitted  to be
withdrawn by the Master  Servicer from the  Custodial  Account in respect of the
Mortgage Loans pursuant to clauses (ii)-(x), inclusive, of Section 3.10(a). Such
amount shall be determined  separately for each Loan Group.  Additionally,  with
respect to any Mortgage Pool that is comprised of two or more Loan Groups, if on
any Distribution  Date  Compensating  Interest provided pursuant to this Section
3.16(e) is less than  Prepayment  Interest  Shortfalls  incurred on the Mortgage
Loans in connection with Principal  Prepayments in Full and Curtailments made in
the prior calendar month, such Compensating  Interest shall be allocated on such
Distribution Date to the Available  Distribution Amount for each Loan Group on a
pro rata basis in  accordance  with the  respective  amounts of such  Prepayment
Interest Shortfalls incurred on the Mortgage Loans in such Loan Group in respect
of such Distribution Date.

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

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master  Servicer
or a  Subservicer,  in either case  without  giving  effect to any Debt  Service
Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

                                       5
<PAGE>

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Capitalization  Reimbursement  Amount: As to any Distribution  Date, the
amount of Advances or Servicing Advances that were added to the Stated Principal
Balance of the Mortgage  Loans during the prior calendar month and reimbursed to
the  Master  Servicer  or  Subservicer  on or  prior to such  Distribution  Date
pursuant  to  Section  3.10(a)(vii),   plus  the  Capitalization   Reimbursement
Shortfall Amount remaining  unreimbursed  from any prior  Distribution  Date and
reimbursed  to  the  Master   Servicer  or  Subservicer  on  or  prior  to  such
Distribution Date.

        Capitalization  Reimbursement  Shortfall  Amount: As to any Distribution
Date, the amount, if any, by which the amount of Advances or Servicing  Advances
that were added to the Stated Principal Balance of the Mortgage Loans during the
preceding  calendar  month  exceeds  the  amount of  principal  payments  on the
Mortgage  Loans  included  in  the  Available   Distribution   Amount  for  that
Distribution Date.

        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.

                                       6
<PAGE>

        Certificate Insurer: As defined in the Series Supplement.

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

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

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

         (ii)  any  Subsequent  Recoveries  added to the  Certificate  Principal
               Balance of such Certificate pursuant to Section 4.02, plus

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

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

provided,  that the  Certificate  Principal  Balance of each  Certificate of the
Class of  Subordinate  Certificates  with the Lowest  Priority at any given time
shall  be  further  reduced  by an  amount  equal  to  the  Percentage  Interest
represented  by such  Certificate  multiplied by the excess,  if any, of (A) the
then aggregate Certificate Principal Balance of all Classes of Certificates then
outstanding over (B) the then aggregate Stated Principal Balance of the Mortgage
Loans.

        Certificate Register and Certificate Registrar:  The register maintained
and the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

        Class A-P Certificate: Any one of the Certificates designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

                                       7
<PAGE>

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

        Commission:  The Securities and Exchange Commission.

        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(a) 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,

                                       8
<PAGE>

each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

        Cooperative  Stock:  With  respect  to a  Cooperative  Loan,  the single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

        Cooperative Stock  Certificate:  With respect to a Cooperative Loan, the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

     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 (or due during the month of
the Cut-off Date), 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.

                                       9
<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.

                                       10
<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 the
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        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

                                       11
<PAGE>

assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then pplicable 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.

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

        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

                                       12
<PAGE>

2.      by military, naval or air forces; or

3.      by an agent of any such government, power, authority or forces;

(d)     any weapon of war employing atomic fission or radioactive  force whether
        in time of peace or war; or

(e)     insurrection,  rebellion, revolution, civil war, usurped power or action
        taken by  governmental  authority in  hindering,  combating or defending
        against such an occurrence,  seizure or destruction  under quarantine or
        customs  regulations,  confiscation by order of any government or public
        authority; or risks of contraband or illegal transportation or trade.

        Extraordinary  Losses: Any loss incurred on a Mortgage Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

        FASIT: A "financial asset  securitization  investment  trust" within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.
        ----

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch:  Fitch Ratings or its successor in interest.
        -----

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

        Form 10-K Certification:  As defined in Section 4.03(e).

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

                                       13
<PAGE>

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with a Certificate  Principal Balance
greater than zero, with the earliest  priority for payments  pursuant to Section
4.02(a),  in the following  order:  Class M-1,  Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        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.

                                       14
<PAGE>

        Interim Certification:  As defined in Section 2.02.

        International Borrower: In connection with any Mortgage Loan, a borrower
who  is (a) a  United  States  citizen  employed  in a  foreign  country,  (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country  other than the United States with income  derived from sources  outside
the United States.

        Junior  Certificateholder:  The  Holder  of  not  less  than  95% of the
Percentage Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02 (a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with a Certificate  Principal Balance
greater than zero,  with the latest  priority  for payments  pursuant to Section
4.02(a),  in the following  order:  Class B-3,  Class B-2, Class B-1, Class M-3,
Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

                                       15
<PAGE>

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

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

        MIN: The Mortgage  Identification  Number for Mortgage Loans  registered
with MERS on the MERS(R) System.

        MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

        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

                                       16
<PAGE>

Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

        Mortgage Pool: The pool of mortgage loans, including all Loan Groups, if
any, consisting of the Mortgage Loans.

        Mortgage  Rate: As to any Mortgage  Loan, the interest rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.
        ---------

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

     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 or Subservicer 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.  To the extent that
any Mortgagor is not obligated  under the related  Mortgage  documents to pay or
reimburse  any  portion of any  Servicing  Advances  that are  outstanding  with
respect  to the  related  Mortgage  Loan as a result of a  modification  of such
Mortgage Loan by the Master  Servicer,  which forgives  amounts which the Master
Servicer  or  Subservicer  had  previously  advanced,  and the  Master  Servicer
determines that no other source of payment or reimbursement for such advances is
available to it, such Servicing  Advances  shall be deemed to be  Nonrecoverable
Advances.  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.

                                       17
<PAGE>

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

        Outstanding  Mortgage  Loan:  As  to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  Disposition  and which  was not  purchased,
deleted or  substituted  for prior to such Due Date  pursuant  to Section  2.02,
2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

        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;

                                       18
<PAGE>

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

(iv)    commercial  paper and demand notes  (having  original  maturities of not
        more than 365 days) of any  corporation  incorporated  under the laws of
        the United States or any state thereof which on the date of  acquisition
        has been rated by each Rating  Agency in its highest  short-term  rating
        available;  provided that such  commercial  paper shall have a remaining
        maturity of not more than 30 days;

(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.

                                       19
<PAGE>

        Permitted  Transferee:  Any Transferee of a Class R  Certificate,  other
than a Disqualified Organization or Non-United States Person.

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

        Pledged  Amount:  With respect to any Pledged Asset Loan,  the amount of
money  remitted  to Combined  Collateral  LLC,  at the  direction  of or for the
benefit of the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description  pledged by Combined  Collateral LLC as security in
respect of any Realized  Losses in connection  with such Mortgage Loan up to the
Pledged Amount for such Mortgage Loan, and any related collateral, or such other
collateral as may be set forth in the Series Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

        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

                                       20
<PAGE>

(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
in which that  Distribution  Date occurs and ending on the 15th day of the month
in which such Distribution Date occurs.

        Primary  Insurance  Policy:  Each  primary  policy of mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

        Principal Only  Certificates:  A Class of  Certificates  not entitled to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

        Principal  Prepayment in Full:  Any  Principal  Prepayment of the entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

     Program  Guide:  Collectively,  the Client Guide and the Servicer Guide for
Residential Funding's Expanded Criteria Mortgage Program.

        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

                                       21
<PAGE>

               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

          (v)  comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi)   have a Pool  Strip  Rate  equal to or  greater  than  that of the
               Deleted Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (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

                                       22
<PAGE>

               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,  Servicing Advances
               or other expenses as to which the Master  Servicer or Subservicer
               is entitled to  reimbursement  thereunder but which have not been
               previously reimbursed,

        (b)    which is the  subject of a  Servicing  Modification,  (i) (1) the
               amount by which the interest  portion of a Monthly Payment or the
               principal  balance of such  Mortgage  Loan was reduced or (2) the
               sum of any other  amounts owing under the Mortgage Loan that were
               forgiven  and  that  constitute   Servicing   Advances  that  are
               reimbursable  to the Master  Servicer or a Subservicer,  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.

To the extent the Master Servicer receives Subsequent Recoveries with respect to
any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
Loan will be reduced to the extent  such  recoveries  are  applied to reduce the
Certificate  Principal  Balance of any Class of Certificates on any Distribution
Date.

                                       23
<PAGE>

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

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

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

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
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.

        Reportable  Modified  Mortgage Loan: Any Mortgage Loan that (i) has been
subject to an interest rate reduction, (ii) has been subject to a term extension
or (iii) has had amounts owing on such Mortgage Loan  capitalized by adding such
amount to the Stated Principal Balance of such Mortgage Loan; provided, however,
that a  Mortgage  Loan  modified  in  accordance  with  clause  (i)  above for a
temporary  period  shall  not be a  Reportable  Modified  Mortgage  Loan if such

                                       24
<PAGE>

Mortgage Loan has not been  delinquent in payments of principal and interest for
six months since the date of such  modification  if that interest rate reduction
is not made permanent thereafter.

        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  with  particular
responsibility  for  this  transaction,  or any  other  officer  of the  Trustee
customarily  performing functions similar to those performed by any of the above
designated officers to whom, with respect to a particular matter, such matter is
referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

        Security  Agreement:  With respect to a Cooperative  Loan, the agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

        Seller:  As to any Mortgage Loan, a Person,  including any  Subservicer,
that executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with

                                       25
<PAGE>

respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

(i)     for any  Distribution  Date after the 60th  Distribution  Date but on or
        prior to the 72nd  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 70% of the related  Subordinate  Percentage
        for such Distribution Date;

(ii)    for any  Distribution  Date after the 72nd  Distribution  Date but on or
        prior to the 84th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 60% of the related  Subordinate  Percentage
        for such Distribution Date;

(iii)   for any  Distribution  Date after the 84th  Distribution  Date but on or
        prior to the 96th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 40% of the related  Subordinate  Percentage
        for such Distribution Date;

(iv)    for any  Distribution  Date after the 96th  Distribution  Date but on or
        prior to the 108th  Distribution Date, the related Senior Percentage for
        such  Distribution Date plus 20% of the related  Subordinate  Percentage
        for such Distribution Date; and

(v)     for any  Distribution  Date thereafter,  the Senior  Percentage for such
        Distribution Date;

provided, however,
--------  -------

        (i) that any scheduled reduction to the Senior Accelerated  Distribution
Percentage  described above shall not occur as of any  Distribution  Date unless
either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% or (Y) the outstanding
        principal  balance of Mortgage Loans delinquent 60 days or more averaged
        over the last six months,  as a percentage of the aggregate  outstanding
        principal  balance  of all  Mortgage  Loans  averaged  over the last six
        months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
        to date  for such  Distribution  Date if  occurring  during  the  sixth,
        seventh,  eighth, ninth or tenth year (or any year thereafter) after the
        Closing Date are less than 30%, 35%, 40%, 45% or 50%,  respectively,  of
        the sum of the Initial Certificate Principal Balances of the Subordinate
        Certificates or

                (b)(1)  the  outstanding  principal  balance of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

                                       26
<PAGE>

        (ii) that for any  Distribution  Date on which the Senior  Percentage is
greater  than  the  Senior  Percentage  as  of  the  Closing  Date,  the  Senior
Accelerated  Distribution  Percentage for such  Distribution Date shall be 100%,
or,  if the  Mortgage  Pool is  comprised  of two or more Loan  Groups,  for any
Distribution  Date on which the weighted  average of the Senior  Percentages for
each Loan Group,  weighted on the basis of the Stated Principal  Balances of the
Mortgage  Loans in the related Loan Group,  exceeds the weighted  average of the
initial Senior Percentages  (calculated on such basis) for each Loan Group, each
of the Senior  Accelerated  Distribution  Percentages for such Distribution Date
will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.
        ------------------

        Senior Percentage: As defined in the Series Supplement.
        -----------------

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

        Series:  All  of the  Certificates  issued  pursuant  to a  Pooling  and
Servicing Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

        Servicing  Accounts:  The  account or accounts  created  and  maintained
pursuant to Section 3.08.

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event  by the  Master  Servicer  or a  Subservicer  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,  (iv) any mitigation procedures  implemented in
accordance  with Section 3.07, and (v)  compliance  with the  obligations  under
Sections 3.01, 3.08, 3.11, 3.12(a) and 3.14,  including,  if the Master Servicer
or any Affiliate of the Master Servicer provides services such as appraisals and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        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.

                                       27
<PAGE>

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan,  any extension of the final
maturity date of a Mortgage Loan, and any increase to the outstanding  principal
balance of a  Mortgage  Loan by adding to the Stated  Principal  Balance  unpaid
principal and interest and other amounts owing under the Mortgage  Loan, in each
case pursuant to a  modification  of a Mortgage Loan that is in default,  or for
which, in the judgment of the Master Servicer, default is reasonably foreseeable
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 Ratings  Services,  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 sum of (a) the Cut-off Date Principal
Balance of the Mortgage  Loan plus (b) any amount by which the Stated  Principal
Balance  of the  Mortgage  Loan  has  been  increased  pursuant  to a  Servicing
Modification,  minus (ii) the sum of (a) the  principal  portion of the  Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case which  were  distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss  allocated  to  Certificateholders  with  respect  thereto for any previous
Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

                                       28
<PAGE>

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

        Subsequent Recoveries:  As of any Distribution Date, amounts received by
the Master  Servicer  (net of any related  expenses  permitted to be  reimbursed
pursuant  to Section  3.10) or surplus  amounts  held by the Master  Servicer to
cover estimated expenses  (including,  but not limited to, recoveries in respect
of the representations and warranties made by the related Seller pursuant to the
applicable  Seller's  Agreement and assigned to the Trustee  pursuant to Section
2.04)  specifically  related to a Mortgage  Loan that was the  subject of a Cash
Liquidation or an REO Disposition  prior to the related  Prepayment  Period that
resulted in a Realized Loss.

        Subserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

        Subservicing  Account:  An  account  established  by  a  Subservicer  in
accordance with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

                                       29
<PAGE>

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

        Surety:  Ambac,  or its successors in interest,  or such other surety as
may be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

        Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation
or other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

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

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

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

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

                                       30
<PAGE>

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

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

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

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States Person or U.S.  Person:  (i) A citizen or resident of the
United  States,  (ii) a  corporation,  partnership  or other entity treated as a
corporation  or  partnership  for United  States  federal  income  tax  purposes
organized in or under the laws of the United  States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury regulations
provide  otherwise),  provided that, for purposes solely of the  restrictions on
the transfer of residual interests,  no partnership or other entity treated as a
partnership  for United States federal income tax purposes shall be treated as a
United States  Person or U.S.  Person unless all persons that own an interest in
such partnership  either directly or indirectly through any chain of entities no
one of which is a corporation  for United States federal income tax purposes are
required by the  applicable  operating  agreement to be United  States  Persons,
(iii) an estate the  income of which is  includible  in gross  income for United
States tax purposes, regardless of its source, or (iv) a trust if a court within
the  United   States  is  able  to  exercise   primary   supervision   over  the
administration of the trust and one or more United States persons have authority
to control all substantial decisions of the trust. Notwithstanding the preceding
sentence,  to the extent  provided in Treasury  regulations,  certain  Trusts in
existence on August 20, 1996, and treated as United States persons prior to such
date, that elect to continue to be treated as United States persons will also be
a U.S. Person.

        Voting  Rights:  The  portion  of  the  voting  rights  of  all  of  the
Certificates  which is  allocated  to any  Certificate,  and  more  specifically
designated in Article XI of the Series Supplement.

Section 1.02.  Use of Words and Phrases.

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

                                       31
<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  in the  month  of  the  Cut-off  Date).  In
        connection  with such transfer and  assignment,  the Company does hereby
        deliver to the Trustee the Certificate  Policy (as defined in the Series
        Supplement), if any.

(b)     In  connection  with such  assignment,  except  as set forth in  Section
        2.01(c) and subject to Section  2.01(d)  below,  the Company does hereby
        deliver to, and deposit  with,  the Trustee,  or to and with one or more
        Custodians,  as the duly  appointed  agent or agents of the  Trustee for
        such purpose,  the following documents or instruments (or copies thereof
        as permitted by this  Section) (I) with respect to each Mortgage Loan so
        assigned (other than a Cooperative Loan):

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee,  and showing an unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    The  original  Mortgage,  noting the presence of the MIN of the Mortgage
        Loan and language indicating that the Mortgage Loan is a MOM Loan if the
        Mortgage  Loan is a MOM  Loan,  with  evidence  of  recording  indicated
        thereon or a copy of the Mortgage with  evidence of recording  indicated
        thereon;

(iii)   Unless  the  Mortgage  Loan is  registered  on the  MERS(R)  System,  an
        original  Assignment  of the  Mortgage to the Trustee  with  evidence of
        recording  indicated  thereon or a copy of such assignment with evidence
        of recording indicated thereon;

(iv)    The original recorded  assignment or assignments of the Mortgage showing
        an  unbroken  chain of title from the  originator  thereof to the Person
        assigning  it to the  Trustee  (or to  MERS,  if the  Mortgage  Loan  is
        registered on the MERS(R)  System and noting the presence of a MIN) with
        evidence of recordation noted thereon or attached thereto,  or a copy of
        such  assignment  or  assignments  of  the  Mortgage  with  evidence  of
        recording indicated thereon; and

(v)     The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Mortgage Loan or a copy of each
        modification, assumption agreement or preferred loan agreement.

                                       32
<PAGE>

        and (II) with respect to each Cooperative Loan so assigned:

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee  and showing an  unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    A counterpart of the Cooperative Lease and the Assignment of Proprietary
        Lease  to  the  originator  of the  Cooperative  Loan  with  intervening
        assignments  showing an unbroken chain of title from such  originator to
        the Trustee;

(iii)   The related  Cooperative  Stock  Certificate,  representing  the related
        Cooperative  Stock  pledged  with  respect  to  such  Cooperative  Loan,
        together  with an  undated  stock  power (or other  similar  instrument)
        executed in blank;

(iv)    The original  recognition  agreement by the Cooperative of the interests
        of the mortgagee with respect to the related Cooperative Loan;

(v)     The Security Agreement;

(vi)    Copies of the original UCC-1 financing  statement,  and any continuation
        statements,  filed by the originator of such Cooperative Loan as secured
        party, each with evidence of recording thereof,  evidencing the interest
        of the  originator  under the Security  Agreement and the  Assignment of
        Proprietary Lease;

(vii)   Copies  of  the  filed  UCC-3   assignments  of  the  security  interest
        referenced in clause (vi) above showing an unbroken  chain of title from
        the originator to the Trustee,  each with evidence of recording thereof,
        evidencing the interest of the originator  under the Security  Agreement
        and the Assignment of Proprietary Lease;

(viii)  An executed assignment of the interest of the originator in the Security
        Agreement, Assignment of Proprietary Lease and the recognition agreement
        referenced in clause (iv) above, showing an unbroken chain of title from
        the originator to the Trustee;

(ix)    The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Cooperative Loan; and

(x)     A duly completed UCC-1 financing  statement  showing the Master Servicer
        as debtor,  the Company as secured party and the Trustee as assignee and
        a duly completed UCC-1 financing statement showing the Company as debtor
        and the Trustee as secured party,  each in a form sufficient for filing,
        evidencing the interest of such debtors in the Cooperative Loans.

(c)     The Company may, in lieu of delivering the original of the documents set
        forth  in  Section  2.01(b)(I)(ii),  (iii),  (iv)  and (v)  and  Section
        (b)(II)(ii),  (iv),  (vii), (ix) and (x) (or copies thereof as permitted

                                       33
<PAGE>

        by Section  2.01(b))  to the  Trustee or the  Custodian  or  Custodians,
        deliver such documents to the Master  Servicer,  and the Master Servicer
        shall  hold  such  documents  in trust  for the use and  benefit  of all
        present and future Certificateholders until such time as is set forth in
        the next sentence.  Within thirty Business Days following the earlier of
        (i) the receipt of the original of all of the  documents or  instruments
        set forth in Section  2.01(b)(I)(ii),  (iii),  (iv) and (v) and  Section
        (b)(II)(ii),  (iv),  (vii), (ix) and (x) (or copies thereof as permitted
        by such Section) for any Mortgage Loan and (ii) a written request by the
        Trustee to deliver  those  documents  with  respect to any or all of the
        Mortgage  Loans  then  being  held by the  Master  Servicer,  the Master
        Servicer  shall deliver a complete set of such  documents to the Trustee
        or the  Custodian or  Custodians  that are the duly  appointed  agent or
        agents of the Trustee.

(d)     Notwithstanding  the provisions of Section  2.01(c),  in connection with
        any Mortgage  Loan,  if the Company  cannot  deliver the original of the
        Mortgage,   any  assignment,   modification,   assumption  agreement  or
        preferred  loan  agreement  (or copy  thereof  as  permitted  by Section
        2.01(b))  with  evidence  of  recording  thereon  concurrently  with the
        execution and delivery of this  Agreement  because of (i) a delay caused
        by  the  public  recording  office  where  such  Mortgage,   assignment,
        modification,  assumption  agreement or preferred  loan agreement as the
        case may be, has been delivered for recordation,  or (ii) a delay in the
        receipt  of  certain  information   necessary  to  prepare  the  related
        assignments,  the Company  shall deliver or cause to be delivered to the
        Trustee or the respective Custodian a copy of such Mortgage, assignment,
        modification, assumption agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation  statements with regard to each financing statement and
assignment  relating to  Cooperative  Loans as to which the related  Cooperative
Apartment is located outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage

                                       34
<PAGE>

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.  Nonetheless,  (a) this Agreement is intended to be and hereby is a
security  agreement  within  the  meaning  of  Articles  8 and 9 of the New York
Uniform  Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction; (b) the conveyance provided for in Section 2.01 shall be deemed to
be,  and hereby  is,  (1) a grant by the  Company  to the  Trustee of a security
interest in all of the  Company's  right  (including  the power to convey  title
thereto), title and interest, whether now owned or hereafter acquired, in and to
any and all general intangibles,  payment intangibles,  accounts, chattel paper,
instruments, documents, money, deposit accounts, certificates of deposit, goods,
letters of credit,  advices of credit and investment property and other property
of whatever kind or description  now existing or hereafter  acquired  consisting
of,  arising from or relating to any of the following:  (A) the Mortgage  Loans,

                                       35
<PAGE>

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  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.

                                       36
<PAGE>

(g) The Master  Servicer  hereby  acknowledges  the receipt by it of the Initial
Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial  Monthly
Payment Fund in the  Custodial  Account and shall  include such Initial  Monthly
Payment Fund in the Available  Distribution Amount for the initial  Distribution
Date.  Notwithstanding  anything  herein to the  contrary,  the Initial  Monthly
Payment Fund shall not be an asset of any REMIC.  To the extent that the Initial
Monthly Payment Fund constitutes a reserve fund for federal income tax purposes,
(1) it shall be an outside  reserve  fund and not an asset of any REMIC,  (2) it
shall be owned by the Seller  and (3)  amounts  transferred  by any REMIC to the
Initial  Monthly  Payment Fund shall be treated as  transferred to the Seller or
any  successor,  all within the meaning of Section  1.860G-2(h)  of the Treasury
Regulations.

(h) The Company agrees that the sale of each Pledged Asset Loan pursuant to this
Agreement will also constitute the assignment, sale, setting-over,  transfer and
conveyance  to the  Trustee,  without  recourse  (but  subject to the  Company's
covenants,  representations and warranties specifically provided herein), of all
of the Company's  obligations and all of the Company's right, title and interest
in, to and under,  whether now  existing or  hereafter  acquired as owner of the
Mortgage  Loan  with  respect  to  any  and  all  money,  securities,   security
entitlements,  accounts, general intangibles, payment intangibles,  instruments,
documents, deposit accounts, certificates of deposit, commodities contracts, and
other  investment  property and other  property of whatever kind or  description
consisting of, arising from or related to (i) the Assigned  Contracts,  (ii) all
rights,  powers and remedies of the Company as owner of such Mortgage Loan under
or in connection with the Assigned Contracts, whether arising under the terms of
such Assigned  Contracts,  by statute, at law or in equity, or otherwise arising
out of any default by the  Mortgagor  under or in  connection  with the Assigned
Contracts,  including  all rights to exercise  any election or option or to make
any  decision  or  determination  or to give or  receive  any  notice,  consent,
approval  or  waiver  thereunder,  (iii)  the  Pledged  Amounts  and all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever  kind or  description  and all cash and non-cash  proceeds of the sale,
exchange,  or  redemption  of,  and all stock or  conversion  rights,  rights to
subscribe,  liquidation  dividends or preferences,  stock  dividends,  rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or other  distributions  of cash or other  property that secures a Pledged Asset
Loan, (iv) all documents,  books and records concerning the foregoing (including
all  computer  programs,  tapes,  disks and related  items  containing  any such
information) and (v) all insurance proceeds (including proceeds from the Federal
Deposit Insurance Corporation or the Securities Investor Protection  Corporation
or any other insurance company) of any of the foregoing or replacements  thereof
or substitutions therefor, proceeds of proceeds and the conversion, voluntary or
involuntary,  of any thereof.  The  foregoing  transfer,  sale,  assignment  and
conveyance does not constitute and is not intended to result in the creation, or
an assumption  by the Trustee,  of any  obligation of the Company,  or any other
person  in  connection  with the  Pledged  Assets  or  under  any  agreement  or
instrument  relating thereto,  including any obligation to the Mortgagor,  other
than as owner of the Mortgage Loan.

Section 2.02.  Acceptance by Trustee.
               ---------------------

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section

                                       37
<PAGE>

2.01(b)(i)  above  (except  that for  purposes of such  acknowledgement  only, a
Mortgage  Note may be endorsed in blank) and declares that it, or a Custodian as
its  agent,  holds  and  will  hold  such  documents  and  the  other  documents
constituting a part of the Mortgage Files delivered to it, or a Custodian as its
agent, and the rights of Residential Funding with respect to any Pledged Assets,
Additional  Collateral  and the Surety Bond assigned to the Trustee  pursuant to
Section  2.01,  in trust  for the use and  benefit  of all  present  and  future
Certificateholders.  The Trustee or Custodian (such Custodian being so obligated
under a Custodial Agreement) agrees, for the benefit of  Certificateholders,  to
review each Mortgage File delivered to it pursuant to Section  2.01(b) within 45
days  after  the  Closing  Date  to  ascertain   that  all  required   documents
(specifically as set forth in Section 2.01(b)), have been executed and received,
and that such documents  relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, as supplemented, that have been conveyed to it, and to deliver to
the Trustee a certificate (the "Interim  Certification")  to the effect that all
documents  required to be delivered  pursuant to Section 2.01(b) above have been
executed  and  received and that such  documents  relate to the  Mortgage  Loans
identified on the Mortgage Loan Schedule,  except for any  exceptions  listed on
Schedule A attached to such Interim Certification. Upon delivery of the Mortgage
Files by the  Company or the Master  Servicer,  the  Trustee  shall  acknowledge
receipt (or, with respect to Mortgage  Loans  subject to a Custodial  Agreement,
and based  solely upon a receipt or  certification  executed  by the  Custodian,
receipt by the respective  Custodian as the duly appointed agent of the Trustee)
of the documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing,  if the  Subservicer or
Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the

                                       38
<PAGE>

Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at its own
expense and without any right of reimbursement,  shall cause MERS to execute and
deliver an  assignment  of the  Mortgage  in  recordable  form to  transfer  the
Mortgage from MERS to such  Subservicer  or Seller and shall cause such Mortgage
to be removed from  registration  on the MERS(R) System in accordance with MERS'
rules and  regulations.  It is understood  and agreed that the obligation of the
Seller  or the  Subservicer,  as the case  may be,  to so cure or  purchase  any
Mortgage  Loan as to which a material  and  adverse  defect in or  omission of a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect or omission available to  Certificateholders  or the Trustee on behalf of
the Certificateholders.

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

(a)     The Master  Servicer  hereby  represents and warrants to the Trustee for
        the benefit of the Certificateholders that:

(i)     The Master Servicer is a corporation  duly organized,  validly  existing
        and in good standing under the laws governing its creation and existence
        and is or will be in compliance with the laws of each state in which any
        Mortgaged  Property  is located to the  extent  necessary  to ensure the
        enforceability  of each Mortgage  Loan in  accordance  with the terms of
        this Agreement;

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

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

(iv)    The  Master  Servicer  is not in  default  with  respect to any order or
        decree of any court or any order,  regulation  or demand of any federal,
        state,  municipal  or  governmental  agency,  which  default  might have
        consequences  that would  materially and adversely  affect the condition
        (financial  or  other)  or  operations  of the  Master  Servicer  or its
        properties or might have  consequences  that would materially  adversely
        affect its performance hereunder;

                                       39
<PAGE>

(v)     No  litigation  is  pending  or,  to the best of the  Master  Servicer's
        knowledge,  threatened  against the Master Servicer which would prohibit
        its entering into this  Agreement or performing  its  obligations  under
        this Agreement;

(vi)    The  Master  Servicer  will  comply  in  all  material  respects  in the
        performance of this Agreement with all reasonable rules and requirements
        of each insurer under each Required Insurance Policy;

(vii)   No  information,  certificate  of an  officer,  statement  furnished  in
        writing or report delivered to the Company, any Affiliate of the Company
        or the Trustee by the Master  Servicer  will,  to the  knowledge  of the
        Master Servicer, contain any untrue statement of a material fact or omit
        a  material  fact  necessary  to  make  the  information,   certificate,
        statement or report not misleading;

(viii)  The Master  Servicer has examined each  existing,  and will examine each
        new,  Subservicing  Agreement  and is or will be familiar with the terms
        thereof.  The terms of each  existing  Subservicing  Agreement  and each
        designated Subservicer are acceptable to the Master Servicer and any new
        Subservicing Agreements will comply with the provisions of Section 3.02;
        and

(ix)    The  Master  Servicer  is a member  of MERS in good  standing,  and will
        comply in all material respects with the rules and procedures of MERS in
        connection  with the servicing of the Mortgage Loans that are registered
        with MERS.

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

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a  representation  and warranty set forth in this Section 2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

(b)  Representations and warranties relating to the Mortgage Loans are set forth
in Section 2.03(b) of the Series Supplement.

                                       40
<PAGE>

Section 2.04.  Representations and Warranties of Sellers.
               -----------------------------------------

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment of the Mortgage in recordable  form, if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter  Residential Funding shall
be entitled to retain all amounts  received in respect of such Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing

                                       41
<PAGE>

Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

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

               As provided in Section 2.05 of the Series Supplement.

                                       42
<PAGE>

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

               As provided in Section 2.06 of the Series Supplement.

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

               As provided in Section 2.07 of the Series Supplement.

Section 2.08.  Purposes and Powers of the Trust.
               --------------------------------

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

(a) to sell the Certificates to the Company in exchange for the Mortgage Loans;

(b) to enter into and perform its obligations under this Agreement;

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

(d)  subject  to  compliance  with  this  Agreement,  to  engage  in such  other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

               The  trust  is  hereby  authorized  to  engage  in the  foregoing
activities. Notwithstanding the provisions of Section 11.01, the trust shall not
engage in any activity other than in connection with the foregoing or other than
as required or authorized by the terms of this Agreement  while any  Certificate
is outstanding, and this Section 2.08 may not be amended, without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                       43
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master Servicer to Act as Servicer.
               ----------------------------------

(a) The Master  Servicer  shall  service and  administer  the Mortgage  Loans in
accordance  with the terms of this Agreement and the  respective  Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain,  the  taking  of a  deed  in  lieu  of  foreclosure,  the  commencement,
prosecution  or  completion  of  judicial  or  non-judicial   foreclosure,   the
conveyance of a Mortgaged  Property to the related  Insurer,  the acquisition of
any property  acquired by  foreclosure  or deed in lieu of  foreclosure,  or the
management,  marketing and conveyance of any property acquired by foreclosure or
deed in lieu of foreclosure  with respect to the Mortgage Loans and with respect
to the Mortgaged  Properties.  The Master  Servicer  further is  authorized  and
empowered by the Trustee, on behalf of the  Certificateholders  and the Trustee,
in its own name or in the name of the  Subservicer,  when the Master Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment to register  any  Mortgage  Loan on the  MERS(R)  System,  or cause the
removal from the  registration  of any Mortgage Loan on the MERS(R)  System,  to
execute and deliver, on behalf of the Trustee and the  Certificateholders or any
of them, any and all instruments of assignment and other comparable  instruments
with respect to such  assignment  or  re-recording  of a Mortgage in the name of
MERS,  solely as nominee for the Trustee and its  successors  and  assigns.  Any
expenses  incurred in  connection  with the actions  described in the  preceding
sentence  shall be borne by the  Master  Servicer  in  accordance  with  Section
3.16(c), with no right of reimbursement;  provided, that if, as a result of MERS
discontinuing  or becoming unable to continue  operations in connection with the
MERS System,  it becomes necessary to remove any Mortgage Loan from registration
on the MERS System and to arrange for the assignment of the related Mortgages to
the  Trustee,  then any related  expenses  shall be  reimbursable  to the Master
Servicer.  Notwithstanding the foregoing, subject to Section 3.07(a), the Master
Servicer  shall not permit any  modification  with respect to any Mortgage  Loan
that would both  constitute a sale or exchange of such  Mortgage Loan within the
meaning  of  Section  1001 of the  Code  and any  proposed,  temporary  or final
regulations  promulgated  thereunder  (other than in connection  with a proposed
conveyance  or  assumption  of such Mortgage Loan that is treated as a Principal
Prepayment  in Full  pursuant  to Section  3.13(d)  hereof)  and cause any REMIC
formed under the Series Supplement to fail to qualify as a REMIC under the Code.

                                       44
<PAGE>

The Trustee  shall  furnish the Master  Servicer with any powers of attorney and
other  documents  necessary  or  appropriate  to enable the Master  Servicer  to
service and administer the Mortgage  Loans.  The Trustee shall not be liable for
any action  taken by the Master  Servicer  or any  Subservicer  pursuant to such
powers of attorney.  In servicing and administering any Nonsubserviced  Mortgage
Loan,  the Master  Servicer  shall,  to the extent  not  inconsistent  with this
Agreement,  comply with the Program  Guide as if it were the  originator of such
Mortgage Loan and had retained the servicing  rights and  obligations in respect
thereof.  In connection with servicing and administering the Mortgage Loans, the
Master  Servicer  and any  Affiliate  of the  Master  Servicer  (i) may  perform
services such as  appraisals  and  brokerage  services that are not  customarily
provided by servicers  of mortgage  loans,  and shall be entitled to  reasonable
compensation  therefor in accordance  with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee,  obtain credit  information in the form
of a "credit score" from a credit repository.

(b) All costs incurred by the Master  Servicer or by  Subservicers  in effecting
the timely payment of taxes and  assessments  on the  properties  subject to the
Mortgage Loans shall not, for the purpose of calculating  monthly  distributions
to the  Certificateholders,  be added to the  amount  owing  under  the  related
Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so permit,
and  such  costs  shall  be  recoverable  to the  extent  permitted  by  Section
3.10(a)(ii).

(c) The Master Servicer may enter into one or more agreements in connection with
the offering of pass-through certificates evidencing interests in one or more of
the  Certificates  providing  for the payment by the Master  Servicer of amounts
received by the Master Servicer as servicing compensation hereunder and required
to cover certain  Prepayment  Interest  Shortfalls on the Mortgage Loans,  which
payment  obligation  will  thereafter be an  obligation  of the Master  Servicer
hereunder.

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations.

(a) The Master Servicer may continue in effect  Subservicing  Agreements entered
into by Residential Funding and Subservicers prior to the execution and delivery
of  this  Agreement,  and  may  enter  into  new  Subservicing  Agreements  with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer

                                       45
<PAGE>

may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

(b) As part of its servicing activities hereunder,  the Master Servicer, for the
benefit of the Trustee and the Certificateholders, shall use its best reasonable
efforts  to  enforce  the  obligations  of each  Subservicer  under the  related
Subservicing  Agreement and of each Seller under the related Seller's  Agreement
insofar as the  Company's  rights with respect to Seller's  obligation  has been
assigned to the Trustee hereunder, to the extent that the non-performance of any
such Seller's  obligation would have a material and adverse effect on a Mortgage
Loan, including,  without limitation, the obligation to purchase a Mortgage Loan
on account of  defective  documentation,  as described  in Section  2.02,  or on
account of a breach of a  representation  or  warranty,  as described in Section
2.04. Such enforcement,  including, without limitation, the legal prosecution of
claims,  termination  of  Subservicing  Agreements  or Seller's  Agreements,  as
appropriate,  and the pursuit of other  appropriate  remedies,  shall be in such
form and carried  out to such an extent and at such time as the Master  Servicer
would employ in its good faith business  judgment and which are normal and usual
in its general mortgage servicing activities.  The Master Servicer shall pay the
costs of such enforcement at its own expense,  and shall be reimbursed  therefor
only (i) from a general recovery  resulting from such enforcement to the extent,
if any,  that such  recovery  exceeds  all amounts due in respect of the related
Mortgage Loan or (ii) from a specific  recovery of costs,  expenses or attorneys
fees against the party against whom such  enforcement is directed.  For purposes
of clarification  only, the parties agree that the foregoing is not intended to,
and does not,  limit the  ability of the Master  Servicer to be  reimbursed  for
expenses  that are incurred in  connection  with the  enforcement  of a Seller's
obligations  (insofar  as the  Company's  rights with  respect to such  Seller's
obligations  have been assigned to the Trustee  hereunder) and are  reimbursable
pursuant to Section 3.10(a)(viii).

Section 3.03.  Successor Subservicers.
               ----------------------

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties

                                       46
<PAGE>

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  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.

                                       47
<PAGE>

Section 3.07.  Collection of Certain Mortgage Loan Payments;
                      Deposits to Custodial Account.
                      -----------------------------

(a)     The Master  Servicer  shall  make  reasonable  efforts  to  collect  all
        payments  called  for under the terms  and  provisions  of the  Mortgage
        Loans, and shall, to the extent such procedures shall be consistent with
        this  Agreement  and the terms and  provisions  of any  related  Primary
        Insurance Policy,  follow such collection  procedures as it would employ
        in its good faith  business  judgment  and which are normal and usual in
        its  general  mortgage   servicing   activities.   Consistent  with  the
        foregoing,  the Master Servicer may in its discretion (i) waive any late
        payment  charge  or  any  prepayment   charge  or  penalty  interest  in
        connection  with the  prepayment  of a Mortgage Loan and (ii) extend the
        Due Date for  payments  due on a Mortgage  Loan in  accordance  with the
        Program Guide;  provided,  however, that the Master Servicer shall first
        determine that any such waiver or extension will not impair the coverage
        of any related Primary  Insurance Policy or materially  adversely affect
        the lien of the related Mortgage.  In the event of any such arrangement,
        the Master Servicer shall make timely  advances on the related  Mortgage
        Loan during the  scheduled  period in accordance  with the  amortization
        schedule of such Mortgage Loan without modification thereof by reason of
        such  arrangements  unless  otherwise  agreed to by the  Holders  of the
        Classes of Certificates  affected thereby;  provided,  however,  that no
        such   extension   shall  be  made  if  any  such  advance  would  be  a
        Nonrecoverable Advance. Consistent with the terms of this Agreement, the
        Master Servicer may also waive,  modify or vary any term of any Mortgage
        Loan or consent to the  postponement of strict  compliance with any such
        term or in any manner grant indulgence to any Mortgagor if in the Master
        Servicer's  determination  such waiver,  modification,  postponement  or
        indulgence   is  not   materially   adverse  to  the  interests  of  the
        Certificateholders (taking into account any estimated Realized Loss that
        might result absent such  action);  provided,  however,  that the Master
        Servicer may not modify  materially or permit any  Subservicer to modify
        any Mortgage Loan,  including  without  limitation any modification that
        would change the Mortgage Rate,  forgive the payment of any principal or
        interest  (unless in  connection  with the  liquidation  of the  related
        Mortgage Loan or except in  connection  with  prepayments  to the extent
        that  such  reamortization  is not  inconsistent  with the  terms of the
        Mortgage  Loan),  capitalize  any amounts  owing on the Mortgage Loan by
        adding such amount to the outstanding  principal balance 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;  provided,  further,
        that  (1) no such  modification  shall  reduce  the  interest  rate on a
        Mortgage  Loan below  one-half of the Mortgage  Rate as in effect on the
        Cut-off  Date,  but not  less  than the sum of the  rates  at which  the
        Servicing  Fee and the  Subservicing  Fee with respect to such  Mortgage
        Loan accrues plus the rate at which the premium paid to the  Certificate
        Insurer,  if any, accrues,  (2) the final maturity date for any Mortgage
        Loan shall not be  extended  beyond the  Maturity  Date,  (3) the Stated
        Principal  Balance of all Reportable  Modified Mortgage Loans subject to
        Servicing   Modifications   (measured  at  the  time  of  the  Servicing
        Modification and after giving effect to any Servicing  Modification) can
        be no more than five percent of the aggregate  principal  balance of the
        Mortgage  Loans as of the Cut-off  Date,  unless such limit is increased
        from  time to time  with the  consent  of the  Rating  Agencies  and the
        Certificate  Insurer,  if any.  In  addition,  any  amounts  owing  on a
        Mortgage  Loan  added  to the  outstanding  principal  balance  of  such
        Mortgage  Loan must be fully  amortized  over the term of such  Mortgage
        Loan, and such amounts may be added to the outstanding principal balance
        of a  Mortgage  Loan only once  during the life of such  Mortgage  Loan.
        Also, the addition of such amounts  described in the preceding  sentence

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        shall be  implemented  in  accordance  with the Program Guide and may be
        implemented  only by Subservicers  that have been approved by the Master
        Servicer for such  purpose.  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;

(iii)   Insurance Proceeds,  Subsequent Recoveries and Liquidation Proceeds (net
        of any related expenses of the Subservicer);

(iv)    All proceeds of any Mortgage Loans  purchased  pursuant to Section 2.02,
        2.03,  2.04  or  4.07  and  all  amounts  required  to be  deposited  in
        connection with the substitution of a Qualified Substitute Mortgage Loan
        pursuant to Section 2.03 or 2.04;

(v)     Any amounts  required  to be  deposited  pursuant to Section  3.07(c) or
        3.21;

(vi)    All amounts  transferred  from the Certificate  Account to the Custodial
        Account in accordance with Section 4.02(a);

(vii)   Any  amounts  realized  by the  Subservicer  and  received by the Master
        Servicer in respect of any Additional Collateral; and

(viii)  Any  amounts  received  by the  Master  Servicer  in  respect of Pledged
        Assets.

The  foregoing  requirements  for  deposit  in the  Custodial  Account  shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in

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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 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

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<PAGE>

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 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.

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(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.

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,  Servicing  Advances or other  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 the related 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

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     (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 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,  and any  Advance or  Servicing  Advance  made in
        connection  with a modified  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 or
        Servicing  Advance  was added to the  Stated  Principal  Balance  of the
        Mortgage Loan in the prior calendar month,  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.

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(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 relating to an Advance pursuant to Section
        4.04 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  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.

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(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.  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).

                                       55
<PAGE>

        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 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.

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<PAGE>

(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 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

                                       57
<PAGE>

        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.

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.  Alternatively,  the Master  Servicer  may take other
actions in respect of a defaulted Mortgage Loan, which may include (i) accepting
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 permitting 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),  (ii)  arranging for a repayment plan or (iii)
agreeing to a modification  in accordance  with 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

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<PAGE>

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  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

                                       59
<PAGE>

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.

(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.

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<PAGE>

(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 unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property);  fourth,  to all
Servicing Fees and Subservicing  Fees payable therefrom (and the Master Servicer
and the Subservicer  shall have no claims for any  deficiencies  with respect to
such fees which result from the foregoing allocation); and fifth, to Foreclosure
Profits.

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<PAGE>

(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  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

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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.

(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.

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(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 and the Trustee on or
before the earlier of (a) March 31 of each year,  beginning with the first March
31 that occurs at least six months after the Cut-off Date or (b) with respect to
any  calendar  year during  which the  Company's  annual  report on Form 10-K is
required  to be filed in  accordance  with the  Exchange  Act and the  rules and
regulations of the Commission,  the date on which the annual report on Form 10-K
is required to be filed in  accordance  with the  Exchange Act and the rules and
regulations of the  Commission,  an Officers'  Certificate  stating,  as to each
signer  thereof,  that (i) a review of the  activities  of the  Master  Servicer
during the preceding  calendar  year related to its servicing of mortgage  loans
and its  performance  under pooling and  servicing  agreements,  including  this
Agreement,  has been made under such officers' supervision,  (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum  servicing  standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material  obligations  relating to this  Agreement in all material  respects
throughout  such year,  or, if there has been material  noncompliance  with such
servicing  standards or a default in the fulfillment in all material respects of
any such obligation  relating to this Agreement,  such statement shall include a
description of such noncompliance or specify each such default,  as the case may
be,  known to such  officer  and the nature and status  thereof and (iii) to the
best of such officers' knowledge,  each Subservicer has complied in all material

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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 the  earlier of (a) March 31 of each year,  beginning  with
the first March 31 that occurs at least six months  after the Cut-off  Date,  or
(b) with respect to any calendar year during which the  Company's  annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission,  the date on which the annual report is
required  to be filed in  accordance  with the  Exchange  Act and the  rules and
regulations of the Commission,  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 Company shall not have any  responsibility  or

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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.

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                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.  Certificate Account.

(a) The Master  Servicer on behalf of the Trustee shall establish and maintain a
Certificate  Account in which the Master Servicer shall cause to be deposited on
behalf of the Trustee on or before 2:00 P.M.  New York time on each  Certificate
Account  Deposit Date by wire transfer of immediately  available funds an amount
equal to the sum of (i) any Advance for the immediately succeeding  Distribution
Date,  (ii) any amount  required  to be  deposited  in the  Certificate  Account
pursuant to Section  3.12(a),  (iii) any amount  required to be deposited in the
Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any amount
required  to be  paid  pursuant  to  Section  9.01  and (v)  all  other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

(b) The Trustee shall, upon written request from the Master Servicer,  invest or
cause the institution maintaining the Certificate Account to invest the funds in
the Certificate Account in Permitted  Investments  designated in the name of the
Trustee for the  benefit of the  Certificateholders,  which  shall  mature or be
payable  on  demand  not  later  than  the  Business  Day  next   preceding  the
Distribution  Date next following the date of such  investment  (except that (i)
any  investment  in the  institution  with  which  the  Certificate  Account  is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of  reimbursement.  The Trustee or its Affiliates are permitted to receive
compensation that could be deemed to be in the Trustee's economic  self-interest
for (i) serving as investment  adviser (with respect to investments made through
its  Affiliates),  administrator,  shareholder  servicing  agent,  custodian  or
sub-custodian with respect to certain of the Permitted  Investments,  (ii) using
Affiliates to effect  transactions  in certain  Permitted  Investments and (iii)
effecting transactions in certain Permitted Investments.

Section 4.02.  Distributions.
               -------------

                      As provided in Section 4.02 of the Series Supplement.

Section 4.03. Statements to  Certificateholders;  Statements to Rating Agencies;
     Exchange Act Reporting.

               (a)   Concurrently   with  each   distribution   charged  to  the
Certificate  Account  and with  respect  to each  Distribution  Date the  Master
Servicer  shall forward to the Trustee and the Trustee  shall either  forward by

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<PAGE>

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.  Also,  at the  request of a Rating
Agency,  the Master  Servicer  shall  provide  the  information  relating to the
Reportable  Modified Mortgage Loans substantially in the form attached hereto as
Exhibit Q to such Rating  Agency within a reasonable  period of time;  provided,
however,  that the  Master  Servicer  shall  not be  required  to  provide  such
information more than four times in a calendar year to any Rating Agency.

               (b)  Within a  reasonable  period  of time  after the end of each
calendar year, the Master Servicer shall prepare,  or cause to be prepared,  and
shall forward,  or cause to be forwarded,  to each Person who at any time during
the  calendar  year  was  the  Holder  of a  Certificate,  other  than a Class R
Certificate, a statement containing the information set forth in clauses (i) and
(ii) of the exhibit to the Series Supplement referred to in subsection (a) above
aggregated  for such calendar year or applicable  portion  thereof  during which
such Person was a  Certificateholder.  Such  obligation  of the Master  Servicer
shall  be  deemed  to have  been  satisfied  to the  extent  that  substantially
comparable  information shall be provided by the Master Servicer pursuant to any
requirements of the Code.

               (c)  Within a  reasonable  period  of time  after the end of each
calendar year, the Master Servicer shall prepare,  or cause to be prepared,  and
shall forward,  or cause to be forwarded,  to each Person who at any time during
the  calendar  year  was  the  Holder  of a  Class R  Certificate,  a  statement
containing the applicable  distribution  information  provided  pursuant to this
Section 4.03  aggregated  for such calendar year or applicable  portion  thereof
during  which  such  Person  was  the  Holder  of a Class  R  Certificate.  Such
obligation of the Master  Servicer shall be deemed to have been satisfied to the
extent that substantially comparable information shall be provided by the Master
Servicer pursuant to any requirements of the Code.

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

               (e) The Master  Servicer shall, on behalf of the Depositor and in
respect of the Trust Fund,  sign and cause to be filed with the  Commission  any
periodic  reports required to be filed under the provisions of the Exchange Act,

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<PAGE>

and the rules and regulations of the Commission  thereunder.  In connection with
the  preparation and filing of such periodic  reports,  the Trustee shall timely
provide to the Master Servicer (I) a list of  Certificateholders as shown on the
Certificate  Register as of the end of each  calendar  year,  (II) copies of all
pleadings,  other legal process and any other documents  relating to any claims,
charges or complaints involving the Trustee, as trustee hereunder,  or the Trust
Fund that are received by the Trustee,  (III) notice of all matters that, to the
actual knowledge of a Responsible Officer of the Trustee, have been submitted to
a vote of the  Certificateholders,  other  than  those  matters  that  have been
submitted to a vote of the Certificateholders at the request of the Depositor or
the Master  Servicer,  and (IV) notice of any failure of the Trustee to make any
distribution  to the  Certificateholders  as  required  pursuant  to the  Series
Supplement. Neither the Master Servicer nor the Trustee shall have any liability
with respect to the Master  Servicer's  failure to properly prepare or file such
periodic reports resulting from or relating to the Master  Servicer's  inability
or failure to obtain any  information  not resulting from the Master  Servicer's
own negligence or willful misconduct. Any Form 10-K filed with the Commission in
connection  with this Section 4.03(e) shall include a  certification,  signed by
the senior officer in charge of the servicing  functions of the Master Servicer,
in the form  attached  as Exhibit O hereto or such other form as may be required
or permitted by the Commission  (the "Form 10-K  Certification"),  in compliance
with  Rules  13a-14  and  15d-14  under  the  Exchange  Act and  any  additional
directives of the Commission.  In connection  with the Form 10-K  Certification,
the Trustee  shall  provide  the Master  Servicer  with a back-up  certification
substantially in the form attached hereto as Exhibit P. This Section 4.03(e) may
be  amended  in  accordance  with this  Agreement  without  the  consent  of the
Certificateholders.

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

(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

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<PAGE>

Monthly Payments were not received as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations  shall be  conclusive  for purposes of  reimbursement  to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
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.

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Section 4.05.  Allocation of Realized Losses.
               -----------------------------

                             As   provided   in  Section   4.05  of  the  Series
Supplement.

Section 4.06.  Reports of Foreclosures and Abandonment of Mortgaged Property.
               --------------------------------------------------------------

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

Section 4.07.  Optional Purchase of Defaulted Mortgage Loans.
               ----------------------------------------------

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however,  the Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

Section 4.08.  Surety Bond.
               -----------

(a) If a Required  Surety  Payment is payable  pursuant  to the Surety Bond with
respect to any Additional  Collateral  Loan, the Master Servicer shall so notify
the Trustee as soon as reasonably  practicable  and the Trustee  shall  promptly
complete  the notice in the form of  Attachment  1 to the Surety  Bond and shall
promptly submit such notice to the Surety as a claim for a Required Surety.  The
Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

(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

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<PAGE>

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.

                                       72
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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

                                       73
<PAGE>

deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

(c) From time to time  Residential  Funding,  as the initial Holder of the Class
A-V  Certificates,  may  exchange  such  Holder's  Class  A-V  Certificates  for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

                                       74
<PAGE>

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

(a)            The  Trustee  shall  cause  to be kept at one of the  offices  or
               agencies to be  appointed by the Trustee in  accordance  with the
               provisions  of  Section  8.12 a  Certificate  Register  in which,
               subject to such reasonable  regulations as it may prescribe,  the
               Trustee shall provide for the registration of Certificates and of
               transfers and exchanges of Certificates as herein  provided.  The
               Trustee is  initially  appointed  Certificate  Registrar  for the
               purpose of registering  Certificates  and transfers and exchanges
               of Certificates as herein provided. The Certificate Registrar, or
               the Trustee,  shall provide the Master  Servicer with a certified
               list of  Certificateholders  as of each  Record Date prior to the
               related Determination Date.

(b)            Upon surrender for registration of transfer of any Certificate at
               any office or agency of the Trustee  maintained  for such purpose
               pursuant to Section 8.12 and, in the case of any Class M, Class B
               or Class R Certificate,  upon  satisfaction of the conditions set
               forth  below,  the  Trustee  shall  execute  and the  Certificate
               Registrar  shall  authenticate  and  deliver,  in the name of the
               designated   transferee   or   transferees,   one  or  more   new
               Certificates   of  a  like  Class  (or  Subclass)  and  aggregate
               Percentage Interest.

(c)            At the  option  of the  Certificateholders,  Certificates  may be
               exchanged for other Certificates of authorized denominations of a
               like Class (or Subclass) and aggregate Percentage Interest,  upon
               surrender of the  Certificates to be exchanged at any such office
               or agency.  Whenever  any  Certificates  are so  surrendered  for
               exchange the Trustee shall execute and the Certificate  Registrar
               shall  authenticate  and deliver the  Certificates  of such Class
               which the  Certificateholder  making the  exchange is entitled to
               receive.  Every Certificate presented or surrendered for transfer
               or  exchange  shall  (if  so  required  by  the  Trustee  or  the
               Certificate  Registrar) be duly endorsed by, or be accompanied by
               a written  instrument  of  transfer in form  satisfactory  to the
               Trustee  and the  Certificate  Registrar  duly  executed  by, the
               Holder thereof or his attorney duly authorized in writing.

(d)            No  transfer,  sale,  pledge  or other  disposition  of a Class B
               Certificate  shall be made unless such transfer,  sale, pledge or
               other disposition is exempt from the registration requirements of
               the Securities Act of 1933, as amended,  and any applicable state
               securities  laws or is made in accordance with said Act and laws.
               In the event that a transfer  of a Class B  Certificate  is to be
               made either (i)(A) the Trustee shall require a written Opinion of
               Counsel  acceptable to and in form and substance  satisfactory to
               the  Trustee  and the  Company  that  such  transfer  may be made
               pursuant to an exemption, describing the applicable exemption and
               the  basis  therefor,  from  said Act and  laws or is being  made
               pursuant to said Act and laws, which Opinion of Counsel shall not
               be an expense of the Trustee,  the Company or the Master Servicer
               (except  that,  if such  transfer  is made by the  Company or the
               Master  Servicer  or any  Affiliate  thereof,  the Company or the
               Master  Servicer  shall  provide such Opinion of Counsel at their
               own  expense);  provided that such Opinion of Counsel will not be
               required  in  connection  with the  initial  transfer of any such
               Certificate  by the  Company  or  any  Affiliate  thereof  to the
               Company or an Affiliate of the Company and (B) the Trustee  shall
               require  the  transferee  to  execute  a  representation  letter,
               substantially  in the form of Exhibit H hereto,  and the  Trustee
               shall require the transferor to execute a representation  letter,
               substantially in the form of Exhibit I hereto, each acceptable to
               and in form and  substance  satisfactory  to the  Company and the
               Trustee  certifying  to the  Company  and the  Trustee  the facts
               surrounding such transfer, which representation letters shall not
               be an expense of the Trustee, the Company or the Master Servicer;
               provided,  however, that such representation  letters will not be

                                       75
<PAGE>

               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
          fifteen 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

                                       76
<PAGE>

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

               (iii) (A) If any Class M Certificate (or any interest therein) is
               acquired  or  held  by any  Person  that  does  not  satisfy  the
               conditions  described  in  paragraph  (ii)  above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

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

(f)            (i) Each Person who has or who acquires any Ownership Interest in
               a Class R  Certificate  shall  be  deemed  by the  acceptance  or
               acquisition of such Ownership Interest to have agreed to be bound
               by the following  provisions and to have  irrevocably  authorized
               the  Trustee  or its  designee  under  clause  (iii)(A)  below to
               deliver  payments  to a Person  other  than  such  Person  and to
               negotiate the terms of any mandatory  sale under clause  (iii)(B)
               below and to execute all  instruments  of transfer  and to do all
               other things  necessary  in  connection  with any such sale.  The
               rights of each Person acquiring any Ownership Interest in a Class
               R Certificate are expressly subject to the following provisions:

(A)            Each Person  holding or  acquiring  any  Ownership  Interest in a
               Class R  Certificate  shall be a Permitted  Transferee  and shall
               promptly notify the Trustee of any change or impending  change in
               its status as a Permitted Transferee.

                                       77
<PAGE>

(B)  In connection  with any proposed  Transfer of any  Ownership  Interest in a
     Class R  Certificate,  the Trustee shall require  delivery to it, and shall
     not register the Transfer of any Class R Certificate  until its receipt of,
     (I) an affidavit and agreement (a "Transfer  Affidavit and  Agreement,"  in
     the form attached hereto as Exhibit G-1) from the proposed  Transferee,  in
     form and substance  satisfactory to the Master  Servicer,  representing and
     warranting,  among other things, that it is a Permitted Transferee, that it
     is not acquiring its Ownership  Interest in the Class R Certificate that is
     the subject of the proposed Transfer as a nominee, trustee or agent for any
     Person who is not a  Permitted  Transferee,  that for so long as it retains
     its Ownership Interest in a Class R Certificate, it will endeavor to remain
     a Permitted  Transferee,  and that it has reviewed the  provisions  of this
     Section 5.02(f) and agrees to be bound by them, and (II) a certificate,  in
     the form  attached  hereto as  Exhibit  G-2,  from the  Holder  wishing  to
     transfer the Class R Certificate, in form and substance satisfactory to the
     Master Servicer,  representing and warranting,  among other things, that no
     purpose of the proposed  Transfer is to impede the assessment or collection
     of tax.

(C)            Notwithstanding   the  delivery  of  a  Transfer   Affidavit  and
               Agreement by a proposed  Transferee  under clause (B) above, if a
               Responsible  Officer  of the  Trustee  who is  assigned  to  this
               Agreement has actual  knowledge  that the proposed  Transferee is
               not a Permitted Transferee,  no Transfer of an Ownership Interest
               in a Class R  Certificate  to such proposed  Transferee  shall be
               effected.

(D)            Each Person  holding or  acquiring  any  Ownership  Interest in a
               Class  R  Certificate  shall  agree  (x) to  require  a  Transfer
               Affidavit and Agreement from any other Person to whom such Person
               attempts  to  transfer  its  Ownership  Interest  in  a  Class  R
               Certificate and (y) not to transfer its Ownership Interest unless
               it provides a  certificate  to the  Trustee in the form  attached
               hereto as Exhibit G-2.

(E)            Each Person holding or acquiring an Ownership Interest in a Class
               R  Certificate,  by  purchasing  an  Ownership  Interest  in such
               Certificate, agrees to give the Trustee written notice that it is
               a "pass-through  interest holder" within the meaning of Temporary
               Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon
               acquiring an Ownership  Interest in a Class R Certificate,  if it
               is, or is holding an Ownership  Interest in a Class R Certificate
               on behalf of, a "pass-through interest holder."

(ii)           The Trustee will register the Transfer of any Class R Certificate
               only  if it  shall  have  received  the  Transfer  Affidavit  and
               Agreement,  a certificate of the Holder  requesting such transfer
               in the form attached  hereto as Exhibit G-2 and all of such other
               documents as shall have been  reasonably  required by the Trustee
               as a condition  to such  registration.  Transfers  of the Class R
               Certificates  to  Non-United   States  Persons  and  Disqualified
               Organizations (as defined in Section  860E(e)(5) of the Code) are
               prohibited.

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<PAGE>

(iii)(A) If any  Disqualified  Organization  shall  become a holder of a Class R
     Certificate,   then  the  last  preceding  Permitted  Transferee  shall  be
     restored,  to the extent permitted by law, to all rights and obligations as
     Holder thereof  retroactive to the date of registration of such Transfer of
     such Class R  Certificate.  If a  Non-United  States  Person shall become a
     holder of a Class R  Certificate,  then the last  preceding  United  States
     Person shall be restored, to the extent permitted by law, to all rights and
     obligations as Holder thereof  retroactive to the date of  registration  of
     such  Transfer  of such Class R  Certificate.  If a  transfer  of a Class R
     Certificate  is   disregarded   pursuant  to  the  provisions  of  Treasury
     Regulations  Section 1.860E-1 or Section 1.860G-3,  then the last preceding
     Permitted Transferee shall be restored,  to the extent permitted by law, to
     all rights and  obligations  as Holder  thereof  retroactive to the date of
     registration  of such  Transfer  of such Class R  Certificate.  The Trustee
     shall be under no liability to any Person for any  registration of Transfer
     of a Class R  Certificate  that is in fact not  permitted  by this  Section
     5.02(f) or for making any  payments due on such  Certificate  to the holder
     thereof or for taking any other  action with  respect to such holder  under
     the provisions of this Agreement.

     (B)  If any  purported  Transferee  shall  become  a  Holder  of a  Class R
          Certificate in violation of the  restrictions  in this Section 5.02(f)
          and to the extent that the  retroactive  restoration  of the rights of
          the Holder of such Class R Certificate as described in clause (iii)(A)
          above  shall be  invalid,  illegal or  unenforceable,  then the Master
          Servicer  shall  have the right,  without  notice to the holder or any
          prior  holder  of such  Class R  Certificate,  to  sell  such  Class R
          Certificate  to a purchaser  selected  by the Master  Servicer on such
          terms as the Master  Servicer may choose.  Such  purported  Transferee
          shall  promptly  endorse  and  deliver  each  Class R  Certificate  in
          accordance  with  the  instructions  of  the  Master  Servicer.   Such
          purchaser  may be the Master  Servicer  itself or any Affiliate of the
          Master  Servicer.  The proceeds of such sale,  net of the  commissions
          (which may include  commissions  payable to the Master Servicer or its
          Affiliates),  expenses and taxes due, if any,  will be remitted by the
          Master Servicer to such purported Transferee. The terms and conditions
          of any sale under this clause (iii)(B) shall be determined in the sole
          discretion of the Master  Servicer,  and the Master Servicer shall not
          be liable to any  Person  having an  Ownership  Interest  in a Class R
          Certificate as a result of its exercise of such discretion.

(iv) The Master Servicer, on behalf of the Trustee,  shall make available,  upon
     written request from the Trustee, all information  necessary to compute any
     tax imposed (A) as a result of the Transfer of an  Ownership  Interest in a
     Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
     including the  information  regarding  "excess  inclusions" of such Class R
     Certificates  required to be provided to the Internal  Revenue  Service and
     certain   Persons   as   described   in   Treasury   Regulations   Sections
     1.860D-1(b)(5)  and  1.860E-2(a)(5),  and (B) as a result of any  regulated
     investment  company,  real  estate  investment  trust,  common  trust fund,
     partnership, trust, estate or organization described in Section 1381 of the
     Code that holds an Ownership  Interest in a Class R  Certificate  having as
     among its  record  holders  at any time any  Person  who is a  Disqualified
     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

                                       79
<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

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<PAGE>

Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

Section 5.04.  Persons Deemed Owners.
               ---------------------

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

Section 5.05.  Appointment of Paying Agent.
               ---------------------------

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

                                       81
<PAGE>

ARTICLE VI

<PAGE>

                       THE COMPANY AND THE MASTER SERVICER

Section 6.01.  Respective Liabilities of the Company and the Master Servicer.
               --------------------------------------------------------------

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

Section 6.02.  Merger or  Consolidation  of the Company or the Master  Servicer;
     Assignment of Rights and Delegation of Duties by Master Servicer.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified to service  mortgage loans on behalf of Fannie Mae or Freddie
Mac; and  provided  further that each Rating  Agency's  ratings,  if any, of the
Senior,  Class M or Class B  Certificates  in effect  immediately  prior to such
merger or consolidation will not be qualified,  reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).

(c)  Notwithstanding  anything else in this Section 6.02 and Section 6.04 to the
contrary,  the Master Servicer may assign its rights and delegate its duties and
obligations  under  this  Agreement;  provided  that the Person  accepting  such
assignment  or  delegation  shall be a  Person  which is  qualified  to  service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's
rating of the Classes of Certificates that have been rated in effect immediately

                                       82
<PAGE>

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.

                                       83
<PAGE>

Section 6.04.  Company and Master Servicer Not to Resign.
               -----------------------------------------

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

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<PAGE>

                                  ARTICLE VII

                                     DEFAULT

Section 7.01.  Events of Default.
               -----------------

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

(i)     the Master  Servicer shall fail to distribute or cause to be distributed
        to the Holders of Certificates of any Class any distribution required to
        be made  under  the  terms of the  Certificates  of such  Class and this
        Agreement and, in either case,  such failure shall  continue  unremedied
        for a period of 5 days after the date upon which written  notice of such
        failure, requiring such failure to be remedied, shall have been given to
        the  Master  Servicer  by the  Trustee  or the  Company or to the Master
        Servicer,  the Company and the Trustee by the Holders of Certificates of
        such Class  evidencing  Percentage  Interests  aggregating not less than
        25%; or

(ii) the Master  Servicer  shall  fail to  observe  or  perform in any  material
     respect any other of the  covenants or agreements on the part of the Master
     Servicer  contained in the  Certificates  of any Class or in this Agreement
     and such failure shall continue  unremedied for a period of 30 days (except
     that such  number of days  shall be 15 in the case of a failure  to pay the
     premium for any Required  Insurance Policy) after the date on which written
     notice of such failure,  requiring the same to be remedied, shall have been
     given to the  Master  Servicer  by the  Trustee or the  Company,  or to the
     Master Servicer, the Company and the Trustee by the Holders of Certificates
     of  any  Class  evidencing,  in the  case  of any  such  Class,  Percentage
     Interests aggregating not less than 25%; or

(iii)   a decree or order of a court or agency or supervisory  authority  having
        jurisdiction in the premises in an involuntary case under any present or
        future  federal  or  state  bankruptcy,  insolvency  or  similar  law or
        appointing a conservator  or receiver or  liquidator in any  insolvency,
        readjustment  of debt,  marshalling of assets and liabilities or similar
        proceedings,  or for the winding-up or liquidation of its affairs, shall
        have been entered  against the Master  Servicer and such decree or order
        shall have remained in force undischarged or unstayed for a period of 60
        days; or

(iv)    the Master Servicer shall consent to the appointment of a conservator or
        receiver  or  liquidator  in  any  insolvency,   readjustment  of  debt,
        marshalling of assets and  liabilities,  or similar  proceedings  of, or
        relating  to,  the  Master  Servicer  or  of,  or  relating  to,  all or
        substantially all of the property of the Master Servicer; or

(v)     the Master  Servicer  shall  admit in writing its  inability  to pay its
        debts  generally as they become due,  file a petition to take  advantage
        of, or commence a voluntary  case under,  any  applicable  insolvency or
        reorganization  statute,  make  an  assignment  for the  benefit  of its
        creditors, or voluntarily suspend payment of its obligations; or

                                       85
<PAGE>

(vi)    the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
        that it is unable to deposit in the Certificate  Account an amount equal
        to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

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<PAGE>

Section 7.02.  Trustee or Company to Act; Appointment of Successor.
               ----------------------------------------------------

(a) On and after the time the Master  Servicer  receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's  consent  (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the  transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities  relating  thereto  placed on the Master  Servicer  (except  for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding  the duty to notify  related  Subservicers  or Sellers as set forth in
such  Sections,  and its  obligations  to  deposit  amounts in respect of losses
incurred  prior to such notice or  termination on the investment of funds in the
Custodial  Account or the Certificate  Account  pursuant to Sections 3.07(c) and
4.01(b) by the terms and provisions hereof); provided, however, that any failure
to  perform  such  duties or  responsibilities  caused by the  preceding  Master
Servicer's failure to provide information  required by Section 4.04 shall not be
considered a default by the Trustee  hereunder.  As compensation  therefor,  the
Trustee shall be entitled to all funds  relating to the Mortgage Loans which the
Master  Servicer would have been entitled to charge to the Custodial  Account or
the  Certificate  Account if the Master  Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with  amounts  attributable  to the  Mortgage  Loans held in the  Custodial
Account or the Certificate  Account.  If the Trustee has become the successor to
the Master  Servicer in  accordance  with  Section  6.04 or Section  7.01,  then
notwithstanding  the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act,  appoint,  or petition a court of competent
jurisdiction to appoint,  any established housing and home finance  institution,
which  is  also  a  Fannie  Mae-  or  Freddie  Mac-approved  mortgage  servicing
institution, having a net worth of not less than $10,000,000 as the successor to
the  Master  Servicer  hereunder  in the  assumption  of all or any  part of the
responsibilities,  duties  or  liabilities  of the  Master  Servicer  hereunder.
Pending appointment of a successor to the Master Servicer hereunder, the Trustee
shall become  successor to the Master Servicer and shall act in such capacity as
hereinabove  provided.  In connection with such appointment and assumption,  the
Trustee may make such arrangements for the compensation of such successor out of
payments on  Mortgage  Loans as it and such  successor  shall  agree;  provided,
however,  that no such  compensation  shall be in excess of that  permitted  the
initial Master Servicer hereunder.  The Company,  the Trustee, the Custodian and
such successor shall take such action,  consistent with this Agreement, as shall
be  necessary to  effectuate  any such  succession.  The  Servicing  Fee for any
successor  Master  Servicer  appointed  pursuant  to this  Section  7.02 will be
lowered with respect to those Mortgage Loans, if any, where the Subservicing Fee
accrues at a rate of less than  0.20% per annum in the event that the  successor
Master  Servicer  is  not  servicing  such  Mortgage  Loans  directly  and it is
necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum in
order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the

                                       87
<PAGE>

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 Master

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<PAGE>

          Servicer and which on their face, do not contradict  the  requirements
          of this Agreement;

     (ii) The Trustee  shall not be  personally  liable for an error of judgment
          made in good faith by a Responsible Officer or Responsible Officers of
          the Trustee,  unless it shall be proved that the Trustee was negligent
          in ascertaining the pertinent facts;

(iii)   The Trustee  shall not be  personally  liable with respect to any action
        taken, suffered or omitted to be taken by it in good faith in accordance
        with  the   direction  of   Certificateholders   of  any  Class  holding
        Certificates  which  evidence,  as to such Class,  Percentage  Interests
        aggregating  not  less  than 25% as to the  time,  method  and  place of
        conducting any proceeding  for any remedy  available to the Trustee,  or
        exercising  any trust or power  conferred  upon the Trustee,  under this
        Agreement;

(iv)    The Trustee  shall not be charged with  knowledge of any default  (other
        than a default in payment to the  Trustee)  specified in clauses (i) and
        (ii) of Section 7.01 or an Event of Default  under clauses  (iii),  (iv)
        and (v) of Section  7.01  unless a  Responsible  Officer of the  Trustee
        assigned to and working in the  Corporate  Trust Office  obtains  actual
        knowledge  of such  failure  or event or the  Trustee  receives  written
        notice of such failure or event at its  Corporate  Trust Office from the
        Master Servicer, the Company or any Certificateholder; and

(v)     Except to the extent  provided in Section  7.02,  no  provision  in this
        Agreement  shall  require  the  Trustee  to expend or risk its own funds
        (including,  without limitation, the making of any Advance) or otherwise
        incur any personal financial  liability in the performance of any of its
        duties as Trustee hereunder,  or in the exercise of any of its rights or
        powers, if the Trustee shall have reasonable  grounds for believing that
        repayment of funds or adequate  indemnity against such risk or liability
        is not reasonably assured to it.

(d)     The Trustee shall timely pay, from its own funds,  the amount of any and
        all  federal,  state and local  taxes  imposed  on the Trust Fund or its
        assets or transactions  including,  without limitation,  (A) "prohibited
        transaction"  penalty taxes as defined in Section 860F of the Code,  if,
        when  and as  the  same  shall  be  due  and  payable,  (B)  any  tax on
        contributions  to a REMIC  after the  Closing  Date  imposed  by Section
        860G(d)  of the Code  and (C) any tax on "net  income  from  foreclosure
        property"  as defined in Section  860G(c) of the Code,  but only if such
        taxes arise out of a breach by the Trustee of its obligations hereunder,
        which  breach  constitutes  negligence  or  willful  misconduct  of  the
        Trustee.

Section 8.02.  Certain Matters Affecting the Trustee.
               -------------------------------------

(a)     Except as otherwise provided in Section 8.01:

(i)     The Trustee may rely and shall be protected in acting or refraining from
        acting  upon  any  resolution,  Officers'  Certificate,  certificate  of
        auditors  or any  other  certificate,  statement,  instrument,  opinion,
        report, notice, request,  consent, order, appraisal, bond or other paper
        or  document  believed  by it to be genuine  and to have been  signed or
        presented by the proper party or parties;

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<PAGE>

(ii)    The Trustee may consult with counsel and any Opinion of Counsel shall be
        full and complete  authorization and protection in respect of any action
        taken or  suffered  or  omitted  by it  hereunder  in good  faith and in
        accordance with such Opinion of Counsel;

(iii)The Trustee  shall be under no  obligation to exercise any of the trusts or
     powers vested in it by this  Agreement or to  institute,  conduct or defend
     any  litigation  hereunder or in relation  hereto at the request,  order or
     direction of any of the  Certificateholders,  pursuant to the provisions of
     this Agreement,  unless such  Certificateholders  shall have offered to the
     Trustee  reasonable  security or indemnity against the costs,  expenses and
     liabilities  which may be incurred  therein or thereby;  nothing  contained
     herein  shall,  however,  relieve the Trustee of the  obligation,  upon the
     occurrence of an Event of Default (which has not been cured or waived),  to
     exercise such of the rights and powers vested in it by this Agreement,  and
     to use the same  degree  of care and skill in their  exercise  as a prudent
     investor  would exercise or use under the  circumstances  in the conduct of
     such investor's own affairs;

(iv) The Trustee shall not be personally  liable for any action taken,  suffered
     or omitted  by it in good  faith and  believed  by it to be  authorized  or
     within  the  discretion  or  rights  or  powers  conferred  upon it by this
     Agreement;

(v)  Prior to the  occurrence  of an Event of  Default  hereunder  and after the
     curing or waiver of all  Events of  Default  which may have  occurred,  the
     Trustee  shall  not be bound to make any  investigation  into the  facts or
     matters  stated  in any  resolution,  certificate,  statement,  instrument,
     opinion,  report, notice, request,  consent, order, approval, bond or other
     paper or  document,  unless  requested  in  writing  so to do by Holders of
     Certificates  of  any  Class  evidencing,  as  to  such  Class,  Percentage
     Interests,  aggregating not less than 50%; provided,  however,  that if the
     payment within a reasonable  time to the Trustee of the costs,  expenses or
     liabilities likely to be incurred by it in the making of such investigation
     is, in the opinion of the Trustee, not reasonably assured to the Trustee by
     the security afforded to it by the terms of this Agreement, the Trustee may
     require  reasonable  indemnity  against  such  expense  or  liability  as a
     condition  to  so  proceeding.   The  reasonable   expense  of  every  such
     examination  shall be paid by the Master  Servicer,  if an Event of Default
     shall   have   occurred   and  is   continuing,   and   otherwise   by  the
     Certificateholder requesting the investigation;

(vi) The Trustee may  execute any of the trusts or powers  hereunder  or perform
     any duties  hereunder either directly or by or through agents or attorneys;
     and

(vii)To the extent  authorized  under the Code and the  regulations  promulgated
     thereunder,  each  Holder  of a  Class  R  Certificate  hereby  irrevocably
     appoints and authorizes the Trustee to be its attorney-in-fact for purposes
     of  signing  any Tax  Returns  required  to be filed on behalf of the Trust
     Fund. The Trustee shall sign on behalf of the Trust Fund and deliver to the
     Master Servicer in a timely manner any Tax Returns prepared by or on behalf
     of the Master  Servicer  that the Trustee is required to sign as determined
     by the Master Servicer pursuant to applicable  federal,  state or local tax

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<PAGE>

     laws,  provided that the Master  Servicer  shall  indemnify the Trustee for
     signing any such Tax Returns that contain errors or omissions.

(b)     Following the issuance of the Certificates, the Trustee shall not accept
        any  contribution of assets to the Trust Fund unless (subject to Section
        10.01(f)) it shall have  obtained or been  furnished  with an Opinion of
        Counsel  to the  effect  that such  contribution  will not (i) cause any
        portion  of any REMIC  formed  under the  Series  Supplement  to fail to
        qualify as a REMIC at any time that any  Certificates are outstanding or
        (ii) cause the Trust Fund to be subject to any  federal  tax as a result
        of such  contribution  (including  the  imposition of any federal tax on
        "prohibited transactions" imposed under Section 860F(a) of the Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

Section 8.05.  Master Servicer to Pay Trustee's Fees
                      and Expenses; Indemnification.

(a)     The Master  Servicer  covenants and agrees to pay to the Trustee and any
        co-trustee  from time to time, and the Trustee and any co-trustee  shall
        be entitled to, reasonable  compensation  (which shall not be limited by
        any  provision of law in regard to the  compensation  of a trustee of an
        express  trust)  for  all  services  rendered  by  each  of  them in the
        execution  of  the  trusts  hereby  created  and  in  the  exercise  and
        performance of any of the powers and duties hereunder of the Trustee and
        any  co-trustee,  and the  Master  Servicer  will pay or  reimburse  the
        Trustee and any  co-trustee  upon request for all  reasonable  expenses,
        disbursements  and  advances  incurred  or  made by the  Trustee  or any
        co-trustee in accordance  with any of the  provisions of this  Agreement
        (including   the   reasonable   compensation   and  the   expenses   and
        disbursements  of its counsel and of all  persons not  regularly  in its
        employ,  and the expenses  incurred by the Trustee or any  co-trustee in
        connection  with the  appointment  of an office or  agency  pursuant  to
        Section  8.12) except any such expense,  disbursement  or advance as may
        arise from its negligence or bad faith.

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<PAGE>

(b)     The Master Servicer agrees to indemnify the Trustee for, and to hold the
        Trustee  harmless  against,  any loss,  liability  or  expense  incurred
        without  negligence or willful misconduct on the Trustee's part, arising
        out of, or in connection with, the acceptance and  administration of the
        Trust Fund, including the costs and expenses (including reasonable legal
        fees and expenses) of defending  itself  against any claim in connection
        with the  exercise or  performance  of any of its powers or duties under
        this Agreement and the Custodial Agreement, provided that:

(i)     with respect to any such claim,  the Trustee shall have given the Master
        Servicer  written notice  thereof  promptly after the Trustee shall have
        actual knowledge thereof;

(ii)    while  maintaining  control  over its own  defense,  the  Trustee  shall
        cooperate and consult fully with the Master  Servicer in preparing  such
        defense; and

(iii)   notwithstanding  anything in this Agreement to the contrary,  the Master
        Servicer  shall not be liable for settlement of any claim by the Trustee
        entered  into  without the prior  consent of the Master  Servicer  which
        consent shall not be unreasonably withheld.

No termination of this Agreement  shall affect the  obligations  created by this
Section  8.05(b) of the Master  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

Section 8.06.  Eligibility Requirements for Trustee.
               ------------------------------------

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so  published.  In case at any time the  Trustee  shall  cease to be eligible in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

Section 8.07.  Resignation and Removal of the Trustee.
               --------------------------------------

(a) The Trustee may at any time resign and be discharged  from the trusts hereby
created by giving  written  notice  thereof to the Company.  Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by

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<PAGE>

written  instrument,  in  duplicate,  one  copy of  which  instrument  shall  be
delivered to the resigning Trustee and one copy to the successor trustee.  If no
successor  trustee shall have been so appointed  and have  accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions  of  Section  8.06 and shall  fail to resign  after  written  request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property  shall be appointed,  or any public officer shall take charge
or  control of the  Trustee or of its  property  or affairs  for the  purpose of
rehabilitation,  conservation  or  liquidation,  then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which  instrument  shall be  delivered to the Trustee so removed and one
copy to the  successor  trustee.  In  addition,  in the event  that the  Company
determines  that  the  Trustee  has  failed  (i) to  distribute  or  cause to be
distributed  to the  Certificateholders  any amount  required to be  distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

(c) The Holders of  Certificates  entitled to at least 51% of the Voting  Rights
may at any time remove the  Trustee  and appoint a successor  trustee by written
instrument  or  instruments,  in  triplicate,  signed by such  Holders  or their
attorneys-in-fact  duly authorized,  one complete set of which instruments shall
be delivered to the Company,  one complete set to the Trustee so removed and one
complete set to the successor so appointed.

(d) Any  resignation  or removal of the Trustee and  appointment  of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon  acceptance of appointment by the successor  trustee as provided in Section
8.08.

Section 8.08.  Successor Trustee.
               -----------------

(a) Any successor  trustee  appointed as provided in Section 8.07 shall execute,
acknowledge  and  deliver  to the  Company  and to its  predecessor  trustee  an
instrument accepting such appointment  hereunder,  and thereupon the resignation
or removal of the predecessor  trustee shall become effective and such successor
trustee shall become effective and such successor  trustee,  without any further
act, deed or conveyance,  shall become fully vested with all the rights, powers,
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

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<PAGE>

successor  trustee all Mortgage Files and related  documents and statements held
by it hereunder  (other than any Mortgage Files at the time held by a Custodian,
which  shall  become  the agent of any  successor  trustee  hereunder),  and the
Company,  the Master  Servicer and the  predecessor  trustee  shall  execute and
deliver such  instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

(b) No successor  trustee shall accept  appointment  as provided in this Section
unless at the time of such acceptance  such successor  trustee shall be eligible
under the provisions of Section 8.06.

(c) Upon  acceptance of appointment  by a successor  trustee as provided in this
Section,  the  Company  shall  mail  notice of the  succession  of such  trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

Section 8.09.  Merger or Consolidation of Trustee.
               ----------------------------------

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

Section 8.10.  Appointment of Co-Trustee or Separate Trustee.
               ---------------------------------------------

(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting  any legal  requirements  of any  jurisdiction  in which any part of the
Trust Fund or property securing the same may at the time be located,  the Master
Servicer and the Trustee  acting  jointly shall have the power and shall execute
and  deliver all  instruments  to appoint  one or more  Persons  approved by the
Trustee to act as  co-trustee  or  co-trustees,  jointly  with the  Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

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<PAGE>

(b) In the case of any appointment of a co-trustee or separate  trustee pursuant
to this Section 8.10 all rights,  powers,  duties and  obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the  Trustee,  and such  separate  trustee or  co-trustee  jointly,
except  to the  extent  that  under  any law of any  jurisdiction  in which  any
particular act or acts are to be performed  (whether as Trustee  hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified  to perform such act or acts,  in which event such  rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

(c) Any notice, request or other writing given to the Trustee shall be deemed to
have  been  given to each of the then  separate  trustees  and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

Section 8.11.  Appointment of Custodians.
               -------------------------

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

Section 8.12.  Appointment of Office or Agency.
               -------------------------------

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where

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Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

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                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

Section 9.01.  Optional  Purchase by the Master  Servicer  of All  Certificates;
     Termination  Upon  Purchase by the Master  Servicer or  Liquidation  of All
     Mortgage Loans

(a)     Subject to Section 9.02, the respective obligations and responsibilities
        of the Company,  the Master  Servicer and the Trustee  created hereby in
        respect of the Certificates (other than the obligation of the Trustee to
        make   certain   payments   after   the  Final   Distribution   Date  to
        Certificateholders  and the  obligation  of the Company to send  certain
        notices as hereinafter  set forth) shall  terminate upon the last action
        required  to be taken by the  Trustee  on the  Final  Distribution  Date
        pursuant to this Article IX following the earlier of:

(i)  the later of the final  payment or other  liquidation  (or any Advance with
     respect  thereto) of the last Mortgage Loan  remaining in the Trust Fund or
     the disposition of all property  acquired upon  foreclosure or deed in lieu
     of foreclosure of any Mortgage Loan, or

(ii) the purchase by the Master  Servicer of all Mortgage Loans and all property
     acquired in respect of any Mortgage  Loan  remaining in the Trust Fund at a
     price equal to 100% of the unpaid  principal  balance of each Mortgage Loan
     or, if less than such unpaid  principal  balance,  the fair market value of
     the related  underlying  property  of such  Mortgage  Loan with  respect to
     Mortgage  Loans as to which  title has been  acquired  if such fair  market
     value is less than such unpaid  principal  balance (net of any unreimbursed
     Advances  attributable  to principal) on the day of repurchase plus accrued
     interest thereon at the Net Mortgage Rate (or Modified Net Mortgage Rate in
     the case of any Modified  Mortgage Loan) to, but not  including,  the first
     day of the month in which such repurchase  price is distributed,  provided,
     however,  that in no event shall the trust created hereby  continue  beyond
     the  expiration  of  --------  -------  21 years from the death of the last
     survivor of the  descendants of Joseph P. Kennedy,  the late  ambassador of
     the United States to the Court of St. James,  living on the date hereof and
     provided further that the purchase price set forth above shall be increased
     as  is  necessary,   as  determined  by  the  Master  Servicer,   to  avoid
     disqualification  of any  portion  of any REMIC  formed  under  the  Series
     Supplement as a REMIC.

        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal Balance of the Mortgage Loans.

        If such right is exercised by the Master  Servicer,  the Master Servicer
shall be deemed to have been reimbursed for the full amount of any  unreimbursed
Advances theretofore made by it with respect to the Mortgage Loans. In addition,
the Master Servicer shall provide to the Trustee the  certification  required by
Section 3.15 and the Trustee and any Custodian shall, promptly following payment
of the  purchase  price,  release  to the Master  Servicer  the  Mortgage  Files
pertaining to the Mortgage Loans being purchased.

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<PAGE>

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage Loans,  the Master Servicer shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

(b)     The Master  Servicer shall give the Trustee not less than 60 days' prior
        notice of the Distribution Date on which the Master Servicer anticipates
        that the final distribution will be made to Certificateholders  (whether
        as a result  of the  exercise  by the  Master  Servicer  of its right to
        purchase  the  assets of the Trust  Fund or  otherwise)  or on which the
        Master Servicer  anticipates that the Certificates will be purchased (as
        a  result  of the  exercise  by the  Master  Servicer  to  purchase  the
        outstanding  Certificates).  Notice of any  termination  specifying  the
        anticipated  Final  Distribution  Date (which shall be a date that would
        otherwise be a Distribution Date) upon which the  Certificateholders may
        surrender their Certificates to the Trustee (if so required by the terms
        hereof) for payment of the final distribution and cancellation or notice
        of  any  purchase  of  the  outstanding  Certificates,   specifying  the
        Distribution   Date  upon  which  the   Holders  may   surrender   their
        Certificates to the Trustee for payment,  shall be given promptly by the
        Master Servicer (if it is exercising its right to purchase the assets of
        the Trust Fund or to purchase the outstanding  Certificates),  or by the
        Trustee (in any other case) by letter to the  Certificateholders  mailed
        not  earlier  than the 15th day and not  later  than the 25th day of the
        month next preceding the month of such final distribution specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated where required  pursuant to this Agreement or, in the case of
        the purchase by the Master Servicer of the outstanding Certificates, the
        Distribution Date on which such purchase is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, if
        known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates,  or in the
        case of all of the  Certificates  in connection with the exercise by the
        Master Servicer of its right to purchase the Certificates,  that payment
        will be made only upon presentation and surrender of the Certificates at
        the office or agency of the Trustee therein specified.

If the Master  Servicer is  obligated  to give notice to  Certificateholders  as
aforesaid,  it shall give such notice to the  Certificate  Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to

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Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account,  before  the Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c) In the case of the Senior  Certificates,  upon presentation and surrender of
the Certificates by the Certificateholders thereof, and in the case of the Class
M and Class B Certificates,  upon presentation and surrender of the Certificates
by the Certificateholders  thereof in connection with the exercise by the Master
Servicer of its right to purchase the Certificates,  and otherwise in accordance
with Section 4.01(a), the Trustee shall distribute to the Certificateholders (i)
the  amount  otherwise  distributable  on  such  Distribution  Date,  if  not in
connection with the Master  Servicer's  election to repurchase the assets of the
Trust  Fund or the  outstanding  Certificates,  or (ii) if the  Master  Servicer
elected  to so  repurchase  the  assets  of the  Trust  Fund or the  outstanding
Certificates,  an  amount  determined  as  follows:  (A)  with  respect  to each
Certificate the outstanding  Certificate Principal Balance thereof, plus Accrued
Certificate  Interest for the related  Interest  Accrual  Period thereon and any
previously  unpaid  Accrued  Certificate  Interest,  subject to the priority set
forth in Section 4.02(a), and (B) with respect to the Class R Certificates,  any
excess of the amounts available for distribution (including the repurchase price
specified  in clause  (ii) of  subsection  (a) of this  Section)  over the total
amount distributed under the immediately  preceding clause (A).  Notwithstanding
the reduction of the Certificate  Principal  Balance of any Class of Subordinate
Certificates  to zero,  such  Class  will be  outstanding  hereunder  until  the
termination of the respective  obligations and  responsibilities of the Company,
the Master Servicer and the Trustee hereunder in accordance with Article IX.

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have been surrendered for cancellation,  the Trustee shall pay to the Master

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<PAGE>

Servicer  all  amounts  distributable  to the  holders  thereof  and the  Master
Servicer shall  thereafter hold such amounts until  distributed to such Holders.
No interest  shall accrue or be payable to any  Certificateholder  on any amount
held in the  escrow  account  or by the  Master  Servicer  as a  result  of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

(e) If any  Certificateholders  do not surrender their Certificates on or before
the Distribution Date on which a purchase of the outstanding  Certificates is to
be made,  the  Trustee  shall on such date  cause  all funds in the  Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain  outstanding  hereunder until the Master Servicer
has terminated the respective obligations and responsibilities created hereby in
respect of the  Certificates  pursuant to this  Article IX. The Master  Servicer
shall be for all purposes the Holder thereof as of such date.

Section 9.02.  Additional Termination Requirements.
               -----------------------------------

(a)     Each  REMIC  that  comprises  the  Trust  Fund  shall be  terminated  in
        accordance with the following additional  requirements,  unless (subject
        to Section  10.01(f)) the Trustee and the Master  Servicer have received
        an Opinion of Counsel  (which Opinion of Counsel shall not be an expense
        of the  Trustee)  to the effect  that the  failure of each such REMIC to
        comply with the requirements of this Section 9.02 will not (i) result in
        the  imposition on the Trust of taxes on "prohibited  transactions,"  as
        described in Section  860F of the Code,  or (ii) cause any such REMIC to
        fail  to  qualify  as a  REMIC  at any  time  that  any  Certificate  is
        outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

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<PAGE>

(ii)    The Master Servicer shall notify the Trustee at the commencement of such
        90-day  liquidation period and, at or prior to the time of making of the
        final payment on the  Certificates,  the Trustee shall sell or otherwise
        dispose of all of the  remaining  assets of the Trust Fund in accordance
        with the terms hereof; and

(iii)   If the  Master  Servicer  or the  Company  is  exercising  its  right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during
        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b)     Each Holder of a Certificate and the Trustee hereby irrevocably approves
        and appoints the Master Servicer as its attorney-in-fact to adopt a plan
        of complete  liquidation for each REMIC at the expense of the Trust Fund
        in accordance with the terms and conditions of this Agreement.

Section 9.03.  Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

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<PAGE>

                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.
               --------------------

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.

(c) The REMIC  Administrator  shall hold a Class R  Certificate  representing  a
0.01%  Percentage  Interest each Class of the Class R Certificates  and shall be
designated as "the tax matters  person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1.  The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section  3.10 unless such legal  expenses  and costs are incurred by
reason  of the REMIC  Administrator's  willful  misfeasance,  bad faith or gross
negligence.  If  the  REMIC  Administrator  is no  longer  the  Master  Servicer
hereunder,  at its option the REMIC  Administrator  may  continue  its duties as
REMIC  Administrator  and shall be paid  reasonable  compensation  not to exceed
$3,000 per year by any successor Master Servicer  hereunder for so acting as the
REMIC Administrator.

(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns  that it  determines  are required  with  respect to each REMIC  created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing  such returns  shall be borne by the REMIC  Administrator  without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability  arising from the
Trustee's  signing of Tax Returns that contain errors or omissions.  The Trustee
and Master  Servicer shall promptly  provide the REMIC  Administrator  with such
information  as the REMIC  Administrator  may from time to time  request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.

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<PAGE>

(e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a Class R
Certificate  such  information  as is necessary for the  application  of any tax
relating  to the  transfer of a Class R  Certificate  to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

(f) The Master Servicer and the REMIC  Administrator shall take such actions and
shall cause each REMIC created  hereunder to take such actions as are reasonably
within the Master Servicer's or the REMIC Administrator's  control and the scope
of its  duties  more  specifically  set forth  herein as shall be  necessary  or
desirable  to  maintain  the  status  of each  REMIC as a REMIC  under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code)  (either  such  event,  in the  absence  of an  Opinion  of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
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

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event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

(g) In the event  that any tax is imposed on  "prohibited  transactions"  of any
REMIC  created  hereunder as defined in Section  860F(a)(2) of the Code, on "net
income  from  foreclosure  property"  of any such  REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate  Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

(h) The Trustee and the Master Servicer shall,  for federal income tax purposes,
maintain  books and records  with respect to each REMIC  created  hereunder on a
calendar  year and on an accrual  basis or as  otherwise  may be required by the
REMIC Provisions.

(i) Following the Startup Day, neither the Master Servicer nor the Trustee shall
accept  any  contributions  of  assets  to any REMIC  created  hereunder  unless
(subject to Section  10.01(f))  the Master  Servicer and the Trustee  shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in such REMIC will
not  cause  the  REMIC  to fail to  qualify  as a REMIC  at any  time  that  any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

(j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to Section
10.01(f)) enter into any  arrangement by which any REMIC created  hereunder will
receive a fee or other  compensation  for  services nor permit any such REMIC to
receive any income from assets other than  "qualified  mortgages"  as defined in
Section 860G(a)(3) of the Code or "permitted  investments" as defined in Section
860G(a)(5) of the Code.

                                      105
<PAGE>

(k)  Solely for the  purposes  of Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  the  "latest  possible  maturity  date" by which  the  Certificate
Principal  Balance of each Class of  Certificates  (other than the Interest Only
Certificates)  representing a regular  interest in the applicable  REMIC and the
Uncertificated  Principal Balance of each Uncertificated  REMIC Regular Interest
(other than each  Uncertificated  REMIC Regular Interest  represented by a Class
A-V  Certificate,  if any) and the rights to the Interest Only  Certificates and
Uncertificated  REMIC Regular  Interest  represented by a Class A-V  Certificate
would be  reduced to zero is the  Maturity  Date for each such  Certificate  and
Interest.

(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal  Revenue Service Form 8811,  "Information  Return for
Real Estate Mortgage  Investment  Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.

(m)  Neither  the Trustee  nor the Master  Servicer  shall  sell,  dispose of or
substitute  for any of the Mortgage  Loans  (except in  connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification.
               -----------------------------------------------------------------

(a) The Trustee  agrees to  indemnify  the Trust Fund,  the  Company,  the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation,  any  reasonable  attorneys fees imposed on or incurred by the Trust
Fund,  the  Company  or the  Master  Servicer,  as a result  of a breach  of the
Trustee's covenants set forth in Article VIII or this Article X.

(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Master  Servicer  and the  Trustee for any taxes and costs  (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company,  the Master Servicer or the Trustee,  as a result of a breach
of the REMIC Administrator's  covenants set forth in this Article X with respect
to compliance  with the REMIC  Provisions,  including  without  limitation,  any
penalties  arising from the Trustee's  execution of Tax Returns  prepared by the
REMIC Administrator that contain errors or omissions;  provided,  however,  that
such  liability  will not be imposed to the extent such breach is a result of an
error or omission in  information  provided  to the REMIC  Administrator  by the
Master Servicer in which case Section 10.02(c) will apply.

                                      106
<PAGE>

(c) The Master  Servicer  agrees to indemnify the Trust Fund,  the Company,  the
REMIC Administrator and the Trustee for any taxes and costs (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund,  the Company,  the REMIC  Administrator  or the Trustee,  as a result of a
breach of the  Master  Servicer's  covenants  set forth in this  Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

Section 10.03. Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

                                      107
<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.
               ---------

(a)     This  Agreement or any  Custodial  Agreement may be amended from time to
        time by the Company,  the Master  Servicer and the Trustee,  without the
        consent of any of the Certificateholders:

(i)     to cure any ambiguity,

(ii)    to correct or supplement any provisions herein or therein,  which may be
        inconsistent  with any other provisions  herein or therein or to correct
        any error,

(iii)   to modify,  eliminate or add to any of its  provisions to such extent as
        shall be necessary or  desirable  to maintain the  qualification  of the
        Trust Fund as a REMIC at all times that any  Certificate  is outstanding
        or to avoid or  minimize  the risk of the  imposition  of any tax on the
        Trust Fund  pursuant to the Code that would be a claim against the Trust
        Fund,  provided  that the Trustee has  received an Opinion of Counsel to
        the effect that (A) such action is  necessary  or  desirable to maintain
        such qualification or to avoid or minimize the risk of the imposition of
        any such tax and (B)  such  action  will  not  adversely  affect  in any
        material respect the interests of any Certificateholder,

(iv) to change the timing and/or  nature of deposits into the Custodial  Account
     or the  Certificate  Account or to change  the name in which the  Custodial
     Account is maintained,  provided that (A) the  Certificate  Account Deposit
     Date shall in no event be later than the  related  Distribution  Date,  (B)
     such change  shall not, as  evidenced  by an Opinion of Counsel,  adversely
     affect in any material respect the interests of any  Certificateholder  and
     (C) such change shall not result in a reduction  of the rating  assigned to
     any Class of Certificates below the lower of the then-current rating or the
     rating  assigned to such  Certificates as of the Closing Date, as evidenced
     by a letter from each Rating Agency to such effect,

(v)  to modify,  eliminate or add to the  provisions  of Section  5.02(f) or any
     other provision hereof restricting transfer of the Class R Certificates, by
     virtue of their being the "residual  interests"  in a REMIC,  provided that
     (A) such change shall not result in reduction of the rating assigned to any
     such Class of Certificates  below the lower of the  then-current  rating or
     the  rating  assigned  to such  Certificates  as of the  Closing  Date,  as
     evidenced by a letter from each Rating Agency to such effect,  and (B) such
     change shall not (subject to Section 10.01(f)),  as evidenced by an Opinion
     of Counsel (at the expense of the party seeking so to modify,  eliminate or
     add such  provisions),  cause any  REMIC  created  hereunder  or any of the
     Certificateholders  (other than the  transferor) to be subject to a federal
     tax caused by a transfer to a Person that is not a Permitted Transferee,

(vi)    to make any other  provisions  with  respect  to  matters  or  questions
        arising under this Agreement or such Custodial Agreement which shall not

                                      108
<PAGE>

        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  evidencing in the aggregate not
        less than 66% of the Percentage  Interests of each Class of Certificates
        with a Certificate  Principal Balance greater than zero affected thereby
        for the purpose of adding any provisions to or changing in any manner or
        eliminating  any of the  provisions of this  Agreement or such Custodial
        Agreement  or of  modifying  in any manner the rights of the  Holders of
        Certificates of such Class;  provided,  however,  that no such amendment
        shall:

(i)     reduce in any manner  the  amount  of, or delay the timing of,  payments
        which are  required to be  distributed  on any  Certificate  without the
        consent of the Holder of such Certificate,

(ii)    reduce the aforesaid percentage of Certificates of any Class the Holders
        of which are required to consent to any such amendment, in any such case
        without  the consent of the  Holders of all  Certificates  of such Class
        then outstanding.

(c)     Notwithstanding  any contrary  provision of this Agreement,  the Trustee
        shall not consent to any  amendment  to this  Agreement  unless it shall
        have first received an Opinion of Counsel  (subject to Section  10.01(f)
        and at the expense of the party  seeking such  amendment)  to the effect
        that such  amendment or the exercise of any power  granted to the Master
        Servicer,  the Company or the Trustee in accordance  with such amendment
        will not result in the  imposition of a federal tax on the Trust Fund or
        cause any REMIC created  under the Series  Supplement to fail to qualify
        as a REMIC at any time that any Certificate is outstanding.

(d)     Promptly  after the  execution of any such  amendment  the Trustee shall
        furnish  written  notification of the substance of such amendment to the
        Custodian and each Certificateholder.  It shall not be necessary for the
        consent of  Certificateholders  under this Section  11.01 to approve the
        particular form of any proposed amendment, but it shall be sufficient if
        such  consent  shall  approve  the  substance  thereof.  The  manner  of
        obtaining  such  consents and of  evidencing  the  authorization  of the
        execution  thereof  by  Certificateholders  shall  be  subject  to  such
        reasonable regulations as the Trustee may prescribe.

(e)     The Company shall have the option, in its sole discretion, to obtain and
        deliver to the  Trustee  any  corporate  guaranty,  payment  obligation,
        irrevocable letter of credit,  surety bond,  insurance policy or similar
        instrument or a reserve fund, or any  combination of the foregoing,  for
        the  purpose  of  protecting  the  Holders  of the Class B  Certificates
        against  any or all  Realized  Losses  or  other  shortfalls.  Any  such
        instrument  or fund shall be held by the  Trustee for the benefit of the
        Class B Certificateholders,  but shall not be and shall not be deemed to
        be under any  circumstances  included in the Trust  Fund.  To the extent
        that any such instrument or fund  constitutes a reserve fund for federal

                                      109
<PAGE>

        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  Certificateholder and without the consent of
        the  Master  Servicer  or the  Trustee  being  required  unless any such
        amendment  would  impose  any  additional  obligation  on, or  otherwise
        adversely  affect the  interests of the Senior  Certificateholders,  the
        Class M  Certificateholders,  the Master  Servicer  or the  Trustee,  as
        applicable;  provided  that the  Company  obtains  (subject  to  Section
        10.01(f))  an  Opinion  of  Counsel  (which  need not be an  opinion  of
        Independent  counsel)  to the effect  that any such  amendment  will not
        cause (a) any  federal  tax to be imposed on the Trust  Fund,  including
        without limitation, any federal tax imposed on "prohibited transactions"
        under  Section  860F(a)(1)  of the Code or on  "contributions  after the
        startup  date" under  Section  860G(d)(1)  of the Code and (b) any REMIC
        created  hereunder  to fail to  qualify  as a REMIC at any time that any
        Certificate  is  outstanding.  In the event that the  Company  elects to
        provide  such  coverage  in the form of a limited  guaranty  provided by
        General Motors  Acceptance  Corporation,  the Company may elect that the
        text of such amendment to this Agreement shall be  substantially  in the
        form attached hereto as Exhibit K (in which case  Residential  Funding's
        Subordinate  Certificate  Loss  Obligation  as described in such exhibit
        shall be established by Residential Funding's consent to such amendment)
        and that the limited  guaranty  shall be  executed in the form  attached
        hereto as Exhibit L, with such  changes as the Company  shall deem to be
        appropriate;  it being  understood  that the  Trustee has  reviewed  and
        approved  the  content of such forms and that the  Trustee's  consent or
        approval to the use thereof is not required.

Section 11.02. Recordation of Agreement; Counterparts.
               ---------------------------------------

(a) To the extent  permitted by  applicable  law,  this  Agreement is subject to
recordation in all appropriate  public offices for real property  records in all
the  counties  or other  comparable  jurisdictions  in  which  any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

(b) For the purpose of facilitating  the recordation of this Agreement as herein
provided and for other purposes,  this Agreement may be executed  simultaneously
in any number of counterparts,  each of which counterparts shall be deemed to be
an  original,  and  such  counterparts  shall  constitute  but one and the  same
instrument.

                                      110
<PAGE>

Section 11.03. Limitation on Rights of Certificateholders.
               -------------------------------------------

(a) The  death or  incapacity  of any  Certificateholder  shall not  operate  to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal  representatives  or heirs to claim an accounting or to take any action or
proceeding  in any court for a partition  or winding up of the Trust  Fund,  nor
otherwise  affect the rights,  obligations and liabilities of any of the parties
hereto.

(b) No  Certificateholder  shall  have any right to vote  (except  as  expressly
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto,  nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third  person by reason of any action  taken by the  parties  to this  Agreement
pursuant to any provision hereof.

(c) No Certificateholder shall have any right by virtue of any provision of this
Agreement to institute  any suit,  action or proceeding in equity or at law upon
or under or with respect to this Agreement,  unless such Holder previously shall
have given to the  Trustee a written  notice of default  and of the  continuance
thereof, as hereinbefore  provided,  and unless also the Holders of Certificates
of any  Class  evidencing  in the  aggregate  not less  than 25% of the  related
Percentage  Interests of such Class,  shall have made  written  request upon the
Trustee to institute such action,  suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable  indemnity as it
may require against the costs,  expenses and liabilities to be incurred  therein
or  thereby,  and the  Trustee,  for 60 days after its  receipt of such  notice,
request and offer of indemnity, shall have neglected or refused to institute any
such action,  suit or proceeding  it being  understood  and intended,  and being
expressly    covenanted   by   each    Certificateholder    with   every   other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

Section 11.04. Governing Law.
               -------------

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

                                      111
<PAGE>

Section 11.05. Notices.
               -------

        As provided in Section 11.05 of the Series Supplement.

Section 11.06. Required Notices to Rating Agency and Subservicer.
               --------------------------------------------------

        The Company,  the Master  Servicer or the Trustee,  as  applicable,  (i)
shall  notify  each  Rating  Agency  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,  (ii)
shall notify 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)(1),  (g)(1),  or (i) below, or (iii) 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)     (1) the termination or appointment of a successor Master Servicer or (2)
        the termination or appointment of a successor 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)     (1) a change in the location of the Custodial Account or (2) a change in
        the location of 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,  if applicable,
of any such event known to the Master Servicer.

                                      112
<PAGE>

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 thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

Section 11.09. Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

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

               As provided in Section 11.10 of the Series Supplement.

                                      113
<PAGE>

                                    EXHIBIT A

FORM OF  CLASS  A  CERTIFICATE,   [PRINCIPAL  ONLY/CLASS  A-P]  CERTIFICATE  AND
     [INTEREST ONLY/CLASS A-V] CERTIFICATE

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

        [THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS SUPPLEMENT), [AND ASSUMING A CONSTANT
PASS-THROUGH RATE EQUAL TO THE INITIAL  PASS-THROUGH RATE,] THIS CERTIFICATE HAS
BEEN ISSUED WITH NO MORE THAN $[ ] OF OID PER  [$1,000]  [$100,000]  OF [INITIAL
CERTIFICATE  PRINCIPAL BALANCE] [NOTIONAL AMOUNT], THE YIELD TO MATURITY IS [ ]%
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$[  ]  PER  [$1,000]  [$100,000]  OF  [INITIAL  CERTIFICATE  PRINCIPAL  BALANCE]
[NOTIONAL AMOUNT],  COMPUTED USING THE APPROXIMATE  METHOD. NO REPRESENTATION IS
MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE PREPAYMENT SPEED
ASSUMPTION  OR AT ANY  OTHER  RATE OR AS TO THE  CONSTANCY  OF THE  PASS-THROUGH
RATE.]

                                       1
<PAGE>

Certificate No.                  [        %][Variable] Pass-Through Rate
                --------          --------
                                 [based on a Notional Amount]
Class A-     Senior
Date of Pooling and Servicing    [Percentage Interest:       %]
                                                       ------
Agreement and Cut-off Date:
___________ 1, ____              Aggregate Initial [Certificate Principal
                                 Balance] [[Interest Only/Class A-V] Notional
First Distribution Date:         Amount] [Subclass Notional Amount] of the
_________ 25, ____               Class A-     Certificates:
                                         ----

Master Servicer:                 [Initial] [Certificate Principal
Residential Funding              Balance] [Interest Only/Class A-V] [Subclass]
Corporation                      Notional Amount] of this Certificate:
                                 $                          ]
Assumed Final
Distribution Date:               CUSIP 76110F-
___________ 25, ____

                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                 SERIES ____-___

               evidencing a percentage  interest in the distributions  allocable
               to the  Class  A-  Certificates  with  respect  to a  Trust  Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL ACCREDIT LOANS, INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

     This  certifies  that  _________________  is the  registered  owner  of the
Percentage  Interest  evidenced by this  Certificate  [(obtained by dividing the
[Initial  Certificate  Principal  Balance]  [Initial  [Interest  Only/Class A-V]
Notional  Amount] of this  Certificate  by the  aggregate  [Initial  Certificate
Principal Balance of all Class A- Certificates]  [Initial  [Interest  Only/Class
A-V] Notional Amounts of all [Interest  Only/Class A-V]  Certificates],  both as
specified  above)]  in  certain  distributions  with  respect  to the Trust Fund
consisting  primarily  of  an  interest  in  a  pool  of  conventional  one-  to
four-family  fixed interest rate first  mortgage  loans (the "Mortgage  Loans"),
formed and sold by Residential  Accredit  Loans,  Inc.  (hereinafter  called the
"Company," which term includes any successor entity under the Agreement referred
to below).  The Trust  Fund was  created  pursuant  to a Pooling  and  Servicing

                                       2
<PAGE>

Agreement  dated as specified  above (the  "Agreement")  among the Company,  the
Master Servicer and __________________, as trustee (the "Trustee"), a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this Certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  Holders of Class A-
Certificates on such Distribution Date. [The [Interest  Only/Class A-V] Notional
Amount  of  the  [Interest  Only/Class  A-V]  Certificates  as of  any  date  of
determination is equal to the aggregate Stated Principal Balance of the Mortgage
Loans corresponding to the Uncertificated REMIC Regular Interests represented by
such [Interest  Only/Class A-V]  Certificates.] [The Subclass Notional Amount of
the [Interest  Only/Class A-V]-  Certificates as of any date of determination is
equal  to  the  aggregate  Stated  Principal   Balance  of  the  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
[Interest  Only/Class A-V]-  Certificates  immediately prior to such date.] [The
[Interest  Only/Class  A-V][-  ]  Certificates  have  no  Certificate  Principal
Balance.]

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The [Initial Certificate  Principal Balance] [Initial [Interest Only/Class
A-V] Notional Amount] [initial  Subclass Notional Amount] of this Certificate is
set forth above.] [The Certificate  Principal  Balance hereof will be reduced to
the extent of  distributions  allocable  to principal  and any  Realized  Losses
allocable hereto.]

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is

                                       3
<PAGE>

reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is

                                       4
<PAGE>

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 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.

                                       5
<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_________________________],
                                              as Trustee

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  A-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [---------------------------],
                                                 as Certificate Registrar

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                       6
<PAGE>

                                              A-1

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)   unto________________________________________   (Please   print  or
typewrite name and address  including  postal zip code of assignee) a Percentage
Interest evidenced by the within Mortgage Asset-Backed  Pass-Through Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          _______________________________
Dated: ________________________           Signature by or on behalf of assignor

                                           _______________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available    funds   to    _______________________    for   the    account    of
__________________________  account number  _________________,  or, if mailed by
check, to  ________________________.  Applicable  statements should be mailed to
___________________________.

     This information is provided by ______________________,  the assignee named
above, or ___________________, as its agent.

                                       7
<PAGE>

                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY  FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS  CERTIFICATE  HAS
BEEN ISSUED WITH NO MORE THAN $[____] OF OID PER $[1,000] OF INITIAL CERTIFICATE
PRINCIPAL  BALANCE,  THE YIELD TO  MATURITY  IS  [_____]%  AND THE AMOUNT OF OID
ATTRIBUTABLE  TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $[____] PER $[1,000]
OF INITIAL CERTIFICATE PRINCIPAL BALANCE, COMPUTED UNDER THE APPROXIMATE METHOD.
NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT SPEED ASSUMPTION OR AT ANY OTHER RATE.

        Any Transferee of this Certificate will be deemed to have represented by
virtue of its purchase or holding of this  Certificate (or interest herein) that
EITHER (a) such Transferee is not an investment  manager, a named fiduciary or a
trustee of any Plan, OR ANY OTHER PERSON,  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,

                                       1
<PAGE>

1994), as amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE 2000-58,
65 Fed. Reg.  67765  (November 13, 2000),  AND PTE 2002-41,  67 Fed. Reg.  54487
(August 22, 2002) (the "RFC Exemption"),  and that it understands that there are
certain conditions to the availability of the RFC Exemption  including that such
Certificate  must be rated,  at the time of purchase,  not lower than "BBB-" (or
its equivalent) by Standard & Poor's, Fitch or Moody's or (C) (I) the transferee
is an insurance  company,  (II) the source of funds to be used by it to purchase
the Certificate is an "insurance company general account" (within the meaning of
U.S. Department of Labor Prohibited Transaction Class Exemption ("PTCE") 95-60),
and (iii) the CONDITIONS SET FORTH IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN
SATISFIED  (EACH ENTITY THAT SATISFIES  THIS CLAUSE (C), A "cOMPLYING  INSURANCE
COMPANY).

        If this  Certificate (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD BY ANY
PERSON  THAT  DOES  NOT  SATISFY  THE  CONDITIONS  DESCRIBED  IN  THE  PRECEDING
PARAGRAPH,  THEN THE LAST  preceding  Transferee  that  either (i) is not a Plan
Investor,  (II) ACQUIRED SUCH  CERTIFICATE IN COMPLIANCE WITH THE RFC EXEMPTION,
or (iiI) is a  Complying  Insurance  Company  shall be  restored,  to the extent
permitted by law, to all rights and  obligations  as  Certificate  Owner thereof
retroactive to the date of such Transfer of this Certificate.  The Trustee shall
be  under no  liability  to any  Person  for  making  any  payments  due on this
Certificate to such preceding Transferee.

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

                                       2
<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate

Class M-    Subordinate                           Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class M Certificates:
Agreement and Cut-off Date:                       $
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  CUSIP: 76110F-
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class  M-  Certificates  with  respect  to  the  Trust  Fund  consisting
        primarily of a pool of conventional  one- to four-family  fixed interest
        rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS,
        INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

     This  certifies  that  _______________  is  the  registered  owner  of  the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal  Balance of all Class M-  Certificates,  both as  specified  above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Accredit  Loans,
Inc. (hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the  Company,  the Master  Servicer  and  __________________,  as  trustee  (the
"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

                                       3
<PAGE>

herein have the meanings  assigned in the Agreement.  This Certificate is issued
under and is subject to the terms,  provisions  and conditions of the Agreement,
to which  Agreement the Holder of this  Certificate  by virtue of the acceptance
hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of Class M-
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               As described  above, no transfer of this Class M Certificate will
be made unless (i) the Trustee  has  received  either an opinion of counsel or a
representation  letter,  each as  described  in the  Agreement,  relating to the
permissibility  of such  transfer  under ERISA and Section 4975 of the Code,  or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made  representations  relating to the  permissibility of such
transfer  under  ERISA and Section  4975 of the Code,  as  described  in Section
5.02(e) of the Agreement.  In addition,  any purported  Certificate  Owner whose
acquisition or holding of this  Certificate (or interest herein) was effected in
violation  of  the  restrictions  in  Section  5.02(e)  of the  Agreement  shall
indemnify and hold harmless the Company, the Trustee,  the Master Servicer,  any
Subservicer,  and the  Trust  Fund  from and  against  any and all  liabilities,
claims,  costs  or  expenses  incurred  by  such  parties  as a  result  of such
acquisition or holding.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer

                                       4
<PAGE>

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

                                       5
<PAGE>

Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                       6
<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [-------------------------],
                                                  as Certificate Registrar

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                       7
<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)   unto________________________________________   (Please   print  or
typewrite name and address  including  postal zip code of assignee) a Percentage
Interest evidenced by the within Mortgage Asset-Backed  Pass-Through Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          _______________________________
Dated: ________________________           Signature by or on behalf of assignor

                                           _______________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available    funds   to    _______________________    for   the    account    of
__________________________  account number  _________________,  or, if mailed by
check, to  ________________________.  Applicable  statements should be mailed to
___________________________.

     This information is provided by ______________________,  the assignee named
above, or ___________________, as its agent.

                                       8
<PAGE>

                                    EXHIBIT C

                           FORM OF CLASS B CERTIFICATE

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR  CERTIFICATES
AND CLASS M CERTIFICATES [AND CLASS B-1] [CLASS B-2  CERTIFICATES]  DESCRIBED IN
THE AGREEMENT (AS DEFINED HEREIN).

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY,  IN SECTIONS  860G AND 860D OF THE CODE.  THE  FOLLOWING
INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING  THE U.S.  FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE.  THE ISSUE
DATE OF THIS  CERTIFICATE  IS ___________  __, ____.  ASSUMING THAT THE MORTGAGE
LOANS PREPAY AT 100% OF THE  PREPAYMENT  SPEED  ASSUMPTION  (AS DESCRIBED IN THE
PROSPECTUS SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $[ ]
OF OID PER  $[1,000]  OF INITIAL  CERTIFICATE  PRINCIPAL  BALANCE,  THE YIELD TO
MATURITY  IS [ ]% AND THE  AMOUNT OF OID  ATTRIBUTABLE  TO THE  INITIAL  ACCRUAL
PERIOD  IS NO MORE  THAN $[ ] PER  $[1,000]  OF  INITIAL  CERTIFICATE  PRINCIPAL
BALANCE,  COMPUTED UNDER THE APPROXIMATE  METHOD. NO REPRESENTATION IS MADE THAT
THE  MORTGAGE  LOANS  WILL  PREPAY  AT A  RATE  BASED  ON THE  PREPAYMENT  SPEED
ASSUMPTION OR AT ANY OTHER RATE.

                                       1
<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate

Class B-     Subordinate                          Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class B-
Agreement and Cut-off Date:                       Certificates as of
___________ 1, ____                               the Cut-off Date:
                                                  $
First Distribution Date:
_________ 25, ____                                Initial Certificate Principal
                                                  Balance of this Certificate:
Master Servicer:                                  $
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

       evidencing a percentage  interest in any  distributions  allocable to the
       Class B- Certificates with respect to the Trust Fund consisting primarily
       of a pool of conventional  one- to four-family  fixed interest rate first
       mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

               This  certifies  that  Residential  Accredit  Loans,  Inc. is the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained by dividing the Certificate  Principal  Balance of this Certificate by
the aggregate Certificate  Principal Balance of all Class B- Certificates,  both
as  specified  above) in  certain  distributions  with  respect  to a Trust Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund  was  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
__________________,  as  trustee  (the  "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined

                                       2
<PAGE>

herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               No transfer of this Class B Certificate  will be made unless such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by the  Agreement.  The Holder hereof  desiring to effect
such  transfer  shall,  and does hereby agree to,  indemnify  the  Trustee,  the
Company,  the Master Servicer and the Certificate  Registrar acting on behalf of
the Trustee  against  any  liability  that may result if the  transfer is not so
exempt  or is not made in  accordance  with such  Federal  and  state  laws.  In
connection  with any such transfer,  the Trustee will also require either (i) an
opinion of counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer with respect to the permissibility
of such transfer under the Employee  Retirement  Income Security Act of 1974, as
amended  ("ERISA"),  and Section 4975 of the Internal  Revenue Code (the "Code")
and stating, among other things, that the transferee's  acquisition of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation

                                       3
<PAGE>

letter,  in the form as described by Section  5.02(e) of the  Agreement,  either
stating that the transferee is not an employee  benefit or other plan subject to
the  prohibited  transaction  provisions of ERISA or Section 4975 of the Code (a
"Plan"), or any other person (including an investment manager, a named fiduciary
or a trustee  of any  Plan)  acting,  directly  or  indirectly,  on behalf of or
purchasing any  Certificate  with "plan assets" of any Plan, or stating that the
transferee  is an  insurance  company,  the  source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of Department of Labor Prohibited  Transaction Class Exemption  ("PTCE")
95-60),  and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Sections I and III of PTCE 95-60.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new

                                       4
<PAGE>

Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                       5
<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_____________________________],
                                   as Trustee

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [---------------------------],
                                                 as Certificate Registrar

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                       6
<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)   unto________________________________________   (Please   print  or
typewrite name and address  including  postal zip code of assignee) a Percentage
Interest evidenced by the within Mortgage Asset-Backed  Pass-Through Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          _______________________________
Dated: ________________________           Signature by or on behalf of assignor

                                           _______________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available    funds   to    _______________________    for   the    account    of
__________________________  account number  _________________,  or, if mailed by
check, to  ________________________.  Applicable  statements should be mailed to
___________________________.

     This information is provided by ______________________,  the assignee named
above, or ___________________, as its agent.

                                       7
<PAGE>

                                    EXHIBIT D

                           FORM OF CLASS R CERTIFICATE

THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "RESIDUAL
INTEREST"  IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED  TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL  SUBDIVISION  THEREOF,  ANY POSSESSION OF THE UNITED STATES, OR ANY
AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
WHICH IS A CORPORATION  IF ALL OF ITS  ACTIVITIES  ARE SUBJECT TO TAX AND EXCEPT
FOR FREDDIE  MAC, A MAJORITY OF ITS BOARD OF  DIRECTORS  IS NOT SELECTED BY SUCH
GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR
ANY AGENCY OR INSTRUMENTALITY  OF EITHER OF THE FOREGOING,  (C) ANY ORGANIZATION
(OTHER THAN CERTAIN FARMERS' COOPERATIVES  DESCRIBED IN SECTION 521 OF THE CODE)
WHICH IS  EXEMPT  FROM THE TAX  IMPOSED  BY  CHAPTER 1 OF THE CODE  UNLESS  SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
THE TAX  IMPOSED  BY  SECTION  511 OF THE  CODE ON  UNRELATED  BUSINESS  TAXABLE
INCOME),  (D) RURAL  ELECTRIC AND  TELEPHONE  COOPERATIVES  DESCRIBED IN SECTION
1381(a)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER  SECTION
775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B),
(C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED  ORGANIZATION"),  OR
(F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE OF SUCH TRANSFER IS
TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE  SATISFIES
CERTAIN  ADDITIONAL  CONDITIONS  RELATING  TO  THE  FINANCIAL  CONDITION  OF THE

                                       1
<PAGE>

PROPOSED  TRANSFEREE.   NOTWITHSTANDING  THE  REGISTRATION  IN  THE  CERTIFICATE
REGISTER OR ANY TRANSFER,  SALE OR OTHER  DISPOSITION  OF THIS  CERTIFICATE TO A
DISQUALIFIED  ORGANIZATION  OR AN AGENT  OF A  DISQUALIFIED  ORGANIZATION,  SUCH
REGISTRATION  SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT  WHATSOEVER  AND
SUCH  PERSON  SHALL  NOT BE  DEEMED TO BE A  CERTIFICATEHOLDER  FOR ANY  PURPOSE
HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.  EACH HOLDER OF THIS  CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

Certificate No.                                   [      ]% Pass-Through Rate

Class R Senior                                    Aggregate Initial Certificate
                                                  Principal Balance of the
Date of Pooling and Servicing                     Class R Certificates:
Agreement and Cut-off Date:                       $100.00
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  Percentage Interest:
Residential Funding Corporation                                 %
                                                  --------------

Assumed Final Distribution Date:                  CUSIP 76110F-
___________ 25, ____

                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class R Certificates with respect to the Trust Fund consisting primarily
        of a pool of conventional  one- to four-family fixed interest rate first
        mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund,  and does not  represent  an  obligation  of or  interest  in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

                                       2
<PAGE>

               This  certifies  that is the  registered  owner of the Percentage
Interest  evidenced  by this  Certificate  (obtained  by  dividing  the  Initial
Certificate  Principal  Balance of this  Certificate  by the  aggregate  Initial
Certificate  Principal  Balance of all Class R  Certificates,  both as specified
above) in  certain  distributions  with  respect  to the Trust  Fund  consisting
primarily of a pool of  conventional  one- to  four-family  fixed  interest rate
first  mortgage  loans (the  "Mortgage  Loans"),  formed and sold by Residential
Accredit Loans, Inc.  (hereinafter called the "Company," which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant to a Pooling and Servicing  Agreement dated as specified above
(the "Agreement") among the Company, the Master Servicer and __________________,
as trustee (the "Trustee"),  a summary of certain of the pertinent provisions of
which is set forth hereafter.  To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.  This Certificate
is issued under and is subject to the terms,  provisions  and  conditions of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the

                                       3
<PAGE>

Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

               No transfer of this Class R  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of the Internal Revenue Code (the "Code") and stating,  among other things, that
the  transferee's  acquisition  of a Class R Certificate  will not constitute or
result in a  non-exempt  prohibited  transaction  under  Section 406 of ERISA or
Section  4975 of the  Code  or  (ii) a  representation  letter,  in the  form as
described  by the  Agreement,  stating  that the  transferee  is not an employee
benefit or other plan subject to the prohibited  transaction provisions of ERISA
or  Section  4975 of the Code (a  "Plan"),  or any other  person  (including  an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly,  on behalf of or purchasing any Certificate with "plan assets" of
any Plan.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

                                       4
<PAGE>

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

               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.

                                       5
<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of  the  Class  R  Certificates  referred  to in the
within-mentioned Agreement.

                                            [----------------------------],
                                                 as Certificate Registrar

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                       6
<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)   unto________________________________________   (Please   print  or
typewrite name and address  including  postal zip code of assignee) a Percentage
Interest evidenced by the within Mortgage Asset-Backed  Pass-Through Certificate
and hereby  authorizes the transfer of registration of such interest to assignee
on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          _______________________________
Dated: ________________________           Signature by or on behalf of assignor

                                           _______________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available    funds   to    _______________________    for   the    account    of
__________________________  account number  _________________,  or, if mailed by
check, to  ________________________.  Applicable  statements should be mailed to
___________________________.

     This information is provided by ______________________,  the assignee named
above, or ___________________, as its agent.

                                       7
<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:

                                  1
<PAGE>

(1)                   Each party is duly  organized,  validly  existing,  and in
                      good  standing  under  the  laws  of its  jurisdiction  of
                      organization,  is qualified,  if necessary, to do business
                      and in good standing in each  jurisdiction  in which it is
                      required to be so qualified,  and has the requisite  power
                      and  authority  to enter into this  Contract and all other
                      agreements  which are contemplated by this Contract and to
                      carry out its  obligations  hereunder and under the Guides
                      and under such other agreements.

(2)                   This  Contract  has been  duly  authorized,  executed  and
                      delivered  by each  party  and  constitutes  a  valid  and
                      legally  binding  agreement of each party  enforceable  in
                      accordance with its terms.

(3)                   There is no action, proceeding or investigation pending or
                      threatened,  and no basis  therefor  is  known  to  either
                      party,  that could  affect  the  validity  or  prospective
                      validity of this Contract.

(4)                   Insofar as its capacity to carry out any obligation  under
                      this Contract is concerned,  neither party is in violation
                      of  any  charter,   articles  of  incorporation,   bylaws,
                      mortgage, indenture, indebtedness,  agreement, instrument,
                      judgment,  decree,  order, statute, rule or regulation and
                      none of the  foregoing  adversely  affects its capacity to
                      fulfill any of its  obligations  under this Contract.  Its
                      execution of, and  performance  pursuant to, this Contract
                      will not result in a violation of any of the foregoing.

b.                    Seller/Servicer's    Representations,    Warranties    and
                      Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4.      REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.      SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.      PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

                                      2
<PAGE>

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

      Attention:
      Telefacsimile Number:  (      )       -
                              ------  ------
9.      JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner  provided by law. Each of the parties  further agrees not
to institute  any legal  actions or  proceedings  against the other party or any
director,  officer,  employee,  attorney,  agent or property of the other party,
arising  out of or  relating  to  this  Contract  in any  court  other  than  as
hereinabove specified in this paragraph 9.

10.     MISCELLANEOUS.

                                       3
<PAGE>

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.

                                       4
<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                 SELLER/SERVICER

[Corporate Seal]

                                                       (Name of Seller/Servicer)
By:                                     By:
   --------------------------------
      (Signature) (Signature) By: By:
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------
======================================= ========================================

ATTEST:                                 RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]

By:                                     By:
   --------------------------------
      (Signature) (Signature) By: By:
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------

                                       5
<PAGE>

                                    EXHIBIT F
                          FORMS OF REQUEST FOR RELEASE

DATE:

TO:

RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
MIN#:
Borrower Name(s):
Reason for Document Request:      (circle one)

        Mortgage Loan Prepaid in Full              Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

Residential Funding Corporation
Authorized Signature

******************************************************************************

TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:          [ ]  Promissory Note
                             [ ]  Primary Insurance Policy
                             [ ]  Mortgage or Deed of Trust
                             [ ] Assignment(s) of Mortgage or Deed of Trust
                             [ ]  Title Insurance Policy
                             [ ]  Other:

Name:
     ------------------------
Title:
      -----------------------
Date:
     ------------------------

                                       1
<PAGE>

                                   EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                         )
                                 )    ss.:
COUNTY OF                        )
               [NAME OF OFFICER], being first duly sworn, deposes and says:

1. That he is [Title of Officer] of [Name of Owner] (record or beneficial  owner
of the Mortgage Asset-Backed Pass-Through Certificates, Series ____-___, Class R
(the  "Owner")),  a  [savings  institution]  [corporation]  duly  organized  and
existing under the laws of [the State of
                                    ] [the United States], on behalf of which he
makes this affidavit and
agreement.

2. That the Owner (i) is not and will not be a "disqualified organization" or an
electing  large  partnership  as of [date of  transfer]  within  the  meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
the Code,  (ii) will endeavor to remain other than a  disqualified  organization
for so long as it retains its  ownership  interest in the Class R  Certificates,
and (iii) is acquiring the Class R  Certificates  for its own account or for the
account of another  Owner from which it has received an affidavit  and agreement
in  substantially  the same  form as this  affidavit  and  agreement.  (For this
purpose, a "disqualified organization" means an electing large partnership under
Section 775 of the Code, the United States,  any state or political  subdivision
thereof,  any agency or  instrumentality  of any of the foregoing (other than an
instrumentality  all of the  activities of which are subject to tax and,  except
for the Federal  Home Loan  Mortgage  Corporation,  a majority of whose board of
directors  is not  selected  by any such  governmental  entity)  or any  foreign
government,  international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).

3. That the Owner is aware (i) of the tax that would be imposed on  transfers of
Class  R  Certificates   to   disqualified   organizations   or  electing  large
partnerships,  under  the  Code,  that  applies  to all  transfers  of  Class  R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or,  with  respect to transfers to electing  large  partnerships,  on each such
partnership),  or, if such transfer is through an agent (which person includes a
broker,  nominee or middleman)  for a disqualified  organization,  on the agent;
(iii) that the person  (other than with respect to  transfers to electing  large
partnerships)  otherwise  liable for the tax shall be relieved of liability  for
the tax if the  transferee  furnishes  to such  person  an  affidavit  that  the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R Certificates  may be  "noneconomic  residual  interests"  within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes

                                      1
<PAGE>

due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R  Certificates  if either the  pass-through  entity is an electing  large
partnership  under  Section 775 of the 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 either (i) a citizen or  resident of the United  States,  (ii) a
corporation,  partnership  or  other  entity  treated  as  a  corporation  or  a
partnership for U.S.  federal income tax purposes and created or organized in or
under the laws of the  United  States,  any state  thereof  or the  District  of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.

6. The  Owner  hereby  agrees  that it will not  cause  income  from the Class R
Certificates to be attributable to a foreign  permanent  establishment  or fixed
base  (within  the meaning of an  applicable  income tax treaty) of the Owner or
another United States taxpayer.

7. That the Owner is aware that the Trustee  will not  register  the transfer of
any Class R  Certificates  unless the  transferee,  or the  transferee's  agent,
delivers to it an affidavit and agreement,  among other things, in substantially
the same form as this affidavit and agreement.  The Owner expressly  agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

8. That the Owner has  reviewed  the  restrictions  set forth on the face of the
Class R Certificates  and the  provisions of Section  5.02(f) of the Pooling and
Servicing  Agreement  under  which  the Class R  Certificates  were  issued  (in
particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver  payments  to a person  other than the Owner and  negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

9. That the Owner consents to any additional  restrictions or arrangements  that
shall be deemed  necessary  upon advice of counsel to  constitute  a  reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.

10. The Owner's Taxpayer Identification Number is .

11. This affidavit and agreement  relates only to the Class R Certificates  held
by the Owner and not to any other holder of the Class R Certificates.  The Owner
understands  that the  liabilities  described  herein relate only to the Class R
Certificates.

                                       2
<PAGE>

12. That no purpose of the Owner  relating to the transfer of any of the Class R
Certificates  by the Owner is or will be to impede the  assessment or collection
of any tax; in making this representation,  the Owner warrants that the Owner is
familiar with (i) Treasury  Regulation Section 1.860E-1(c) and recent amendments
thereto,  effective as of July 19, 2002,  and (ii) the preamble  describing  the
adoption of the  amendments  to such  regulation,  which is  attached  hereto as
Exhibit 1.

13.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R  Certificate
that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

14. That the Owner has no present  knowledge or expectation  that it will become
insolvent or subject to a bankruptcy  proceeding for so long as any of the Class
R Certificates remain outstanding.

15. The  Purchaser is not an employee  benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974,  as amended  ("ERISA"),  or Section 4975 of the 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.

                                       3
<PAGE>

               IN WITNESS  WHEREOF,  the Owner has caused this  instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this day of , 200 .

                                            [NAME OF OWNER]

                                            By:
                                               ---------------------------------
                                                 [Name of Officer]
                                                 [Title of Officer]
[Corporate Seal]

ATTEST:

[Assistant] Secretary

               Personally  appeared before me the above-named [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

          Subscribed and sworn before me this _______ day of _____, 200___.

                                  NOTARY PUBLIC

                        COUNTY OF
                                 ---------------------------
                        STATE OF
                                ----------------------------
                         My Commission  expires the ____ day of _____,20 .

                                       4
<PAGE>

                                    EXHIBIT 1

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[TD 9004]
RIN 1545-AW98

Real Estate Mortgage Investment Conduits

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

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

SUMMARY:  This  document  contains  final  regulations  relating  to safe harbor
transfers of noneconomic  residual interests in real estate mortgage  investment
conduits (REMICs).  The final regulations provide additional  limitations on the
circumstances under which transferors may claim safe harbor treatment.

DATES: Effective Date: These regulations are effective July 19, 2002.
    Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).

FOR FURTHER INFORMATION CONTACT: Courtney Shepardson at (202) 622-3940
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

    The  collection  of  information  in this final rule has been  reviewed and,
pending  receipt and  evaluation of public  comments,  approved by the Office of
Management  and Budget (OMB) under 44 U.S.C.  3507 and assigned  control  number
1545-1675.
    The  collection  of  information  in  this  regulation  is in  Sec.  1.860E-
1(c)(5)(ii).  This  information  is  required to enable the IRS to verify that a
taxpayer is complying with the conditions of this regulation.  The collection of
information  is mandatory  and is  required.  Otherwise,  the taxpayer  will not
receive the benefit of safe harbor treatment as provided in the regulation.  The
likely respondents are businesses and other for-profit institutions.

                                       5
<PAGE>

    Comments on the  collection of  information  should be sent to the Office of
Management  and Budget,  Attn:  Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies
to  the  Internal  Revenue  Service,   Attn:  IRS  Reports  Clearance   Officer,
W:CAR:MP:FP:S,  Washington,  DC 20224. Comments on the collection of information
should be received by September 17, 2002.  Comments are  specifically  requested
concerning:
    Whether  the   collection  of   information  is  necessary  for  the  proper
performance of the functions of the Internal Revenue Service,  including whether
the information will have practical utility;
    The accuracy of the  estimated  burden  associated  with the  collection  of
information (see below);
    How the quality, utility, and clarity of the information to be
collected may be enhanced;
    How the  burden of  complying  with the  collection  of  information  may be
minimized,  including through the application of automated collection techniques
or other forms of information technology; and
    Estimates of capital or start-up costs and costs of operation,  maintenance,
and purchase of service to provide information.
    An agency  may not  conduct  or  sponsor,  and a person is not  required  to
respond to, a  collection  of  information  unless it  displays a valid  control
number assigned by the Office of Management and Budget.
    The  estimated  total  annual  reporting  burden is 470  hours,  based on an
estimated  number of respondents  of 470 and an estimated  average annual burden
hours per respondent of one hour.
    Books or records relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential,
as required by 26 U.S.C. 6103.

Background

    This document contains final regulations  regarding the proposed  amendments
to 26 CFR part 1 under  section  860E of the Internal  Revenue Code (Code).  The
regulations  provide the circumstances under which a transferor of a noneconomic
REMIC  residual   interest   meeting  the   investigation   and   representation
requirements  may avail  itself  of the safe  harbor by  satisfying  either  the
formula test or the asset test.
    Final regulations  governing REMICs, issued in 1992, contain rules governing
the transfer of noneconomic REMIC residual interests.  In general, a transfer of
a  noneconomic  residual  interest  is  disregarded  for all tax  purposes  if a
significant purpose of the transfer is to

[[Page 47452]]

enable the  transferor to impede the  assessment or collection of tax. A purpose
to impede the assessment or collection of tax (a wrongful purpose) exists if the
transferor,  at the time of the transfer,  either knew or should have known that
the transferee would be unwilling or unable to pay taxes due on its share of the

                                       6
<PAGE>

REMIC's taxable income.
    Under a safe harbor, the transferor of a REMIC noneconomic residual interest
is presumed not to have a wrongful  purpose if two  requirements  are satisfied:
(1) the  transferor  conducts a  reasonable  investigation  of the  transferee's
financial  condition  (the  investigation  requirement);  and (2) the transferor
secures a  representation  from the transferee to the effect that the transferee
understands the tax obligations  associated with holding a residual interest and
intends to pay those taxes (the representation requirement).
    The  IRS  and  Treasury  have  been  concerned  that  some   transferors  of
noneconomic  residual  interests  claim they  satisfy  the safe  harbor  even in
situations  where the economics of the transfer  clearly indicate the transferee
is unwilling or unable to pay the tax associated with holding the interest.  For
this reason,  on February 7, 2000, the IRS published in the Federal Register (65
FR 5807) a notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed
to clarify the safe harbor by adding the "formula  test," an economic  test. The
proposed  regulation  provides  that the safe harbor is  unavailable  unless the
present value of the  anticipated  tax  liabilities  associated with holding the
residual  interest  does not  exceed the sum of:  (1) The  present  value of any
consideration  given to the transferee to acquire the interest;  (2) the present
value of the expected future distributions on the interest;  and (3) the present
value of the anticipated tax savings associated with holding the interest as the
REMIC generates losses.
    The notice of proposed  rulemaking also contained rules for FASITs.  Section
1.860H-6(g) of the proposed regulations  provides  requirements for transfers of
FASIT  ownership  interests  and adopts a safe harbor by  reference  to the safe
harbor provisions of the REMIC regulations.
    In January 2001, the IRS published Rev. Proc. 2001-12 (2001-3 I.R.B. 335) to
set forth an alternative  safe harbor that taxpayers could use while the IRS and
the  Treasury  considered  comments  on  the  proposed  regulations.  Under  the
alternative safe harbor, if a transferor meets the investigation requirement and
the representation  requirement but the transfer fails to meet the formula test,
the transferor  may invoke the safe harbor if the transferee  meets a two- prong
test (the asset test). A transferee generally meets the first prong of this test
if, at the time of the transfer, and in each of the two years preceding the year
of  transfer,  the  transferee's  gross  assets  exceed $100 million and its net
assets exceed $10 million. A transferee generally meets the second prong of this
test if it is a  domestic,  taxable  corporation  and agrees in  writing  not to
transfer  the  interest  to any person  other  than  another  domestic,  taxable
corporation that also satisfies the requirements of the asset test. A transferor
cannot rely on the asset test if the  transferor  knows,  or has reason to know,
that the  transferee  will not comply  with its written  agreement  to limit the

                                       7
<PAGE>

restrictions on subsequent transfers of the residual interest.
    Rev. Proc. 2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign
branch of an otherwise  eligible  transferee.  If such a transfer or  assignment
were permitted,  a corporate taxpayer might seek to claim that the provisions of
an  applicable  income tax treaty  would  resource  excess  inclusion  income as
foreign  source  income,  and that,  as a  consequence,  any U.S. tax  liability
attributable  to the excess  inclusion  income  could be offset by  foreign  tax
credits.  Such a claim would impede the  assessment or collection of U.S. tax on
excess inclusion income,  contrary to the congressional purpose of assuring that
such income will be taxable in all events. See, e.g., sections 860E(a)(1),  (b),
(e) and 860G(b) of the Code.
    The Treasury and the IRS have  learned that certain  taxpayers  transferring
noneconomic residual interests to foreign branches have attempted to rely on the
formula  test to obtain  safe  harbor  treatment  in an  effort  to  impede  the
assessment or collection of U.S. tax on excess  inclusion  income.  Accordingly,
the  final  regulations  provide  that if a  noneconomic  residual  interest  is
transferred  to a  foreign  permanent  establishment  or  fixed  base  of a U.S.
taxpayer,  the transfer is not eligible for safe harbor  treatment  under either
the asset  test or the  formula  test.  The  final  regulations  also  require a
transferee  to  represent  that it will not cause  income  from the  noneconomic
residual  interest to be attributable to a foreign  permanent  establishment  or
fixed base.
    Section 1.860E-1(c)(8)  provides computational rules that a taxpayer may use
to  qualify  for  safe  harbor   status   under  the   formula   test.   Section
1.860E-1(c)(8)(i)  provides that the transferee is presumed to pay tax at a rate
equal to the highest rate of tax specified in section 11(b).  Some  commentators
were  concerned that this presumed rate of taxation was too high because it does
not take into  consideration  taxpayers  subject to the alternative  minimum tax
rate. In light of the comments received,  this provision has been amended in the
final regulations to allow certain transferees that compute their taxable income
using the alternative  minimum tax rate to use the alternative  minimum tax rate
applicable to corporations.
    Additionally,  Sec.  1.860E-1(c)(8)(iii) provides that the present values in
the  formula  test  are to be  computed  using  a  discount  rate  equal  to the
applicable  Federal  short-term  rate prescribed by section  1274(d).  This is a
change  from  the  proposed   regulation  and  Rev.  Proc.   2001-12.  In  those
publications  the  provision  stated that "present  values are computed  using a
discount rate equal to the applicable Federal rate prescribed in section 1274(d)
compounded  semiannually"  and that "[a] lower  discount rate may be used if the
transferee can demonstrate that it regularly borrows, in the course of its trade
or  business,  substantial  funds at such  lower  rate from an  unrelated  third
party." The IRS and the Treasury  Department  have learned  that,  based on this
provision,  certain taxpayers have been attempting to use unrealistically low or
zero interest rates to satisfy the formula test,  frustrating  the intent of the
test.  Furthermore,  the  Treasury  Department  and the IRS believe  that a rule
allowing  for a rate  other than a rate based on an  objective  index  would add
unnecessary complexity to the safe harbor. As a result, the rule in the proposed
regulations  that  permits a transferee  to use a lower  discount  rate,  if the
transferee can demonstrate that it regularly  borrows  substantial funds at such
lower rate, is not included in the final regulations; and the Federal short-term

                                       8
<PAGE>

rate  has  been  substituted  for  the  applicable  Federal  rate.  To  simplify
taxpayers' computations, the final regulations allow use of any of the published
short-term  rates,  provided  that  the  present  values  are  computed  with  a
corresponding  period  of  compounding.  With the  exception  of the  provisions
relating to transfers to foreign  branches,  these  changes  generally  have the
proposed  applicability  date of February 4, 2000,  but  taxpayers may choose to
apply the interest  rate formula set forth in the proposed  regulation  and Rev.
Proc. 2001-12 for transfers occurring before August 19, 2002.
    It is anticipated that when final regulations are adopted with respect to

[[Page 47453]]

FASITs,  Sec.  1.860H-6(g)  of the  proposed  regulations  will  be  adopted  in
substantially  its  present  form,  with the result  that the final  regulations
contained  in this  document  will  also  govern  transfers  of FASIT  ownership
interests with substantially the same applicability date as is contained in this
document.

Effect on Other Documents

    Rev.  Proc.  2001-12  (2001-3  I.R.B.  335) is  obsolete  for  transfers  of
noneconomic residual interests in REMICs occurring on or after August 19, 2002.

Special Analyses

    It is hereby  certified that these  regulations  will not have a significant
economic impact on a substantial number of small entities. This certification is
based  on the  fact  that it is  unlikely  that a  substantial  number  of small
entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility
Analysis  under  the  Regulatory  Flexibility  Act (5 U.S.C.  chapter  6) is not
required.  It  has  been  determined  that  this  Treasury  decision  is  not  a
significant regulatory action as defined in Executive Order 12866.  Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the  Administrative  Procedure Act (5 U.S.C.  chapter 5) do
not apply to these regulations.

Drafting Information

    The principal author of these regulations is Courtney  Shepardson.  However,
other  personnel  from the IRS and  Treasury  Department  participated  in their
development.

List of Subjects

26 CFR Part 1

    Income taxes, Reporting and record keeping requirements.

26 CFR Part 602

    Reporting and record keeping requirements.

Adoption of Amendments to the Regulations

    Accordingly, 26 CFR parts 1 and 602 are amended as follows:

PART 1--INCOME TAXES

    Paragraph 1. The authority  citation for part 1 continues to read in part as
follows:

    Authority: 26 U.S.C. 7805 * * *

                                       9
<PAGE>

                                   EXHIBIT G-2

                         FORM OF TRANSFEROR CERTIFICATE

                                           __________   , 20    ____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, Class R

Ladies and Gentlemen:

               This letter is delivered to you in  connection  with the transfer
by (the  "Seller")  to (the  "Purchaser")  of $  Initial  Certificate  Principal
Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series ____-___,
Class R (the  "Certificates"),  pursuant  to  Section  5.02 of the  Pooling  and
Servicing  Agreement  (the  "Pooling  and  Servicing  Agreement"),  dated  as of
___________  1, ____ among  Residential  Accredit  Loans,  Inc.,  as seller (the
"Company"), Residential Funding Corporation, as master
servicer  (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 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

                                       10
<PAGE>

indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the  future.  The  Seller  understands  that  the  transfer  of a Class R
Certificate  may not be respected for United States income tax purposes (and the
Seller may  continue  to be liable for United  States  income  taxes  associated
therewith) unless the Seller has conducted such an investigation.

4. The Seller has no actual knowledge that the proposed Transferee is not both a
United States Person and a Permitted Transferee.

                                Very truly yours,

                                            (Seller)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                       11
<PAGE>

                                    EXHIBIT H

                     FORM OF INVESTOR REPRESENTATION LETTER

                                  ______________, 20 ____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ____-___

               RE:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

               (the  "Purchaser")  intends to  purchase  from (the  "Seller")  $
Initial  Certificate  Principal  Balance of Mortgage  Asset-Backed  Pass-Through
Certificates,  Series ____-___,  Class (the "Certificates"),  issued pursuant to
the Pooling and Servicing  Agreement  (the  "Pooling and Servicing  Agreement"),
dated as of  ___________  1, ____ among  Residential  Accredit  Loans,  Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer (the
"Master  Servicer"),  and  __________________,  as trustee (the "Trustee").  All
terms used herein and not otherwise defined shall have the meanings set forth in
the Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents
and warrants to, and  covenants  with,  the Company,  the Trustee and the Master
Servicer that:

1.             The Purchaser understands that (a) the Certificates have not been
               and will not be registered or qualified  under the Securities Act
               of 1933, as amended (the "Act") or any state  securities law, (b)
               the  Company  is not  required  to so  register  or  qualify  the
               Certificates,   (c)  the  Certificates  may  be  resold  only  if
               registered and qualified pursuant to the provisions of the Act or
               any  state   securities   law,  or  if  an  exemption  from  such
               registration and qualification is available,  (d) the Pooling and
               Servicing Agreement contains restrictions  regarding the transfer
               of the Certificates  and (e) the Certificates  will bear a legend
               to the foregoing effect.

                                       1
<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

                                       2
<PAGE>

          (as to any of (a) through (e) above) would  constitute a  distribution
          of any Certificate under the Act, that would render the disposition of
          any  Certificate  a  violation  of  Section  5 of the Act or any state
          securities law, or that would require  registration  or  qualification
          pursuant  thereto.  The Purchaser will not sell or otherwise  transfer
          any of the  Certificates,  except in compliance with the provisions of
          the Pooling and Servicing Agreement.

6.             The Purchaser

(a)            is  not  an  employee  benefit  or  other  plan  subject  to  the
               prohibited  transaction  provisions  of the  Employee  Retirement
               Income  Security Act of 1974,  as amended  ("ERISA"),  or Section
               4975 of the Internal Revenue Code of 1986, as amended (a "Plan"),
               or any other person  (including  an investment  manager,  a named
               fiduciary  or  a  trustee  of  any  Plan)  acting,   directly  or
               indirectly, on behalf of or purchasing any Certificate with "plan
               assets" of any Plan within the meaning of the Department of Labor
               ("DOL") regulation at 29 C.F.R. ss.2510.3-101; or

(b)            is an insurance company,  the source of funds to be used by it to
               purchase  the  Certificates  is  an  "insurance  company  general
               account" (within the meaning of DOL Prohibited  Transaction Class
               Exemption  ("PTCE")  95-60),  and the  purchase  is being made in
               reliance upon the  availability of the exemptive  relief afforded
               under Sections I and III of PTCE 95-60.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either 6(a) or (b) above.

                                Very truly yours,

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                       3
<PAGE>

                                    EXHIBIT I

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                                ___________, 20  ___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Attention: Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

               In   connection   with  the  sale  by  (the   "Seller")  to  (the
"Purchaser") of $ Initial Certificate Principal Balance of Mortgage Asset-Backed
Pass-Through Certificates,  Series ____-___, Class (the "Certificates"),  issued
pursuant to the Pooling and  Servicing  Agreement  (the  "Pooling and  Servicing
Agreement"),  dated as of ___________ 1, ____ among Residential  Accredit Loans,
Inc., as seller (the  "Company"),  Residential  Funding  Corporation,  as master
servicer, and __________________,  as trustee (the "Trustee"). The Seller hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

               Neither  the  Seller  nor  anyone  acting on its  behalf  has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred any Certificate,
any interest in any  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  any  Certificate,   any  interest  in  any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of any
Certificate a violation of Section 5 of the Act or any state  securities law, or
that would require  registration or qualification  pursuant thereto.  The Seller
will not act, in any manner set forth in the foregoing  sentence with respect to
any Certificate.  The Seller has not and will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.

                                       1
<PAGE>

                                Very truly yours,

                                            (Seller)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                       2
<PAGE>

                                    EXHIBIT J

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

                            Description  of  Rule  144A  Securities,   including
numbers:

____________________________________________________________________________

               The  undersigned  seller,  as registered  holder (the  "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

1.      In connection  with such transfer and in accordance  with the agreements
        pursuant  to which the Rule 144A  Securities  were  issued,  the  Seller
        hereby  certifies  the  following  facts:  Neither the Seller nor anyone
        acting  on  its  behalf  has  offered,  transferred,  pledged,  sold  or
        otherwise disposed of the Rule 144A Securities, any interest in the Rule
        144A Securities or any other similar security to, or solicited any offer
        to buy or accept a  transfer,  pledge or other  disposition  of the Rule
        144A  Securities,  any interest in the Rule 144A Securities or any other
        similar  security  from,  or otherwise  approached  or  negotiated  with
        respect  to the Rule  144A  Securities,  any  interest  in the Rule 144A
        Securities or any other similar security with, any person in any manner,
        or made any general  solicitation by means of general  advertising or in
        any other  manner,  or taken any other action,  that would  constitute a
        distribution  of the Rule 144A  Securities  under the  Securities Act of
        1933, as amended (the "1933 Act"),  or that would render the disposition
        of the Rule 144A  Securities a violation of Section 5 of the 1933 Act or
        require  registration  pursuant  thereto,  and that the  Seller  has not
        offered the Rule 144A  Securities  to any person other than the Buyer or
        another  "qualified  institutional  buyer" as defined in Rule 144A under
        the 1933 Act.

2.      The Buyer warrants and  represents  to, and covenants  with, the Seller,
        the  Trustee  and the Master  Servicer  (as  defined in the  Pooling and
        Servicing  Agreement (the "Agreement"),  dated as of ___________ 1, ____
        among Residential  Funding  Corporation as Master Servicer,  Residential
        Accredit  Loans,  Inc.  as  depositor  pursuant  to Section  5.02 of the
        Agreement and __________________, as trustee, as follows:

(a)     The  Buyer  understands  that the  Rule  144A  Securities  have not been
        registered under the 1933 Act or the securities laws of any state.

(b)     The Buyer considers  itself a substantial,  sophisticated  institutional
        investor  having such knowledge and experience in financial and business
        matters  that it is  capable  of  evaluating  the  merits  and  risks of
        investment in the Rule 144A Securities.

                                       1
<PAGE>

(c)  The Buyer has been furnished with all  information  regarding the Rule 144A
     Securities  that it has  requested  from the  Seller,  the  Trustee  or the
     Servicer.

(d)  Neither the Buyer nor anyone acting on its behalf has offered, transferred,
     pledged,  sold or  otherwise  disposed  of the Rule  144A  Securities,  any
     interest in the Rule 144A  Securities or any other similar  security to, or
     solicited  any  offer  to  buy  or  accept  a  transfer,  pledge  or  other
     disposition  of the Rule 144A  Securities,  any  interest  in the Rule 144A
     Securities or any other similar  security from, or otherwise  approached or
     negotiated  with respect to the Rule 144A  Securities,  any interest in the
     Rule 144A Securities or any other similar  security with, any person in any
     manner, or made any general solicitation by means of general advertising or
     in any other  manner,  or taken any other action,  that would  constitute a
     distribution of the Rule 144A  Securities  under the 1933 Act or that would
     render the disposition of the Rule 144A Securities a violation of Section 5
     of the 1933 Act or require registration  pursuant thereto, nor will it act,
     nor has it  authorized  or will it  authorize  any  person to act,  in such
     manner with respect to the Rule 144A Securities.

(e)  The Buyer is a "qualified  institutional  buyer" as that term is defined in
     Rule  144A  under  the 1933 Act and has  completed  either  of the forms of
     certification  to that  effect  attached  hereto as Annex 1 or Annex 2. The
     Buyer is aware that the sale to it is being made in  reliance on Rule 144A.
     The Buyer is acquiring the Rule 144A  Securities for its own account or the
     accounts of other qualified  institutional  buyers,  understands  that such
     Rule 144A  Securities may be resold,  pledged or transferred  only (i) to a
     person  reasonably  believed  to be a  qualified  institutional  buyer that
     purchases   for  its  own  account  or  for  the  account  of  a  qualified
     institutional  buyer to whom  notice is given  that the  resale,  pledge or
     transfer  is being made in  reliance  on Rule  144A,  or (ii)  pursuant  to
     another exemption from registration under the 1933 Act.

               [3. The Buyer

(a)     is not an  employee  benefit  or other plan  subject  to the  prohibited
        transaction provisions of the Employee Retirement Income Security Act of
        1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code
        of 1986,  as amended  (a  "Plan"),  or any other  person  (including  an
        investment  manager, a named fiduciary or a trustee of any Plan) acting,
        directly or indirectly,  on behalf of or purchasing any Certificate with
        "plan assets" of any Plan within the meaning of the  Department of Labor
        ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; or

(b)     is an  insurance  company,  the  source  of  funds  to be  used by it to
        purchase the  Certificates  is an "insurance  company  general  account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60.]

4.   This  document  may be  executed  in one or  more  counterparts  and by the

                                       2
<PAGE>

     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:
     ----------------------------------------

                                       3
<PAGE>

                              ANNEX 1 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

1. As  indicated  below,  the  undersigned  is the  President,  Chief  Financial
Officer, Senior Vice President or other executive officer of the Buyer.

2. In  connection  with  purchases  by the  Buyer,  the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary basis $ in securities (except for the excluded securities referred
to below) as of the end of the  Buyer's  most recent  fiscal  year (such  amount
being  calculated in accordance with Rule 144A) and (ii) the Buyer satisfies the
criteria in the category marked below.

--             Corporation,  etc. The Buyer is a corporation (other than a bank,
               savings   and   loan   association   or   similar   institution),
               Massachusetts   or  similar  business  trust,   partnership,   or
               charitable  organization  described  in Section  501(c)(3) of the
               Internal Revenue Code.

--   Bank.  The Buyer (a) is a national  bank or banking  institution  organized
     under the laws of any State,  territory or the  District of  Columbia,  the
     business of which is substantially confined to banking and is supervised by
     the State or  territorial  banking  commission or similar  official or is a
     foreign bank or equivalent institution, and (b) has an audited net worth of
     at  least  $25,000,000  as  demonstrated  in its  latest  annual  financial
     statements, a copy of which is attached hereto.

--   Savings and Loan. The Buyer (a) is a savings and loan association, building
     and loan association,  cooperative bank,  homestead  association or similar
     institution,  which  is  supervised  and  examined  by a State  or  Federal
     authority  having  supervision  over any such  institutions or is a foreign
     savings  and loan  association  or  equivalent  institution  and (b) has an
     audited net worth of at least  $25,000,000  as  demonstrated  in its latest
     annual financial statements.

--   Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15 of
     the Securities Exchange Act of 1934.

--   Insurance  Company.  The Buyer is an insurance  company  whose  primary and
     predominant business activity is the writing of insurance or the reinsuring
     of risks  underwritten  by  insurance  companies  and which is  subject  to
     supervision by the insurance  commissioner or a similar  official or agency
     of a State or territory or the District of Columbia.

                                       1
<PAGE>

--   State or Local Plan.  The Buyer is a plan  established  and maintained by a
     State, its political subdivisions,  or any agency or instrumentality of the
     State or its political subdivisions, for the benefit of its employees.

--   ERISA  Plan.  The Buyer is an employee  benefit  plan within the meaning of
     Title I of the Employee Retirement Income Security Act of 1974.

--   Investment Adviser. The Buyer is an investment adviser registered under the
     Investment Advisers Act of 1940.

--   SBIC. The Buyer is a Small Business Investment Company licensed by the U.S.
     Small  Business  Administration  under  Section  301(c) or (d) of the Small
     Business Investment Act of 1958.

--   Business  Development  Company. The Buyer is a business development company
     as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

--   Trust  Fund.  The Buyer is a trust  fund  whose  trustee is a bank or trust
     company and whose  participants  are exclusively (a) plans  established and
     maintained  by a  State,  its  political  subdivisions,  or any  agency  or
     instrumentality of the State or its political subdivisions, for the benefit
     of its employees, or (b) employee benefit plans within the meaning of Title
     I of the Employee  Retirement  Income  Security  Act of 1974,  but is not a
     trust fund that includes as participants  individual retirement accounts or
     H.R. 10 plans.

3. The term  "securities"  as used herein does not  include  (i)  securities  of
issuers that are affiliated with the Buyer,  (ii) securities that are part of an
unsold  allotment  to or  subscription  by the Buyer,  if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

4. For purposes of determining the aggregate  amount of securities  owned and/or
invested on a discretionary  basis by the Buyer, the Buyer used the cost of such
securities to the Buyer and did not include any of the securities referred to in
the preceding  paragraph.  Further,  in determining such aggregate  amount,  the
Buyer may have included  securities owned by subsidiaries of the Buyer, but only
if such subsidiaries are consolidated with the Buyer in its financial statements
prepared in accordance with generally accepted accounting  principles and if the
investments  of such  subsidiaries  are  managed  under the  Buyer's  direction.
However,  such  securities  were not included if the Buyer is a  majority-owned,
consolidated  subsidiary  of  another  enterprise  and the Buyer is not itself a
reporting company under the Securities Exchange Act of 1934.

5. The Buyer  acknowledges  that it is familiar  with Rule 144A and  understands
that the seller to it and other parties related to the  Certificates are relying
and will  continue to rely on the  statements  made  herein  because one or more
sales to the Buyer may be in reliance on Rule 144A.

                                       2
<PAGE>

                           Will the Buyer be purchasing the Rule 144A
Yes           No           Securities only for the Buyer's own account?

6. If the answer to the  foregoing  question is "no",  the Buyer agrees that, in
connection  with any purchase of securities sold to the Buyer for the account of
a third party  (including  any separate  account) in reliance on Rule 144A,  the
Buyer will only  purchase for the account of a third party that at the time is a
"qualified  institutional  buyer"  within the meaning of Rule 144A. In addition,
the Buyer agrees that the Buyer will not purchase  securities  for a third party
unless the Buyer has  obtained a current  representation  letter from such third
party or taken other  appropriate  steps  contemplated  by Rule 144A to conclude
that  such  third  party   independently  meets  the  definition  of  "qualified
institutional buyer" set forth in Rule 144A.

7. The Buyer will notify each of the parties to which this certification is made
of any changes in the information and conclusions  herein.  Until such notice is
given,   the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation of this certification as of the date of such purchase.

                               Print Name of Buyer

                                            By:
                                                 -------------------------------
                                                 Name:
                                     Title:

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

                                       3
<PAGE>

                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

8. As indicated below, the undersigned is the President, Chief Financial Officer
or  Senior  Vice  President  of the  Buyer  or,  if the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

9.  In  connection   with  purchases  by  Buyer,   the  Buyer  is  a  "qualified
institutional  buyer" as  defined in SEC Rule 144A  because  (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

--             The  Buyer  owned  $  in  securities  (other  than  the  excluded
               securities  referred to below) as of the end of the Buyer's  most
               recent  fiscal year (such amount being  calculated  in accordance
               with Rule 144A).

--             The Buyer is part of a Family of Investment Companies which owned
               in  the  aggregate  $ in  securities  (other  than  the  excluded
               securities  referred to below) as of the end of the Buyer's  most
               recent  fiscal year (such amount being  calculated  in accordance
               with Rule 144A).

10. The term "Family of  Investment  Companies" as used herein means two or more
registered   investment  companies  (or  series  thereof)  that  have  the  same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

11. The term  "securities"  as used herein does not  include (i)  securities  of
issuers that are affiliated  with the Buyer or are part of the Buyer's Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii)
loan  participations,  (iv)  repurchase  agreements,  (v)  securities  owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

12.  The  Buyer is  familiar  with Rule  144A and  understands  that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

                                       4
<PAGE>

13. The undersigned will notify each of the parties to which this  certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice,  the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation  of this  certification  by the undersigned as of the date of such
purchase.

                               Print Name of Buyer

                                            By:
                                                 ------------------------------
                                                 Name:
                                                      -------------------------
                                                 Title:
                                                       ------------------------

                                            IF AN ADVISER:

                               Print Name of Buyer

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

                                       5
<PAGE>

                                    EXHIBIT K

                   [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                LIMITED GUARANTY]

                                   ARTICLE XII

             Subordinate Certificate Loss Coverage; Limited Guaranty

               Section 12.01.  Subordinate  Certificate  Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether it or any  Sub-Servicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Sub-Servicer  Advances  previously made, (which will not be
Advances or Sub-Servicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Sub-Servicer  Advances  reimbursed  pursuant to
Section 4.02(a),  to the extent such Advances or Sub-Servicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

               (b) Subject to  subsection  (c) below,  prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

               (c) Demands for payments  pursuant to this Section  shall be made
prior to the later of the third Business Day prior to each  Distribution Date or
the  related  Determination  Date by the Master  Servicer  with  written  notice
thereof to the Trustee.  The maximum  amount that  Residential  Funding shall be
required to pay pursuant to this Section on any  Distribution  Date (the "Amount
Available")  shall  be  equal  to the  lesser  of (X)  minus  the sum of (i) all
previous  payments made under  subsections (a) and (b) hereof and (ii) all draws

                                       1
<PAGE>

under the Limited  Guaranty made in lieu of such payments as described  below in
subsection (d) and (Y) the then outstanding  Certificate  Principal  Balances of
the Class B Certificates, or such lower amount as may be established pursuant to
Section 12.02.  Residential  Funding's  obligations as described in this Section
are referred to herein as the "Subordinate Certificate Loss Obligation."

               (d) The Trustee will promptly  notify General  Motors  Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

               (e) All payments  made by  Residential  Funding  pursuant to this
Section or amounts paid under the Limited  Guaranty shall be deposited  directly
in the Certificate  Account,  for distribution on the Distribution Date for such
month to the Class B Certificateholders.

               (f) The Company shall have the option, in its sole discretion, to
substitute  for  either  or  both of the  Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss

                                       2
<PAGE>

Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument  constitutes a legal, valid and
binding  obligation  of the  substitute  guarantor  or obligor,  enforceable  in
accordance  with its terms,  and  concerning  such  other  matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

               Section  12.02.  Amendments  Relating  to the  Limited  Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supercession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supercession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

                                       3
<PAGE>

                                  EXHIBIT L

                           [FORM OF LIMITED GUARANTY]

                                LIMITED GUARANTY

                        RESIDENTIAL ACCREDIT LOANS, INC.

                 Mortgage Asset-Backed Pass-Through Certificates
                                 Series ____-___

                                            ______________, 200   ___

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

Ladies and Gentlemen:

     WHEREAS,   Residential   Funding   Corporation,   a  Delaware   corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations  as  described  under  Section  12.01 of the Pooling  and  Servicing
Agreement  dated as of ___________ 1, ____ (the  "Servicing  Agreement"),  among
Residential  Accredit  Loans,  Inc.  (the  "Company"),  Residential  Funding and
__________________  (the  "Trustee") as amended by Amendment No. ------ thereto,
dated  as  of  ,  with  respect  to  the  Mortgage   Asset-Backed   Pass-Through
Certificates, ---------------- Series ____-___ (the "Certificates"); and

               WHEREAS,  pursuant to Section 12.01 of the  Servicing  Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

               WHEREAS,  GMAC desires to provide certain assurances with respect
to the ability of Residential  Funding to secure sufficient funds and faithfully
to perform its Subordinate Certificate Loss Obligation;

               NOW THEREFORE,  in consideration of the premises herein contained
and  certain  other good and  valuable  consideration,  the  receipt of which is
hereby acknowledged, GMAC agrees as follows:

     1.  Provision of Funds.  (a) GMAC agrees to  contribute  and deposit in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related

                                       1
<PAGE>

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 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.

                                       2
<PAGE>

               IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to be
executed and delivered by its respective  officers  thereunto duly authorized as
of the day and year first above written.

                            GENERAL MOTORS ACCEPTANCE
                                            CORPORATION

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

Acknowledged by:

------------------,
    as Trustee

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

RESIDENTIAL ACCREDIT LOANS, INC.

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

                                       3
<PAGE>

                                    EXHIBIT M

          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                            , 20
                                        --------------------    --------

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:  Mortgage  Asset-Backed  Pass-Through  Certificates,   Series
                    ____-___ Assignment of Mortgage Loan

Ladies and Gentlemen:

     This letter is delivered to you in connection  with the  assignment by (the
"Trustee")  to (the  "Lender")  of (the  "Mortgage  Loan")  pursuant  to Section
3.13(d) of the Pooling and  Servicing  Agreement  (the  "Pooling  and  Servicing
Agreement"),  dated as of ___________ 1, ____ among Residential  Accredit Loans,
Inc., as seller (the  "Company"),  Residential  Funding  Corporation,  as master
servicer, and the Trustee. All terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing  Agreement.  The Lender
hereby  certifies,  represents  and warrants to, and covenants  with, the Master
Servicer and the Trustee that:

(i) the Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
in which an  assignment  in lieu of  satisfaction  is required to preserve  lien
priority,  minimize or avoid mortgage  recording taxes or otherwise comply with,
or facilitate a refinancing under, the laws of such jurisdiction;

(ii) the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage Loan and the form of the  transaction is solely to comply with, or
facilitate the transaction under, such local laws;

(iii) the Mortgage Loan  following the proposed  assignment  will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest on such Mortgage Loan prior to such proposed assignment; and

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
Mortgage Loan.

                                Very truly yours,

                                            (Lender)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------

                                       1
<PAGE>

                                  EXHIBIT N

                          FORM OF REQUEST FOR EXCHANGE

                                                    [DATE]

==================
------------------

               Re:    Residential Accredit Loans, Inc.,
                      Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___

               Residential Funding Corporation,  as the Holder of a % Percentage
Interest of the [Interest Only/Class A-V][-1] Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

1.                    [Interest Only/Class A-V]- Certificates,  corresponding to
                      the  following  Uncertificated  REMIC  Regular  Interests:
                      [List numbers  corresponding to the related loans and Pool
                      Strip Rates from the Mortgage Loan Schedule].  The initial
                      Subclass Notional Amount and the Initial Pass-Through Rate
                      on the [Interest  Only/Class A-V]-  Certificates will be $
                      and %, respectively.

2.                    [Repeat as appropriate.]

               The  Subclasses  requested  above will represent in the aggregate
all of the Uncertificated  REMIC Regular Interests  represented by the [Interest
Only/Class A-V][-1] Certificates surrendered for exchange.

               All capitalized  terms used but not defined herein shall have the
meanings  set  forth  in  the  Pooling  and  Servicing  Agreement,  dated  as of
___________ 1, ____, among Residential Accredit Loans, Inc., Residential Funding
Corporation and __________________, as trustee.

                                            RESIDENTIAL FUNDING CORPORATION

                                            By:
                                               ------------------------------
                                            Name:
                                            Title:

                                        1
<PAGE>
                                  EXHIBIT O

                         Form of Form 10-K Certification

        I, [identify the certifying individual], certify that:

        1. I have  reviewed  the annual  report on Form 10-K for the fiscal year
[____], and all reports on Form 8-K containing distribution or servicing reports
filed in respect of periods  included in the year covered by that annual report,
of the trust (the  "Trust")  created  pursuant  to the Series  Supplement  dated
___________________  to the Standard  Terms of Pooling and  Servicing  Agreement
dated  ____________________  (together,  the "P&S Agreement")  among Residential
Accredit Loans,  Inc. (the  "Company"),  Residential  Funding  Corporation  (the
"Master Servicer") and [Name of Trustee] (the "Trustee");

        2. Based on my knowledge,  the information in these reports,  taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this annual report;

        3. Based on my  knowledge,  the  servicing  information  required  to be
provided  to the  Trustee by the Master  Servicer  under the P&S  Agreement  for
inclusion in these reports is included in these reports;

        4. I am responsible for reviewing the activities performed by the Master
Servicer  under the P&S  Agreement  and based upon my  knowledge  and the annual
compliance review required under the P&S Agreement,  and, except as disclosed in
the reports,  the Master  Servicer has fulfilled its  obligations  under the P&S
Agreement; and

        5. The reports  disclose all  significant  deficiencies  relating to the
Master Servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public  accountant,  after conducting a review
in compliance with the Uniform Single  Attestation  Program for Mortgage Bankers
as set forth in the P&S Agreement, that is included in these reports.

        In giving the  certifications  above,  I have  reasonably  relied on the
information provided to me by the following unaffiliated parties: [the Trustee].

Date:_______________________

____________________________*
Name:
Title:

               *    to be  signed  by  the  senior  officer  in  charge  of  the
                    servicing functions of the Master Servicer

<PAGE>

                                    EXHIBIT P

            [FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE]

     The  undersigned,  a Responsible  Officer of  [_________]  (the  "Trustee")
certifies that:

        (a) The Trustee has performed all of the duties specifically required to
be  performed  by it pursuant  to the  provisions  of the Pooling and  Servicing
Agreement  dated  as of  [_________],  20[__]  (the  "Agreement")  by and  among
[__________], as depositor, Residential Funding Corporation, as master servicer,
and the Trustee in accordance with the standards set forth therein.

        (b) Based on my knowledge,  the list of  Certificateholders  as shown on
the Certificate Register as of the end of each calendar year that is provided by
the  Trustee  pursuant  to the  Agreement  is accurate as of the last day of the
20[__] calendar year.

Capitalized terms used and not defined herein shall have the meanings given such
terms in the Agreement.

     IN WITNESS WHEREOF,  I have duly executed this certificate as of _________,
20__.]

                                      Name:______________________
                                     Title:

                                        1
<PAGE>

                                   EXHIBIT Q

INFORMATION  TO BE  PROVIDED  BY THE  MASTER  SERVICER  TO THE  RATING  AGENCIES
RELATING TO REPORTABLE MODIFIED MORTGAGE LOANS

Account number

Transaction Identifier
Unpaid Principal  Balance prior to Modification  Next Due Date Monthly Principal
and Interest  Payment Total Servicing  Advances  Current  Interest Rate Original
Maturity  Date  Original Term to Maturity  (Months)  Remaining  Term to Maturity
(Months)  Trial  Modification  Indicator  Mortgagor  Equity  Contribution  Total
Servicer Advances Trial Modification Term (Months) Trial Modification Start Date
Trial  Modification  End Date Trial  Modification  Period Principal and Interest
Payment Trial Modification  Interest Rate Trial Modification Term Rate Reduction
Indicator  Interest  Rate  Post  Modification  Rate  Reduction  Start  Date Rate
Reduction End Date Rate Reduction Term

Term Modified Indicator
Modified Amortization Period
Modified Final Maturity Date
Total Advances Written Off
Unpaid Principal Balance Written Off
Other Past Due Amounts Written Off
Write Off Date
Unpaid Principal Balance Post Write Off
Capitalization Indicator
Mortgagor Contribution
Total Capitalized Amount
Modification Close Date
Unpaid Principal Balance  Post Capitalization Modification
Next Payment Due Date per Modification Plan
Principal and Interest Payment Post Modification

Interest Rate Post Modification
Payment Made Post Capitalization
Delinquency Status to Modification Plan

                                        1
<PAGE>

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