Document:

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                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                                     Trustee

                               SERIES SUPPLEMENT,

                         DATED AS OF SEPTEMBER 1, 2003,

                                       TO

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

                       Mortgage Asset-Backed Pass-Through Certificates

                                Series 2003-QS18

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<TABLE>
<CAPTION>

                                   TABLE OF CONTENTS

                                                                                          Page

<S>                                                                                        <C>
Article I      DEFINITIONS..................................................................4

        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

                                        i

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                                                                                          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

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                                                                                          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

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                                                                                          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
</TABLE>

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                                    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

<PAGE>

        This is a Series Supplement,  dated as of September 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>                                                 <C> <C>                     <C>
  Class A-1      5.00%   $150,378,000.00    Senior/Fixed Rate      September 25, 2018      AAA/Aaa       $25,000.00

  Class A-P      0.00%     $3,267,971.00    Senior/Principal       September 25, 2018      AAA/Aaa       $25,000.00
                                                    Only
  Class A-V    Variable            $0.00    Senior/Interest        September 25, 2018      AAA/Aaa       4
               Rate3                         Only/Variable Rate
   Class R       5.00%           $100.00  Senior/Residual/Fixed    September 25, 2018      AAA/Aaa       5
                                                    Rate
  Class M-1      5.00%     $2,521,400.00    Mezzanine/ Fixed       September 25, 2018       AA/NA       $25,000.00
                                                    Rate
  Class M-2      5.00%       $315,200.00      Mezzanine/ Fixed     September 25, 2018       A/NA        $250,000.00
                                                    Rate
  Class M-3      5.00%       $472,800.00      Mezzanine/ Fixed     September 25, 2018       BBB/NA      $250,000.00
                                                    Rate
  Class B-1      5.00%       $236,400.00     Subordinate/ Fixed    September 25, 2018       BB/NA       $236,400.00
                                                    Rate
  Class B-2      5.00%       $157,600.00     Subordinate/ Fixed    September 25, 2018       B/NA        $157,600.00
                                                    Rate
  Class B-3      5.00%       $236,780.51     Subordinate/ Fixed    September 25, 2018       NA/NA       $236,780.51
                                                    Rate

</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 0.2271%.

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%.

                                       2
<PAGE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $157,586,250.74.

        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-QS18"  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 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 clause (C)(1) of the  definition of Class A-P
Principal Distribution Amount over the amount described in clause (C)(2) of such
definition.

        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

                                       5
<PAGE>

        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
        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:  September 29, 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

                                       6
<PAGE>

instrument  is  located at 1761 East St.  Andrew  Place,  Santa Ana,  California
92705-4934, Attention: Residential Funding Corporation Series 2003-QS18.

        Cut-off Date:  September 1, 2003.

     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

                                       7
<PAGE>

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.

        Initial Monthly Payment Fund: $116,528, 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:  September  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");

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<PAGE>

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

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

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

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

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

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

(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 0.2271% 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.

                                       9
<PAGE>

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

        (i)    For any  Distribution  Date  prior  to the  Distribution  Date in
               October 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)

                                       10
<PAGE>

               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.

        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)  (determined  without
regard to clause  (E) of the  definition  of Class  A-P  Principal  Distribution
Amount) 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
$1,652,824  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  33.4%  (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

                                       11
<PAGE>

a Mortgaged  Property  (or,  with  respect to a  Cooperative  Loan,  the related
Cooperative Apartment) located in the State of California.

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

        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 993 uncertificated  partial undivided beneficial
ownership interests in the Trust Fund, numbered sequentially from 1 to 993, each

                                       12
<PAGE>

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  Residential  Funding
Securities Corporation.

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 0.9% 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 65.45% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  15.04% 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  2.42%
        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  12.71% 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
agreed that the  obligation of the Company to cure such breach or to so purchase

                                       16
<PAGE>

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
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment of the Mortgage in recordable  form, if required  pursuant to Section

                                       17
<PAGE>

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

                                       20
<PAGE>

        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 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;

                                       21
<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
          respect to a Discount  Mortgage  Loan),  whether or not received on or

                                       24
<PAGE>

          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
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

                                       30
<PAGE>

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-QS18

                                   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/ Mark White
      Name:   Mark White
      Title:  Vice President

                                       RESIDENTIAL FUNDING CORPORATION
[Seal]

                                            By: /s/ Mark White
                                                 Name:  Mark White
                                                 Title: Associate

Attest:/s/ Joseph Orning
      Name: Joseph Orning
      Title: Associate

                             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 Conyer
                                                 Title: Associate

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

                                       42
<PAGE>

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

               On the 29th day of September,  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]

                                       43
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 29th day of September,  2003 before me, a notary public in
and for  said  State,  personally  appeared  Mark  White,  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]

                                       44
<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 29th day of September,  2003 before me, a notary public in
and for said State,  personally  appeared  Ronaldo  Reyes,  known to me to be an
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]

                                       45
<PAGE>

STATE OF CALIFORNIA               )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 29th day of September,  2003 before me, a notary public in
and for said State,  personally  appeared Jeremy  Conyers,  known to me to be an
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     : 09/29/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 09.41.05           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2003-QS18                                 CUTOFF : 09/01/03
  POOL       : 0004742
             :
             :
  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
  ----------------------------------------------------------------------------

      7813045                              .2500
       45,684.78                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.0000                        1.1700

      7936557                              .2500
      118,599.77                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            5.0000                        1.9200

      8288961                              .2500
      360,061.04                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8288979                              .2500
       73,624.87                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.0000                         .7950

      8379526                              .2500
       67,505.82                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450
1

      8388828                              .2500
      113,782.40                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8391664                              .2500
       52,614.84                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8392791                              .2500
       89,632.60                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8401366                              .2500
       81,136.74                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8408617                              .2500
       67,010.70                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8411184                              .2500
       99,273.27                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8413034                              .2500
      826,412.13                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200
1

      8417656                              .2500
      183,305.88                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8417886                              .2500
      302,230.89                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8417936                              .2500
      289,260.08                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8432561                              .2500
      103,536.56                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8432964                              .2500
      210,624.08                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8433708                              .2500
       43,328.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8433740                              .2500
       69,059.82                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.0000                         .7950
1

      8433742                              .2500
       47,777.45                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8433760                              .2500
       48,905.37                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8433764                              .2500
      157,639.73                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8433766                              .2500
      114,732.67                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8433784                              .2500
       79,384.44                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8433806                              .2500
      133,540.37                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8433846                              .2500
       37,645.29                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450
1

      8433858                              .2500
       93,724.48                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.0000                        1.0450

      8433864                              .2500
       40,330.69                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.0000                        1.2950

      8433896                              .2500
      122,433.74                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8433932                              .2500
       79,420.89                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8433954                              .2500
      112,754.49                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8433972                              .2500
      128,168.60                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8434270                              .2500
      139,580.27                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450
1

      8437488                              .2500
      236,085.76                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8437596                              .2500
      381,060.45                          .0300
            4.7500                         .0000
            4.5000                         .0000
            4.4700                         .0000
            4.4700                         .0000

      8440974                              .2500
       69,485.96                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8452414                              .2500
      384,364.89                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8453022                              .2500
      138,080.21                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.0000                         .7950

      8456078                              .2500
       68,324.71                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8474298                              .2500
       95,644.57                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000
1

      8474516                              .2500
       93,559.56                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8475303                              .2500
      124,234.79                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8478066                              .2500
       87,883.58                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8478726                              .2500
       58,689.59                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8480310                              .2500
       35,874.89                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8480668                              .2500
       57,789.72                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8484212                              .2500
       81,329.35                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450
1

      8485584                              .2500
      174,391.81                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8485838                              .2500
      357,670.85                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8486704                              .2500
       61,315.57                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8486888                              .2500
       57,860.88                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8487372                              .2500
      323,784.09                          .0300
            5.0000                         .0000
            4.7500                         .0000
            4.7200                         .0000
            4.7200                         .0000

      8487488                              .2500
      269,061.66                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8490170                              .2500
       92,659.27                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000
1

      8491564                              .2500
      233,097.40                          .0300
            5.0000                         .0000
            4.7500                         .0000
            4.7200                         .0000
            4.7200                         .0000

      8491767                              .2500
       54,231.90                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8492194                              .2500
      106,013.36                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8495406                              .2500
      133,503.88                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8498772                              .2500
      229,157.33                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8499808                              .2500
      243,069.08                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8502312                              .2500
       78,716.58                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700
1

      8504000                              .2500
      118,330.37                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8504102                              .3750
       68,314.34                          .0800
            6.5000                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.0000                        1.0450

      8506774                              .2500
      300,782.25                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8506980                              .2500
       64,654.62                          .0300
            5.0000                         .0000
            4.7500                         .0000
            4.7200                         .0000
            4.7200                         .0000

      8506984                              .2500
       78,797.29                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8507017                              .2500
       86,826.56                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8507856                              .2500
       79,703.81                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000
1

      8508258                              .2500
      133,225.39                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8508408                              .2500
       69,743.54                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8508808                              .2500
      488,204.75                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8509088                              .2500
      249,054.89                          .0300
            4.8750                         .0000
            4.6250                         .0000
            4.5950                         .0000
            4.5950                         .0000

      8509452                              .2500
      108,355.72                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8509458                              .2500
      150,153.64                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8509890                              .2500
      188,300.25                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000
1

      8510082                              .2500
       72,237.15                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8510132                              .2500
      277,967.04                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8510208                              .2500
      142,459.39                          .0300
            4.8750                         .0000
            4.6250                         .0000
            4.5950                         .0000
            4.5950                         .0000

      8510530                              .2500
       43,350.42                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8511150                              .2500
       50,324.50                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8511580                              .2500
       74,730.94                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8512418                              .2500
      125,045.40                          .0300
            4.8750                         .0000
            4.6250                         .0000
            4.5950                         .0000
            4.5950                         .0000
1

      8512450                              .2500
       47,654.81                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8513732                              .2500
       91,061.60                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8514488                              .2500
      148,000.00                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8514496                              .2500
       46,739.93                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8515384                              .2500
      160,403.91                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8515896                              .2500
      117,000.00                          .0300
            5.0000                         .0000
            4.7500                         .0000
            4.7200                         .0000
            4.7200                         .0000

      8516216                              .2500
      119,555.72                          .0300
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       40,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.0000                        1.0450

      8630048                              .2500
       65,600.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.0000                        1.1700

      8630756                              .2500
      131,500.00                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8630760                              .2500
       70,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450
1

      8630766                              .2500
      151,500.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8630780                              .2500
      152,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8630796                              .2500
      195,000.00                          .0300
            5.0000                         .0000
            4.7500                         .0000
            4.7200                         .0000
            4.7200                         .0000

      8630850                              .2500
       75,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.0000                        1.0450

      8630868                              .2500
      404,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8630908                              .2500
      145,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8630910                              .2500
       85,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950
1

      8630964                              .2500
      105,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8630966                              .2500
      170,100.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8631124                              .2500
      105,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8631142                              .2500
      575,500.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8631200                              .2500
      335,000.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8631250                              .2500
      240,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8631474                              .2500
       41,500.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700
1

      8631498                              .2500
       62,650.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8632814                              .2500
      160,800.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8633016                              .2500
      182,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.0000                         .7950

      8633290                              .2500
      480,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8633580                              .2500
      202,000.00                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8633650                              .2500
      109,000.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8633867                              .2500
       62,479.19                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950
1

      8633890                              .2500
      122,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8636020                              .2500
      175,000.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8636038                              .2500
      131,000.00                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8636068                              .2500
       74,000.00                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8636144                              .2500
       69,600.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8636188                              .2500
       72,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8636346                              .2500
      315,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200
1

      8636438                              .2500
      292,000.00                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8636454                              .2500
      140,000.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8636468                              .2500
       88,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8636490                              .2500
      125,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8636504                              .2500
      127,500.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8636580                              .2500
       50,400.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8637270                              .2500
      456,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950
1

      8638494                              .2500
      110,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8638528                              .2500
       59,784.75                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8638648                              .2500
      137,575.00                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8640654                              .2500
      100,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.0000                        1.0450

      8640750                              .2500
       38,250.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8640766                              .2500
       55,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8641126                              .2500
       59,500.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200
1

      8641338                              .2500
       75,600.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8641390                              .2500
       54,090.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8643818                              .2500
       87,900.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8643828                              .2500
      225,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8643886                              .2500
      390,800.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8644328                              .2500
      169,500.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8644594                              .2500
      239,000.00                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000
1

      8644602                              .2500
       76,500.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8644686                              .2500
       80,000.00                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8645000                              .2500
      122,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8645186                              .2500
      137,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8645188                              .2500
      126,500.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8645216                              .2500
      142,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8645226                              .2500
       96,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200
1

      8645246                              .2500
      129,500.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8645248                              .2500
      130,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8645262                              .2500
      128,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8645414                              .2500
      391,600.00                          .0300
            5.0000                         .0000
            4.7500                         .0000
            4.7200                         .0000
            4.7200                         .0000

      8645702                              .2500
       49,696.96                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.0000                         .7950

      8645726                              .2500
       56,200.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8645746                              .2500
       70,761.02                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200
1

      8646236                              .2500
       85,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8646286                              .2500
      149,100.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8646332                              .2500
      145,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8646364                              .2500
      248,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8646666                              .2500
       87,900.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8648294                              .2500
       95,920.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8648730                              .2500
      131,600.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700
1

      8651486                              .2500
       92,800.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8651690                              .2500
      165,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8651884                              .2500
      399,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8651896                              .2500
      240,000.00                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8652246                              .2500
       88,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8652338                              .2500
       53,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8652342                              .2500
       61,200.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700
1

      8653332                              .2500
      102,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8653352                              .2500
       70,740.24                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8653410                              .2500
       80,800.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8653418                              .2500
       79,700.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8653572                              .2500
       97,300.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.0000                        1.1700

      8654814                              .2500
       57,000.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8654866                              .2500
      659,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700
1

      8654936                              .2500
      116,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8655214                              .2500
      100,800.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8658581                              .2500
       59,588.54                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8658883                              .2500
       70,301.51                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8658887                              .2500
       71,298.08                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8659358                              .2500
      150,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8659555                              .2500
      175,428.08                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700
1

      8661350                              .2500
      111,300.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8661834                              .2500
      171,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8664170                              .2500
       48,700.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8665262                              .2500
       97,800.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8666388                              .2500
       90,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8667070                              .2500
      125,000.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.0000                        1.1700

      8667574                              .2500
      322,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450
1

      8669733                              .2500
       99,779.71                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8669811                              .2500
      261,245.24                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8688259                              .2500
      118,382.65                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8723613                              .2500
       20,982.53                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.0000                         .7950

      8728993                              .2500
       98,671.51                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8748791                              .2500
      173,107.91                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8761933                              .2500
      416,344.60                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200
1

      8762901                              .2500
       39,572.03                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8769779                              .2500
      220,190.09                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8796277                              .2500
      188,420.69                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8826065                              .2500
      368,000.00                          .0300
            5.0000                         .0000
            4.7500                         .0000
            4.7200                         .0000
            4.7200                         .0000

      8826211                              .2500
      399,950.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8828049                              .2500
      140,986.99                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8828213                              .2500
      149,478.69                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450
1

      8828831                              .2500
      340,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8829909                              .2500
      322,700.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8829935                              .2500
      100,300.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8832473                              .2500
       77,900.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.0000                        1.1700

      8832579                              .2500
      222,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8835035                              .2500
      148,100.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.0000                        1.0450

      8837441                              .2500
      170,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700
1

      8839499                              .2500
      140,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

  TOTAL NUMBER OF LOANS:      993
  TOTAL BALANCE........:        157,586,250.74

  RUN ON     : 09/29/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 09.41.05            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS18       FIXED SUMMARY REPORT      CUTOFF : 09/01/03
  POOL       : 0004742
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        5.4356            4.0000      7.2500
  RFC NET RATE                          5.1855            3.7500      7.0000
  NET MTG RATE(INVSTR RATE)             5.1234            3.7200      6.9200
  POST STRIP RATE                       4.8963            3.7200      5.0000
  SUB SERV FEE                           .2501             .2500       .3750
  MSTR SERV FEE                          .0621             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .2271             .0000      1.9200

  TOTAL NUMBER OF LOANS:   993
  TOTAL BALANCE........:     157,586,250.74

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 09/29/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 09.41.05          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2003-QS18                                 CUTOFF : 09/01/03
  POOL       : 0004742
             :
             :
  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 #
  ______________________________________________________________________________

    7813045          286/286             F           48,000.00         ZZ
                                         180         45,684.78          1
                                       6.500            418.14         80
                                       6.250            418.14
    HOUSTON          TX   77092          1            06/12/02         00
    1337381                              05           08/01/02          0
    1337381                              O            07/01/17
    0

    7936557          286/286             F          123,750.00         ZZ
                                         180        118,599.77          1
                                       7.250          1,129.67         75
                                       7.000          1,129.67
    PORTLAND         OR   97213          5            07/08/02         00
    1342478                              05           09/01/02          0
    1342478                              N            08/01/17
    0

    8288961          286/286             F          371,800.00         ZZ
                                         180        360,061.04          1
                                       6.000          3,137.46         80
                                       5.750          3,137.46
    PIKESVILLE       MD   21208          2            11/13/02         00
    0001250022                           05           01/01/03          0
    0001250022                           O            12/01/17
    0
1

    8288979          286/286             F           76,000.00         ZZ
                                         180         73,624.87          1
                                       6.125            646.47         80
                                       5.875            646.47
    BALTIMORE        MD   21237          2            11/07/02         00
    0001249744                           07           01/01/03          0
    0001249744                           N            12/01/17
    0

    8379526          U05/G02             F           68,000.00         TX
                                         180         67,505.82          1
                                       5.375            551.12         76
                                       5.125            551.12
    HOUSTON          TX   77084          5            06/09/03         00
    0436382386                           03           08/01/03          0
    3367272                              O            07/01/18
    0

    8388828          T08/G02             F          115,000.00         ZZ
                                         180        113,782.40          1
                                       5.750            954.97         77
                                       5.500            954.97
    JACKSONVILLE     FL   32244          5            05/02/03         00
    0436025076                           05           07/01/03          0
    11151762                             O            06/01/18
    0

    8391664          313/G02             F           53,000.00         ZZ
                                         180         52,614.84          1
                                       5.375            429.55         63
                                       5.125            429.55
    NORRISTOWN       PA   19401          2            06/13/03         00
    0436069256                           07           08/01/03          0
    9533902                              N            07/01/18
    0

    8392791          E22/G02             F           92,000.00         ZZ
                                         180         89,632.60          1
                                       5.750            763.98         80
                                       5.500            763.98
    PERALTA          NM   87042          2            01/16/03         00
    0415688357                           27           03/01/03          0
    0415688357                           O            02/01/18
    0
1

    8401366          B43/G02             F           81,700.00         ZZ
                                         180         81,136.74          1
                                       6.000            689.43         95
                                       5.750            689.43
    LANDOVER         MD   20785          5            06/13/03         01
    0436047062                           05           08/01/03         25
    34633                                O            07/01/18
    0

    8408617          E22/G02             F           68,800.00         ZZ
                                         180         67,010.70          1
                                       6.250            589.91         80
                                       6.000            589.91
    GULF BREEZE      FL   32563          1            02/03/03         00
    0415794718                           03           03/01/03          0
    0415794718                           N            02/01/18
    0

    8411184          E82/G02             F          100,000.00         ZZ
                                         180         99,273.27          1
                                       5.375            810.47         42
                                       5.125            810.47
    BRONX            NY   10461          2            06/25/03         00
    0400841490                           05           08/01/03          0
    0400841490                           O            07/01/18
    0

    8413034          369/G02             F          841,330.00         ZZ
                                         180        826,412.13          1
                                       5.750          6,986.49         68
                                       5.500          6,986.49
    OKEMOS           MI   48864          2            03/31/03         00
    0436383368                           05           05/01/03          0
    75496166                             O            04/01/18
    0

    8417656          E82/G01             F          184,200.00         ZZ
                                         180        183,305.88          1
                                       5.250          1,480.74         57
                                       5.000          1,480.74
    CONCORD          CA   94518          2            06/25/03         00
    0400841920                           03           09/01/03          0
    0400841920                           O            08/01/18
    0
1

    8417886          E82/G01             F          305,500.00         ZZ
                                         180        302,230.89          1
                                       5.125          2,435.81         41
                                       4.875          2,435.81
    ALEXANDRIA       VA   22302          2            06/24/03         00
    0400856126                           05           08/01/03          0
    0400856126                           O            07/01/18
    0

    8417936          E82/G01             F          291,400.00         ZZ
                                         180        289,260.08          1
                                       5.250          2,342.50         64
                                       5.000          2,342.50
    MANASSAS         VA   20112          2            06/25/03         00
    0400851283                           03           08/01/03          0
    0400851283                           O            07/01/18
    0

    8432561          E22/G02             F          106,000.00         ZZ
                                         180        103,536.56          1
                                       5.875            887.35         73
                                       5.625            887.35
    BUENA            WA   98921          2            01/31/03         00
    0415581800                           27           04/01/03          0
    0415581800                           O            03/01/18
    0

    8432964          964/G02             F          213,000.00         T
                                         180        210,624.08          1
                                       5.125          1,698.29         60
                                       4.875          1,698.29
    VERADALE         WA   99037          5            05/29/03         00
    0436073357                           03           07/01/03          0
    409245                               O            06/01/18
    0

    8433708          286/286             F           44,000.00         ZZ
                                         180         43,328.00          1
                                       5.875            368.34         80
                                       5.625            368.34
    CINCINNATI       OH   45225          5            04/15/03         00
    2261759                              05           06/01/03          0
    2261759                              O            05/01/18
    0
1

    8433740          286/286             F           70,020.00         ZZ
                                         180         69,059.82          1
                                       6.125            595.61         75
                                       5.875            595.61
    CORPUS CHRISTI   TX   78412          2            04/19/03         00
    2243042                              05           06/01/03          0
    2243042                              N            05/01/18
    0

    8433742          286/286             F           48,500.00         ZZ
                                         180         47,777.45          1
                                       5.500            396.29         70
                                       5.250            396.29
    INDIANAPOLIS     IN   46201          5            04/18/03         00
    2297664                              05           06/01/03          0
    2297664                              N            05/01/18
    0

    8433760          286/286             F           49,600.00         ZZ
                                         180         48,905.37          1
                                       5.875            415.22         80
                                       5.625            415.22
    COLUMBUS         OH   43223          2            04/09/03         00
    2025730                              05           06/01/03          0
    2025730                              N            05/01/18
    0

    8433764          286/286             F          160,000.00         ZZ
                                         180        157,639.73          1
                                       5.250          1,286.21         69
                                       5.000          1,286.21
    WEST ORANGE      NJ   07052          5            04/25/03         00
    2169507                              05           06/01/03          0
    2169507                              O            05/01/18
    0

    8433766          286/286             F          116,000.00         ZZ
                                         180        114,732.67          1
                                       5.375            940.14         80
                                       5.125            940.14
    NORTH MIAMI BEA  FL   33162          5            05/19/03         00
    2319014                              05           07/01/03          0
    2319014                              O            06/01/18
    0
1

    8433784          286/286             F           80,500.00         ZZ
                                         180         79,384.44          4
                                       6.000            679.31         70
                                       5.750            679.31
    AKRON            OH   44304          2            04/14/03         00
    1968528                              05           06/01/03          0
    1968528                              N            05/01/18
    0

    8433806          286/286             F          135,000.00         ZZ
                                         180        133,540.37          1
                                       5.500          1,103.07         73
                                       5.250          1,103.07
    POMONA           CA   91766          5            05/01/03         00
    2140735                              05           07/01/03          0
    2140735                              N            06/01/18
    0

    8433846          286/286             F           38,180.00         ZZ
                                         180         37,645.29          3
                                       5.875            319.62         80
                                       5.625            319.62
    DAYTON           OH   45404          1            04/30/03         00
    2241731                              05           06/01/03          0
    2241731                              N            05/01/18
    0

    8433858          286/286             F           95,000.00         ZZ
                                         180         93,724.48          1
                                       6.375            821.04         40
                                       6.125            821.04
    SOUTHFIELD       MI   48075          5            04/21/03         00
    2301096                              05           06/01/03          0
    2301096                              N            05/01/18
    0

    8433864          286/286             F           44,000.00         ZZ
                                         180         40,330.69          1
                                       6.625            386.32         80
                                       6.375            386.32
    EL PASO          TX   79936          1            04/15/03         00
    2112695                              05           06/01/03          0
    2112695                              N            05/01/18
    0
1

    8433896          286/286             F          124,400.00         ZZ
                                         180        122,433.74          4
                                       5.750          1,033.04         74
                                       5.500          1,033.04
    NEWARK           NJ   07102          2            04/24/03         00
    234736                               05           06/01/03          0
    234736                               N            05/01/18
    0

    8433932          286/286             F          114,000.00         ZZ
                                         180         79,420.89          1
                                       6.000            962.00         60
                                       5.750            962.00
    SACRAMENTO       CA   95823          5            04/25/03         00
    2253007                              05           06/01/03          0
    2253007                              N            05/01/18
    0

    8433954          286/286             F          114,000.00         ZZ
                                         180        112,754.49          1
                                       5.375            923.94         67
                                       5.125            923.94
    FONTANA          CA   92335          5            05/14/03         00
    2292922                              05           07/01/03          0
    2292922                              O            06/01/18
    0

    8433972          286/286             F          131,000.00         ZZ
                                         180        128,168.60          1
                                       6.250          1,123.23         68
                                       6.000          1,123.23
    NEWFIELD         NJ   08344          5            04/25/03         00
    2299846                              05           06/01/03          0
    2299846                              O            05/01/18
    0

    8434270          601/G02             F          144,000.00         ZZ
                                         180        139,580.27          1
                                       5.875          1,205.46         60
                                       5.625          1,205.46
    BRUNSWICK        GA   31525          2            04/29/03         00
    0436111637                           05           06/01/03          0
    62791173                             O            05/01/18
    0
1

    8437488          T08/G02             F          239,350.00         ZZ
                                         180        236,085.76          1
                                       5.250          1,924.08         68
                                       5.000          1,924.08
    BRADENTON        FL   34205          2            06/17/03         00
    0436079172                           05           08/01/03          0
    11160544                             O            07/01/18
    0

    8437596          W96/G02             F          384,000.00         ZZ
                                         180        381,060.45          1
                                       4.750          2,986.87         46
                                       4.500          2,986.87
    ORLANDO          FL   32809          5            06/05/03         00
    0436079131                           03           08/01/03          0
    23050266                             O            07/01/18
    0

    8440974          601/G02             F           70,000.00         ZZ
                                         180         69,485.96          1
                                       5.250            562.71         35
                                       5.000            562.71
    DAHLONEGA        GA   30533          5            06/06/03         00
    0436106504                           05           08/01/03          0
    62975354                             O            07/01/18
    0

    8452414          E84/G02             F          390,000.00         ZZ
                                         180        384,364.89          1
                                       5.500          3,186.63         71
                                       5.250          3,186.63
    ARLINGTON        VA   22202          5            04/28/03         00
    0436124713                           05           06/01/03          0
    86630806                             O            05/01/18
    0

    8453022          E84/G02             F          140,000.00         ZZ
                                         180        138,080.21          1
                                       6.125          1,190.87         68
                                       5.875          1,190.87
    BOYNTON BEACH    FL   33437          5            04/14/03         00
    0436120968                           03           06/01/03          0
    93001726                             O            05/01/18
    0
1

    8456078          E82/G02             F           68,600.00         ZZ
                                         180         68,324.71          1
                                       5.500            560.52         86
                                       5.250            560.52
    NEWFANE          NY   14108          2            07/08/03         04
    0400781431                           05           09/01/03         12
    0400781431                           O            08/01/18
    0

    8474298          Q87/G02             F           96,000.00         ZZ
                                         180         95,644.57          1
                                       5.125            765.43         80
                                       4.875            765.43
    SIPSEY           AL   35584          5            07/29/03         00
    0436260343                           05           09/04/03          0
    BLST01                               O            08/04/18
    0

    8474516          G34/G02             F           93,900.00         ZZ
                                         180         93,559.56          1
                                       5.375            761.03         77
                                       5.125            761.03
    FORT WORTH       TX   76123          2            07/25/03         00
    0436509954                           03           09/01/03          0
    47006211                             O            08/01/18
    0

    8475303          E22/G02             F          127,000.00         ZZ
                                         180        124,234.79          1
                                       5.500          1,037.70         58
                                       5.250          1,037.70
    LOS ANGELES      CA   91335          2            02/11/03         00
    0416084069                           05           04/01/03          0
    0416084069                           O            03/01/18
    0

    8478066          E22/G02             F           88,200.00         ZZ
                                         180         87,883.58          1
                                       5.500            720.67         90
                                       5.250            720.67
    GROVETOWN        GA   30813          5            07/03/03         10
    0417462108                           05           09/01/03         12
    0417462108                           O            08/01/18
    0
1

    8478726          168/168             F           61,000.00         ZZ
                                         120         58,689.59          1
                                       5.875            673.40         49
                                       5.625            673.40
    SPENCERPORT      NY   14559          2            05/12/03         00
    3176968                              05           07/01/03          0
    0319769682                           O            06/01/13
    0

    8480310          E22/G02             F           36,000.00         ZZ
                                         180         35,874.89          1
                                       5.875            301.36         65
                                       5.625            301.36
    HOUSTON          TX   77074          1            07/18/03         00
    0417772001                           01           09/01/03          0
    0417772001                           N            08/01/18
    0

    8480668          S43/G02             F           58,000.00         ZZ
                                         180         57,789.72          4
                                       5.375            470.07         57
                                       5.125            470.07
    OGDEN            UT   84401          2            07/08/03         00
    0436233324                           05           09/01/03          0
    038025                               N            08/01/18
    0

    8484212          U05/G02             F           81,900.00         ZZ
                                         180         81,329.35          1
                                       5.875            685.60         72
                                       5.625            685.60
    WAXAHACHIE       TX   75167          2            06/20/03         00
    0436458079                           05           08/01/03          0
    3362414                              O            07/01/18
    0

    8485584          Y23/G02             F          175,000.00         ZZ
                                         180        174,391.81          1
                                       5.875          1,464.96         70
                                       5.625          1,464.96
    BLOOMINGTON      MN   55431          5            07/17/03         00
    0436236632                           05           09/01/03          0
    1000245072                           N            08/01/18
    0
1

    8485838          E82/G01             F          359,000.00         ZZ
                                         180        357,670.85          1
                                       5.125          2,862.38         60
                                       4.875          2,862.38
    VIENNA           VA   22180          2            07/18/03         00
    0400862165                           05           09/01/03          0
    0400862165                           O            08/01/18
    0

    8486704          144/144             F           62,000.00         ZZ
                                         180         61,315.57          1
                                       5.250            498.40         48
                                       5.000            498.40
    CO/ORANGE        NY   10940          2            05/07/03         00
    160722918000000                      05           07/01/03          0
    160722918                            O            06/01/18
    0

    8486888          144/144             F           58,500.00         ZZ
                                         180         57,860.88          1
                                       5.375            474.12         26
                                       5.125            474.12
    MIDDLETOWN       NY   10940          2            05/23/03         00
    160724989000000                      05           07/01/03          0
    160724989                            O            06/01/18
    0

    8487372          H58/G01             F          325,000.00         ZZ
                                         180        323,784.09          1
                                       5.000          2,570.08         73
                                       4.750          2,570.08
    WASHOUGAL        WA   98671          2            07/07/03         00
    0436262752                           05           09/01/03          0
    172112                               O            08/01/18
    0

    8487488          952/G02             F          270,000.00         ZZ
                                         180        269,061.66          3
                                       5.875          2,260.22         60
                                       5.625          2,260.22
    MOUNT VERNON     NY   10550          5            07/11/03         00
    0436241764                           05           09/01/03          0
    03003839                             O            08/01/18
    0
1

    8490170          N47/G02             F           93,000.00         ZZ
                                         180         92,659.27          1
                                       5.250            747.61         25
                                       5.000            747.61
    CONCORD          CA   94521          2            07/14/03         00
    0436237747                           09           09/01/03          0
    20507823                             N            08/01/18
    0

    8491564          144/144             F          235,000.00         ZZ
                                         180        233,097.40          1
                                       5.000          1,858.37         79
                                       4.750          1,858.37
    OSSINING         NY   10562          5            06/24/03         00
    160728907000000                      05           08/01/03          0
    160728907                            O            07/01/18
    0

    8491767          286/286             F           56,000.00         ZZ
                                         180         54,231.90          1
                                       6.000            472.56         70
                                       5.750            472.56
    HAMILTON         OH   45013          2            12/04/02         00
    1779476                              05           01/01/03          0
    1779476                              N            12/01/17
    0

    8492194          144/144             F          107,000.00         ZZ
                                         180        106,013.36          1
                                       5.250            860.15         22
                                       5.000            860.15
    WESTHAMPTON BEA  NY   11978          2            06/30/03         00
    160729558000000                      05           08/01/03          0
    160729558                            O            07/01/18
    0

    8495406          E22/G02             F          134,000.00         ZZ
                                         180        133,503.88          1
                                       5.125          1,068.41         90
                                       4.875          1,068.41
    ELLENWOOD        GA   30294          2            07/17/03         01
    0417589371                           05           09/01/03         25
    0417589371                           O            08/01/18
    0
1

    8498772          E22/G02             F          230,000.00         ZZ
                                         180        229,157.33          1
                                       5.250          1,848.92         54
                                       5.000          1,848.92
    DENVILLE         NJ   07834          1            07/24/03         00
    0416858470                           05           09/01/03          0
    0416858470                           O            08/01/18
    0

    8499808          G34/G02             F          243,935.00         ZZ
                                         180        243,069.08          1
                                       5.625          2,009.37         82
                                       5.375          2,009.37
    HUNTINGTOWN      MD   20639          5            07/16/03         04
    0436241368                           05           09/01/03          6
    47005095                             O            08/01/18
    0

    8502312          E22/G02             F           79,000.00         ZZ
                                         180         78,716.58          1
                                       5.500            645.50         73
                                       5.250            645.50
    LEXINGTON        KY   40511          5            07/25/03         00
    0417109667                           05           09/01/03          0
    0417109667                           N            08/01/18
    0

    8504000          286/286             F          140,000.00         ZZ
                                         180        118,330.37          1
                                       5.750          1,162.58         48
                                       5.500          1,162.58
    CORAM            NY   11727          5            05/23/03         00
    9487785                              05           07/01/03          0
    9487785                              O            06/01/18
    0

    8504102          286/286             F           69,000.00         ZZ
                                         180         68,314.34          1
                                       6.500            601.07         75
                                       6.125            601.07
    LAUDERHILL       FL   33313          5            05/19/03         00
    2226694                              01           07/01/03          0
    2226694                              O            06/01/18
    0
1

    8506774          E82/G01             F          301,900.00         ZZ
                                         180        300,782.25          1
                                       5.125          2,407.11         44
                                       4.875          2,407.11
    MEQUON           WI   53092          2            07/25/03         00
    0400872503                           05           09/01/03          0
    0400872503                           O            08/01/18
    0

    8506980          144/144             F           65,500.00         ZZ
                                         120         64,654.62          1
                                       5.000            694.73         43
                                       4.750            694.73
    HURLEY           NY   12443          2            06/03/03         00
    160726224000000                      05           08/01/03          0
    160653899                            O            07/01/13
    0

    8506984          E22/G02             F           79,081.00         ZZ
                                         180         78,797.29          1
                                       5.500            646.16         71
                                       5.250            646.16
    LEWISVILLE       TX   75067          2            07/22/03         00
    0417666153                           05           09/01/03          0
    0417666153                           O            08/01/18
    0

    8507017          E22/G02             F           90,000.00         TX
                                         180         86,826.56          1
                                       5.500            735.38         57
                                       5.250            735.38
    MISSOURI CITY    TX   77459          5            03/03/03         00
    0415961879                           03           04/01/03          0
    0415961879                           O            03/01/18
    0

    8507856          253/253             F           80,000.00         ZZ
                                         180         79,703.81          1
                                       5.125            637.86         58
                                       4.875            637.86
    WILLIAMSTOWN     KY   41097          1            07/14/03         00
    484185                               05           09/01/03          0
    484185                               O            08/01/18
    0
1

    8508258          W68/G02             F          133,700.00         TX
                                         180        133,225.39          1
                                       5.625          1,101.33         77
                                       5.375          1,101.33
    HOUSTON          TX   77063          5            07/14/03         00
    0436499255                           05           09/01/03          0
    3063641                              O            08/01/18
    0

    8508408          G34/G02             F           70,000.00         ZZ
                                         180         69,743.54          1
                                       5.250            562.71         60
                                       5.000            562.71
    ARDMORE          OK   73401          5            07/21/03         00
    0436470850                           05           09/01/03          0
    47005008                             O            08/01/18
    0

    8508808          B84/G02             F          490,000.00         ZZ
                                         180        488,204.75          1
                                       5.250          3,939.00         37
                                       5.000          3,939.00
    PUNTA GORDA      FL   33982          5            07/15/03         00
    0436421697                           05           09/01/03          0
    TREWORGY                             O            08/01/18
    0

    8509088          F25/G02             F          250,000.00         ZZ
                                         180        249,054.89          3
                                       4.875          1,960.74         36
                                       4.625          1,960.74
    BROOKLYN         NY   11217          5            07/21/03         00
    0436462394                           05           09/01/03          0
    0742800                              O            08/01/18
    0

    8509452          M29/G02             F          108,750.00         ZZ
                                         180        108,355.72          1
                                       5.375            881.39         75
                                       5.125            881.39
    AUSTIN           TX   78753          5            07/21/03         00
    0436485684                           05           09/01/03          0
    0306229WSMLT                         O            08/01/18
    0
1

    8509458          K15/G02             F          150,700.00         ZZ
                                         180        150,153.64          1
                                       5.375          1,221.37         87
                                       5.125          1,221.37
    AKRON            NY   14001          2            07/24/03         41
    0436255525                           05           09/01/03         12
    029505517592                         O            08/01/18
    0

    8509890          E82/G01             F          189,000.00         ZZ
                                         180        188,300.25          1
                                       5.125          1,506.94         21
                                       4.875          1,506.94
    BEVERLY HILLS    CA   90212          2            07/24/03         00
    0400875944                           05           09/01/03          0
    0400875944                           O            08/01/18
    0

    8510082          E82/G02             F           72,500.00         T
                                         180         72,237.15          1
                                       5.375            587.59         65
                                       5.125            587.59
    WEST BRANCH      MI   48661          2            07/29/03         00
    0400872156                           05           09/01/03          0
    0400872156                           O            08/01/18
    0

    8510132          E82/G01             F          279,000.00         ZZ
                                         180        277,967.04          1
                                       5.125          2,224.52         74
                                       4.875          2,224.52
    MCLEAN           VA   22102          2            07/25/03         00
    0400866869                           05           09/01/03          0
    0400866869                           O            08/01/18
    0

    8510208          U05/G02             F          143,000.00         ZZ
                                         180        142,459.39          1
                                       4.875          1,121.55         55
                                       4.625          1,121.55
    SPRINGFIELD      PA   19064          2            07/17/03         00
    0436245138                           05           09/01/03          0
    3388701                              O            08/01/18
    0
1

    8510530          E22/G02             F           43,500.00         TX
                                         180         43,350.42          1
                                       6.000            367.08         75
                                       5.750            367.08
    KINGWOOD         TX   77339          5            07/29/03         00
    0417267564                           05           09/01/03          0
    0417267564                           N            08/01/18
    0

    8511150          U35/G02             F           50,500.00         ZZ
                                         180         50,324.50          1
                                       5.875            422.74         46
                                       5.625            422.74
    CLINTONVILLE     WI   54929          5            07/29/03         00
    0436243281                           05           09/01/03          0
    12670614                             O            08/01/18
    0

    8511580          Q87/G02             F           75,000.00         ZZ
                                         180         74,730.94          1
                                       5.500            612.81         77
                                       5.250            612.81
    HULL             GA   30646          5            07/25/03         00
    0436270839                           05           09/01/03          0
    CORA02                               O            08/01/18
    0

    8512418          G34/G02             F          126,000.00         TX
                                         180        125,045.40          1
                                       4.875            988.21         52
                                       4.625            988.21
    ARGYLE           TX   76226          5            06/13/03         00
    0436456826                           05           08/01/03          0
    47005094                             O            07/01/18
    0

    8512450          E22/G02             F           48,000.00         T
                                         180         47,654.81          1
                                       5.500            392.20         80
                                       5.250            392.20
    DICKSON          TN   37055          1            06/27/03         00
    0417272044                           05           08/01/03          0
    0417272044                           O            07/01/18
    0
1

    8513732          K15/G02             F           91,400.00         ZZ
                                         180         91,061.60          1
                                       5.125            728.75         80
                                       4.875            728.75
    PERINTON         NY   14526          5            07/03/03         00
    0436253868                           05           09/01/03          0
    027305518435                         O            08/01/18
    0

    8514488          X91/G02             F          148,000.00         ZZ
                                         180        148,000.00          2
                                       5.125          1,180.03         57
                                       4.875          1,180.03
    HONOLULU         HI   96816          5            08/05/03         00
    0436430797                           05           10/01/03          0
    808282                               N            09/01/18
    0

    8514496          253/253             F           46,910.00         ZZ
                                         180         46,739.93          1
                                       5.375            380.19         74
                                       5.125            380.19
    WATUGA           TX   76148          2            07/28/03         00
    475179                               05           09/01/03          0
    475179                               N            08/01/18
    0

    8515384          E22/G02             F          161,000.00         ZZ
                                         180        160,403.91          1
                                       5.125          1,283.69         72
                                       4.875          1,283.69
    SUWANEE          GA   30024          2            07/21/03         00
    0417577343                           05           09/01/03          0
    0417577343                           O            08/01/18
    0

    8515896          E82/G02             F          117,000.00         ZZ
                                         180        117,000.00          1
                                       5.000            925.23         32
                                       4.750            925.23
    BRACHBURG        NJ   08853          2            07/25/03         00
    0400847737                           05           10/01/03          0
    0400847737                           O            09/01/18
    0
1

    8516216          N47/G02             F          120,000.00         ZZ
                                         180        119,555.72          1
                                       5.125            956.78         75
                                       4.875            956.78
    MORENO VALLEY    CA   92551          5            07/16/03         00
    0436384457                           05           09/01/03          0
    30507119                             N            08/01/18
    0

    8516394          Q87/G02             F           65,000.00         TX
                                         180         64,766.82          1
                                       5.500            531.10         46
                                       5.250            531.10
    CRAWFORD         TX   76638          5            07/25/03         00
    0436247969                           05           09/01/03          0
    HATH03                               O            08/01/18
    0

    8517544          K15/G02             F           82,800.00         ZZ
                                         180         82,515.29          1
                                       6.000            698.71         90
                                       5.750            698.71
    DEPEW            NY   14043          2            07/09/03         41
    0436279012                           05           09/01/03         12
    023605518679                         O            08/01/18
    0

    8519488          N74/G02             F           60,000.00         ZZ
                                         180         59,780.17          1
                                       5.250            482.33         76
                                       5.000            482.33
    REIDSVILLE       NC   27320          5            07/21/03         00
    0436252217                           05           09/09/03          0
    0032916010                           O            08/09/18
    0

    8519536          B76/G02             F           93,220.00         ZZ
                                         180         92,466.86          1
                                       4.875            731.13         79
                                       4.625            731.13
    EASTPOINTE       MI   48021          2            07/02/03         00
    0436254908                           05           08/01/03          0
    0004799714                           N            07/01/18
    0
1

    8520866          313/G02             F          217,000.00         ZZ
                                         180        215,037.60          1
                                       5.500          1,773.08         76
                                       5.250          1,773.08
    SILVER SPRING    MD   20901          2            07/02/03         00
    0436340780                           05           08/01/03          0
    9678400                              O            07/01/18
    0

    8521796          E82/G02             F          157,800.00         ZZ
                                         180        157,800.00          1
                                       5.375          1,278.91         78
                                       5.125          1,278.91
    CORVALLIS        OR   97330          2            08/01/03         00
    0400881645                           05           10/01/03          0
    0400881645                           N            09/01/18
    0

    8523100          E22/G02             F           91,800.00         ZZ
                                         180         91,467.18          1
                                       5.375            744.01         90
                                       5.125            744.01
    KANSAS CITY      MO   64137          1            07/31/03         01
    0417854817                           05           09/01/03         20
    0417854817                           N            08/01/18
    0

    8524344          U05/G02             F          113,000.00         TX
                                         180        112,577.23          1
                                       5.000            893.60         58
                                       4.750            893.60
    DALLAS           TX   75229          2            07/25/03         00
    0436470603                           05           09/01/03          0
    3379865                              O            08/01/18
    0

    8525374          X80/G02             F          322,700.00         ZZ
                                         180        321,542.31          1
                                       5.500          2,636.73         70
                                       5.250          2,636.73
    VALLEY CENTER    CA   92082          5            07/21/03         00
    0436535801                           05           09/01/03          0
    1410229117                           O            08/01/18
    0
1

    8526224          E82/G02             F          119,000.00         ZZ
                                         180        119,000.00          1
                                       4.875            933.31         71
                                       4.625            933.31
    MADISON          MS   39110          2            07/31/03         00
    0400868030                           05           10/01/03          0
    0400868030                           O            09/01/18
    0

    8526418          738/G02             F           42,000.00         ZZ
                                         180         41,855.58          1
                                       6.000            354.42         24
                                       5.750            354.42
    TUCKER           GA   30084          1            07/17/03         00
    0436267843                           05           09/01/03          0
    41290637                             O            08/01/18
    0

    8526734          742/G02             F           27,450.00         ZZ
                                         180         27,355.61          1
                                       6.000            231.64         90
                                       5.750            231.64
    NIAGARA FALLS    NY   14301          1            07/24/03         11
    0436272686                           05           09/01/03         25
    6774970                              O            08/01/18
    0

    8526740          144/144             F          102,000.00         ZZ
                                         180        101,235.19          1
                                       5.000            806.61         44
                                       4.750            806.61
    FISHKILL         NY   12524          2            06/16/03         00
    160727875000000                      05           08/01/03          0
    160727875                            O            07/01/18
    0

    8527018          742/G02             F          128,500.00         ZZ
                                         180        128,034.12          1
                                       5.375          1,041.45         78
                                       5.125          1,041.45
    WEBSTER          NY   14580          2            07/25/03         00
    0436272561                           09           09/01/03          0
    6824346                              O            08/01/18
    0
1

    8527162          W68/G02             F           88,550.00         ZZ
                                         180         88,245.51          1
                                       6.000            747.24         69
                                       5.750            747.24
    ALTAMONTE SPRIN  FL   32701          5            07/24/03         00
    0436479471                           05           09/01/03          0
    3054030                              N            08/01/18
    0

    8527362          E22/G02             F          100,000.00         T
                                         180         99,652.46          1
                                       5.875            837.12         69
                                       5.625            837.12
    PITTSBURG        TX   75248          5            08/01/03         00
    0417724879                           05           09/01/03          0
    0417724879                           O            08/01/18
    0

    8528302          N47/G02             F          170,000.00         ZZ
                                         180        169,383.67          1
                                       5.375          1,377.79         62
                                       5.125          1,377.79
    SAN DIEGO        CA   92114          2            07/23/03         00
    0436277594                           05           09/01/03          0
    30507092                             O            08/01/18
    0

    8530812          E82/G02             F           91,500.00         ZZ
                                         180         91,500.00          1
                                       5.375            741.58         80
                                       5.125            741.58
    ROCHESTER        MN   55901          2            08/01/03         00
    0400872180                           05           10/01/03          0
    0400872180                           O            09/01/18
    0

    8530832          E82/G02             F           69,000.00         ZZ
                                         180         69,000.00          1
                                       5.375            559.22         64
                                       5.125            559.22
    HOUSTON          TX   77066          2            08/01/03         00
    0400879284                           03           10/01/03          0
    0400879284                           O            09/01/18
    0
1

    8531012          E82/G02             F           84,500.00         ZZ
                                         180         84,500.00          1
                                       5.375            684.84         79
                                       5.125            684.84
    BRIDGEPORT       CT   06610          2            08/01/03         00
    0400876363                           05           10/01/03          0
    0400876363                           O            09/01/18
    0

    8531044          E82/G02             F          223,800.00         ZZ
                                         180        223,800.00          1
                                       5.875          1,873.47         78
                                       5.625          1,873.47
    MINNEAPOLIS      MN   55401          2            08/01/03         00
    0400878542                           01           10/01/03          0
    0400878542                           N            09/01/18
    0

    8531130          E82/G02             F           71,800.00         ZZ
                                         180         71,800.00          1
                                       5.375            581.91         79
                                       5.125            581.91
    ARLINGTON        TX   76017          2            08/01/03         00
    0400874715                           05           10/01/03          0
    0400874715                           O            09/01/18
    0

    8531180          E82/G02             F          132,400.00         ZZ
                                         180        132,400.00          1
                                       5.375          1,073.06         64
                                       5.125          1,073.06
    SYRACUSE         IN   46567          2            07/30/03         00
    0400878419                           05           10/01/03          0
    0400878419                           O            09/01/18
    0

    8532458          E22/G02             F          175,000.00         ZZ
                                         180        174,391.81          1
                                       5.875          1,464.96         72
                                       5.625          1,464.96
    AUSTIN           TX   78746          5            07/28/03         00
    0417354586                           01           09/01/03          0
    0417354586                           O            08/01/18
    0
1

    8532794          E22/G02             F          135,000.00         ZZ
                                         180        135,000.00          1
                                       5.000          1,067.57         22
                                       4.750          1,067.57
    BOCA RATON       FL   33432          2            07/29/03         00
    0417675915                           05           10/01/03          0
    0417675915                           O            09/01/18
    0

    8532942          E22/G02             F           89,766.00         ZZ
                                         180         89,440.56          1
                                       5.375            727.52         78
                                       5.125            727.52
    HOUSTON          TX   77066          2            07/30/03         00
    0417793197                           03           09/01/03          0
    0417793197                           O            08/01/18
    0

    8532976          E22/G02             F          103,500.00         ZZ
                                         180        103,500.00          1
                                       5.750            859.47         29
                                       5.500            859.47
    MISSOURI CITY    TX   77459          2            07/30/03         00
    0417804192                           03           10/01/03          0
    0417804192                           O            09/01/18
    0

    8532980          E22/G02             F           75,000.00         ZZ
                                         180         75,000.00          1
                                       5.500            612.81         73
                                       5.250            612.81
    ORMOND BEACH     FL   32174          5            07/30/03         00
    0417810801                           05           10/01/03          0
    0417810801                           O            09/01/18
    0

    8533156          W35/G02             F           36,000.00         ZZ
                                         180         35,873.55          1
                                       5.750            298.95         64
                                       5.500            298.95
    KOKOMO           IN   46901          5            07/29/03         00
    0436300107                           05           09/04/03          0
    22256                                O            08/04/18
    0
1

    8533246          G34/G02             F           98,100.00         ZZ
                                         180         97,416.47          3
                                       5.875            821.21         90
                                       5.625            821.21
    FORTH WORTH      TX   76107          1            06/03/03         04
    0436431498                           05           08/01/03         12
    47003227                             N            07/01/18
    0

    8534002          G34/G02             F          220,000.00         TX
                                         180        218,384.41          1
                                       5.250          1,768.53         74
                                       5.000          1,768.53
    HUNTSVILLE       TX   77320          5            06/18/03         00
    0436332332                           05           08/01/03          0
    47003840                             O            07/01/18
    0

    8534094          Q14/G02             F          213,500.00         ZZ
                                         180        212,725.96          1
                                       5.375          1,730.34         83
                                       5.125          1,730.34
    OAK GROVE        MO   64075          5            07/31/03         01
    0436333637                           05           09/01/03         12
    0000315033                           O            08/01/18
    0

    8534480          964/G02             F           84,000.00         ZZ
                                         180         83,682.44          1
                                       4.875            658.81         58
                                       4.625            658.81
    MESA             AZ   85205          5            07/21/03         00
    0436320949                           05           09/01/03          0
    469883                               O            08/01/18
    0

    8534526          964/G02             F          152,500.00         ZZ
                                         180        151,917.45          1
                                       4.750          1,186.20         73
                                       4.500          1,186.20
    PALM HARBOR      FL   34683          2            07/22/03         00
    0436291348                           03           09/01/03          0
    331912                               O            08/01/18
    0
1

    8534550          964/G02             F          176,000.00         ZZ
                                         180        175,334.64          1
                                       4.875          1,380.36         80
                                       4.625          1,380.36
    PLANO            TX   75093          2            07/16/03         00
    0436319172                           09           09/01/03          0
    476037                               O            08/01/18
    0

    8534556          964/G02             F          250,000.00         ZZ
                                         180        249,084.05          1
                                       5.250          2,009.70         65
                                       5.000          2,009.70
    SEDONA           AZ   86336          5            07/21/03         00
    0436319388                           05           09/01/03          0
    434439                               O            08/01/18
    0

    8534570          964/G02             F          177,000.00         ZZ
                                         180        176,337.79          1
                                       5.000          1,399.71         36
                                       4.750          1,399.71
    RANCHO SANTA MA  CA   92688          2            07/18/03         00
    0436431522                           03           09/01/03          0
    435702                               O            08/01/18
    0

    8534592          964/G02             F           82,000.00         ZZ
                                         180         81,673.55          1
                                       4.250            616.87         45
                                       4.000            616.87
    LOS ANGELES      CA   90031          5            07/22/03         00
    0436321186                           01           09/01/03          0
    450714                               O            08/01/18
    0

    8534652          964/G02             F          224,500.00         ZZ
                                         180        223,642.41          1
                                       4.750          1,746.24         35
                                       4.500          1,746.24
    NOVATO           CA   94947          2            07/15/03         00
    0436288849                           05           09/01/03          0
    466179                               O            08/01/18
    0
1

    8534674          Y23/G02             F          100,000.00         ZZ
                                         180         99,641.25          1
                                       5.500            817.08         77
                                       5.250            817.08
    CARROLLTON       TX   75010          5            07/25/03         00
    0436494009                           09           09/01/03          0
    1000248608                           O            08/01/18
    0

    8534686          K15/G02             F           85,100.00         ZZ
                                         180         85,100.00          1
                                       5.750            706.68         59
                                       5.500            706.68
    ST PETERSBURG    FL   33709          5            07/30/03         00
    0436320097                           05           10/01/03          0
    009605511947                         O            09/01/18
    0

    8534738          964/G02             F          136,858.00         ZZ
                                         180        136,361.82          1
                                       5.375          1,109.19         64
                                       5.125          1,109.19
    ARLINGTON        TX   76017          1            07/21/03         00
    0436317226                           03           09/01/03          0
    488154                               O            08/01/18
    0

    8534740          964/G02             F          246,000.00         ZZ
                                         180        245,089.21          1
                                       5.125          1,961.41         48
                                       4.875          1,961.41
    BERKELEY         CA   94702          5            07/08/03         00
    0436285449                           05           09/01/03          0
    414702                               O            08/01/18
    0

    8534768          964/G02             F          196,300.00         ZZ
                                         180        195,542.31          1
                                       4.625          1,514.26         50
                                       4.375          1,514.26
    LAGUNA NIGUEL    CA   92677          2            07/10/03         00
    0436289268                           03           09/01/03          0
    420814                               O            08/01/18
    0
1

    8534780          964/G02             F          204,000.00         ZZ
                                         180        203,228.78          1
                                       4.875          1,599.97         76
                                       4.625          1,599.97
    FLOWER MOUND     TX   75028          2            07/21/03         00
    0436316475                           03           09/01/03          0
    449535                               O            08/01/18
    0

    8534840          964/G02             F          214,000.00         ZZ
                                         180        213,190.98          1
                                       4.875          1,678.40         50
                                       4.625          1,678.40
    LOS ANGELES      CA   90064          2            07/14/03         00
    0436291215                           05           09/01/03          0
    457306                               O            08/01/18
    0

    8534998          964/G02             F          180,000.00         ZZ
                                         180        179,326.57          1
                                       5.000          1,423.43         28
                                       4.750          1,423.43
    UNION CITY       CA   94587          2            07/14/03         00
    0436351886                           05           09/01/03          0
    465485                               O            08/01/18
    0

    8535036          964/G02             F          345,000.00         ZZ
                                         180        343,654.52          2
                                       4.500          2,639.23         28
                                       4.250          2,639.23
    SAN FRANCISCO    CA   94121          2            07/17/03         00
    0436288930                           05           09/01/03          0
    447685                               O            08/01/18
    0

    8535060          964/G02             F          290,000.00         ZZ
                                         180        288,926.31          1
                                       5.125          2,312.23         72
                                       4.875          2,312.23
    MOUNTAIN VIEW    CA   94043          2            07/08/03         00
    0436288229                           01           09/01/03          0
    449595                               O            08/01/18
    0
1

    8535070          964/G02             F          201,500.00         ZZ
                                         180        200,714.17          1
                                       4.500          1,541.46         47
                                       4.250          1,541.46
    SAN JOSE         CA   95116          2            07/17/03         00
    0436421135                           05           09/01/03          0
    452296                               O            08/01/18
    0

    8535074          964/G02             F          177,600.00         ZZ
                                         180        176,921.57          1
                                       4.750          1,381.43         32
                                       4.500          1,381.43
    APTOS            CA   95003          5            07/18/03         00
    0436288583                           05           09/01/03          0
    452545                               O            08/01/18
    0

    8535080          964/G02             F          183,000.00         ZZ
                                         180        182,286.31          1
                                       4.500          1,399.94         61
                                       4.250          1,399.94
    SALINAS          CA   93905          2            07/15/03         00
    0436291462                           05           09/01/03          0
    453253                               O            08/01/18
    0

    8535088          964/G02             F          203,000.00         ZZ
                                         180        202,240.52          1
                                       5.000          1,605.31         43
                                       4.750          1,605.31
    SAN FRANCISCO    CA   94112          2            07/14/03         00
    0436291496                           05           09/01/03          0
    453270                               O            08/01/18
    0

    8535210          964/G02             F          322,700.00         ZZ
                                         180        321,467.28          1
                                       4.750          2,510.07         70
                                       4.500          2,510.07
    SAN JOSE         CA   95121          2            07/18/03         00
    0436292312                           05           09/01/03          0
    453275                               O            08/01/18
    0
1

    8535238          964/G02             F           99,000.00         ZZ
                                         180         98,601.80          1
                                       4.125            738.51         35
                                       3.875            738.51
    SACRAMENTO       CA   95834          2            07/16/03         00
    0436291116                           05           09/01/03          0
    454016                               O            08/01/18
    0

    8535312          964/G02             F          224,000.00         ZZ
                                         180        223,161.95          1
                                       5.000          1,771.38         35
                                       4.750          1,771.38
    DANVILLE         CA   94526          2            07/14/03         00
    0436289508                           03           09/01/03          0
    459469                               O            08/01/18
    0

    8535398          964/G02             F          269,000.00         ZZ
                                         180        267,961.71          1
                                       4.625          2,075.06         65
                                       4.375          2,075.06
    ATASCADERO       CA   93422          5            07/15/03         00
    0436292189                           05           09/01/03          0
    463262                               O            08/01/18
    0

    8535402          964/G02             F          184,600.00         ZZ
                                         180        183,902.13          1
                                       4.875          1,447.81         42
                                       4.625          1,447.81
    SAN FRANCISCO    CA   94134          2            07/15/03         00
    0436289375                           07           09/01/03          0
    463295                               O            08/01/18
    0

    8535410          964/G02             F          239,000.00         ZZ
                                         180        238,067.92          1
                                       4.500          1,828.33         57
                                       4.250          1,828.33
    SAN FRANCISCO    CA   94134          2            07/15/03         00
    0436290050                           05           09/01/03          0
    463507                               O            08/01/18
    0
1

    8535418          964/G02             F          175,000.00         ZZ
                                         180        174,310.43          1
                                       4.375          1,327.59         39
                                       4.125          1,327.59
    BERKELEY         CA   94702          2            07/16/03         00
    0436286173                           05           09/01/03          0
    463545                               O            08/01/18
    0

    8535452          964/G02             F          180,000.00         ZZ
                                         180        179,319.51          1
                                       4.875          1,411.74         51
                                       4.625          1,411.74
    RICHMOND         CA   94805          5            07/14/03         00
    0436291389                           05           09/01/03          0
    465311                               O            08/01/18
    0

    8535462          964/G02             F          250,000.00         ZZ
                                         180        249,054.88          1
                                       4.875          1,960.75         55
                                       4.625          1,960.75
    OAKLAND          CA   94602          2            07/17/03         00
    0436293203                           05           09/01/03          0
    465760                               O            08/01/18
    0

    8535472          964/G02             F          220,700.00         ZZ
                                         180        219,839.29          1
                                       4.500          1,688.34         27
                                       4.250          1,688.34
    SEBASTOPOL       CA   95472          2            07/18/03         00
    0436421101                           05           09/01/03          0
    465908                               O            08/01/18
    0

    8535484          964/G02             F          246,000.00         ZZ
                                         180        245,070.01          1
                                       4.875          1,929.37         51
                                       4.625          1,929.37
    SAN FRANCISCO    CA   94116          2            07/17/03         00
    0436289755                           05           09/01/03          0
    465936                               O            08/01/18
    0
1

    8535488          964/G02             F          240,945.00         ZZ
                                         180        240,071.45          1
                                       5.375          1,952.78         70
                                       5.125          1,952.78
    LAS VEGAS        NV   89135          1            07/15/03         00
    0436338354                           03           09/01/03          0
    461440                               O            08/01/18
    0

    8535540          964/G02             F          207,000.00         ZZ
                                         180        206,217.44          1
                                       4.875          1,623.50         41
                                       4.625          1,623.50
    PETALUMA         CA   94954          5            07/24/03         00
    0436324727                           05           09/01/03          0
    464559                               O            08/01/18
    0

    8535566          964/G02             F          176,000.00         ZZ
                                         180        175,334.64          1
                                       4.875          1,380.36         47
                                       4.625          1,380.36
    CHULA VISTA      CA   91910          2            07/18/03         00
    0436347033                           05           09/01/03          0
    469750                               O            08/01/18
    0

    8535568          964/G02             F          420,000.00         ZZ
                                         180        418,445.00          1
                                       5.125          3,348.75         80
                                       4.875          3,348.75
    FORT WORTH       TX   76107          2            07/22/03         00
    0436319180                           05           09/01/03          0
    474333                               O            08/01/18
    0

    8535914          X64/G02             F           40,000.00         ZZ
                                         180         39,859.51          1
                                       5.750            332.16         27
                                       5.500            332.16
    ROYAL OAK        MI   48067          5            07/24/03         00
    0436391718                           05           09/01/03          0
    00000109302                          O            08/01/18
    0
1

    8538656          E82/G02             F           44,550.00         ZZ
                                         180         44,550.00          1
                                       5.250            358.13         53
                                       5.000            358.13
    GRANDVIEW        MO   64030          2            08/01/03         00
    0400862686                           05           10/01/03          0
    0400862686                           O            09/01/18
    0

    8538666          E82/G02             F          138,600.00         ZZ
                                         180        138,600.00          1
                                       5.250          1,114.17         54
                                       5.000          1,114.17
    SACRAMENTO       CA   95841          2            07/31/03         00
    0400846572                           05           10/01/03          0
    0400846572                           O            09/01/18
    0

    8538730          L21/G02             F          155,000.00         ZZ
                                         180        153,463.74          3
                                       5.750          1,287.14         41
                                       5.500          1,287.14
    BROOKLYN         NY   11216          5            06/25/03         00
    0436282586                           05           08/01/03          0
    11TULL                               O            07/01/18
    0

    8539090          825/G02             F           90,000.00         ZZ
                                         180         90,000.00          1
                                       5.125            717.59         58
                                       4.875            717.59
    GUNNISON         CO   81230          2            07/28/03         00
    0436377709                           05           10/01/03          0
    WILD                                 O            09/01/18
    0

    8541390          U35/G02             F           73,800.00         ZZ
                                         180         73,554.24          1
                                       6.375            637.82         80
                                       6.125            637.82
    BOONE            IA   50036          5            07/31/03         00
    0436404453                           05           09/01/03          0
    12722609                             O            08/01/18
    0
1

    8541776          964/G02             F          322,000.00         ZZ
                                         180        320,757.14          1
                                       4.625          2,483.90         30
                                       4.375          2,483.90
    SAN FRANCISCO    CA   94115          2            07/22/03         00
    0436292171                           01           09/01/03          0
    355037                               O            08/01/18
    0

    8541828          964/G02             F          164,000.00         ZZ
                                         180        163,373.52          1
                                       4.750          1,275.65         44
                                       4.500          1,275.65
    LOS ANGELES      CA   90048          2            07/17/03         00
    0436287437                           01           09/01/03          0
    401725                               O            08/01/18
    0

    8541840          964/G02             F           55,000.00         ZZ
                                         180         54,798.50          1
                                       5.250            442.13         30
                                       5.000            442.13
    ENGLEWOOD        CO   80110          5            07/23/03         00
    0436289219                           05           09/01/03          0
    411694                               O            08/01/18
    0

    8541858          964/G02             F          167,000.00         ZZ
                                         180        166,375.20          1
                                       5.000          1,320.63         54
                                       4.750          1,320.63
    SPOKANE          WA   99208          5            07/22/03         00
    0436291579                           05           09/01/03          0
    414054                               O            08/01/18
    0

    8541914          964/G02             F          250,000.00         ZZ
                                         180        249,064.68          1
                                       5.000          1,976.99         50
                                       4.750          1,976.99
    BENICIA          CA   94510          2            07/21/03         00
    0436289318                           05           09/01/03          0
    428050                               O            08/01/18
    0
1

    8541934          964/G02             F          160,000.00         ZZ
                                         180        159,376.01          1
                                       4.500          1,223.99         23
                                       4.250          1,223.99
    LODI             CA   95240          5            07/23/03         00
    0436320980                           05           09/01/03          0
    432370                               O            08/01/18
    0

    8541952          964/G02             F          186,500.00         T
                                         120        185,314.95          1
                                       5.250          2,000.99         60
                                       5.000          2,000.99
    OROVILLE         CA   95966          2            07/11/03         00
    0436292148                           05           09/01/03          0
    434137                               O            08/01/13
    0

    8541982          964/G02             F           80,000.00         ZZ
                                         180         79,684.77          1
                                       4.375            606.90         30
                                       4.125            606.90
    GRASS VALLEY     CA   95945          2            07/16/03         00
    0436292775                           05           09/01/03          0
    436038                               O            08/01/18
    0

    8542150          964/G02             F          148,000.00         ZZ
                                         180        147,440.49          1
                                       4.875          1,160.76         60
                                       4.625          1,160.76
    SAN JOSE         CA   95129          2            07/08/03         00
    0436291371                           01           09/01/03          0
    448954                               O            08/01/18
    0

    8542180          964/G02             F          274,000.00         ZZ
                                         180        272,942.41          1
                                       4.625          2,113.63         37
                                       4.375          2,113.63
    CAYUCOS          CA   93430          5            07/21/03         00
    0436286629                           05           09/01/03          0
    450273                               O            08/01/18
    0
1

    8542218          964/G02             F          120,000.00         ZZ
                                         180        119,536.82          1
                                       4.625            925.68         23
                                       4.375            925.68
    SAN RAMON        CA   94583          2            07/23/03         00
    0436291967                           05           09/01/03          0
    452522                               O            08/01/18
    0

    8542372          964/G02             F          176,000.00         ZZ
                                         180        175,313.61          1
                                       4.500          1,346.39         67
                                       4.250          1,346.39
    CARMICHAEL       CA   95608          5            07/24/03         00
    0436315485                           05           09/01/03          0
    464262                               O            08/01/18
    0

    8542410          964/G02             F          236,000.00         ZZ
                                         180        235,089.08          1
                                       4.625          1,820.50         61
                                       4.375          1,820.50
    LAS VEGAS        NV   89146          5            07/22/03         00
    0436289763                           05           09/01/03          0
    464598                               O            08/01/18
    0

    8542448          964/G02             F          216,150.00         ZZ
                                         180        215,307.03          1
                                       4.500          1,653.53         70
                                       4.250          1,653.53
    KENT             WA   98042          5            07/23/03         00
    0436289995                           05           09/01/03          0
    464795                               O            08/01/18
    0

    8542506          964/G02             F          210,000.00         ZZ
                                         180        209,181.01          1
                                       4.500          1,606.49         54
                                       4.250          1,606.49
    DIAMOND BAR      CA   91765          5            07/23/03         00
    0436286306                           05           09/01/03          0
    465593                               O            08/01/18
    0
1

    8542672          964/G02             F          312,850.00         ZZ
                                         180        311,667.27          1
                                       4.875          2,453.68         64
                                       4.625          2,453.68
    LAGUNA NIGUEL    CA   92677          5            07/24/03         00
    0436286827                           05           09/01/03          0
    472253                               O            08/01/18
    0

    8542721          E22/G02             F          115,200.00         ZZ
                                         180        112,831.58          1
                                       5.875            964.36         71
                                       5.625            964.36
    MISSOURI CITY    TX   77459          5            03/14/03         00
    0416107704                           03           05/01/03          0
    0416107704                           O            04/01/18
    0

    8542847          E22/G02             F          207,800.00         ZZ
                                         180        203,512.34          1
                                       5.625          1,711.71         79
                                       5.375          1,711.71
    AUSTIN           TX   78703          2            03/20/03         00
    0416280923                           05           05/01/03          0
    0416280923                           N            04/01/18
    0

    8542912          964/G02             F          115,000.00         ZZ
                                         180        114,574.23          1
                                       5.125            916.92         48
                                       4.875            916.92
    CARMICHAEL       CA   95608          2            07/17/03         00
    0436289292                           05           09/01/03          0
    482769                               O            08/01/18
    0

    8542988          964/G02             F          135,000.00         ZZ
                                         180        134,489.64          1
                                       4.875          1,058.80         21
                                       4.625          1,058.80
    ATASCADERO       CA   93422          1            07/17/03         00
    0436286587                           05           09/01/03          0
    488882                               O            08/01/18
    0
1

    8543156          964/G02             F          193,000.00         ZZ
                                         180        192,215.73          1
                                       4.000          1,427.60         26
                                       3.750          1,427.60
    SANTA ROSA       CA   95405          2            07/18/03         00
    0436292023                           05           09/01/03          0
    456202                               O            08/01/18
    0

    8543218          964/G02             F          128,000.00         ZZ
                                         180        127,511.04          1
                                       4.750            995.63         45
                                       4.500            995.63
    LAKE ARROWHEAD   CA   92352          2            07/24/03         00
    0436292247                           05           09/01/03          0
    466263                               O            08/01/18
    0

    8543276          964/G02             F          136,600.00         ZZ
                                         180        136,072.75          1
                                       4.625          1,053.73         32
                                       4.375          1,053.73
    EL CERRITO       CA   94530          2            07/23/03         00
    0436286710                           05           09/01/03          0
    468511                               O            08/01/18
    0

    8543728          Y23/G01             F          125,800.00         TX
                                         180        125,800.00          1
                                       5.625          1,036.25         75
                                       5.375          1,036.25
    HOUSTON          TX   77064          5            07/30/03         00
    0436341283                           03           10/01/03          0
    100255524                            O            09/01/18
    0

    8544700          U42/G02             F          576,000.00         TX
                                         180        573,998.20          1
                                       5.875          4,821.80         80
                                       5.625          4,821.80
    FORT WORTH       TX   76107          5            07/28/03         00
    0436290753                           05           09/01/03          0
    33201323                             O            08/01/18
    0
1

    8544888          196/G02             F          517,500.00         ZZ
                                         180        515,543.60          1
                                       4.875          4,058.74         72
                                       4.625          4,058.74
    SHARON           MA   02067          5            07/18/03         00
    0436414924                           05           09/01/03          0
    1660970                              O            08/01/18
    0

    8544890          196/G02             F          276,000.00         ZZ
                                         180        274,967.40          1
                                       5.000          2,182.60         64
                                       4.750          2,182.60
    ST LOUIS PARK    MN   55426          5            07/09/03         00
    0436384408                           05           09/01/03          0
    1674562                              O            08/01/18
    0

    8544892          196/G02             F          395,000.00         ZZ
                                         180        392,068.87          1
                                       5.125          3,149.42         65
                                       4.875          3,149.42
    FLOWOOD          MS   39232          5            06/26/03         00
    0436360515                           05           08/01/03          0
    1683854                              O            07/01/18
    0

    8544894          196/G02             F          650,000.00         ZZ
                                         180        647,593.45          1
                                       5.125          5,182.59         74
                                       4.875          5,182.59
    LEXINGTON        MA   02421          5            07/23/03         00
    0436371033                           05           09/01/03          0
    1685756                              O            08/01/18
    0

    8545220          196/G02             F           52,000.00         ZZ
                                         180         51,610.09          1
                                       5.000            411.22         80
                                       4.750            411.22
    KILLEEN          TX   76543          1            06/26/03         00
    0436353015                           05           08/01/03          0
    1515294                              O            07/01/18
    0
1

    8545224          196/G02             F           91,900.00         T
                                         180         91,570.31          1
                                       5.500            750.90         69
                                       5.250            750.90
    ALBRIGHTSVILLE   PA   18210          2            07/31/03         00
    0436354583                           03           09/01/03          0
    1662508                              O            08/01/18
    0

    8545226          196/G02             F          101,800.00         ZZ
                                         180        101,152.03          1
                                       5.875            852.19         67
                                       5.625            852.19
    BEAUMONT         CA   92223          5            07/01/03         00
    0436359848                           05           09/01/03          0
    1665050                              O            08/01/18
    0

    8545228          196/G02             F           54,300.00         ZZ
                                         180         54,103.13          1
                                       5.375            440.09         59
                                       5.125            440.09
    FRIENDSWOOD      TX   77546          2            07/30/03         00
    0436356273                           03           09/01/03          0
    1665796                              N            08/01/18
    0

    8545230          196/G02             F          171,000.00         ZZ
                                         180        169,724.15          1
                                       5.375          1,385.90         95
                                       5.125          1,385.90
    LOMA LINDA       CA   92354          5            06/20/03         14
    0436357545                           09           08/01/03         25
    1667123                              O            07/01/18
    0

    8545232          196/G02             F           56,700.00         ZZ
                                         180         56,496.58          1
                                       5.500            463.29         90
                                       5.250            463.29
    COPPERAS COVE    TX   76522          1            07/09/03         10
    0436354138                           05           09/01/03         30
    1670740                              N            08/01/18
    0
1

    8545234          196/G02             F          155,000.00         ZZ
                                         180        153,376.02          1
                                       5.875          1,297.54         78
                                       5.625          1,297.54
    INDIANAPOLIS     IN   46260          5            06/04/03         00
    0436348619                           05           07/01/03          0
    1671469                              O            06/01/18
    0

    8545236          196/G02             F          224,800.00         ZZ
                                         180        223,166.33          1
                                       5.375          1,821.93         80
                                       5.125          1,821.93
    FEDERAL WAY      WA   98003          1            06/02/03         00
    0436349781                           03           08/01/03          0
    1675696                              O            07/01/18
    0

    8545238          196/G02             F           40,000.00         ZZ
                                         180         39,848.78          1
                                       4.875            313.72         26
                                       4.625            313.72
    SAVANNAH         GA   31419          1            07/10/03         00
    0436364475                           03           09/01/03          0
    1680268                              O            08/01/18
    0

    8545240          196/G02             F          317,000.00         ZZ
                                         180        315,801.58          1
                                       4.875          2,486.23         47
                                       4.625          2,486.23
    YORBA LINDA      CA   92886          5            07/08/03         00
    0436370175                           05           09/01/03          0
    1682767                              O            08/01/18
    0

    8545242          196/G02             F           56,000.00         ZZ
                                         180         55,341.06          1
                                       5.375            453.87         80
                                       5.125            453.87
    SAN ANTONIO      TX   78233          1            07/14/03         00
    0436354328                           05           09/01/03          0
    1682910                              N            08/01/18
    0
1

    8545244          196/G02             F          120,000.00         ZZ
                                         180        119,137.01          2
                                       5.500            980.51         40
                                       5.250            980.51
    LOS ANGELES      CA   90041          2            06/23/03         00
    0436351431                           05           08/01/03          0
    1683563                              N            07/01/18
    0

    8545246          196/G02             F          235,000.00         ZZ
                                         180        234,174.57          3
                                       5.750          1,951.47         71
                                       5.500          1,951.47
    WAKEFIELD        MA   01880          2            07/08/03         00
    0436373187                           05           09/01/03          0
    1685758                              N            08/01/18
    0

    8545248          196/G02             F          172,000.00         ZZ
                                         180        171,376.41          2
                                       5.375          1,394.01         53
                                       5.125          1,394.01
    DECATUR          GA   30030          2            07/18/03         00
    0436377337                           05           09/01/03          0
    1689602                              N            08/01/18
    0

    8545250          196/G02             F          111,900.00         ZZ
                                         180        111,494.30          1
                                       5.375            906.92         80
                                       5.125            906.92
    PFLUGERVILLE     TX   78660          1            07/25/03         00
    0436351142                           03           09/01/03          0
    1692901                              N            08/01/18
    0

    8545678          E22/G02             F          156,500.00         ZZ
                                         180        155,950.31          1
                                       5.750          1,299.59         84
                                       5.500          1,299.59
    SNELLVILLE       GA   30078          5            07/31/03         01
    0417436326                           05           09/01/03          6
    0417436326                           O            08/01/18
    0
1

    8545946          E22/G02             F          112,500.00         ZZ
                                         180        112,100.64          1
                                       5.625            926.70         90
                                       5.375            926.70
    HOLLYWOOD        FL   33024          1            08/05/03         04
    0417945391                           05           09/01/03         25
    0417945391                           N            08/01/18
    0

    8546284          Q87/G02             F          152,000.00         ZZ
                                         180        151,477.34          1
                                       6.000          1,282.66         80
                                       5.750          1,282.66
    HILLSBORO        AL   35643          5            07/31/03         00
    0436317572                           05           09/05/03          0
    BUGA01                               O            08/05/18
    0

    8546440          L76/G02             F          109,000.00         ZZ
                                         180        109,000.00          1
                                       5.375            883.41         82
                                       5.125            883.41
    AUSTIN           MN   55912          2            08/06/03         11
    0436404636                           05           10/01/03          6
    9507894                              O            09/01/18
    0

    8546542          M12/G02             F           63,600.00         ZZ
                                         180         63,600.00          1
                                       5.500            519.67         85
                                       5.250            519.67
    TUCSON           AZ   85715          2            08/01/03         10
    0436347470                           01           10/01/03          6
    R1405                                O            09/01/18
    0

    8546770          E22/G02             F          612,000.00         ZZ
                                         180        612,000.00          1
                                       5.375          4,960.05         80
                                       5.125          4,960.05
    ELLICOTT CITY    MD   21042          5            08/01/03         00
    0417458528                           05           10/01/03          0
    0417458528                           O            09/01/18
    0
1

    8546818          E22/G02             F           92,000.00         ZZ
                                         180         92,000.00          1
                                       5.000            727.53         30
                                       4.750            727.53
    WINDSOR          CA   95492          2            08/01/03         00
    0417588795                           05           10/01/03          0
    0417588795                           N            09/01/18
    0

    8546820          E22/G02             F          180,000.00         ZZ
                                         180        180,000.00          1
                                       5.250          1,446.98         80
                                       5.000          1,446.98
    LOS ANGELES      CA   90047          5            08/01/03         00
    0417603032                           05           10/01/03          0
    0417603032                           O            09/01/18
    0

    8547000          E22/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       5.750            830.41         77
                                       5.500            830.41
    OMAHA            NE   68138          5            08/01/03         00
    0417856341                           05           10/01/03          0
    0417856341                           O            09/01/18
    0

    8547014          E22/G02             F           84,300.00         ZZ
                                         180         84,300.00          1
                                       5.375            683.22         57
                                       5.125            683.22
    IRVING           TX   75062          5            08/01/03         00
    0417878097                           05           10/01/03          0
    0417878097                           O            09/01/18
    0

    8547340          M07/G02             F          105,000.00         ZZ
                                         180        103,840.86          1
                                       5.250            844.07         75
                                       5.000            844.07
    SAN BERNARDINO   CA   92404          5            05/22/03         00
    0436431795                           05           07/01/03          0
    02305240                             N            06/01/18
    0
1

    8548066          E82/G02             F           84,300.00         ZZ
                                         180         84,300.00          1
                                       5.625            694.41         77
                                       5.375            694.41
    CLIFTON          NJ   07011          2            08/07/03         00
    0400874079                           05           10/01/03          0
    0400874079                           N            09/01/18
    0

    8548162          S43/G02             F           80,000.00         ZZ
                                         180         79,706.90          1
                                       5.250            643.10         18
                                       5.000            643.10
    CORRALES         NM   87048          2            07/29/03         00
    0436306823                           05           09/01/03          0
    022305                               O            08/01/18
    0

    8549646          K15/G02             F          166,000.00         ZZ
                                         180        165,429.20          1
                                       6.000          1,400.80         95
                                       5.750          1,400.80
    MIDDLETOWN       NY   10940          5            07/18/03         41
    0436318554                           05           09/01/03         25
    030705518983                         O            08/01/18
    0

    8549766          E22/G02             F          239,800.00         ZZ
                                         180        238,957.72          1
                                       5.750          1,991.32         70
                                       5.500          1,991.32
    PROVO            UT   84604          1            07/31/03         00
    0417590643                           01           09/01/03          0
    0417590643                           N            08/01/18
    0

    8549768          E22/G02             F          184,000.00         ZZ
                                         180        184,000.00          1
                                       5.875          1,540.30         80
                                       5.625          1,540.30
    LA PUENTE        CA   91746          1            07/31/03         00
    0417592995                           05           10/01/03          0
    0417592995                           O            09/01/18
    0
1

    8549826          E22/G02             F           79,500.00         ZZ
                                         180         79,217.79          1
                                       5.625            654.87         89
                                       5.375            654.87
    HOUSTON          TX   77015          2            07/30/03         01
    0417476546                           05           09/01/03         25
    0417476546                           O            08/01/18
    0

    8550096          E22/G02             F           73,000.00         ZZ
                                         180         73,000.00          1
                                       5.875            611.10         59
                                       5.625            611.10
    WYANDANCH        NY   11798          2            08/07/03         00
    0418102430                           05           10/01/03          0
    0418102430                           N            09/01/18
    0

    8550134          E22/G02             F          600,000.00         ZZ
                                         180        600,000.00          1
                                       5.500          4,902.50         75
                                       5.250          4,902.50
    LA CANADA FLINT  CA   91011          5            07/31/03         00
    0417338027                           05           10/01/03          0
    0417338027                           O            09/01/18
    0

    8550144          E22/G02             F          146,600.00         ZZ
                                         180        146,600.00          1
                                       5.250          1,178.48         69
                                       5.000          1,178.48
    SACRAMENTO       CA   95842          5            07/30/03         00
    0417804127                           05           10/01/03          0
    0417804127                           O            09/01/18
    0

    8550494          E82/G02             F          119,500.00         ZZ
                                         180        119,500.00          1
                                       5.375            968.51         65
                                       5.125            968.51
    BLANCHARD        OK   73010          2            08/04/03         00
    0400875829                           05           10/01/03          0
    0400875829                           O            09/01/18
    0
1

    8550514          E82/G02             F           94,150.00         ZZ
                                         180         94,150.00          1
                                       5.125            750.68         78
                                       4.875            750.68
    WYLIE            TX   75098          2            08/06/03         00
    0400872123                           05           10/01/03          0
    0400872123                           O            09/01/18
    0

    8550820          U05/G02             F           53,000.00         ZZ
                                         180         52,815.81          1
                                       5.875            443.67         71
                                       5.625            443.67
    COLUMBUS         OH   43206          2            07/28/03         00
    0436306393                           05           09/01/03          0
    3395866                              N            08/01/18
    0

    8551280          U05/G02             F           63,200.00         TX
                                         180         62,982.68          1
                                       6.000            533.32         80
                                       5.750            533.32
    NAVASOTA         TX   77868          5            07/31/03         00
    0436326888                           05           09/01/03          0
    3379291                              O            08/01/18
    0

    8551294          N67/G02             F          230,000.00         ZZ
                                         180        228,528.70          1
                                       6.875          2,051.26         49
                                       6.625          2,051.26
    MANORVILLE       NY   11949          1            06/19/03         00
    0436350961                           05           08/01/03          0
    3275003607                           O            07/01/18
    0

    8551360          N67/G02             F           96,000.00         ZZ
                                         180         95,676.87          1
                                       6.250            823.13         39
                                       6.000            823.13
    LEOMINSTER       MA   01453          2            07/11/03         00
    0436351555                           05           09/01/03          0
    3274010939                           O            08/01/18
    0
1

    8551554          758/G02             F          104,450.00         ZZ
                                         180        104,075.29          1
                                       5.500            853.44         60
                                       5.250            853.44
    KATY             TX   77493          2            07/03/03         00
    0436306765                           03           09/01/03          0
    303178                               O            08/01/18
    0

    8552262          N74/G02             F           82,500.00         ZZ
                                         180         82,210.22          1
                                       5.750            685.09         78
                                       5.500            685.09
    CHRISTIANSBURG   VA   24073          5            07/29/03         00
    0436392724                           05           09/04/03          0
    0032991010                           O            08/04/18
    0

    8552368          W40/G02             F          160,200.00         ZZ
                                         180        160,200.00          1
                                       5.625          1,319.62         90
                                       5.375          1,319.62
    GRAND RAPIDS     MI   49505          2            08/06/03         10
    0436314751                           05           10/01/03         25
    1020022347                           O            09/01/18
    0

    8552408          U05/G02             F          525,000.00         ZZ
                                         180        523,096.62          1
                                       5.375          4,254.94         66
                                       5.125          4,254.94
    POMPANO BEACH    FL   33062          5            07/22/03         00
    0436296826                           05           09/01/03          0
    3375625                              O            08/01/18
    0

    8552416          X31/G02             F          156,000.00         ZZ
                                         180        155,434.42          1
                                       5.375          1,264.33         68
                                       5.125          1,264.33
    EL MONTE         CA   91732          2            07/28/03         00
    0436440267                           05           09/01/03          0
    80001896                             O            08/01/18
    0
1

    8552558          964/G02             F          400,000.00         ZZ
                                         180        398,534.49          1
                                       5.250          3,215.51         80
                                       5.000          3,215.51
    SAN LUIS OBISPO  CA   93401          5            07/14/03         00
    0436316749                           05           09/01/03          0
    450185                               O            08/01/18
    0

    8552560          964/G02             F          230,000.00         ZZ
                                         180        229,103.01          1
                                       4.500          1,759.49         38
                                       4.250          1,759.49
    SAN FRANCISCO    CA   94122          5            07/22/03         00
    0436324495                           05           09/01/03          0
    450592                               O            08/01/18
    0

    8552562          964/G02             F          215,000.00         T
                                         180        214,170.14          1
                                       4.625          1,658.51         33
                                       4.375          1,658.51
    ST. GEORGE ISLA  FL   32328          2            07/30/03         00
    0436319529                           05           09/01/03          0
    452732                               O            08/01/18
    0

    8552566          964/G02             F           75,500.00         ZZ
                                         180         75,211.59          1
                                       4.750            587.26         24
                                       4.500            587.26
    KENTFIELD        CA   94904          2            07/16/03         00
    0436319933                           01           09/01/03          0
    454132                               O            08/01/18
    0

    8552568          964/G02             F          250,000.00         ZZ
                                         180        249,004.72          1
                                       4.250          1,880.70         46
                                       4.000          1,880.70
    DALY CITY        CA   94015          5            07/21/03         00
    0436334007                           05           09/01/03          0
    466943                               O            08/01/18
    0
1

    8552702          964/G02             F          136,000.00         ZZ
                                         180        135,480.48          1
                                       4.750          1,057.85         32
                                       4.500          1,057.85
    SAN FRANCISCO    CA   94124          2            07/18/03         00
    0436341036                           05           09/01/03          0
    470500                               O            08/01/18
    0

    8552736          964/G02             F           39,800.00         ZZ
                                         180         39,655.70          1
                                       5.375            322.57         72
                                       5.125            322.57
    PILOT POINT      TX   76258          2            07/29/03         00
    0436339311                           05           09/01/03          0
    475493                               O            08/01/18
    0

    8552748          964/G02             F           95,000.00         ZZ
                                         180         94,644.57          1
                                       5.000            751.26         67
                                       4.750            751.26
    LAS VEGAS        NV   89131          2            07/24/03         00
    0436319420                           03           09/01/03          0
    481114                               N            08/01/18
    0

    8552788          Y23/G02             F           97,600.00         TX
                                         180         97,600.00          1
                                       5.375            791.01         80
                                       5.125            791.01
    RICHARDSON       TX   75080          5            08/04/03         00
    0436534341                           05           10/01/03          0
    1000254367                           O            09/01/18
    0

    8552868          B57/G02             F           80,000.00         ZZ
                                         180         79,721.98          1
                                       5.875            669.69         80
                                       5.625            669.69
    PALMDALE         CA   93550          1            07/31/03         00
    0436394696                           05           09/01/03          0
    10013035                             N            08/01/18
    0
1

    8553102          N67/G02             F          550,000.00         ZZ
                                         180        547,920.74          1
                                       4.875          4,313.64         48
                                       4.625          4,313.64
    GENOA            NV   89411          2            07/18/03         00
    0436357594                           05           09/01/03          0
    1860002749                           O            08/01/18
    0

    8553540          P01/G02             F           40,000.00         ZZ
                                         180         39,859.50          1
                                       5.750            332.17         77
                                       5.500            332.17
    ROCHESTER        NY   14619          5            07/24/03         00
    0436342174                           05           09/01/03          0
    03005205                             O            08/01/18
    0

    8554066          N67/G02             F           94,000.00         ZZ
                                         180         93,669.83          1
                                       5.750            780.59         58
                                       5.500            780.59
    PENSACOLA        FL   32514          2            07/14/03         00
    0436364103                           03           09/01/03          0
    3254007204                           O            08/01/18
    0

    8554086          N67/G02             F           63,000.00         ZZ
                                         180         62,799.07          1
                                       6.875            561.87         60
                                       6.625            561.87
    ROSEVILLE        MI   48066          5            07/03/03         00
    0436364418                           05           09/01/03          0
    3262006404                           O            08/01/18
    0

    8554252          N67/G02             F           50,000.00         T
                                         180         49,835.28          1
                                       6.500            435.55         27
                                       6.250            435.55
    MURRELLS INLET   SC   29576          1            07/11/03         00
    0436365951                           03           09/01/03          0
    3254007308                           O            08/01/18
    0
1

    8554408          Q87/G02             F           90,800.00         ZZ
                                         180         90,470.81          1
                                       5.375            735.90         70
                                       5.125            735.90
    JASPER           GA   30143          5            07/31/03         00
    0436332886                           05           09/05/03          0
    WAMI02                               O            08/05/18
    0

    8555248          L76/G02             F           28,400.00         ZZ
                                         180         28,400.00          1
                                       5.625            233.94         80
                                       5.375            233.94
    OTTUMWA          IA   52501          5            08/06/03         00
    0436340491                           05           10/01/03          0
    991904                               O            09/01/18
    0

    8555266          E82/G02             F           51,600.00         ZZ
                                         180         51,600.00          1
                                       5.500            421.62         47
                                       5.250            421.62
    YUCAIPA          CA   92399          2            08/01/03         00
    0400864211                           05           10/01/03          0
    0400864211                           N            09/01/18
    0

    8555300          E82/G02             F          199,700.00         ZZ
                                         180        199,700.00          1
                                       5.250          1,605.34         56
                                       5.000          1,605.34
    SAN LEANDRO      CA   94577          2            08/04/03         00
    0400858882                           05           10/01/03          0
    0400858882                           O            09/01/18
    0

    8555530          952/G02             F          227,000.00         ZZ
                                         180        226,141.83          1
                                       4.875          1,780.36         60
                                       4.625          1,780.36
    MARLBORO         NJ   07751          5            07/30/03         00
    0436294797                           05           09/01/03          0
    00620609                             O            08/01/18
    0
1

    8555574          Q57/G02             F          190,000.00         ZZ
                                         180        190,000.00          1
                                       5.625          1,565.09         55
                                       5.375          1,565.09
    SYLMAR           CA   91342          5            07/29/03         00
    0436315550                           05           10/01/03          0
    52700300                             O            09/01/18
    0

    8555860          K15/G02             F           70,000.00         TX
                                         180         70,000.00          1
                                       5.250            562.71         52
                                       5.000            562.71
    DALLAS           TX   75231          5            08/01/03         00
    0436335632                           05           10/01/03          0
    031705510418                         O            09/01/18
    0

    8555968          286/286             F          139,000.00         ZZ
                                         180        138,021.18          1
                                       5.750          1,154.28         80
                                       5.500          1,154.28
    SEVERN           MD   21144          2            06/30/03         00
    2347948                              05           08/01/03          0
    2347948                              N            07/01/18
    0

    8555974          286/286             F           84,000.00         ZZ
                                         180         83,408.49          1
                                       5.750            697.55         80
                                       5.500            697.55
    BALTIMORE        MD   21227          1            06/26/03         00
    2348024                              05           08/01/03          0
    2348024                              N            07/01/18
    0

    8555980          286/286             F          121,000.00         ZZ
                                         180        120,129.81          1
                                       5.500            988.68         52
                                       5.250            988.68
    BOWIE            MD   20715          2            06/19/03         00
    2402123                              05           08/01/03          0
    2402123                              N            07/01/18
    0
1

    8555984          286/286             F          122,000.00         ZZ
                                         180        121,122.63          1
                                       5.500            996.85         51
                                       5.250            996.85
    BOWIE            MD   20715          2            06/19/03         00
    2402154                              05           08/01/03          0
    2402154                              N            07/01/18
    0

    8555986          286/286             F          105,700.00         ZZ
                                         180        104,939.86          1
                                       5.500            863.66         39
                                       5.250            863.66
    BOWIE            MD   20720          2            06/19/03         00
    2402200                              03           08/01/03          0
    2402200                              N            07/01/18
    0

    8555992          286/286             F           87,500.00         ZZ
                                         180         86,870.74          1
                                       5.500            714.95         37
                                       5.250            714.95
    BOWIE            MD   20715          2            06/19/03         00
    2402245                              05           08/01/03          0
    2402245                              N            07/01/18
    0

    8555994          286/286             F          121,000.00         ZZ
                                         180        120,129.81          1
                                       5.500            988.68         55
                                       5.250            988.68
    BOWIE            MD   20715          2            06/19/03         00
    2402285                              05           08/01/03          0
    2402285                              N            07/01/18
    0

    8556000          286/286             F          121,000.00         ZZ
                                         180        120,129.81          1
                                       5.500            988.68         54
                                       5.250            988.68
    BOWIE            MD   20715          2            06/19/03         00
    2402317                              05           08/01/03          0
    2402317                              N            07/01/18
    0
1

    8556002          286/286             F          170,900.00         ZZ
                                         180        169,617.61          1
                                       5.000          1,351.47         66
                                       4.750          1,351.47
    MONROVIA         MD   21770          1            06/30/03         00
    2543344                              05           08/01/03          0
    2543344                              O            07/01/18
    0

    8556006          286/286             F          172,000.00         ZZ
                                         180        145,099.35          1
                                       5.375          1,394.01         34
                                       5.125          1,394.01
    MONUMENT         CO   80132          1            06/26/03         00
    2468714                              03           08/01/03          0
    2468714                              O            07/01/18
    0

    8556010          286/286             F          250,000.00         ZZ
                                         180        248,276.40          1
                                       6.000          2,109.65         69
                                       5.750          2,109.65
    WEST BLOOMFIELD  MI   48334          5            06/30/03         00
    1423985                              01           08/01/03          0
    1423985                              N            07/01/18
    0

    8556012          286/286             F          139,500.00         ZZ
                                         180        138,517.67          1
                                       5.750          1,158.43         60
                                       5.500          1,158.43
    WASHINGTON       DC   20037          5            06/24/03         00
    2468656                              07           08/01/03          0
    2468656                              N            07/01/18
    0

    8556016          286/286             F           50,000.00         ZZ
                                         180         49,541.67          1
                                       5.375            405.24         48
                                       5.125            405.24
    PITTSBURGH       PA   15241          1            06/27/03         00
    2346998                              05           08/01/03          0
    2346998                              O            07/01/18
    0
1

    8556022          286/286             F          555,000.00         T
                                         180        550,881.59          1
                                       5.125          4,425.13         46
                                       4.875          4,425.13
    WITTMAN          MD   21676          2            06/19/03         00
    2396102                              05           08/01/03          0
    2396102                              O            07/01/18
    0

    8556026          286/286             F           56,000.00         ZZ
                                         180         55,597.28          1
                                       5.500            457.57         75
                                       5.250            457.57
    MIAMISBURG       OH   45342          2            06/25/03         00
    2336661                              01           08/01/03          0
    2336661                              N            07/01/18
    0

    8556028          286/286             F           52,500.00         ZZ
                                         180         52,130.30          3
                                       5.750            435.97         70
                                       5.500            435.97
    NEWBURGH         NY   12550          1            06/19/03         00
    2218483                              05           08/01/03          0
    2218483                              N            07/01/18
    0

    8556030          286/286             F           70,000.00         ZZ
                                         180         69,485.94          1
                                       5.250            562.72         19
                                       5.000            562.72
    PALMDALE         CA   93551          1            06/01/03         00
    2380384                              03           08/01/03          0
    2380384                              O            07/01/18
    0

    8556034          286/286             F          150,750.00         ZZ
                                         180        149,710.67          1
                                       6.000          1,272.12         75
                                       5.750          1,272.12
    LAKEWOOD         WA   98498          5            06/23/03         00
    2433513                              05           08/01/03          0
    2433513                              N            07/01/18
    0
1

    8556042          286/286             F           86,000.00         ZZ
                                         180         84,149.01          1
                                       5.625            708.41         61
                                       5.375            708.41
    WESTERVILLE      OH   43081          2            06/20/03         00
    2426367                              05           08/01/03          0
    2426367                              N            07/01/18
    0

    8556044          286/286             F          122,000.00         ZZ
                                         180        121,031.34          2
                                       5.625          1,004.96         34
                                       5.375          1,004.96
    DEDHAM           MA   02026          2            06/20/03         00
    2434933                              05           08/01/03          0
    2434933                              O            07/01/18
    0

    8556048          286/286             F           55,000.00         ZZ
                                         180         54,636.64          2
                                       6.500            479.11         85
                                       6.250            479.11
    ZANESVILLE       OH   43701          1            06/20/03         10
    2346723                              05           08/01/03         30
    2346723                              O            07/01/18
    0

    8556054          286/286             F          250,000.00         ZZ
                                         180        248,202.13          1
                                       5.500          2,042.71         23
                                       5.250          2,042.71
    GREENWOOD        VA   22943          5            06/16/03         00
    2351831                              05           08/01/03          0
    2351831                              O            07/01/18
    0

    8556058          286/286             F           53,000.00         ZZ
                                         180         52,630.70          1
                                       5.875            443.68         76
                                       5.625            443.68
    BALTIMORE        MD   21234          1            06/25/03         00
    2543861                              07           08/01/03          0
    2543861                              N            07/01/18
    0
1

    8556062          286/286             F           87,750.00         ZZ
                                         180         87,112.29          1
                                       5.375            711.19         47
                                       5.125            711.19
    MERCED           CA   95348          2            06/11/03         00
    2448894                              05           08/01/03          0
    2448894                              N            07/01/18
    0

    8556064          286/286             F          334,400.00         ZZ
                                         180        330,010.94          1
                                       5.625          2,754.56         80
                                       5.375          2,754.56
    SANDY            UT   84093          1            06/16/03         00
    2497305                              05           08/01/03          0
    2497305                              O            07/01/18
    0

    8556066          286/286             F          144,800.00         ZZ
                                         180        143,656.78          1
                                       5.000          1,145.07         80
                                       4.750          1,145.07
    REDDING          CA   96003          5            06/25/03         00
    2377657                              05           08/01/03          0
    2377657                              O            07/01/18
    0

    8556070          286/286             F           56,750.00         ZZ
                                         180         56,546.40          1
                                       5.500            463.70         53
                                       5.250            463.70
    GLEN ALLEN       VA   23059          2            07/03/03         00
    2397060                              05           09/01/03          0
    2397060                              N            08/01/18
    0

    8556072          286/286             F           38,400.00         ZZ
                                         180         38,108.08          1
                                       5.500            313.77         80
                                       5.250            313.77
    HOUSTON          TX   77077          1            06/27/03         00
    2488952                              01           08/01/03          0
    2488952                              N            07/01/18
    0
1

    8556074          E47/G02             F          247,000.00         ZZ
                                         180        246,095.05          1
                                       5.250          1,985.58         78
                                       5.000          1,985.58
    SAN LORENZO      CA   94580          5            07/16/03         00
    0436437735                           05           09/01/03          0
    7359515957                           O            08/01/18
    0

    8556080          286/286             F          120,750.00         ZZ
                                         180        119,908.63          2
                                       5.875          1,010.83         75
                                       5.625          1,010.83
    TACOMA           WA   98405          5            06/26/03         00
    2377189                              05           08/01/03          0
    2377189                              N            07/01/18
    0

    8556084          286/286             F           48,250.00         ZZ
                                         180         47,899.36          1
                                       5.375            391.05         71
                                       5.125            391.05
    CHEHALIS         WA   98532          5            06/12/03         00
    2415408                              05           08/01/03          0
    2415408                              N            07/01/18
    0

    8556370          286/286             F          207,000.00         ZZ
                                         180        204,630.24          1
                                       5.875          1,732.84         80
                                       5.625          1,732.84
    INDIANAPOLIS     IN   46240          2            05/19/03         00
    2322997                              05           07/01/03          0
    2322997                              O            06/01/18
    0

    8556384          286/286             F          185,000.00         ZZ
                                         180        183,764.61          1
                                       6.375          1,598.87         29
                                       6.125          1,598.87
    OAKLAND          CA   94611          5            06/06/03         00
    2386332                              05           08/01/03          0
    2386332                              O            07/01/18
    0
1

    8556396          286/286             F          111,000.00         ZZ
                                         180        110,201.73          1
                                       5.500            906.97         80
                                       5.250            906.97
    EVANSVILLE       WI   53536          5            06/23/03         00
    2407140                              05           08/01/03          0
    2407140                              O            07/01/18
    0

    8556416          286/286             F          144,500.00         ZZ
                                         180        143,438.84          1
                                       5.250          1,161.61         79
                                       5.000          1,161.61
    DOVER            NH   03820          2            06/13/03         00
    2406954                              01           08/01/03          0
    2406954                              O            07/01/18
    0

    8556436          286/286             F          100,000.00         ZZ
                                         180         99,250.18          1
                                       5.000            790.80         80
                                       4.750            790.80
    SAN BERNADINO    CA   92404          5            06/10/03         00
    2249886                              05           08/01/03          0
    2249886                              O            07/01/18
    0

    8556444          286/286             F          175,000.00         ZZ
                                         180        173,714.87          1
                                       5.250          1,406.79         80
                                       5.000          1,406.79
    LAKELAND         MN   55043          5            06/26/03         00
    2492884                              05           08/01/03          0
    2492884                              O            07/01/18
    0

    8556452          286/286             F          107,000.00         ZZ
                                         180        106,238.54          2
                                       5.625            881.40         33
                                       5.375            881.40
    HOUSTON          TX   77057          2            06/18/03         00
    2197864                              05           08/01/03          0
    2197864                              N            07/01/18
    0
1

    8556462          286/286             F           33,500.00         ZZ
                                         180         33,145.30          1
                                       5.750            278.19         75
                                       5.500            278.19
    CASSELBERRY      FL   32707          1            05/09/03         00
    2295861                              01           07/01/03          0
    2295861                              O            06/01/18
    0

    8556482          286/286             F          110,000.00         ZZ
                                         180        109,257.57          3
                                       6.250            943.17         56
                                       6.000            943.17
    NEW BEDFORD      MA   02744          5            06/16/03         00
    2416110                              05           08/01/03          0
    2416110                              N            07/01/18
    0

    8556514          H81/G02             F          178,000.00         ZZ
                                         180        178,000.00          1
                                       5.500          1,454.41         80
                                       5.250          1,454.41
    GREEN BAY        WI   54313          5            08/04/03         00
    0436306856                           05           10/01/03          0
    WH19239                              O            09/01/18
    0

    8556522          286/286             F          617,000.00         T
                                         179        596,951.72          1
                                       5.750          5,141.69         65
                                       5.500          5,141.69
    FORT WORTH       TX   76179          5            12/19/02         00
    1749815                              05           01/01/03          0
    1749815                              O            11/01/17
    0

    8556530          286/286             F          199,200.00         ZZ
                                         180        197,723.03          1
                                       5.625          1,640.88         80
                                       5.375          1,640.88
    AUSTIN           TX   78754          2            06/13/03         00
    2465259                              03           08/01/03          0
    2465259                              O            07/01/18
    0
1

    8556783          N74/G02             F           72,000.00         TX
                                         180         70,511.41          1
                                       6.125            612.45         54
                                       5.875            612.45
    DRIPPING SPRING  TX   78620          2            03/21/03         00
    0435570767                           27           04/26/03          0
    0032005010                           O            03/26/18
    0

    8557370          K15/G02             F          175,700.00         ZZ
                                         180        175,700.00          1
                                       5.250          1,412.41         66
                                       5.000          1,412.41
    MT. JULIET       TN   37122          5            08/04/03         00
    0436321418                           05           10/01/03          0
    003805510694                         O            09/01/18
    0

    8558046          K15/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       5.250            401.94         80
                                       5.000            401.94
    FAYETTEVILLE     NC   28301          5            07/30/03         00
    0436321756                           05           10/01/03          0
    017105519135                         O            09/01/18
    0

    8558344          E22/G02             F          393,600.00         TX
                                         180        393,600.00          1
                                       5.625          3,242.21         80
                                       5.375          3,242.21
    ARLINGTON        TX   76016          5            08/06/03         00
    0417531621                           05           10/01/03          0
    0417531621                           O            09/01/18
    0

    8558350          E22/G02             F          197,000.00         ZZ
                                         180        197,000.00          1
                                       5.375          1,596.62         65
                                       5.125          1,596.62
    HUMBLE           TX   77345          2            08/04/03         00
    0417537750                           03           10/01/03          0
    0417537750                           O            09/01/18
    0
1

    8558356          E22/G02             F           41,220.00         ZZ
                                         180         41,220.00          1
                                       5.875            345.06         53
                                       5.625            345.06
    MISSOURI CITY    TX   77489          2            08/06/03         00
    0417548831                           03           10/01/03          0
    0417548831                           O            09/01/18
    0

    8558366          E22/G02             F           65,500.00         ZZ
                                         180         65,500.00          1
                                       5.125            522.24         75
                                       4.875            522.24
    GALLUP           NM   87301          5            08/05/03         00
    0417552486                           07           10/01/03          0
    0417552486                           O            09/01/18
    0

    8558382          E22/G02             F          109,000.00         ZZ
                                         180        109,000.00          1
                                       4.875            854.88         52
                                       4.625            854.88
    WASHINGTON TWP   NJ   07863          5            08/04/03         00
    0417693454                           05           10/01/03          0
    0417693454                           O            09/01/18
    0

    8558388          E22/G02             F          127,000.00         ZZ
                                         180        127,000.00          1
                                       5.750          1,054.62         71
                                       5.500          1,054.62
    ADDISON          IL   60101          2            08/05/03         00
    0417706827                           09           10/01/03          0
    0417706827                           O            09/01/18
    0

    8558398          E22/G02             F          120,000.00         ZZ
                                         120        120,000.00          1
                                       5.500          1,302.32         80
                                       5.250          1,302.32
    WILMINGTON       NC   28409          5            08/05/03         00
    0417716172                           05           10/01/03          0
    0417716172                           O            09/01/13
    0
1

    8558412          E22/G02             F          146,000.00         TX
                                         180        146,000.00          1
                                       5.500          1,192.94         68
                                       5.250          1,192.94
    LEAGUE CITY      TX   77573          5            08/04/03         00
    0417742350                           03           10/01/03          0
    0417742350                           O            09/01/18
    0

    8558418          E22/G02             F          100,000.00         T
                                         180        100,000.00          1
                                       5.500            817.08         50
                                       5.250            817.08
    DANBURY          WI   54830          2            08/11/03         00
    0417842986                           05           10/01/03          0
    0417842986                           O            09/01/18
    0

    8558422          E22/G02             F          300,000.00         ZZ
                                         180        300,000.00          1
                                       4.875          2,352.89         48
                                       4.625          2,352.89
    REDMOND          WA   98052          2            08/04/03         00
    0417845401                           03           10/01/03          0
    0417845401                           O            09/01/18
    0

    8558504          E22/G02             F          151,000.00         ZZ
                                         180        151,000.00          1
                                       4.875          1,184.29         34
                                       4.625          1,184.29
    THOUSAND OAKS    CA   91360          2            07/31/03         00
    0417619608                           05           10/01/03          0
    0417619608                           O            09/01/18
    0

    8558518          E22/G02             F          420,000.00         ZZ
                                         180        420,000.00          1
                                       5.625          3,459.67         59
                                       5.375          3,459.67
    WHIPPANY         NJ   07981          2            08/06/03         00
    0417626181                           05           10/01/03          0
    0417626181                           O            09/01/18
    0
1

    8558600          E22/G02             F          102,500.00         ZZ
                                         180        102,500.00          1
                                       4.875            803.90         80
                                       4.625            803.90
    APOPKA           FL   32703          2            08/05/03         00
    0417750221                           05           10/01/03          0
    0417750221                           O            09/01/18
    0

    8558602          E22/G02             F          212,000.00         TX
                                         180        212,000.00          1
                                       5.375          1,718.19         80
                                       5.125          1,718.19
    FLOWER MOUND     TX   75028          5            08/06/03         00
    0417755204                           05           10/01/03          0
    0417755204                           O            09/01/18
    0

    8558640          E22/G02             F          152,000.00         ZZ
                                         180        152,000.00          1
                                       5.875          1,272.42         80
                                       5.625          1,272.42
    MIAMI            FL   33015          5            08/06/03         00
    0417796042                           03           10/01/03          0
    0417796042                           O            09/01/18
    0

    8558654          E22/G02             F           71,750.00         ZZ
                                         180         71,750.00          1
                                       5.875            600.63         70
                                       5.625            600.63
    HOUSTON          TX   77082          1            08/11/03         00
    0417969615                           03           10/01/03          0
    0417969615                           N            09/01/18
    0

    8558680          E22/G02             F           77,000.00         ZZ
                                         180         77,000.00          1
                                       5.375            624.06         65
                                       5.125            624.06
    ORLANDO          FL   32812          5            08/05/03         00
    0417991924                           05           10/01/03          0
    0417991924                           O            09/01/18
    0
1

    8558768          E22/G02             F          140,000.00         TX
                                         180        140,000.00          1
                                       5.500          1,143.92         59
                                       5.250          1,143.92
    BURLESON         TX   76028          5            08/06/03         00
    0417798360                           05           10/01/03          0
    0417798360                           O            09/01/18
    0

    8558812          E22/G02             F           74,500.00         ZZ
                                         180         74,500.00          1
                                       5.500            608.73         77
                                       5.250            608.73
    KANNAPOLIS       NC   28083          5            08/04/03         00
    0417841772                           05           10/01/03          0
    0417841772                           O            09/01/18
    0

    8558814          E22/G02             F          104,000.00         ZZ
                                         180        104,000.00          1
                                       5.375            842.88         80
                                       5.125            842.88
    LOUISVILLE       KY   40219          2            08/05/03         00
    0417886611                           05           10/01/03          0
    0417886611                           O            09/01/18
    0

    8559328          K60/G02             F           93,600.00         ZZ
                                         180         93,267.74          1
                                       5.625            771.01         80
                                       5.375            771.01
    GARNER           NC   27529          5            07/21/03         00
    0436319883                           05           09/01/03          0
    79475                                O            08/01/18
    0

    8559752          E22/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       5.750            664.33         80
                                       5.500            664.33
    HOUSTON          TX   77072          1            08/08/03         00
    0417949633                           03           10/01/03          0
    0417949633                           N            09/01/18
    0
1

    8560058          U81/G02             F           52,000.00         ZZ
                                         180         51,816.58          1
                                       5.700            430.42         81
                                       5.450            430.42
    KNOXVILLE        TN   37918          1            07/25/03         95
    0436423511                           01           09/01/03          0
    1800006464                           N            08/01/18
    0

    8560370          E22/G02             F           31,767.00         ZZ
                                         180         31,767.00          3
                                       6.375            274.55         75
                                       6.125            274.55
    BIRMINGHAM       AL   35020          1            08/08/03         00
    0417476710                           05           10/01/03          0
    0417476710                           N            09/01/18
    0

    8560418          E22/G02             F           73,600.00         ZZ
                                         180         73,600.00          1
                                       5.500            601.37         80
                                       5.250            601.37
    HOUSTON          TX   77037          5            08/04/03         00
    0417563889                           07           10/01/03          0
    0417563889                           O            09/01/18
    0

    8560480          E22/G02             F          246,000.00         ZZ
                                         180        246,000.00          1
                                       5.375          1,993.74         62
                                       5.125          1,993.74
    OXFORD           FL   34484          2            08/04/03         00
    0417662780                           05           10/01/03          0
    0417662780                           O            09/01/18
    0

    8560704          E22/G02             F          256,000.00         ZZ
                                         180        256,000.00          1
                                       5.125          2,041.14         80
                                       4.875          2,041.14
    GUNTERSVILLE     AL   35976          5            08/04/03         00
    0417795416                           05           10/01/03          0
    0417795416                           O            09/01/18
    0
1

    8560906          G34/G02             F          101,600.00         TX
                                         180        101,235.51          1
                                       5.500            830.16         80
                                       5.250            830.16
    BURLESON         TX   76028          5            07/16/03         00
    0436530927                           05           09/01/03          0
    47005347                             O            08/01/18
    0

    8561376          B43/G02             F          105,000.00         TX
                                         180        104,635.09          1
                                       5.875            878.97         70
                                       5.625            878.97
    ARLINGTON        TX   76012          5            08/01/03         00
    0436433684                           05           09/01/03          0
    37373                                O            08/01/18
    0

    8561418          E82/G02             F           85,900.00         ZZ
                                         180         85,900.00          1
                                       5.375            696.19         75
                                       5.125            696.19
    SAN BERNARDINO   CA   92404          2            08/01/03         00
    0400874749                           05           10/01/03          0
    0400874749                           O            09/01/18
    0

    8561432          E82/G02             F           79,500.00         ZZ
                                         180         79,500.00          1
                                       5.375            644.32         71
                                       5.125            644.32
    COCONUT CREEK    FL   33063          2            08/06/03         00
    0400871745                           01           10/01/03          0
    0400871745                           O            09/01/18
    0

    8561440          313/G02             F           62,400.00         ZZ
                                         180         62,400.00          1
                                       5.625            514.01         41
                                       5.375            514.01
    MESA             AZ   85213          5            08/06/03         00
    0436320402                           05           10/01/03          0
    0009758962                           O            09/01/18
    0
1

    8561482          E82/G02             F          155,300.00         ZZ
                                         180        155,300.00          1
                                       5.125          1,238.24         38
                                       4.875          1,238.24
    CARSON CITY      NV   89706          2            08/08/03         00
    0400858676                           05           10/01/03          0
    0400858676                           O            09/01/18
    0

    8561504          E82/G01             F          290,500.00         ZZ
                                         180        290,500.00          1
                                       5.125          2,316.22         54
                                       4.875          2,316.22
    HERNDON          VA   20170          2            08/08/03         00
    0400868832                           03           10/01/03          0
    0400868832                           O            09/01/18
    0

    8561568          E82/G02             F           81,350.00         ZZ
                                         180         81,350.00          1
                                       5.250            653.95         57
                                       5.000            653.95
    PASCO            WA   99301          2            08/01/03         00
    0400871703                           05           10/01/03          0
    0400871703                           O            09/01/18
    0

    8561580          883/G02             F           50,100.00         ZZ
                                         180         50,100.00          1
                                       5.875            419.40         54
                                       5.625            419.40
    PINELLAS PARK    FL   33782          5            07/28/03         00
    0436307136                           05           10/01/03          0
    05022526                             O            09/01/18
    0

    8561600          E82/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       5.375            648.37         37
                                       5.125            648.37
    MILPITAS         CA   95035          2            08/06/03         00
    0400873493                           05           10/01/03          0
    0400873493                           O            09/01/18
    0
1

    8561636          E82/G02             F           84,500.00         ZZ
                                         180         84,500.00          1
                                       5.500            690.44         69
                                       5.250            690.44
    BIRCH RUN        MI   48415          2            08/08/03         00
    0400883450                           05           10/01/03          0
    0400883450                           O            09/01/18
    0

    8561694          E82/G02             F          134,000.00         ZZ
                                         180        134,000.00          1
                                       5.875          1,121.74         48
                                       5.625          1,121.74
    NORTH BELLMORE   NY   11710          2            08/12/03         00
    0400872842                           05           10/01/03          0
    0400872842                           N            09/01/18
    0

    8562086          L33/G02             F          157,000.00         ZZ
                                         180        157,000.00          1
                                       4.750          1,221.20         65
                                       4.500          1,221.20
    COWETA           OK   74429          5            08/07/03         00
    0436336515                           05           10/01/03          0
    0040300177                           O            09/01/18
    0

    8562096          N74/G02             F          196,000.00         ZZ
                                         180        195,304.24          1
                                       5.625          1,614.51         80
                                       5.375          1,614.51
    HILLSBOROUGH     NC   27278          2            07/31/03         00
    0436391924                           05           09/05/03          0
    2200001241                           O            08/05/18
    0

    8562180          Y44/G02             F          118,900.00         ZZ
                                         180        118,900.00          1
                                       4.875            932.53         70
                                       4.625            932.53
    COMPTON          CA   90220          2            08/01/03         00
    0436361299                           05           10/01/03          0
    116370801                            O            09/01/18
    0
1

    8562246          Y23/G01             F          105,000.00         TX
                                         180        105,000.00          1
                                       5.625            864.92         70
                                       5.375            864.92
    DALLAS           TX   75238          5            07/30/03         00
    0436450423                           05           10/01/03          0
    1000247381                           O            09/01/18
    0

    8562320          N74/G02             F          125,800.00         ZZ
                                         180        125,343.91          1
                                       5.375          1,019.57         85
                                       5.125          1,019.57
    STAUNTON         VA   24401          5            07/29/03         10
    0436397491                           05           09/04/03         12
    0032997010                           O            08/04/18
    0

    8562550          E47/G02             F           57,600.00         TX
                                         180         57,397.68          1
                                       5.750            478.32         80
                                       5.500            478.32
    SAN ANTONIO      TX   78223          5            07/25/03         00
    0436535298                           05           09/01/03          0
    7329014306                           O            08/01/18
    0

    8562642          N47/G02             F          280,000.00         ZZ
                                         180        280,000.00          1
                                       5.000          2,214.22         84
                                       4.750          2,214.22
    SALINAS          CA   93901          5            08/01/03         11
    0436413959                           05           10/01/03          6
    20508275                             O            09/01/18
    0

    8562644          K15/G02             F           70,000.00         ZZ
                                         180         70,000.00          1
                                       5.375            567.33         41
                                       5.125            567.33
    OMAHA            NE   68157          2            08/06/03         00
    0436347058                           05           10/01/03          0
    029305519689                         O            09/01/18
    0
1

    8563246          X67/G02             F           87,000.00         ZZ
                                         180         86,677.89          1
                                       5.125            693.67         31
                                       4.875            693.67
    LAKEWOOD         CA   90715          2            07/11/03         00
    0436379416                           05           09/01/03          0
    0000420255                           O            08/01/18
    0

    8563386          E22/G02             F           67,500.00         ZZ
                                         180         67,500.00          1
                                       6.000            569.60         75
                                       5.750            569.60
    TAMPA            FL   33611          5            08/12/03         00
    0417471372                           05           10/01/03          0
    0417471372                           N            09/01/18
    0

    8563408          E22/G02             F           65,200.00         ZZ
                                         180         65,200.00          1
                                       6.000            550.19         80
                                       5.750            550.19
    HOUSTON          TX   77017          5            08/11/03         00
    0417640414                           05           10/01/03          0
    0417640414                           N            09/01/18
    0

    8563418          E22/G02             F          548,000.00         ZZ
                                         180        548,000.00          1
                                       5.625          4,514.05         59
                                       5.375          4,514.05
    FISHERVILLE      KY   40023          2            08/07/03         00
    0417664810                           05           10/01/03          0
    0417664810                           O            09/01/18
    0

    8563484          E22/G02             F          236,000.00         ZZ
                                         180        236,000.00          1
                                       5.500          1,928.32         80
                                       5.250          1,928.32
    CITRUS HEIGHTS   CA   95610          5            08/05/03         00
    0417821683                           05           10/01/03          0
    0417821683                           O            09/01/18
    0
1

    8563668          E22/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       5.250            803.88         69
                                       5.000            803.88
    HELENA           MT   59602          2            08/07/03         00
    0417923877                           05           10/01/03          0
    0417923877                           O            09/01/18
    0

    8563676          E22/G02             F           67,500.00         ZZ
                                         180         67,500.00          1
                                       6.000            569.60         75
                                       5.750            569.60
    TAMPA            FL   33611          5            08/12/03         00
    0417938081                           05           10/01/03          0
    0417938081                           N            09/01/18
    0

    8563728          E22/G02             F          117,500.00         ZZ
                                         180        117,500.00          1
                                       5.250            944.56         80
                                       5.000            944.56
    NESBIT           MS   38651          5            08/06/03         00
    0418002309                           05           10/01/03          0
    0418002309                           O            09/01/18
    0

    8563806          E22/G02             F          175,000.00         ZZ
                                         180        175,000.00          1
                                       5.250          1,406.79         25
                                       5.000          1,406.79
    OXNARD           CA   93035          2            07/31/03         00
    0418058954                           05           10/01/03          0
    0418058954                           O            09/01/18
    0

    8563932          N74/G02             F          176,000.00         ZZ
                                         180        175,388.34          1
                                       5.875          1,473.33         87
                                       5.625          1,473.33
    ALTON            VA   24520          5            07/30/03         10
    0436381974                           05           09/04/03         25
    0033015010                           O            08/04/18
    0
1

    8563950          E82/G02             F          111,250.00         ZZ
                                         180        111,250.00          1
                                       5.125            887.02         34
                                       4.875            887.02
    OWINGS MILLS     MD   21117          2            08/07/03         00
    0400848719                           05           10/01/03          0
    0400848719                           O            09/01/18
    0

    8563970          E82/G02             F          146,550.00         ZZ
                                         180        146,550.00          1
                                       5.375          1,187.74         37
                                       5.125          1,187.74
    SOLANA BEACH     CA   92075          2            08/07/03         00
    0400881736                           05           10/01/03          0
    0400881736                           O            09/01/18
    0

    8564016          E82/G02             F           71,500.00         ZZ
                                         180         71,500.00          1
                                       5.125            570.08         65
                                       4.875            570.08
    OLDSMAR          FL   34677          2            08/07/03         00
    0400873394                           09           10/01/03          0
    0400873394                           O            09/01/18
    0

    8564042          Q57/G02             F           77,500.00         ZZ
                                         180         77,500.00          1
                                       5.875            648.77         56
                                       5.625            648.77
    LANCASTER        CA   93535          5            07/28/03         00
    0436381289                           05           10/01/03          0
    52700292                             O            09/01/18
    0

    8564276          X91/G02             F          289,100.00         ZZ
                                         180        288,018.40          1
                                       5.000          2,286.18         70
                                       4.750          2,286.18
    WAIPAHU          HI   96797          1            07/21/03         00
    0436321525                           03           09/01/03          0
    808471                               O            08/01/18
    0
1

    8564336          U05/G02             F          144,000.00         TX
                                         180        144,000.00          1
                                       5.500          1,176.60         80
                                       5.250          1,176.60
    LAGUNA VISTA     TX   78578          5            08/04/03         00
    0436359632                           05           10/01/03          0
    3391239                              O            09/01/18
    0

    8564860          Y23/G02             F          108,000.00         TX
                                         180        108,000.00          1
                                       5.500            882.45         80
                                       5.250            882.45
    HUMBLE           TX   77346          5            08/08/03         00
    0436540645                           03           10/01/03          0
    1000257590                           O            09/01/18
    0

    8565392          K15/G02             F          105,000.00         ZZ
                                         180        105,000.00          1
                                       5.250            844.07         70
                                       5.000            844.07
    ORLAND           ME   04431          5            08/08/03         00
    0436368997                           05           10/01/03          0
    007005519409                         O            09/01/18
    0

    8565416          286/286             F          105,600.00         ZZ
                                         180        105,217.14          1
                                       5.375            855.86         80
                                       5.125            855.86
    PHOENIX          AZ   85053          5            07/09/03         00
    2407666                              05           09/01/03          0
    2407666                              O            08/01/18
    0

    8565454          286/286             F           86,500.00         ZZ
                                         180         85,221.03          1
                                       5.250            695.36         44
                                       5.000            695.36
    TEMPE            AZ   85283          2            06/19/03         00
    2325227                              05           08/01/03          0
    2325227                              N            07/01/18
    0
1

    8565466          286/286             F           52,000.00         ZZ
                                         180         51,807.20          1
                                       5.750            431.82         78
                                       5.500            431.82
    SHAWSVILLE       VA   24162          5            07/09/03         00
    2362106                              05           09/01/03          0
    2362106                              N            08/01/18
    0

    8565474          286/286             F           60,000.00         ZZ
                                         180         59,800.19          1
                                       6.375            518.56         54
                                       6.125            518.56
    RED BANK         NJ   07701          1            07/02/03         00
    2372595                              05           09/01/03          0
    2372595                              N            08/01/18
    0

    8565494          286/286             F          132,000.00         ZZ
                                         180        131,080.25          1
                                       5.875          1,105.00         78
                                       5.625          1,105.00
    PHOENIX          AZ   85040          5            06/16/03         00
    2394892                              05           08/01/03          0
    2394892                              N            07/01/18
    0

    8565510          286/286             F           66,400.00         ZZ
                                         180         65,910.33          1
                                       5.875            555.85         80
                                       5.625            555.85
    NORTH MIAMI      FL   33181          1            06/30/03         00
    2466946                              01           08/01/03          0
    2466946                              N            07/01/18
    0

    8565522          286/286             F          164,000.00         ZZ
                                         180        163,405.41          1
                                       5.375          1,329.17         80
                                       5.125          1,329.17
    MIAMI            FL   33177          1            07/15/03         00
    2165760                              05           09/01/03          0
    2165760                              O            08/01/18
    0
1

    8565538          286/286             F          289,500.00         ZZ
                                         180        288,461.41          1
                                       5.500          2,365.46         48
                                       5.250          2,365.46
    COUNTRYSIDE      IL   60525          5            06/30/03         00
    2383418                              05           09/01/03          0
    2383418                              O            08/01/18
    0

    8565556          286/286             F          134,800.00         ZZ
                                         180        133,820.37          1
                                       5.375          1,092.51         50
                                       5.125          1,092.51
    SILVER SPRING    MD   20906          2            07/07/03         00
    1769496                              05           08/01/03          0
    1769496                              N            07/01/18
    0

    8565568          286/286             F          117,000.00         ZZ
                                         180        116,167.39          1
                                       5.625            963.77         80
                                       5.375            963.77
    PROSPECT HEIGHT  IL   60070          2            06/20/03         00
    2454387                              01           08/01/03          0
    2454387                              O            07/01/18
    0

    8565580          286/286             F          194,000.00         ZZ
                                         180        192,633.90          1
                                       5.750          1,611.00         62
                                       5.500          1,611.00
    LA PUENTE        CA   91745          5            06/23/03         00
    2479669                              05           08/01/03          0
    2479669                              N            07/01/18
    0

    8565596          286/286             F          130,000.00         ZZ
                                         180        129,528.68          1
                                       5.375          1,053.61         37
                                       5.125          1,053.61
    MARSHFIELD       MA   02050          5            07/08/03         00
    2516752                              05           09/01/03          0
    2516752                              O            08/01/18
    0
1

    8565614          286/286             F          180,000.00         ZZ
                                         180        179,323.57          1
                                       5.125          1,435.18         69
                                       4.875          1,435.18
    NORFOLK          VA   23517          5            07/03/03         00
    2497489                              05           09/01/03          0
    2497489                              O            08/01/18
    0

    8565624          286/286             F           70,000.00         T
                                         180         68,735.37          1
                                       4.875            549.01         59
                                       4.625            549.01
    MIAMI  BEACH     FL   33140          5            07/03/03         00
    2533260                              06           09/01/03          0
    2533260                              O            08/01/18
    0

    8565628          286/286             F           35,750.00         ZZ
                                         180         35,443.68          2
                                       6.250            306.53         75
                                       6.000            306.53
    INDIANAPOLIS     IN   46221          5            06/16/03         00
    2248806                              05           08/01/03          0
    2248806                              N            07/01/18
    0

    8565648          286/286             F          257,000.00         ZZ
                                         180        255,265.42          4
                                       6.250          2,203.58         78
                                       6.000          2,203.58
    ADDISON          IL   60101          5            06/05/03         00
    2501424                              05           08/01/03          0
    2501424                              O            07/01/18
    0

    8565654          286/286             F          384,000.00         ZZ
                                         180        381,167.07          1
                                       5.375          3,112.19         80
                                       5.125          3,112.19
    COLONIA          NJ   07067          2            06/23/03         00
    1567571                              05           08/01/03          0
    1567571                              O            07/01/18
    0
1

    8565672          286/286             F           50,300.00         ZZ
                                         180         49,949.50          1
                                       5.875            421.08         80
                                       5.625            421.08
    URBANA           IL   61802          1            06/16/03         00
    2469648                              01           08/01/03          0
    2469648                              N            07/01/18
    0

    8565678          286/286             F           50,300.00         ZZ
                                         180         49,949.50          1
                                       5.875            421.08         80
                                       5.625            421.08
    URBANA           IL   61802          1            06/16/03         00
    2470159                              01           08/01/03          0
    2470159                              N            07/01/18
    0

    8565690          738/G02             F          186,000.00         ZZ
                                         180        186,000.00          1
                                       5.250          1,495.22         73
                                       5.000          1,495.22
    LAKE WORTH       FL   33467          5            07/28/03         00
    0436354005                           05           10/01/03          0
    41309049                             O            09/01/18
    0

    8565692          286/286             F           95,000.00         ZZ
                                         180         94,331.04          1
                                       5.750            788.89         50
                                       5.500            788.89
    VICTORIA         MN   55386          5            06/24/03         00
    2562572                              05           08/01/03          0
    2562572                              O            07/01/18
    0

    8565712          286/286             F           93,600.00         ZZ
                                         180         93,019.25          1
                                       5.375            758.60         80
                                       5.125            758.60
    MCARTHUR         OH   45651          5            07/01/03         00
    2560528                              05           09/01/03          0
    2560528                              O            08/01/18
    0
1

    8565740          286/286             F          155,000.00         ZZ
                                         180        154,269.64          1
                                       5.375          1,256.23         80
                                       5.125          1,256.23
    VIRGINIA BEACH   VA   23451          5            07/02/03         00
    2518607                              05           09/01/03          0
    2518607                              O            08/01/18
    0

    8565750          286/286             F           95,800.00         ZZ
                                         180         95,103.79          1
                                       5.375            776.43         29
                                       5.125            776.43
    OAKLAND          CA   94601          2            06/13/03         00
    2396403                              05           08/01/03          0
    2396403                              N            07/01/18
    0

    8565780          286/286             F          100,000.00         ZZ
                                         180         99,637.45          1
                                       5.375            810.47         29
                                       5.125            810.47
    LEESBURG         VA   20176          5            07/17/03         00
    2184995                              05           09/01/03          0
    2184995                              O            08/01/18
    0

    8565798          286/286             F           75,820.00         ZZ
                                         180         75,545.11          1
                                       5.375            614.50         60
                                       5.125            614.50
    PFLUGERVILLE     TX   78660          2            07/09/03         00
    2613769                              05           09/01/03          0
    2613769                              N            08/01/18
    0

    8565812          286/286             F          217,500.00         ZZ
                                         180        216,719.71          1
                                       5.500          1,777.16         75
                                       5.250          1,777.16
    UNION BRIDGE     MD   21791          5            07/03/03         00
    2400642                              05           09/01/03          0
    2400642                              O            08/01/18
    0
1

    8565818          286/286             F          260,000.00         ZZ
                                         180        258,169.15          1
                                       5.750          2,159.07         50
                                       5.500          2,159.07
    RENO             NV   89511          5            06/30/03         00
    2475983                              05           08/01/03          0
    2475983                              N            07/01/18
    0

    8565838          286/286             F           84,000.00         ZZ
                                         180         83,402.22          1
                                       5.625            691.94         75
                                       5.375            691.94
    RICHMOND         VA   23230          5            06/23/03         00
    2551529                              05           08/01/03          0
    2551529                              N            07/01/18
    0

    8565856          286/286             F           33,150.00         ZZ
                                         180         33,031.07          1
                                       5.500            270.87         43
                                       5.250            270.87
    RICHMOND         VA   23228          5            07/03/03         00
    2397381                              05           09/01/03          0
    2397381                              N            08/01/18
    0

    8565864          286/286             F           70,000.00         ZZ
                                         180         69,751.51          1
                                       5.625            576.62         38
                                       5.375            576.62
    UKIAH            CA   95482          2            06/26/03         00
    2134442                              05           09/01/03          0
    2134442                              N            08/01/18
    0

    8565882          286/286             F           73,800.00         ZZ
                                         180         73,046.09          1
                                       5.875            617.80         68
                                       5.625            617.80
    POINT VENTURE    TX   78645          2            06/27/03         00
    2480058                              05           08/01/03          0
    2480058                              N            07/01/18
    0
1

    8567796          964/G02             F          134,000.00         ZZ
                                         180        133,488.12          1
                                       4.750          1,042.30         36
                                       4.500          1,042.30
    MENLO PARK       CA   94025          2            07/10/03         00
    0436421218                           05           09/01/03          0
    438701                               O            08/01/18
    0

    8568808          Q14/G02             F           15,300.00         T
                                         180         15,300.00          1
                                       6.375            132.23         85
                                       6.125            132.23
    WARSAW           MO   65355          1            08/08/03         01
    0436354807                           05           10/01/03         12
    00003-15113                          O            09/01/18
    0

    8569532          Y23/G02             F          108,000.00         TX
                                         180        108,000.00          1
                                       6.375            933.39         80
                                       6.125            933.39
    ARLINGTON        TX   76012          5            08/06/03         00
    0436494017                           05           10/01/03          0
    100023418                            O            09/01/18
    0

    8569766          E22/G02             F           56,000.00         ZZ
                                         180         56,000.00          1
                                       6.000            472.56         77
                                       5.750            472.56
    FORT WAYNE       IN   46815          2            08/13/03         00
    0417750015                           05           10/01/03          0
    0417750015                           N            09/01/18
    0

    8569792          E22/G02             F           64,700.00         TX
                                         120         64,700.00          1
                                       5.500            702.17         41
                                       5.250            702.17
    NORTH RICHLAND   TX   76180          5            08/08/03         00
    0417762531                           05           10/01/03          0
    0417762531                           O            09/01/13
    0
1

    8569796          E22/G02             F          246,000.00         ZZ
                                         180        246,000.00          1
                                       5.875          2,059.31         79
                                       5.625          2,059.31
    PLANO            TX   75025          2            08/08/03         00
    0417768900                           03           10/01/03          0
    0417768900                           O            09/01/18
    0

    8569830          E82/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       5.375            810.47         35
                                       5.125            810.47
    RANCHO CUCAMONG  CA   91701          5            07/28/03         00
    0400871083                           05           10/01/03          0
    0400871083                           O            09/01/18
    0

    8569840          E22/G02             F          128,000.00         TX
                                         180        128,000.00          1
                                       5.250          1,028.96         70
                                       5.000          1,028.96
    SUGAR LAND       TX   77479          5            08/08/03         00
    0417895257                           03           10/01/03          0
    0417895257                           O            09/01/18
    0

    8569854          E82/G02             F           98,850.00         ZZ
                                         180         98,850.00          1
                                       5.375            801.15         78
                                       5.125            801.15
    WAXAHACHIE       TX   75165          2            08/11/03         00
    0400870531                           05           10/01/03          0
    0400870531                           O            09/01/18
    0

    8569876          E22/G02             F          110,400.00         ZZ
                                         180        110,400.00          1
                                       5.375            894.75         80
                                       5.125            894.75
    OMAHA            NE   68108          1            08/13/03         00
    0418026696                           05           10/01/03          0
    0418026696                           N            09/01/18
    0
1

    8569896          E82/G02             F           63,050.00         ZZ
                                         180         63,050.00          1
                                       5.625            519.36         76
                                       5.375            519.36
    FRIENDSWOOD      TX   77546          2            08/12/03         00
    0400870630                           03           10/01/03          0
    0400870630                           N            09/01/18
    0

    8569970          E22/G02             F           78,000.00         ZZ
                                         180         78,000.00          1
                                       5.375            632.16         80
                                       5.125            632.16
    KATY             TX   77449          2            08/04/03         00
    0417327582                           03           10/01/03          0
    0417327582                           O            09/01/18
    0

    8569984          E22/G02             F          131,000.00         ZZ
                                         180        131,000.00          1
                                       4.750          1,018.96         23
                                       4.500          1,018.96
    BOCA RATON       FL   33432          5            08/08/03         00
    0417480654                           05           10/01/03          0
    0417480654                           O            09/01/18
    0

    8569992          E22/G02             F           60,000.00         ZZ
                                         180         60,000.00          1
                                       6.125            510.37         68
                                       5.875            510.37
    SHAWNEE          OK   74804          2            08/08/03         00
    0417555380                           05           10/01/03          0
    0417555380                           O            09/01/18
    0

    8570058          E22/G02             F          160,000.00         TX
                                         180        160,000.00          1
                                       5.500          1,307.33         80
                                       5.250          1,307.33
    MANSFIELD        TX   76063          5            08/08/03         00
    0417856044                           05           10/01/03          0
    0417856044                           O            09/01/18
    0
1

    8570138          E22/G02             F           64,550.00         TX
                                         180         64,550.00          1
                                       5.625            531.72         76
                                       5.375            531.72
    EL PASO          TX   79925          5            08/06/03         00
    0417950086                           05           10/01/03          0
    0417950086                           O            09/01/18
    0

    8570158          E22/G02             F           97,750.00         ZZ
                                         180         97,750.00          1
                                       5.750            811.73         85
                                       5.500            811.73
    BAKERSFIELD      CA   93307          5            08/05/03         11
    0417970068                           05           10/01/03         12
    0417970068                           O            09/01/18
    0

    8570426          N74/G02             F           71,000.00         ZZ
                                         180         70,745.29          1
                                       5.500            580.13         56
                                       5.250            580.13
    GATESVILLE       NC   27938          2            08/02/03         00
    0436336358                           05           09/07/03          0
    0033064010                           O            08/07/18
    0

    8573402          U05/G02             F          126,150.00         ZZ
                                         180        126,150.00          1
                                       6.000          1,064.53         88
                                       5.750          1,064.53
    GARLAND          TX   75043          2            08/07/03         10
    0436384507                           05           10/01/03         12
    3401310                              O            09/01/18
    0

    8573568          K15/G02             F           67,000.00         ZZ
                                         180         67,000.00          1
                                       5.250            538.60         74
                                       5.000            538.60
    CEDAR RAPIDS     IA   52405          5            08/08/03         00
    0436356737                           05           10/01/03          0
    009905511867                         O            09/01/18
    0
1

    8573574          K15/G02             F          104,000.00         ZZ
                                         180        104,000.00          1
                                       5.250            836.03         80
                                       5.000            836.03
    LEEDS            ME   04263          5            08/11/03         00
    0436391783                           05           10/01/03          0
    007805518942                         O            09/01/18
    0

    8573612          K15/G02             F           52,300.00         ZZ
                                         180         52,300.00          1
                                       5.375            423.87         32
                                       5.125            423.87
    YPSILANTI        MI   48198          5            07/29/03         00
    0436376644                           05           10/01/03          0
    036305518737                         O            09/01/18
    0

    8573628          K15/G02             F          312,000.00         ZZ
                                         180        312,000.00          1
                                       5.750          2,590.88         80
                                       5.500          2,590.88
    HILLSBOROUGH     NC   27278          5            07/30/03         00
    0436371090                           05           10/01/03          0
    017105519369                         O            09/01/18
    0

    8573730          G34/G02             F           80,000.00         TX
                                         180         79,719.00          1
                                       5.750            664.33         60
                                       5.500            664.33
    MCKINNEY         TX   75070          5            07/31/03         00
    0436378848                           03           09/01/03          0
    47007310                             O            08/01/18
    0

    8573840          253/253             F           44,825.00         ZZ
                                         180         44,662.48          1
                                       5.375            363.30         72
                                       5.125            363.30
    ARLINGTON        TX   76010          2            07/28/03         00
    475177                               05           09/01/03          0
    475177                               N            08/01/18
    0
1

    8573864          253/253             F           45,825.00         ZZ
                                         180         45,658.86          1
                                       5.375            371.40         72
                                       5.125            371.40
    HALTOM CITY      TX   76117          2            07/28/03         00
    475180                               05           09/01/03          0
    475180                               N            08/01/18
    0

    8574284          G34/G02             F           45,600.00         ZZ
                                         180         45,600.00          1
                                       5.750            378.67         47
                                       5.500            378.67
    FORT WORTH       TX   76133          5            08/08/03         00
    0436469902                           05           10/01/03          0
    1                                    O            09/01/18
    0

    8574398          U45/G02             F          257,000.00         ZZ
                                         180        257,000.00          1
                                       5.750          2,134.15         74
                                       5.500          2,134.15
    MEDFORD          OR   97504          5            08/08/03         00
    0436366199                           05           10/01/03          0
    00203915                             O            09/01/18
    0

    8574450          K15/G02             F          169,000.00         ZZ
                                         180        168,380.83          1
                                       5.250          1,358.55         68
                                       5.000          1,358.55
    MUKILTEO         WA   98275          5            07/21/03         00
    0436382303                           05           09/01/03          0
    021005510489                         O            08/01/18
    0

    8574520          U19/G02             F           90,000.00         ZZ
                                         180         89,673.71          2
                                       5.375            729.42         65
                                       5.125            729.42
    O FALLON         IL   62269          5            07/31/03         00
    0436476980                           05           09/01/03          0
    0306170022                           N            08/01/18
    0
1

    8574586          K15/G02             F          116,000.00         ZZ
                                         180        115,579.44          1
                                       5.375            940.14         63
                                       5.125            940.14
    MIDDLEBURG HEIG  OH   44130          2            07/25/03         00
    0436378699                           05           09/01/03          0
    028605510763                         O            08/01/18
    0

    8574944          642/G02             F          225,000.00         ZZ
                                         180        225,000.00          1
                                       5.500          1,838.44         53
                                       5.250          1,838.44
    SANTEE           CA   92071          2            08/07/03         00
    0436416366                           05           10/01/03          0
    06116403                             O            09/01/18
    0

    8575126          K15/G02             F          133,000.00         ZZ
                                         180        132,517.81          1
                                       5.375          1,077.92         75
                                       5.125          1,077.92
    LAKE MARY        FL   32746          5            07/25/03         00
    0436382089                           05           09/01/03          0
    009405511695                         O            08/01/18
    0

    8575334          T17/G02             F           90,000.00         ZZ
                                         180         89,687.21          1
                                       5.875            753.41         78
                                       5.625            753.41
    SNELLVILLE       GA   30078          2            07/31/03         00
    0436429179                           05           09/01/03          0
    0307170001                           O            08/01/18
    0

    8575406          X78/G02             F           92,800.00         ZZ
                                         180         92,800.00          1
                                       5.875            776.85         80
                                       5.625            776.85
    ELLENWOOD        GA   30294          5            08/07/03         00
    0436391643                           05           10/01/03          0
    990566                               O            09/01/18
    0
1

    8575632          E22/G02             F          152,000.00         ZZ
                                         180        152,000.00          1
                                       5.250          1,221.89         73
                                       5.000          1,221.89
    RENTON           WA   98055          2            08/06/03         00
    0417854379                           05           10/01/03          0
    0417854379                           N            09/01/18
    0

    8575744          E82/G02             F          109,100.00         ZZ
                                         180        109,100.00          1
                                       5.375            884.22         76
                                       5.125            884.22
    ST HEIGHTS       MI   48310          2            08/12/03         00
    0400884920                           05           10/01/03          0
    0400884920                           O            09/01/18
    0

    8575784          E82/G02             F           77,300.00         ZZ
                                         180         77,300.00          2
                                       5.375            626.49         74
                                       5.125            626.49
    BARNEGAT LIGHT   NJ   08006          2            08/11/03         00
    0400879375                           05           10/01/03          0
    0400879375                           O            09/01/18
    0

    8575790          E82/G02             F           75,200.00         ZZ
                                         180         75,200.00          1
                                       5.625            619.45         80
                                       5.375            619.45
    BALTIMORE        MD   21206          2            08/12/03         00
    0400884045                           05           10/01/03          0
    0400884045                           O            09/01/18
    0

    8575812          E22/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       5.625            658.99         71
                                       5.375            658.99
    CROFTON          MD   21114          2            08/13/03         00
    0417505179                           01           10/01/03          0
    0417505179                           N            09/01/18
    0
1

    8575852          E22/G02             F          450,000.00         ZZ
                                         180        450,000.00          1
                                       5.625          3,706.79         70
                                       5.375          3,706.79
    APTOS            CA   95003          5            08/08/03         00
    0417723061                           05           10/01/03          0
    0417723061                           O            09/01/18
    0

    8575860          E22/G02             F           60,000.00         ZZ
                                         180         60,000.00          1
                                       6.375            518.55         73
                                       6.125            518.55
    COLONIAL HEIGHT  VA   23834          5            08/14/03         00
    0417756053                           05           10/01/03          0
    0417756053                           N            09/01/18
    0

    8575972          E22/G02             F          206,000.00         ZZ
                                         180        206,000.00          1
                                       5.250          1,655.99         66
                                       5.000          1,655.99
    SANTA ANA        CA   92706          2            08/05/03         00
    0418092235                           05           10/01/03          0
    0418092235                           O            09/01/18
    0

    8576052          964/G02             F          102,000.00         ZZ
                                         180        101,630.21          1
                                       5.375            826.67         32
                                       5.125            826.67
    CHULA VISTA      CA   91910          5            07/25/03         00
    0436328702                           05           09/01/03          0
    455768                               N            08/01/18
    0

    8576092          964/G02             F          284,000.00         ZZ
                                         180        282,959.49          1
                                       5.250          2,283.01         80
                                       5.000          2,283.01
    HENDERSON        NV   89074          5            07/29/03         00
    0436336705                           03           09/01/03          0
    493840                               O            08/01/18
    0
1

    8576100          N74/G02             F           95,000.00         ZZ
                                         180         94,651.95          1
                                       5.250            763.68         20
                                       5.000            763.68
    HERNDON          VA   20171          5            08/05/03         00
    0436418479                           03           09/11/03          0
    0033071010                           O            08/11/18
    0

    8576110          477/G02             F          240,000.00         ZZ
                                         180        240,000.00          1
                                       6.000          2,025.26         60
                                       5.750          2,025.26
    CERRITOS         CA   90703          2            08/01/03         00
    0436373450                           05           10/01/03          0
    264002                               N            09/01/18
    0

    8576130          964/G02             F          151,250.00         ZZ
                                         180        150,678.20          1
                                       4.875          1,186.25         69
                                       4.625          1,186.25
    LAS VEGAS        NV   89129          5            07/30/03         00
    0436335053                           05           09/01/03          0
    471851                               O            08/01/18
    0

    8576172          U05/G02             F           90,000.00         TX
                                         180         90,000.00          1
                                       5.250            723.49         32
                                       5.000            723.49
    DALLAS           TX   75287          5            08/06/03         00
    0436384390                           05           10/01/03          0
    3394061                              O            09/01/18
    0

    8576252          964/G02             F          213,750.00         ZZ
                                         180        212,950.31          1
                                       5.000          1,690.32         75
                                       4.750          1,690.32
    YORBA LINDA      CA   92887          5            07/25/03         00
    0436332738                           03           09/01/03          0
    476353                               O            08/01/18
    0
1

    8576526          964/G02             F          148,100.00         ZZ
                                         180        148,100.00          1
                                       4.250          1,114.13         35
                                       4.000          1,114.13
    MONTEREY PARK    CA   91754          2            07/31/03         00
    0436334346                           05           10/01/03          0
    464169                               O            09/01/18
    0

    8576644          964/G02             F          116,000.00         ZZ
                                         180        115,566.01          1
                                       5.000            917.32         67
                                       4.750            917.32
    ROMOLAND         CA   92585          2            07/22/03         00
    0436334221                           05           09/01/03          0
    419326                               O            08/01/18
    0

    8576750          964/G02             F          322,500.00         ZZ
                                         180        321,305.98          1
                                       5.125          2,571.36         78
                                       4.875          2,571.36
    ORANGE           CA   92867          5            07/28/03         00
    0436332803                           05           09/01/03          0
    464161                               O            08/01/18
    0

    8576894          W93/G02             F          601,500.00         ZZ
                                         180        599,226.04          1
                                       4.875          4,717.55         69
                                       4.625          4,717.55
    REDDING          CA   96001          2            07/17/03         00
    0436398770                           05           09/01/03          0
    21488217                             O            08/01/18
    0

    8576910          W93/G02             F          340,000.00         ZZ
                                         180        338,754.31          1
                                       5.250          2,733.19         80
                                       5.000          2,733.19
    SACRAMENTO       CA   95831          5            07/23/03         00
    0436416952                           05           09/01/03          0
    21488465                             O            08/01/18
    0
1

    8576986          W93/G02             F          129,000.00         ZZ
                                         180        128,527.37          1
                                       5.250          1,037.01         60
                                       5.000          1,037.01
    SIERRA VISTA     AZ   85635          5            07/28/03         00
    0436385140                           05           09/01/03          0
    35491508                             O            08/01/18
    0

    8577050          W93/G02             F          428,000.00         ZZ
                                         180        426,381.95          1
                                       4.875          3,356.80         80
                                       4.625          3,356.80
    MODESTO          CA   95356          5            07/22/03         00
    0436394704                           05           09/01/03          0
    46481456                             O            08/01/18
    0

    8577476          Q87/G02             F           61,920.00         ZZ
                                         180         61,920.00          1
                                       5.750            514.19         77
                                       5.500            514.19
    URIAH            AL   36480          5            08/12/03         00
    0436418768                           05           10/01/03          0
    ODLA01                               O            09/01/18
    0

    8577690          K15/G02             F           63,000.00         ZZ
                                         180         62,792.45          1
                                       6.500            548.80         90
                                       6.250            548.80
    FALCONER         NY   14733          5            07/25/03         41
    0436397749                           05           09/01/03         12
    029505519731                         O            08/01/18
    0

    8577798          M27/G02             F          119,500.00         ZZ
                                         120        119,500.00          1
                                       4.875          1,260.19         34
                                       4.625          1,260.19
    SUPPLY           NC   28462          2            08/08/03         00
    0436430540                           05           10/01/03          0
    600976655                            O            09/01/13
    0
1

    8577906          B98/G02             F           84,000.00         ZZ
                                         180         83,704.96          1
                                       5.750            697.54         53
                                       5.500            697.54
    EUREKA           CA   95503          2            07/24/03         00
    0436430169                           05           09/01/03          0
    BB7030145SW                          N            08/01/18
    0

    8578108          K60/G02             F           96,000.00         ZZ
                                         180         96,000.00          1
                                       5.000            759.16         78
                                       4.750            759.16
    CORAOPOLIS       PA   15108          5            08/06/03         00
    0436429633                           05           10/01/03          0
    0001062784                           O            09/01/18
    0

    8578424          Q57/G02             F          280,900.00         ZZ
                                         180        280,900.00          1
                                       5.875          2,351.47         67
                                       5.625          2,351.47
    GARDEN GROVE     CA   92845          2            08/08/03         00
    0436358121                           05           10/01/03          0
    10006065                             O            09/01/18
    0

    8578438          N74/G02             F           85,000.00         ZZ
                                         180         84,688.58          1
                                       5.250            683.30         29
                                       5.000            683.30
    SPRINGFIELD      VA   22150          2            08/05/03         00
    0436397228                           05           09/11/03          0
    0033072010                           O            08/11/18
    0

    8578496          K15/G02             F          215,000.00         ZZ
                                         180        215,000.00          1
                                       5.375          1,742.50         75
                                       5.125          1,742.50
    EAST HAMPTON     NY   11937          5            07/29/03         00
    0436380174                           05           10/01/03          0
    020805518681                         O            09/01/18
    0
1

    8578528          X64/G02             F          212,000.00         ZZ
                                         180        211,198.54          1
                                       4.875          1,662.71         53
                                       4.625          1,662.71
    ROCHESTER        MI   48307          2            07/14/03         00
    0436377394                           05           09/01/03          0
    0000010822                           O            08/01/18
    0

    8578772          A52/G02             F          262,400.00         ZZ
                                         180        262,400.00          1
                                       5.875          2,196.60         80
                                       5.625          2,196.60
    SNELLVILLE       GA   30078          5            08/11/03         00
    0436349823                           05           10/01/03          0
    26496                                O            09/01/18
    0

    8578818          W68/G02             F           25,012.00         ZZ
                                         180         24,925.99          1
                                       6.000            211.07         75
                                       5.750            211.07
    DALLAS           TX   75219          1            07/25/03         00
    0436423578                           01           09/01/03          0
    3063821                              N            08/01/18
    0

    8578890          K15/G02             F           42,500.00         ZZ
                                         180         42,359.99          1
                                       6.500            370.22         85
                                       6.250            370.22
    BRIDGEPORT       CT   06604          5            07/26/03         41
    0436382014                           01           09/01/03          6
    037805510559                         O            08/01/18
    0

    8579234          E82/G02             F           52,200.00         ZZ
                                         180         52,200.00          1
                                       5.875            436.98         67
                                       5.625            436.98
    YUMA             AZ   85364          2            08/12/03         00
    0400871422                           05           10/01/03          0
    0400871422                           N            09/01/18
    0
1

    8579252          E82/G02             F           98,000.00         ZZ
                                         180         98,000.00          1
                                       5.750            813.80         52
                                       5.500            813.80
    SALEM            OR   97301          2            08/15/03         00
    0400865994                           05           10/01/03          0
    0400865994                           N            09/01/18
    0

    8579288          E82/G02             F          159,100.00         ZZ
                                         180        159,100.00          1
                                       5.250          1,278.97         80
                                       5.000          1,278.97
    WEAVERVILLE      CA   96093          2            08/01/03         00
    0400880084                           05           10/01/03          0
    0400880084                           O            09/01/18
    0

    8579298          E82/G02             F          124,700.00         ZZ
                                         180        124,700.00          1
                                       5.375          1,010.65         23
                                       5.125          1,010.65
    RANCHO PALOS VE  CA   90275          5            08/01/03         00
    0400867529                           05           10/01/03          0
    0400867529                           O            09/01/18
    0

    8579302          E82/G02             F           47,000.00         ZZ
                                         180         47,000.00          1
                                       5.500            384.03         27
                                       5.250            384.03
    INDIANAPOLIS     IN   46280          2            08/04/03         00
    0400878880                           03           10/01/03          0
    0400878880                           O            09/01/18
    0

    8579344          E22/G02             F           86,500.00         ZZ
                                         180         86,500.00          1
                                       6.500            753.51         46
                                       6.250            753.51
    STATHAM          GA   30666          5            08/15/03         00
    0418145157                           05           10/01/03          0
    0418145157                           N            09/01/18
    0
1

    8579362          E22/G02             F          111,150.00         ZZ
                                         180        111,150.00          1
                                       6.000            937.95         95
                                       5.750            937.95
    MIDWEST CITY     OK   73130          1            08/15/03         01
    0418163960                           05           10/01/03         25
    0418163960                           O            09/01/18
    0

    8579448          E22/G02             F          115,500.00         ZZ
                                         180        115,500.00          1
                                       5.000            913.37         70
                                       4.750            913.37
    YUMA             CO   80759          5            08/11/03         00
    0417638483                           05           10/01/03          0
    0417638483                           O            09/01/18
    0

    8579456          E22/G02             F          157,500.00         ZZ
                                         180        157,500.00          1
                                       5.500          1,286.91         60
                                       5.250          1,286.91
    CENTRAL ISLIP    NY   11722          2            08/15/03         00
    0417684156                           05           10/01/03          0
    0417684156                           N            09/01/18
    0

    8579492          E22/G02             F          216,400.00         ZZ
                                         180        216,400.00          1
                                       5.250          1,739.59         75
                                       5.000          1,739.59
    BENBROOK         TX   76132          2            08/11/03         00
    0417976271                           05           10/01/03          0
    0417976271                           O            09/01/18
    0

    8579512          E22/G02             F           63,500.00         ZZ
                                         180         63,500.00          1
                                       6.000            535.85         82
                                       5.750            535.85
    FREDERICK        OK   73542          2            08/11/03         01
    0417990850                           05           10/01/03         20
    0417990850                           O            09/01/18
    0
1

    8579582          E22/G02             F          170,000.00         ZZ
                                         180        170,000.00          1
                                       5.750          1,411.70         52
                                       5.500          1,411.70
    MORRIS TOWNSHIP  NJ   07960          5            08/11/03         00
    0418060869                           05           10/01/03          0
    0418060869                           O            09/01/18
    0

    8579768          E22/G02             F          376,800.00         TX
                                         180        376,800.00          1
                                       5.375          3,053.83         80
                                       5.125          3,053.83
    PLANO            TX   75093          5            08/11/03         00
    0417792819                           03           10/01/03          0
    0417792819                           O            09/01/18
    0

    8579786          E22/G02             F          127,000.00         ZZ
                                         180        127,000.00          1
                                       5.375          1,029.29         73
                                       5.125          1,029.29
    BLUE BELL        PA   19422          1            08/15/03         00
    0417851854                           09           10/01/03          0
    0417851854                           O            09/01/18
    0

    8579876          E22/G02             F          229,000.00         ZZ
                                         180        229,000.00          1
                                       6.250          1,963.50         67
                                       6.000          1,963.50
    SANTA ROSA       CA   95401          5            08/01/03         00
    0417253580                           05           10/01/03          0
    0417253580                           O            09/01/18
    0

    8579888          E22/G02             F           62,500.00         TX
                                         180         62,500.00          1
                                       6.000            527.41         60
                                       5.750            527.41
    HOUSTON          TX   77084          5            08/11/03         00
    0417412343                           03           10/01/03          0
    0417412343                           O            09/01/18
    0
1

    8581242          T23/G02             F          169,500.00         ZZ
                                         180        169,500.00          1
                                       5.750          1,407.55         79
                                       5.500          1,407.55
    NEWARK           OH   43055          2            08/19/03         00
    0436429708                           05           10/01/03          0
    6761                                 O            09/01/18
    0

    8581390          N74/G02             F           59,800.00         ZZ
                                         180         59,800.00          1
                                       5.875            500.60         61
                                       5.625            500.60
    SPRINGDALE       AR   72762          5            08/08/03         00
    0436403307                           05           10/01/03          0
    0033087010                           N            09/01/18
    0

    8581446          N74/G02             F          245,600.00         ZZ
                                         180        244,746.46          1
                                       5.875          2,055.96         80
                                       5.625          2,055.96
    GREENSBORO       NC   27406          5            07/31/03         00
    0436398440                           05           09/05/03          0
    0033049010                           O            08/05/18
    0

    8581764          K15/G02             F           50,100.00         ZZ
                                         120         50,100.00          1
                                       6.500            568.88         72
                                       6.250            568.88
    FAIRFAX          MN   55332          5            07/29/03         00
    0436404578                           05           10/01/03          0
    013105519162                         O            09/01/13
    0

    8581980          964/G02             F          208,000.00         ZZ
                                         180        207,245.90          1
                                       5.375          1,685.77         80
                                       5.125          1,685.77
    ROSEVILLE        CA   95747          5            07/31/03         00
    0436386338                           05           09/01/03          0
    492915                               O            08/01/18
    0
1

    8582336          737/G02             F          131,600.00         ZZ
                                         180        131,600.00          1
                                       6.375          1,137.35         93
                                       6.125          1,137.35
    DOLTON           IL   60419          5            08/07/03         01
    0436423123                           05           10/01/03         25
    6026981                              O            09/01/18
    0

    8582426          964/G02             F          109,000.00         ZZ
                                         180        108,600.65          1
                                       5.250            876.23         63
                                       5.000            876.23
    BEND             OR   97701          2            07/30/03         00
    0436372189                           05           09/01/03          0
    465078                               N            08/01/18
    0

    8582528          K15/G02             F          113,600.00         ZZ
                                         180        113,174.99          1
                                       5.000            898.34         51
                                       4.750            898.34
    KENT             WA   98031          5            07/22/03         00
    0436409619                           05           09/01/03          0
    021005510346                         O            08/01/18
    0

    8583238          N74/G02             F          256,000.00         ZZ
                                         180        255,071.88          1
                                       5.375          2,074.79         80
                                       5.125          2,074.79
    STANSBURY PARK   UT   84074          2            08/01/03         00
    0436403166                           05           09/06/03          0
    0033062010                           O            08/06/18
    0

    8583730          N74/G02             F           55,000.00         ZZ
                                         180         54,796.37          1
                                       5.125            438.53         55
                                       4.875            438.53
    SUMMERVILLE      SC   29483          5            08/08/03         00
    0436405062                           05           09/13/03          0
    0033086010                           O            08/13/18
    0
1

    8584604          940/G02             F          163,500.00         ZZ
                                         180        162,907.23          1
                                       5.375          1,325.11         67
                                       5.125          1,325.11
    PACOIMA AREA     CA   91331          5            07/22/03         00
    0436374813                           05           09/01/03          0
    40031057                             O            08/01/18
    0

    8585296          E22/G02             F          216,600.00         ZZ
                                         180        216,600.00          1
                                       5.750          1,798.67         95
                                       5.500          1,798.67
    MERIDIAN         ID   83642          2            08/13/03         01
    0417808979                           03           10/01/03         30
    0417808979                           O            09/01/18
    0

    8585318          E22/G02             F          122,400.00         ZZ
                                         180        122,400.00          1
                                       5.500          1,000.11         80
                                       5.250          1,000.11
    CHARLESTON       SC   29414          1            08/18/03         00
    0418064242                           05           10/01/03          0
    0418064242                           N            09/01/18
    0

    8585336          E22/G02             F          210,000.00         TX
                                         180        210,000.00          1
                                       5.750          1,743.86         70
                                       5.500          1,743.86
    DALLAS           TX   75231          5            08/13/03         00
    0418085270                           05           10/01/03          0
    0418085270                           O            09/01/18
    0

    8585394          E22/G02             F          180,600.00         ZZ
                                         180        180,600.00          1
                                       5.625          1,487.66         70
                                       5.375          1,487.66
    SACRAMENTO       CA   95829          5            08/07/03         00
    0417545431                           05           10/01/03          0
    0417545431                           O            09/01/18
    0
1

    8585402          E22/G02             F          170,783.00         ZZ
                                         180        170,783.00          1
                                       5.125          1,361.69         65
                                       4.875          1,361.69
    TRINIDAD         CO   81082          1            08/18/03         00
    0417593035                           03           10/01/03          0
    0417593035                           O            09/01/18
    0

    8585452          E22/G02             F           99,500.00         ZZ
                                         180         99,500.00          1
                                       5.000            786.84         45
                                       4.750            786.84
    GRASS VALLEY     CA   95945          5            08/07/03         00
    0417771557                           05           10/01/03          0
    0417771557                           O            09/01/18
    0

    8585458          E22/G02             F           57,600.00         TX
                                         180         57,600.00          1
                                       6.250            493.88         80
                                       6.000            493.88
    JACKSONVILLE     TX   75766          5            08/12/03         00
    0417773439                           05           10/01/03          0
    0417773439                           O            09/01/18
    0

    8585512          E22/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
                                       5.625          1,647.46         35
                                       5.375          1,647.46
    MILLSTONE TWP.   NJ   08510          5            08/12/03         00
    0418107793                           05           10/01/03          0
    0418107793                           O            09/01/18
    0

    8585726          E22/G02             F           77,900.00         ZZ
                                         180         77,900.00          1
                                       6.375            673.25         95
                                       6.125            673.25
    NETTLETON        MS   38858          5            08/12/03         01
    0417930989                           05           10/01/03         30
    0417930989                           O            09/01/18
    0
1

    8585736          E22/G02             F          174,000.00         ZZ
                                         180        174,000.00          1
                                       6.000          1,468.31         65
                                       5.750          1,468.31
    MERRIMACK        NH   03054          5            08/13/03         00
    0418154225                           05           10/01/03          0
    0418154225                           O            09/01/18
    0

    8585846          E22/G02             F           95,000.00         ZZ
                                         180         95,000.00          1
                                       5.250            763.68         56
                                       5.000            763.68
    GORHAM           ME   04038          5            08/12/03         00
    0417624590                           05           10/01/03          0
    0417624590                           O            09/01/18
    0

    8585856          E22/G02             F           51,000.00         ZZ
                                         180         51,000.00          1
                                       5.875            426.93         79
                                       5.625            426.93
    BARTOW           FL   33830          5            08/13/03         00
    0417642535                           05           10/01/03          0
    0417642535                           O            09/01/18
    0

    8585860          E22/G02             F          387,600.00         ZZ
                                         180        387,600.00          1
                                       5.625          3,192.78         85
                                       5.375          3,192.78
    ROXBURY TWP.     NJ   07852          5            08/13/03         04
    0417675220                           05           10/01/03          6
    0417675220                           O            09/01/18
    0

    8585874          E22/G02             F           83,600.00         ZZ
                                         180         83,600.00          1
                                       6.000            705.46         91
                                       5.750            705.46
    HIGHLAND SPRING  VA   23075          5            08/12/03         01
    0417709193                           05           10/01/03         25
    0417709193                           O            09/01/18
    0
1

    8585932          964/G02             F          300,000.00         ZZ
                                         180        300,000.00          1
                                       4.750          2,333.50         64
                                       4.500          2,333.50
    ADDISON          IL   60101          5            08/04/03         00
    0436365837                           05           10/01/03          0
    446939                               O            09/01/18
    0

    8585988          144/144             F           98,000.00         ZZ
                                         180         97,280.33          1
                                       5.250            787.80         31
                                       5.000            787.80
    MIDDLETOWN       NY   10940          2            06/30/03         00
    160729608000000                      05           08/01/03          0
    160729608                            O            07/01/18
    0

    8586004          964/G02             F          183,000.00         ZZ
                                         180        182,329.53          1
                                       5.250          1,471.10         79
                                       5.000          1,471.10
    PHOENIX          AZ   85021          5            07/24/03         00
    0436439780                           05           09/01/03          0
    429098                               O            08/01/18
    0

    8586092          964/G02             F          242,600.00         ZZ
                                         180        241,720.46          1
                                       5.375          1,966.19         40
                                       5.125          1,966.19
    FALLBROOK        CA   92028          2            07/23/03         00
    0436392419                           05           09/01/03          0
    438334                               O            08/01/18
    0

    8586100          N74/G02             F          248,000.00         ZZ
                                         180        247,119.65          1
                                       5.625          2,042.85         79
                                       5.375          2,042.85
    MANASSAS         VA   20112          5            08/08/03         00
    0436398929                           03           09/13/03          0
    0033084010                           O            08/13/18
    0
1

    8586102          964/G02             F          158,000.00         ZZ
                                         180        158,000.00          1
                                       4.875          1,239.19         65
                                       4.625          1,239.19
    VACAVILLE        CA   95688          2            08/03/03         00
    0436392393                           05           10/01/03          0
    469095                               O            09/01/18
    0

    8586114          964/G02             F          159,000.00         ZZ
                                         180        158,405.14          2
                                       5.000          1,257.36         43
                                       4.750          1,257.36
    OAKLAND          CA   94602          5            07/29/03         00
    0436393110                           05           09/01/03          0
    452903                               O            08/01/18
    0

    8586128          964/G02             F          201,000.00         ZZ
                                         180        200,224.18          1
                                       4.625          1,550.51         35
                                       4.375          1,550.51
    SAN LEANDRO      CA   94577          2            07/22/03         00
    0436392708                           05           09/01/03          0
    459916                               O            08/01/18
    0

    8586130          964/G02             F          167,000.00         ZZ
                                         180        166,348.71          1
                                       4.500          1,277.54         39
                                       4.250          1,277.54
    HINSDALE         IL   60521          2            07/31/03         00
    0436386601                           05           09/01/03          0
    456046                               O            08/01/18
    0

    8586160          964/G02             F          275,000.00         ZZ
                                         180        273,960.37          1
                                       4.875          2,156.82         50
                                       4.625          2,156.82
    WALNUT CREEK     CA   94596          5            07/28/03         00
    0436393300                           05           09/01/03          0
    472922                               O            08/01/18
    0
1

    8586166          W08/G02             F           83,310.00         ZZ
                                         180         83,310.00          1
                                       5.375            675.20         66
                                       5.125            675.20
    MIAMI            FL   33174          2            08/08/03         00
    0436484489                           01           10/01/03          0
    03345003MG                           O            09/01/18
    0

    8586182          964/G02             F          189,000.00         ZZ
                                         180        188,255.27          1
                                       4.375          1,433.79         57
                                       4.125          1,433.79
    WEST COVINA      CA   91791          2            07/23/03         00
    0436386973                           05           09/01/03          0
    473021                               O            08/01/18
    0

    8586194          964/G02             F          228,000.00         ZZ
                                         180        227,110.81          1
                                       4.500          1,744.19         43
                                       4.250          1,744.19
    CASTRO VALLEY    CA   94546          2            07/14/03         00
    0436385850                           05           09/01/03          0
    463842                               O            08/01/18
    0

    8586282          964/G02             F          230,000.00         ZZ
                                         180        229,139.50          1
                                       5.000          1,818.83         48
                                       4.750          1,818.83
    SAN JOSE         CA   95127          5            07/25/03         00
    0436381818                           05           09/01/03          0
    453422                               O            08/01/18
    0

    8586286          964/G02             F          310,000.00         ZZ
                                         180        308,840.21          1
                                       5.000          2,451.46         60
                                       4.750          2,451.46
    SAN FRANCISCO    CA   94116          5            07/24/03         00
    0436383772                           05           09/01/03          0
    483664                               O            08/01/18
    0
1

    8586288          964/G02             F          322,700.00         ZZ
                                         180        321,428.44          1
                                       4.375          2,448.07         36
                                       4.125          2,448.07
    POINT REYES STA  CA   94956          2            07/17/03         00
    0436439871                           05           09/01/03          0
    445509                               O            08/01/18
    0

    8586298          964/G02             F          300,000.00         ZZ
                                         180        298,865.86          1
                                       4.875          2,352.89         60
                                       4.625          2,352.89
    SAN FRANCISCO    CA   94112          2            07/14/03         00
    0436396360                           05           09/01/03          0
    456996                               O            08/01/18
    0

    8586590          W39/G02             F           76,000.00         ZZ
                                         180         75,212.05          2
                                       6.000            641.34         39
                                       5.750            641.34
    EULESS           TX   76040          2            05/28/03         00
    0436476188                           05           07/01/03          0
    PNI33817                             N            06/01/18
    0

    8586600          E82/G02             F          144,900.00         ZZ
                                         180        144,900.00          1
                                       5.375          1,174.36         77
                                       5.125          1,174.36
    MORENO VALLEY    CA   92553          2            08/13/03         00
    0400877585                           05           10/01/03          0
    0400877585                           O            09/01/18
    0

    8586682          E82/G02             F          165,200.00         ZZ
                                         180        165,200.00          1
                                       5.125          1,317.17         45
                                       4.875          1,317.17
    QUEEN CREEK      AZ   85242          2            08/13/03         00
    0400870283                           05           10/01/03          0
    0400870283                           O            09/01/18
    0
1

    8586734          Y23/G02             F          288,000.00         TX
                                         180        288,000.00          1
                                       5.875          2,410.90         80
                                       5.625          2,410.90
    BEAUMONT         TX   77706          5            08/13/03         00
    0436486732                           05           10/01/03          0
    1000246776                           O            09/01/18
    0

    8586910          E82/G02             F           77,600.00         ZZ
                                         180         77,600.00          4
                                       6.000            654.83         39
                                       5.750            654.83
    WESTMINSTER      CO   80030          2            08/12/03         00
    0400878203                           05           10/01/03          0
    0400878203                           N            09/01/18
    0

    8587036          N74/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       6.000            843.86         74
                                       5.750            843.86
    THAXTON          VA   24174          5            08/12/03         00
    0436419261                           05           10/01/03          0
    0033105010                           O            09/01/18
    0

    8587080          E82/G02             F           95,000.00         ZZ
                                         180         95,000.00          1
                                       5.250            763.68         82
                                       5.000            763.68
    ARNOLD           MO   63010          2            08/12/03         10
    0400875225                           05           10/01/03          6
    0400875225                           O            09/01/18
    0

    8587146          144/144             F          650,000.00         ZZ
                                         180        642,859.43          1
                                       5.375          5,268.03         73
                                       5.125          5,268.03
    KINGSTON         NY   12401          5            05/29/03         00
    160725663                            05           07/01/03          0
    160725663                            O            06/01/18
    0
1

    8587226          N74/G02             F           68,000.00         ZZ
                                         180         68,000.00          1
                                       6.000            573.82         80
                                       5.750            573.82
    KANAB            UT   84741          5            08/08/03         00
    0436398945                           05           10/01/03          0
    0033085010                           O            09/01/18
    0

    8588564          S11/G02             F          637,500.00         ZZ
                                         180        635,236.99          1
                                       5.625          5,251.29         75
                                       5.375          5,251.29
    VISTA            CA   92084          5            07/15/03         00
    0436424691                           05           09/01/03          0
    11400098                             O            08/01/18
    0

    8588844          K15/G02             F          103,900.00         ZZ
                                         180        103,531.17          1
                                       5.625            855.86         95
                                       5.375            855.86
    INDIANAPOLIS     IN   46228          5            07/26/03         41
    0436419501                           05           09/01/03         25
    027605511098                         O            08/01/18
    0

    8588880          K15/G02             F          145,600.00         TX
                                         180        145,072.13          1
                                       5.375          1,180.04         80
                                       5.125          1,180.04
    HOUSTON          TX   77080          5            07/08/03         00
    0436425995                           05           09/01/03          0
    006005509734                         O            08/01/18
    0

    8588916          K15/G02             F          184,000.00         ZZ
                                         180        184,000.00          2
                                       5.500          1,503.43         74
                                       5.250          1,503.43
    COLCHESTER       VT   05446          5            08/12/03         00
    0436424451                           05           10/01/03          0
    037105510512                         O            09/01/18
    0
1

    8589918          T44/G02             F          149,000.00         ZZ
                                         180        149,000.00          1
                                       5.125          1,188.01         75
                                       4.875          1,188.01
    YUBA CITY        CA   95991          2            08/06/03         00
    0436433874                           05           10/01/03          0
    1078860                              O            09/01/18
    0

    8590104          T23/G02             F           72,000.00         ZZ
                                         180         72,000.00          1
                                       6.500            627.20         63
                                       6.250            627.20
    NEWARK           OH   43055          5            08/18/03         00
    0436398218                           05           10/01/03          0
    6736                                 O            09/01/18
    0

    8590130          X78/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       6.125            680.50         80
                                       5.875            680.50
    STONE MOUNTAIN   GA   30083          1            08/15/03         00
    0436438089                           09           10/01/03          0
    990581                               N            09/01/18
    0

    8590168          X78/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       6.125            680.50         80
                                       5.875            680.50
    STONE MOUNTAIN   GA   30083          1            08/15/03         00
    0436444079                           09           10/01/03          0
    990582                               N            09/01/18
    0

    8590382          E82/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       5.875            837.12         30
                                       5.625            837.12
    BILLERICA        MA   01821          5            08/14/03         00
    0400886362                           05           10/01/03          0
    0400886362                           O            09/01/18
    0
1

    8590392          E82/G02             F           70,150.00         ZZ
                                         180         70,150.00          1
                                       5.875            587.24         34
                                       5.625            587.24
    STAMFORD         CT   06902          2            08/15/03         00
    0400867768                           01           10/01/03          0
    0400867768                           N            09/01/18
    0

    8590468          E22/G02             F          135,000.00         ZZ
                                         180        135,000.00          3
                                       6.250          1,157.52         90
                                       6.000          1,157.52
    STANARDSVILLE    VA   22973          1            08/19/03         01
    0417410552                           05           10/01/03         12
    0417410552                           N            09/01/18
    0

    8590490          E22/G02             F           99,500.00         ZZ
                                         180         99,500.00          1
                                       5.250            799.86         24
                                       5.000            799.86
    CLARKSVILLE      MD   21029          2            08/14/03         00
    0417547189                           05           10/01/03          0
    0417547189                           O            09/01/18
    0

    8590504          E22/G02             F          136,000.00         ZZ
                                         180        136,000.00          1
                                       5.375          1,102.23         43
                                       5.125          1,102.23
    GRAND LAKE       CO   80447          2            08/19/03         00
    0417570363                           01           10/01/03          0
    0417570363                           N            09/01/18
    0

    8590566          E22/G02             F          151,000.00         ZZ
                                         180        151,000.00          1
                                       5.375          1,223.80         76
                                       5.125          1,223.80
    MEMPHIS          TN   38119          2            08/14/03         00
    0417638525                           05           10/01/03          0
    0417638525                           O            09/01/18
    0
1

    8590782          E22/G02             F          150,000.00         TX
                                         180        150,000.00          1
                                       5.375          1,215.70         70
                                       5.125          1,215.70
    SUGAR LAND       TX   77478          5            08/14/03         00
    0418043709                           03           10/01/03          0
    0418043709                           O            09/01/18
    0

    8590862          E22/G02             F           42,650.00         ZZ
                                         120         42,650.00          1
                                       5.875            470.83         72
                                       5.625            470.83
    NASHVILLE        TN   37218          5            08/18/03         00
    0417922812                           05           10/01/03          0
    0417922812                           N            09/01/13
    0

    8590910          952/G02             F          202,500.00         ZZ
                                         180        202,500.00          1
                                       5.750          1,681.58         75
                                       5.500          1,681.58
    UNION            NJ   07083          5            08/05/03         00
    0436476618                           05           10/01/03          0
    03001576                             O            09/01/18
    0

    8591134          E22/G02             F           64,000.00         TX
                                         180         64,000.00          1
                                       5.875            535.76         80
                                       5.625            535.76
    GRANITE SHOALS   TX   78654          5            08/14/03         00
    0418067583                           03           10/01/03          0
    0418067583                           O            09/01/18
    0

    8591148          E22/G02             F          317,000.00         TX
                                         180        317,000.00          1
                                       5.500          2,590.15         71
                                       5.250          2,590.15
    HOUSTON          TX   77056          5            08/14/03         00
    0418092383                           03           10/01/03          0
    0418092383                           O            09/01/18
    0
1

    8591180          E22/G02             F          211,000.00         TX
                                         180        211,000.00          1
                                       5.625          1,738.07         40
                                       5.375          1,738.07
    DALLAS           TX   75218          5            08/14/03         00
    0417959616                           05           10/01/03          0
    0417959616                           O            09/01/18
    0

    8591990          X89/G01             F          150,000.00         ZZ
                                         180        150,000.00          1
                                       5.250          1,205.82         40
                                       5.000          1,205.82
    MONROE           WA   98272          2            08/05/03         00
    0436492532                           05           10/01/03          0
    2014738                              O            09/01/18
    0

    8592020          964/G02             F          274,134.00         ZZ
                                         180        274,134.00          1
                                       5.625          2,258.13         53
                                       5.375          2,258.13
    SAN FRANCISCO    CA   94112          2            08/01/03         00
    0436399141                           05           10/01/03          0
    472662                               O            09/01/18
    0

    8592508          940/G02             F          159,054.00         ZZ
                                         180        159,054.00          1
                                       5.875          1,331.47         74
                                       5.625          1,331.47
    POMONA           CA   91767          5            08/08/03         00
    0436432256                           05           10/01/03          0
    40031124                             O            09/01/18
    0

    8592516          N74/G02             F           78,225.03         ZZ
                                         180         77,944.40          1
                                       5.500            639.16         69
                                       5.250            639.16
    SUMTER           SC   29154          2            08/12/03         00
    0436420095                           05           09/18/03          0
    0033108010                           O            08/18/18
    0
1

    8592616          964/G02             F          215,000.00         ZZ
                                         180        215,000.00          1
                                       4.625          1,658.51         53
                                       4.375          1,658.51
    EL CERRITO       CA   94530          2            08/05/03         00
    0436399265                           05           10/01/03          0
    457966                               O            09/01/18
    0

    8592728          964/G02             F          240,000.00         ZZ
                                         180        240,000.00          1
                                       4.875          1,882.32         31
                                       4.625          1,882.32
    WALNUT CREEK     CA   94598          2            07/30/03         00
    0436399257                           05           10/01/03          0
    469492                               O            09/01/18
    0

    8592808          T23/G02             F           88,000.00         ZZ
                                         120         88,000.00          1
                                       6.000            976.98         59
                                       5.750            976.98
    PITTSBURGH       PA   15218          2            08/18/03         00
    0436432389                           05           10/01/03          0
    6755                                 O            09/01/13
    0

    8593072          U42/G02             F          373,300.00         ZZ
                                         180        373,300.00          1
                                       5.750          3,099.92         75
                                       5.500          3,099.92
    FORT WORTH       TX   76109          2            08/12/03         00
    0436435713                           05           10/01/03          0
    33300858                             O            09/01/18
    0

    8593198          964/G02             F          295,000.00         ZZ
                                         180        295,000.00          1
                                       4.500          2,256.73         13
                                       4.250          2,256.73
    HILLSBOROYGH     CA   94010          5            07/30/03         00
    0436397822                           05           10/01/03          0
    463298                               O            09/01/18
    0
1

    8594130          408/G02             F           76,000.00         ZZ
                                         180         75,730.21          2
                                       5.625            626.04         52
                                       5.375            626.04
    KANSAS CITY      MO   64111          2            08/07/03         00
    0436432330                           05           09/01/03          0
    703038512                            N            08/01/18
    0

    8594304          N74/G02             F           88,000.00         ZZ
                                         180         88,000.00          1
                                       5.375            713.21         63
                                       5.125            713.21
    ALEXANDRIA       VA   22304          2            08/15/03         00
    0436419493                           01           10/01/03          0
    0033107010                           O            09/01/18
    0

    8594374          742/G02             F           42,000.00         ZZ
                                         180         42,000.00          2
                                       6.000            354.42         63
                                       5.750            354.42
    BUFFALO          NY   14210          5            08/06/03         00
    0436452957                           05           10/01/03          0
    6718316                              N            09/01/18
    0

    8595100          964/G02             F          180,000.00         ZZ
                                         180        180,000.00          1
                                       4.250          1,354.10         58
                                       4.000          1,354.10
    WESTMINSTER      CA   92683          5            07/28/03         00
    0436398275                           05           10/01/03          0
    466299                               O            09/01/18
    0

    8595106          964/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
                                       4.750          1,555.67         34
                                       4.500          1,555.67
    BERKELEY         CA   94702          5            08/01/03         00
    0436399398                           05           10/01/03          0
    466428                               O            09/01/18
    0
1

    8595180          144/144             F          300,000.00         ZZ
                                         180        297,842.57          1
                                       5.500          2,451.25         73
                                       5.250          2,451.25
    OSSINING         NY   10562          5            06/13/03         00
    160727818                            05           08/01/03          0
    160727818                            O            07/01/18
    0

    8595288          K15/G02             F           66,300.00         ZZ
                                         180         66,300.00          1
                                       6.625            582.11         80
                                       6.375            582.11
    NASHVILLE        TN   37221          5            08/11/03         00
    0436427355                           01           10/01/03          0
    003805510851                         O            09/01/18
    0

    8595446          E82/G01             F          243,300.00         ZZ
                                         180        243,300.00          1
                                       5.000          1,924.00         28
                                       4.750          1,924.00
    KILMARNOCK       VA   22482          2            08/18/03         00
    0400859716                           03           10/01/03          0
    0400859716                           O            09/01/18
    0

    8595488          E82/G02             F          120,000.00         ZZ
                                         180        120,000.00          1
                                       5.375            972.56         36
                                       5.125            972.56
    CARSON           CA   90745          2            08/15/03         00
    0400878096                           05           10/01/03          0
    0400878096                           O            09/01/18
    0

    8595506          E82/G02             F           62,000.00         ZZ
                                         180         62,000.00          1
                                       5.250            498.40         61
                                       5.000            498.40
    LEXINGTON        SC   29072          2            08/15/03         00
    0400864559                           05           10/01/03          0
    0400864559                           O            09/01/18
    0
1

    8595516          E82/G02             F           92,100.00         ZZ
                                         180         92,100.00          1
                                       5.500            752.53         76
                                       5.250            752.53
    MESA             AZ   85206          2            08/12/03         00
    0400875217                           03           10/01/03          0
    0400875217                           N            09/01/18
    0

    8595522          E82/G02             F           88,000.00         ZZ
                                         180         88,000.00          1
                                       5.500            719.03         93
                                       5.250            719.03
    PENSACOLA        FL   32504          2            08/15/03         10
    0400874574                           05           10/01/03         25
    0400874574                           O            09/01/18
    0

    8595540          E82/G02             F           48,500.00         ZZ
                                         180         48,500.00          1
                                       6.000            409.27         21
                                       5.750            409.27
    GLENDORA         CA   91740          2            08/15/03         00
    0400886115                           05           10/01/03          0
    0400886115                           O            09/01/18
    0

    8595580          E82/G02             F          200,000.00         ZZ
                                         180        200,000.00          3
                                       5.375          1,620.93         71
                                       5.125          1,620.93
    BELMAR           NJ   07719          2            08/20/03         00
    0400865689                           05           10/01/03          0
    0400865689                           N            09/01/18
    0

    8595582          E82/G02             F          109,300.00         ZZ
                                         180        109,300.00          1
                                       5.375            885.84         71
                                       5.125            885.84
    BALDWIN PARK     CA   91706          2            08/15/03         00
    0400887451                           05           10/01/03          0
    0400887451                           O            09/01/18
    0
1

    8595692          W68/G02             F          168,000.00         TX
                                         180        168,000.00          1
                                       5.750          1,395.09         80
                                       5.500          1,395.09
    SAN ANTONIO      TX   78259          5            08/06/03         00
    0436522908                           05           10/01/03          0
    3070182                              O            09/01/18
    0

    8595708          N47/G02             F          282,400.00         ZZ
                                         180        282,400.00          1
                                       5.625          2,326.22         80
                                       5.375          2,326.22
    HOLLISTER        CA   95023          2            08/01/03         00
    0436482277                           05           10/01/03          0
    20509185                             N            09/01/18
    0

    8595752          975/G02             F          300,000.00         ZZ
                                         180        298,912.35          1
                                       5.375          2,431.40         75
                                       5.125          2,431.40
    RANCHO CUCAMONG  CA   91739          5            07/07/03         00
    0436425342                           05           09/01/03          0
    2033476                              O            08/01/18
    0

    8595778          975/G02             F          280,000.00         ZZ
                                         180        280,000.00          3
                                       5.375          2,269.30         66
                                       5.125          2,269.30
    EL MONTE         CA   91732          5            08/01/03         00
    0436431027                           05           10/01/03          0
    2033571                              O            09/01/18
    0

    8595978          U05/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       6.000            675.09         64
                                       5.750            675.09
    OKLAHOMA CITY    OK   73139          5            08/08/03         00
    0436426761                           05           10/01/03          0
    3000297246                           O            09/01/18
    0
1

    8596046          U05/G02             F          272,000.00         ZZ
                                         180        272,000.00          1
                                       5.500          2,222.47         78
                                       5.250          2,222.47
    GRANITE BAY      CA   95746          2            08/08/03         00
    0436431282                           05           10/01/03          0
    3395161                              O            09/01/18
    0

    8596200          642/G02             F           87,875.00         ZZ
                                         180         87,875.00          1
                                       6.000            741.54         95
                                       5.750            741.54
    CHOCTAW          OK   73020          5            08/14/03         11
    0436439673                           05           10/01/03         25
    07254703                             O            09/01/18
    0

    8597042          T08/G02             F          500,000.00         ZZ
                                         180        498,070.09          1
                                       4.625          3,856.99         42
                                       4.375          3,856.99
    RICHMOND         VA   23229          5            07/22/03         00
    0436418016                           05           09/01/03          0
    31070052                             O            08/01/18
    0

    8597054          T08/G02             F          410,100.00         ZZ
                                         180        408,549.63          1
                                       4.875          3,216.40         76
                                       4.625          3,216.40
    CLARKSVILLE      MD   21029          2            07/25/03         00
    0436418073                           03           09/01/03          0
    31260303                             O            08/01/18
    0

    8597184          758/G02             F          451,350.00         ZZ
                                         180        451,350.00          1
                                       5.375          3,658.04         79
                                       5.125          3,658.04
    WILLIS           TX   77318          5            08/11/03         00
    0436440457                           03           10/01/03          0
    331211                               O            09/01/18
    0
1

    8597282          E22/G02             F          247,500.00         TX
                                         180        247,500.00          1
                                       5.000          1,957.21         80
                                       4.750          1,957.21
    SPRING           TX   77379          5            08/15/03         00
    0417614930                           03           10/01/03          0
    0417614930                           O            09/01/18
    0

    8597372          E22/G02             F           96,200.00         ZZ
                                         180         96,200.00          1
                                       5.750            798.85         90
                                       5.500            798.85
    LAWTON           OK   73505          2            08/15/03         01
    0417748688                           05           10/01/03         12
    0417748688                           O            09/01/18
    0

    8597690          E22/G02             F          145,500.00         ZZ
                                         180        145,500.00          1
                                       5.500          1,188.86         32
                                       5.250          1,188.86
    BRANCHBURG TWP.  NJ   08853          2            08/15/03         00
    0417945300                           05           10/01/03          0
    0417945300                           O            09/01/18
    0

    8597750          E22/G02             F           93,100.00         ZZ
                                         180         93,100.00          1
                                       6.000            785.63         95
                                       5.750            785.63
    MONTGOMERY       AL   36116          2            08/15/03         11
    0417981263                           05           10/01/03         25
    0417981263                           O            09/01/18
    0

    8597754          E22/G02             F          130,250.00         TX
                                         180        130,250.00          1
                                       5.250          1,047.05         71
                                       5.000          1,047.05
    AUSTIN           TX   78749          5            08/15/03         00
    0417981651                           03           10/01/03          0
    0417981651                           O            09/01/18
    0
1

    8597778          E22/G02             F           84,500.00         ZZ
                                         180         84,500.00          1
                                       5.375            684.84         55
                                       5.125            684.84
    METAIRIE         LA   70003          2            08/15/03         00
    0417987302                           05           10/01/03          0
    0417987302                           O            09/01/18
    0

    8597790          E22/G02             F          312,000.00         ZZ
                                         180        312,000.00          1
                                       5.250          2,508.10         80
                                       5.000          2,508.10
    HILLSVILLE       VA   24343          5            08/15/03         00
    0417996469                           05           10/01/03          0
    0417996469                           O            09/01/18
    0

    8598076          E22/G02             F          261,000.00         ZZ
                                         180        261,000.00          1
                                       6.375          2,255.69         89
                                       6.125          2,255.69
    MIRAMAR          FL   33027          1            08/20/03         01
    0418229043                           03           10/01/03         30
    0418229043                           O            09/01/18
    0

    8598170          W58/G02             F          175,000.00         ZZ
                                         180        175,000.00          1
                                       6.125          1,488.59         80
                                       5.875          1,488.59
    CHINO HILLS      CA   91709          5            08/06/03         00
    0436432157                           01           10/01/03          0
    88298                                O            09/01/18
    0

    8598794          U35/G02             F           59,000.00         ZZ
                                         180         59,000.00          1
                                       6.500            513.95         67
                                       6.250            513.95
    SALEM            OH   44460          5            08/20/03         00
    0436474449                           05           10/01/03          0
    12926231                             O            09/01/18
    0
1

    8598962          K15/G02             F          116,000.00         ZZ
                                         180        116,000.00          1
                                       5.750            963.28         80
                                       5.500            963.28
    GREECE           NY   14626          5            08/06/03         00
    0436431647                           05           10/01/03          0
    027205519393                         O            09/01/18
    0

    8599088          P27/G02             F          123,750.00         ZZ
                                         180        123,750.00          1
                                       5.625          1,019.37         75
                                       5.375          1,019.37
    BEAVERTON        OR   97005          5            08/15/03         00
    0436437172                           05           10/01/03          0
    2104955321                           O            09/01/18
    0

    8599106          X52/G02             F          140,000.00         T
                                         180        140,000.00          1
                                       6.250          1,200.39         80
                                       6.000          1,200.39
    MARATHON         FL   33050          1            08/15/03         00
    0436447809                           01           10/01/03          0
    089486477                            O            09/01/18
    0

    8599232          964/G02             F          267,000.00         ZZ
                                         180        265,018.70          1
                                       5.125          2,128.85         67
                                       4.875          2,128.85
    FREMONT          CA   94538          2            06/20/03         00
    0436419394                           05           08/01/03          0
    429095                               O            07/01/18
    0

    8599290          K15/G02             F          119,000.00         ZZ
                                         180        118,554.79          1
                                       5.000            941.04         41
                                       4.750            941.04
    SOUTHBURY        CT   06488          5            07/26/03         00
    0436431761                           05           09/01/03          0
    037405511289                         O            08/01/18
    0
1

    8599374          K15/G02             F          147,100.00         ZZ
                                         180        147,100.00          1
                                       5.875          1,231.40         80
                                       5.625          1,231.40
    HOUSTON          TX   77059          5            08/01/03         00
    0436476766                           03           10/01/03          0
    006005510151                         O            09/01/18
    0

    8602182          E22/G02             F          110,000.00         TX
                                         180        110,000.00          1
                                       5.625            906.10         51
                                       5.375            906.10
    IRVING           TX   75063          5            08/14/03         00
    0417842903                           03           10/01/03          0
    0417842903                           O            09/01/18
    0

    8602186          E22/G02             F           84,000.00         ZZ
                                         180         84,000.00          1
                                       5.375            680.79         63
                                       5.125            680.79
    SPOKANE          WA   99208          2            08/11/03         00
    0417854882                           05           10/01/03          0
    0417854882                           N            09/01/18
    0

    8602228          E22/G02             F          126,000.00         ZZ
                                         180        126,000.00          1
                                       5.750          1,046.32         90
                                       5.500          1,046.32
    FALKVILLE        AL   35622          1            08/21/03         01
    0418088605                           05           10/01/03         25
    0418088605                           O            09/01/18
    0

    8602244          E22/G02             F          392,000.00         ZZ
                                         180        392,000.00          1
                                       5.250          3,151.20         81
                                       5.000          3,151.20
    DOVER TWP.       NJ   08755          1            08/21/03         04
    0417914207                           05           10/01/03          6
    0417914207                           O            09/01/18
    0
1

    8602264          E22/G02             F           71,000.00         ZZ
                                         180         71,000.00          1
                                       5.500            580.13         57
                                       5.250            580.13
    KALAMAZOO        MI   49001          2            08/21/03         00
    0417951241                           05           10/01/03          0
    0417951241                           N            09/01/18
    0

    8602372          E22/G02             F           54,000.00         ZZ
                                         180         53,607.58          1
                                       5.375            437.65         57
                                       5.125            437.65
    DAVENPORT        FL   33837          2            06/27/03         00
    0417168960                           05           08/01/03          0
    0417168960                           O            07/01/18
    0

    8602654          E82/G02             F           86,100.00         T
                                         180         86,100.00          1
                                       5.750            714.98         58
                                       5.500            714.98
    ORLANDO          FL   32819          2            08/22/03         00
    0400885877                           03           10/01/03          0
    0400885877                           O            09/01/18
    0

    8602656          E82/G02             F          212,700.00         ZZ
                                         180        212,700.00          1
                                       5.250          1,709.85         79
                                       5.000          1,709.85
    KALISPELL        MT   59901          2            08/15/03         00
    0400865762                           05           10/01/03          0
    0400865762                           O            09/01/18
    0

    8602832          M12/G02             F           45,000.00         ZZ
                                         180         45,000.00          1
                                       6.000            379.74         58
                                       5.750            379.74
    TUCSON           AZ   85713          2            08/19/03         00
    0436472146                           05           10/01/03          0
    R1575                                N            09/01/18
    0
1

    8602838          M12/G02             F           87,500.00         ZZ
                                         180         87,500.00          1
                                       5.875            732.48         70
                                       5.625            732.48
    TUCSON           AZ   85745          1            08/15/03         00
    0436427124                           03           10/01/03          0
    R1578                                N            09/01/18
    0

    8602898          642/G02             F          103,000.00         ZZ
                                         180        103,000.00          1
                                       5.875            862.23         60
                                       5.625            862.23
    CRESTWOOD        KY   40014          5            08/18/03         00
    0436439582                           05           10/01/03          0
    07268403                             O            09/01/18
    0

    8602912          K15/G02             F          112,200.00         ZZ
                                         180        111,826.37          1
                                       6.375            969.69         85
                                       6.125            969.69
    ORLANDO          FL   32824          5            07/26/03         41
    0436431613                           03           09/01/03          6
    010405512058                         O            08/01/18
    0

    8602932          K15/G02             F          126,300.00         ZZ
                                         180        126,300.00          1
                                       6.375          1,091.55         95
                                       6.125          1,091.55
    GREENTOWN        OH   44630          2            08/07/03         41
    0436431217                           05           10/01/03         25
    028705510889                         O            09/01/18
    0

    8602984          N74/G02             F          108,300.00         ZZ
                                         180        107,907.36          1
                                       5.375            877.73         95
                                       5.125            877.73
    CONWAY           AR   72032          2            08/15/03         10
    0436444020                           05           09/20/03         30
    0033129010                           O            08/20/18
    0
1

    8603006          N74/G02             F           54,150.00         ZZ
                                         180         53,961.81          1
                                       5.875            453.30         74
                                       5.625            453.30
    HIGH POINT       NC   27260          5            08/15/03         00
    0436443857                           05           09/20/03          0
    2200001276                           O            08/20/18
    0

    8603090          Q30/G02             F           90,500.00         ZZ
                                         180         90,185.47          1
                                       5.875            757.60         75
                                       5.625            757.60
    CHESTER          CT   06412          2            07/25/03         00
    0436438071                           05           09/01/03          0
    21023896                             N            08/01/18
    0

    8603332          E84/G02             F          208,000.00         ZZ
                                         180        207,245.90          1
                                       5.375          1,685.77         80
                                       5.125          1,685.77
    BEL AIR          MD   21014          2            06/30/03         00
    0436426118                           05           09/01/03          0
    69932061                             O            08/01/18
    0

    8603368          W35/G02             F          174,500.00         ZZ
                                         180        174,500.00          1
                                       5.500          1,425.81         90
                                       5.250          1,425.81
    TROUTDALE        OR   97060          2            08/13/03         10
    0436435424                           05           10/01/03         25
    22452                                O            09/01/18
    0

    8603572          758/G02             F          322,700.00         ZZ
                                         180        322,700.00          1
                                       5.625          2,658.18         79
                                       5.375          2,658.18
    MILLIKEN         CO   80543          5            08/15/03         00
    0436436372                           05           10/01/03          0
    613281                               O            09/01/18
    0
1

    8603578          E84/G02             F           75,000.00         ZZ
                                         180         74,449.23          1
                                       5.250            602.91         17
                                       5.000            602.91
    PAGOSA SPRINGS   CO   81147          5            06/23/03         00
    0436517239                           05           08/01/03          0
    32814606                             O            07/01/18
    0

    8603892          E84/G02             F           56,000.00         ZZ
                                         180         55,807.44          2
                                       6.000            472.56         80
                                       5.750            472.56
    N CHARLESTON     SC   29418          1            08/01/03         00
    0436424626                           05           09/01/03          0
    47114735                             N            08/01/18
    0

    8604016          E84/G02             F          218,000.00         ZZ
                                         180        217,184.40          1
                                       5.000          1,723.93         67
                                       4.750          1,723.93
    LAUDERDALE BY T  FL   33062          2            07/17/03         00
    0436425185                           05           09/01/03          0
    1101072730                           O            08/01/18
    0

    8604096          X51/G02             F          520,000.00         ZZ
                                         180        520,000.00          1
                                       5.590          4,273.71         58
                                       5.340          4,273.71
    MISSION VIEJO    CA   92694          2            08/12/03         00
    0436425540                           05           10/01/03          0
    0030603011                           O            09/01/18
    0

    8604626          E22/G02             F           44,000.00         ZZ
                                         180         44,000.00          1
                                       5.875            368.33         49
                                       5.625            368.33
    NORMAN           OK   73069          1            08/22/03         00
    0418045449                           05           10/01/03          0
    0418045449                           N            09/01/18
    0
1

    8604638          E22/G02             F          290,000.00         ZZ
                                         180        290,000.00          1
                                       5.750          2,408.19         75
                                       5.500          2,408.19
    SADDLEBROOK      NJ   07663          1            08/22/03         00
    0418071981                           05           10/01/03          0
    0418071981                           O            09/01/18
    0

    8604652          E22/G02             F          173,000.00         TX
                                         180        173,000.00          1
                                       4.875          1,356.83         79
                                       4.625          1,356.83
    LA PORTE         TX   77571          5            08/18/03         00
    0417983871                           03           10/01/03          0
    0417983871                           O            09/01/18
    0

    8604662          E22/G02             F           69,200.00         ZZ
                                         180         69,200.00          1
                                       6.000            583.95         80
                                       5.750            583.95
    GARLAND          TX   75044          1            08/22/03         00
    0417996741                           05           10/01/03          0
    0417996741                           N            09/01/18
    0

    8604702          E22/G02             F          330,000.00         ZZ
                                         180        330,000.00          1
                                       5.375          2,674.54         43
                                       5.125          2,674.54
    SANTA ROSA       CA   95404          2            08/15/03         00
    0418155628                           03           10/01/03          0
    0418155628                           O            09/01/18
    0

    8604732          E22/G02             F          150,000.00         TX
                                         180        150,000.00          1
                                       5.375          1,215.70         40
                                       5.125          1,215.70
    HOUSTON          TX   77005          5            08/19/03         00
    0417850112                           05           10/01/03          0
    0417850112                           O            09/01/18
    0
1

    8604748          E22/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       5.875          1,171.97         62
                                       5.625          1,171.97
    SAN FERNANDO     CA   91340          2            08/14/03         00
    0417882610                           05           10/01/03          0
    0417882610                           O            09/01/18
    0

    8604780          940/G02             F          165,000.00         ZZ
                                         180        165,000.00          1
                                       6.125          1,403.53         58
                                       5.875          1,403.53
    COVINA           CA   91723          2            08/12/03         00
    0436432314                           05           10/01/03          0
    40031105                             N            09/01/18
    0

    8604820          E22/G02             F          121,000.00         ZZ
                                         180        121,000.00          1
                                       5.500            988.67         70
                                       5.250            988.67
    MIRAMAR          FL   33027          2            08/18/03         00
    0418137832                           09           10/01/03          0
    0418137832                           O            09/01/18
    0

    8604848          N74/G02             F          105,440.00         T
                                         180        105,440.00          1
                                       5.875            882.66         69
                                       5.625            882.66
    CAROLINA BEACH   NC   28428          5            08/20/03         00
    0436442388                           05           10/01/03          0
    0033155010                           O            09/01/18
    0

    8604876          E22/G02             F          220,000.00         ZZ
                                         180        220,000.00          1
                                       5.625          1,812.21         80
                                       5.375          1,812.21
    GRANTS PASS      OR   97527          2            08/15/03         00
    0417623068                           05           10/01/03          0
    0417263068                           O            09/01/18
    0
1

    8604906          E22/G02             F          400,000.00         ZZ
                                         180        400,000.00          1
                                       5.500          3,268.33         80
                                       5.250          3,268.33
    HUNTSVILLE       AL   35801          1            08/22/03         00
    0417933660                           05           10/01/03          0
    0417933660                           O            09/01/18
    0

    8604950          E22/G02             F          260,000.00         ZZ
                                         180        260,000.00          2
                                       5.625          2,141.70         63
                                       5.375          2,141.70
    LONG BEACH       CA   90805          1            08/18/03         00
    0418206835                           05           10/01/03          0
    0418206835                           O            09/01/18
    0

    8604972          E22/G02             F          397,000.00         ZZ
                                         120        397,000.00          1
                                       6.125          4,432.48         47
                                       5.875          4,432.48
    CAPE MAY POINT   NJ   08212          5            08/22/03         00
    0418231288                           05           10/01/03          0
    0418231288                           N            09/01/13
    0

    8605046          E22/G02             F          306,000.00         ZZ
                                         180        306,000.00          1
                                       5.500          2,500.28         87
                                       5.250          2,500.28
    WANTAGH          NY   11793          5            08/18/03         04
    0417591070                           05           10/01/03         25
    0417591070                           O            09/01/18
    0

    8605056          E22/G02             F          171,000.00         ZZ
                                         180        171,000.00          1
                                       5.375          1,385.90         69
                                       5.125          1,385.90
    SOUTH KINGSTOWN  RI   02879          5            08/18/03         00
    0417635448                           05           10/01/03          0
    0417635448                           O            09/01/18
    0
1

    8605250          E22/G02             F           88,000.00         TX
                                         180         88,000.00          1
                                       5.875            736.66         80
                                       5.625            736.66
    RED OAK          TX   75154          5            08/18/03         00
    0417819539                           05           10/01/03          0
    0417819539                           O            09/01/18
    0

    8605258          E22/G02             F           96,000.00         TX
                                         180         96,000.00          1
                                       5.500            784.40         69
                                       5.250            784.40
    RICHARDSON       TX   75081          5            08/18/03         00
    0417831898                           05           10/01/03          0
    0417831898                           O            09/01/18
    0

    8605264          X89/G02             F           88,000.00         ZZ
                                         180         88,000.00          1
                                       5.500            719.03         27
                                       5.250            719.03
    SILVERSPRING     MD   20906          2            08/11/03         00
    0436446868                           03           10/01/03          0
    2012936                              O            09/01/18
    0

    8605292          W68/G02             F          236,000.00         TX
                                         180        236,000.00          1
                                       5.250          1,897.15         80
                                       5.000          1,897.15
    HOUSTON          TX   77008          5            08/14/03         00
    0436485288                           05           10/01/03          0
    3072037                              O            09/01/18
    0

    8605302          E82/G02             F          108,600.00         ZZ
                                         180        108,600.00          1
                                       5.125            865.89         57
                                       4.875            865.89
    PHILADELPHIA     PA   19146          2            08/18/03         00
    0400851705                           05           10/01/03          0
    0400851705                           O            09/01/18
    0
1

    8605342          E82/G02             F          121,400.00         ZZ
                                         180        121,400.00          1
                                       5.375            983.91         55
                                       5.125            983.91
    LAS VEGAS        NV   89102          2            08/15/03         00
    0400865978                           05           10/01/03          0
    0400865978                           O            09/01/18
    0

    8605380          940/G02             F          151,500.00         ZZ
                                         180        151,500.00          1
                                       6.125          1,288.70         62
                                       5.875          1,288.70
    SAN DIMAS        CA   91773          5            08/12/03         00
    0436520738                           01           10/01/03          0
    40031040                             O            09/01/18
    0

    8605464          K15/G02             F          132,200.00         ZZ
                                         180        132,200.00          1
                                       5.375          1,071.44         36
                                       5.125          1,071.44
    MARGATE          NJ   08402          5            08/11/03         00
    0436435606                           05           10/01/03          0
    010805520529                         O            09/01/18
    0

    8605602          K15/G02             F           93,100.00         ZZ
                                         180         93,100.00          1
                                       6.375            804.62         95
                                       6.125            804.62
    FAYETTEVILLE     NC   28314          2            08/11/03         41
    0436438949                           05           10/01/03         25
    017105519980                         O            09/01/18
    0

    8605696          W08/G02             F           60,000.00         ZZ
                                         180         60,000.00          1
                                       5.250            482.33         29
                                       5.000            482.33
    MIAMI            FL   33186          5            08/15/03         00
    0436460430                           03           10/01/03          0
    033230MG                             O            09/01/18
    0
1

    8605726          168/168             F          171,000.00         ZZ
                                         180        169,742.20          1
                                       5.500          1,397.21         78
                                       5.250          1,397.21
    CASTLETON        NY   12832          5            06/24/03         00
    0339984457                           05           08/01/03          0
    0339984457                           O            07/01/18
    0

    8605778          G34/G02             F          112,000.00         TX
                                         180        112,000.00          1
                                       5.375            907.72         80
                                       5.125            907.72
    KATY             TX   77494          5            08/11/03         00
    0436454631                           05           10/01/03          0
    47007194                             O            09/01/18
    0

    8605806          G34/G02             F           89,000.00         ZZ
                                         180         89,000.00          1
                                       6.250            763.11         68
                                       6.000            763.11
    COPPELL          TX   75019          5            08/14/03         00
    0436450373                           05           10/01/03          0
    47008265                             N            09/01/18
    0

    8605976          W93/G02             F           89,100.00         ZZ
                                         180         89,100.00          3
                                       6.500            776.16         90
                                       6.250            776.16
    SPOKANE          WA   99207          1            08/04/03         11
    0436439277                           05           10/01/03         20
    63478615                             N            09/01/18
    0

    8605978          W93/G02             F           89,100.00         ZZ
                                         180         89,100.00          3
                                       6.500            776.16         90
                                       6.250            776.16
    SPOKANE          WA   99207          1            08/04/03         11
    0436439210                           05           10/01/03         20
    63478616                             N            09/01/18
    0
1

    8605998          W93/G02             F          264,400.00         ZZ
                                         180        264,400.00          1
                                       5.125          2,108.12         67
                                       4.875          2,108.12
    PARKER           CO   80138          2            08/06/03         00
    0436439095                           05           10/01/03          0
    78488896                             O            09/01/18
    0

    8606086          Q87/G02             F           60,000.00         ZZ
                                         180         60,000.00          1
                                       6.000            506.31         55
                                       5.750            506.31
    CLANTON          AL   35046          2            08/20/03         00
    0436526834                           05           10/01/03          0
    STDO02                               O            09/01/18
    0

    8606100          N47/G02             F          173,000.00         ZZ
                                         180        173,000.00          1
                                       5.250          1,390.71         23
                                       5.000          1,390.71
    MANHATTAN BEACH  CA   90266          2            08/15/03         00
    0436495899                           05           10/01/03          0
    30508320                             O            09/01/18
    0

    8606254          W74/G02             F           51,508.00         ZZ
                                         180         51,508.00          1
                                       6.375            445.16         50
                                       6.125            445.16
    BAKERSFIELD      CA   93304          5            08/14/03         00
    0436471007                           05           10/01/03          0
    03070157                             O            09/01/18
    0

    8606264          P27/G02             F          218,400.00         ZZ
                                         180        218,400.00          1
                                       5.625          1,799.03         80
                                       5.375          1,799.03
    PORTLAND         OR   97217          5            08/18/03         00
    0436439749                           05           10/01/03          0
    7703298148                           O            09/01/18
    0
1

    8606294          K15/G02             F           79,000.00         ZZ
                                         180         79,000.00          1
                                       6.250            677.36         73
                                       6.000            677.36
    HUBBARD          OH   44425          5            08/11/03         00
    0436439624                           05           10/01/03          0
    036905510859                         O            09/01/18
    0

    8606334          K15/G02             F          151,000.00         ZZ
                                         180        151,000.00          4
                                       6.250          1,294.71         56
                                       6.000          1,294.71
    WINOOSKI         VT   05404          5            08/13/03         00
    0436452627                           05           10/01/03          0
    037105511018                         O            09/01/18
    0

    8606460          N74/G02             F           45,000.00         ZZ
                                         120         44,715.97          1
                                       5.375            485.59         34
                                       5.125            485.59
    CHESAPEAKE       VA   23323          5            08/20/03         00
    0436451801                           05           09/25/03          0
    0033166010                           O            08/25/13
    0

    8606576          K15/G02             F          105,000.00         ZZ
                                         180        105,000.00          1
                                       5.750            871.93         56
                                       5.500            871.93
    MARGATE          FL   33068          5            08/18/03         00
    0436460448                           05           10/01/03          0
    9705512478                           O            09/01/18
    0

    8606580          Q30/G02             F           60,000.00         ZZ
                                         180         59,791.47          1
                                       5.875            502.28         55
                                       5.625            502.28
    LAUREL RUN AKA   PA   18702          1            08/01/03         00
    0436563142                           05           09/01/03          0
    21025551                             O            08/01/18
    0
1

    8607086          U05/G02             F          113,500.00         ZZ
                                         180        113,500.00          1
                                       5.500            927.39         66
                                       5.250            927.39
    MODESTO          CA   95351          2            08/11/03         00
    0436447759                           05           10/01/03          0
    3404661                              O            09/01/18
    0

    8607176          E22/G02             F          132,000.00         TX
                                         180        132,000.00          1
                                       6.000          1,113.89         80
                                       5.750          1,113.89
    PALMER           TX   75152          5            08/19/03         00
    0418060596                           05           10/01/03          0
    0418060596                           O            09/01/18
    0

    8607224          E22/G02             F          453,000.00         TX
                                         180        453,000.00          1
                                       5.375          3,671.41         60
                                       5.125          3,671.41
    SAN ANTONIO      TX   78257          5            08/20/03         00
    0418110375                           03           10/01/03          0
    0418110375                           O            09/01/18
    0

    8607390          E22/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       6.125            680.50         80
                                       5.875            680.50
    KISSIMMEE        FL   34743          1            08/25/03         00
    0418189452                           05           10/01/03          0
    0418189452                           N            09/01/18
    0

    8607452          E82/G01             F          247,500.00         ZZ
                                         180        247,500.00          1
                                       5.625          2,038.74         74
                                       5.375          2,038.74
    ARLINGTON        VA   22204          2            08/22/03         00
    0400885307                           05           10/01/03          0
    0400885307                           O            09/01/18
    0
1

    8607542          E22/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       5.750            830.41         80
                                       5.500            830.41
    LUCEDALE         MS   39452          5            08/19/03         00
    0417178373                           05           10/01/03          0
    0417178373                           O            09/01/18
    0

    8607580          E22/G02             F          188,500.00         ZZ
                                         180        188,500.00          1
                                       4.875          1,478.40         69
                                       4.625          1,478.40
    SILVERDALE       WA   98383          2            08/15/03         00
    0417563319                           05           10/01/03          0
    0417563319                           O            09/01/18
    0

    8607588          E22/G02             F          104,000.00         ZZ
                                         180        104,000.00          1
                                       6.250            891.72         80
                                       6.000            891.72
    RIVERDALE        CA   93656          5            08/18/03         00
    0417592243                           05           10/01/03          0
    0417592243                           O            09/01/18
    0

    8607590          E22/G02             F          243,000.00         ZZ
                                         180        243,000.00          1
                                       5.375          1,969.43         49
                                       5.125          1,969.43
    SAN JOSE         CA   95121          2            08/13/03         00
    0417596616                           05           10/01/03          0
    0417596616                           O            09/01/18
    0

    8607600          E22/G02             F          266,500.00         ZZ
                                         180        266,500.00          1
                                       5.750          2,213.04         75
                                       5.500          2,213.04
    VACAVILLE        CA   95687          2            08/18/03         00
    0417614625                           03           10/01/03          0
    0417614625                           O            09/01/18
    0
1

    8607614          E22/G02             F           69,200.00         ZZ
                                         180         69,200.00          2
                                       6.000            583.95         61
                                       5.750            583.95
    MOUNT CLEMENS    MI   48043          5            08/25/03         00
    0417700085                           05           10/01/03          0
    0417700085                           N            09/01/18
    0

    8607636          E22/G02             F           95,500.00         ZZ
                                         180         95,500.00          1
                                       5.000            755.21         77
                                       4.750            755.21
    ALBUQUERQUE      NM   87120          2            08/20/03         00
    0417752458                           05           10/01/03          0
    0417752458                           O            09/01/18
    0

    8607816          E22/G02             F          473,600.00         ZZ
                                         180        473,600.00          1
                                       5.250          3,807.16         80
                                       5.000          3,807.16
    KATY             TX   77494          2            08/20/03         00
    0417840253                           05           10/01/03          0
    0417840253                           O            09/01/18
    0

    8607850          E22/G02             F           65,000.00         ZZ
                                         180         65,000.00          1
                                       5.625            535.43         61
                                       5.375            535.43
    HOUSTON          TX   77064          2            08/20/03         00
    0417882271                           03           10/01/03          0
    0417882271                           O            09/01/18
    0

    8607864          E22/G02             F           73,000.00         ZZ
                                         180         73,000.00          1
                                       5.125            582.04         69
                                       4.875            582.04
    PERRYVILLE       MO   63775          2            08/19/03         00
    0417906443                           05           10/01/03          0
    0417906443                           O            09/01/18
    0
1

    8607880          E22/G02             F           76,000.00         TX
                                         180         76,000.00          1
                                       5.500            620.98         80
                                       5.250            620.98
    HOUSTON          TX   77067          5            08/14/03         00
    0417913811                           03           10/01/03          0
    0417913811                           O            09/01/18
    0

    8607920          E22/G02             F          128,000.00         TX
                                         180        128,000.00          1
                                       5.625          1,054.38         80
                                       5.375          1,054.38
    AUSTIN           TX   78736          5            08/20/03         00
    0417958915                           05           10/01/03          0
    0417958915                           O            09/01/18
    0

    8608566          E22/G02             F           58,000.00         ZZ
                                         180         58,000.00          1
                                       5.250            466.25         57
                                       5.000            466.25
    BOYNTON BEACH    FL   33435          2            08/20/03         00
    0417989241                           05           10/01/03          0
    0417989241                           O            09/01/18
    0

    8608606          E22/G02             F           29,000.00         ZZ
                                         180         29,000.00          1
                                       6.000            244.72         52
                                       5.750            244.72
    OKLAHOMA CITY    OK   73107          5            08/20/03         00
    0417993466                           05           10/01/03          0
    0417993466                           O            09/01/18
    0

    8608652          962/G02             F           75,000.00         ZZ
                                         180         75,000.00          1
                                       5.250            602.91         50
                                       5.000            602.91
    WASHBURN         ND   58577          5            08/15/03         00
    0436468995                           05           10/01/03          0
    1                                    O            09/01/18
    0
1

    8608670          E84/G02             F          276,000.00         ZZ
                                         180        276,000.00          1
                                       5.375          2,236.88         80
                                       5.125          2,236.88
    BROWNSTOWN       MI   48134          5            08/06/03         00
    0436451231                           05           10/01/03          0
    69932507                             O            09/01/18
    0

    8608706          P09/G02             F          183,000.00         ZZ
                                         180        183,000.00          1
                                       5.500          1,495.26         60
                                       5.250          1,495.26
    ROCKVILLE        MD   20851          2            08/18/03         00
    0436452379                           05           10/01/03          0
    3007080153                           O            09/01/18
    0

    8608756          X31/G02             F          300,700.00         ZZ
                                         180        300,700.00          1
                                       6.000          2,537.48         70
                                       5.750          2,537.48
    LAKESIDE         CA   92040          5            08/12/03         00
    0436455307                           05           10/01/03          0
    80001848                             O            09/01/18
    0

    8609054          E47/G02             F          155,000.00         ZZ
                                         180        155,000.00          1
                                       5.500          1,266.48         80
                                       5.250          1,266.48
    NORTH PORT       FL   34287          5            08/13/03         00
    0436515779                           05           10/01/03          0
    7361015312                           O            09/01/18
    0

    8609456          X51/G02             F          412,000.00         ZZ
                                         180        412,000.00          1
                                       5.550          3,377.33         80
                                       5.300          3,377.33
    LOS ALAMOS       CA   93440          5            08/21/03         00
    0436452312                           03           10/01/03          0
    0030808005                           O            09/01/18
    0
1

    8609548          N74/G02             F           35,000.00         ZZ
                                         180         34,879.65          1
                                       6.000            295.35         77
                                       5.750            295.35
    HOPE             AR   71801          5            08/21/03         00
    0436448245                           05           09/26/03          0
    0033168010                           O            08/26/18
    0

    8609630          E84/G02             F          116,000.00         ZZ
                                         180        115,157.00          1
                                       5.375            940.14         80
                                       5.125            940.14
    DUNN             NC   28334          4            06/30/03         00
    0436512396                           05           08/01/03          0
    47111705                             O            07/01/18
    0

    8609998          P09/G02             F          104,000.00         ZZ
                                         180        104,000.00          1
                                       5.625            856.68         43
                                       5.375            856.68
    BALTIMORE        MD   21230          2            08/22/03         00
    0436479877                           07           10/01/03          0
    021486888                            O            09/01/18
    0

    8610142          Y44/G02             F          172,260.00         ZZ
                                         180        172,260.00          1
                                       5.375          1,396.11         53
                                       5.125          1,396.11
    WHITTIER (AREA)  CA   90604          5            08/05/03         00
    0436479570                           05           10/01/03          0
    118390901                            O            09/01/18
    0

    8610248          X89/G02             F          372,700.00         ZZ
                                         180        372,700.00          1
                                       5.375          3,020.60         67
                                       5.125          3,020.60
    OAKLAND          CA   94619          5            08/20/03         00
    0436468896                           05           10/01/03          0
    2014240                              O            09/01/18
    0
1

    8610460          K15/G02             F          120,000.00         ZZ
                                         180        120,000.00          1
                                       5.375            972.56         79
                                       5.125            972.56
    APOPKA           FL   32712          5            08/12/03         00
    0436460950                           03           10/01/03          0
    009405512436                         O            09/01/18
    0

    8610486          738/G02             F           34,400.00         ZZ
                                         180         34,400.00          1
                                       5.250            276.53         80
                                       5.000            276.53
    KISSIMMEE        FL   34741          1            08/11/03         00
    0436443519                           05           10/01/03          0
    41216572                             N            09/01/18
    0

    8610974          E22/G02             F           81,100.00         ZZ
                                         120         81,100.00          1
                                       5.750            890.23         55
                                       5.500            890.23
    KEYES            CA   95328          2            08/14/03         00
    0417418217                           05           10/01/03          0
    0417418217                           N            09/01/13
    0

    8610976          E22/G02             F          121,000.00         ZZ
                                         180        121,000.00          1
                                       5.375            980.66         76
                                       5.125            980.66
    RENTON           WA   98055          5            08/14/03         00
    0417497187                           01           10/01/03          0
    0417497187                           O            09/01/18
    0

    8610978          E22/G02             F           82,400.00         ZZ
                                         180         82,400.00          1
                                       5.250            662.40         80
                                       5.000            662.40
    IVINS            UT   84738          5            08/21/03         00
    0417505070                           05           10/01/03          0
    0417505070                           O            09/01/18
    0
1

    8610982          E22/G02             F          340,000.00         ZZ
                                         180        340,000.00          1
                                       5.375          2,755.58         80
                                       5.125          2,755.58
    WISCASSET        ME   04578          5            08/21/03         00
    0417565181                           05           10/01/03          0
    0417565181                           O            09/01/18
    0

    8610990          E22/G02             F          153,000.00         ZZ
                                         180        153,000.00          1
                                       5.000          1,209.91         70
                                       4.750          1,209.91
    LAKEWOOD         CO   80232          2            08/21/03         00
    0417591104                           05           10/01/03          0
    0417591104                           O            09/01/18
    0

    8611038          E22/G02             F           65,000.00         ZZ
                                         180         65,000.00          1
                                       5.500            531.10         77
                                       5.250            531.10
    BETHANY          OK   73008          2            08/21/03         00
    0417759867                           05           10/01/03          0
    0417759867                           O            09/01/18
    0

    8611062          E22/G02             F          119,700.00         ZZ
                                         180        119,700.00          1
                                       6.250          1,026.34         95
                                       6.000          1,026.34
    TAFT             CA   93268          5            08/07/03         11
    0417809670                           05           10/01/03         30
    0417809670                           O            09/01/18
    0

    8611072          E22/G02             F          142,250.00         ZZ
                                         180        142,250.00          1
                                       5.250          1,143.52         62
                                       5.000          1,143.52
    BOERNE           TX   78006          2            08/21/03         00
    0417818804                           05           10/01/03          0
    0417818804                           O            09/01/18
    0
1

    8611102          E22/G02             F          589,000.00         TX
                                         180        589,000.00          1
                                       5.375          4,773.64         79
                                       5.125          4,773.64
    HOUSTON          TX   77024          5            08/21/03         00
    0417865870                           03           10/01/03          0
    0417865870                           O            09/01/18
    0

    8611144          E22/G02             F          381,500.00         ZZ
                                         180        381,500.00          1
                                       6.000          3,219.31         77
                                       5.750          3,219.31
    PEYTON           CO   80831          5            08/21/03         00
    0417954047                           05           10/01/03          0
    0417954047                           O            09/01/18
    0

    8611250          E22/G02             F          108,000.00         ZZ
                                         180        108,000.00          1
                                       5.625            889.63         84
                                       5.375            889.63
    ROCKY MOUNT      NC   27804          2            08/21/03         04
    0418073904                           05           10/01/03         12
    0418073904                           O            09/01/18
    0

    8611266          E22/G02             F           52,000.00         ZZ
                                         180         52,000.00          1
                                       6.375            449.41         57
                                       6.125            449.41
    KANSAS CITY      MO   64134          5            08/25/03         00
    0418093050                           05           10/01/03          0
    0418093050                           N            09/01/18
    0

    8611272          E22/G02             F           90,000.00         ZZ
                                         180         90,000.00          1
                                       6.500            784.00         95
                                       6.250            784.00
    MIDFIELD         AL   35228          5            08/21/03         04
    0418101010                           05           10/01/03         25
    0418101010                           O            09/01/18
    0
1

    8611384          E22/G02             F           54,400.00         ZZ
                                         180         54,400.00          1
                                       6.125            462.74         80
                                       5.875            462.74
    ALBANY           KY   42602          5            08/21/03         00
    0418198305                           05           10/01/03          0
    0418198305                           O            09/01/18
    0

    8611494          E22/G02             F           63,000.00         ZZ
                                         180         63,000.00          1
                                       6.250            540.18         92
                                       6.000            540.18
    OKLAHOMA CITY    OK   73115          2            08/21/03         01
    0418322236                           05           10/01/03         25
    0418322236                           O            09/01/18
    0

    8611508          E82/G02             F           98,000.00         ZZ
                                         180         98,000.00          3
                                       5.875            820.38         64
                                       5.625            820.38
    FRESNO           CA   93650          2            08/25/03         00
    0400879029                           05           10/01/03          0
    0400879029                           N            09/01/18
    0

    8611538          E82/G02             F           89,700.00         ZZ
                                         180         89,700.00          1
                                       5.000            709.34         27
                                       4.750            709.34
    LOS ANGELES      CA   90026          2            08/21/03         00
    0400868568                           05           10/01/03          0
    0400868568                           O            09/01/18
    0

    8611542          E82/G02             F          191,400.00         ZZ
                                         180        191,400.00          1
                                       5.875          1,602.24         78
                                       5.625          1,602.24
    TRACY            CA   95376          2            08/21/03         00
    0400885505                           05           10/01/03          0
    0400885505                           O            09/01/18
    0
1

    8611544          E82/G02             F           57,000.00         ZZ
                                         180         57,000.00          1
                                       5.375            461.97         30
                                       5.125            461.97
    E FALMOUTH       MA   02536          2            08/26/03         00
    0400845327                           05           10/01/03          0
    0400845327                           N            09/01/18
    0

    8611548          E82/G02             F          141,400.00         ZZ
                                         180        141,400.00          1
                                       5.500          1,155.36         79
                                       5.250          1,155.36
    AURORA           CO   80015          2            08/23/03         00
    0400887303                           03           10/01/03          0
    0400887303                           O            09/01/18
    0

    8611562          E82/G02             F          204,000.00         ZZ
                                         180        204,000.00          1
                                       5.375          1,653.35         73
                                       5.125          1,653.35
    PORT ORCHARD     WA   98367          2            08/22/03         00
    0400868865                           05           10/01/03          0
    0400868865                           O            09/01/18
    0

    8611650          S11/G02             F          230,000.00         ZZ
                                         180        230,000.00          1
                                       5.000          1,818.83         50
                                       4.750          1,818.83
    CYPRESS          CA   90630          5            08/07/03         00
    0436467831                           05           10/01/03          0
    10212275                             O            09/01/18
    0

    8611704          E57/G02             F          173,000.00         ZZ
                                         180        173,000.00          1
                                       5.750          1,436.61         77
                                       5.500          1,436.61
    ALHAMBRA         CA   91803          2            08/07/03         00
    0436487193                           05           10/01/03          0
    06018512                             O            09/01/18
    0
1

    8612734          420/G02             F          171,500.00         ZZ
                                         180        171,500.00          1
                                       5.500          1,401.30         66
                                       5.250          1,401.30
    SACRAMENTO       CA   95829          1            08/15/03         00
    0436457816                           05           10/01/03          0
    73004401                             O            09/01/18
    0

    8613000          A06/G02             F          113,000.00         ZZ
                                         180        113,000.00          1
                                       5.875            945.95         58
                                       5.625            945.95
    FENNVILLE        MI   49408          5            08/20/03         00
    0436469415                           05           10/01/03          0
    1                                    O            09/01/18
    0

    8613490          W50/G02             F          112,800.00         ZZ
                                         180        112,800.00          1
                                       6.125            959.50         80
                                       5.875            959.50
    SAINT CLOUD      MN   56301          1            08/08/03         00
    0436493076                           05           10/01/03          0
    00031169                             N            09/01/18
    0

    8613734          893/G02             F          280,000.00         ZZ
                                         180        280,000.00          1
                                       5.250          2,250.86         80
                                       5.000          2,250.86
    ELK GROVE        CA   95624          5            08/15/03         00
    0436448450                           05           10/01/03          0
    M30806011                            O            09/01/18
    0

    8613778          B98/G02             F          127,000.00         ZZ
                                         180        127,000.00          1
                                       5.500          1,037.70         74
                                       5.250          1,037.70
    EDMOND           OK   73003          2            08/11/03         00
    0436446173                           05           10/01/03          0
    WI4030009DM                          O            09/01/18
    0
1

    8613792          F89/G02             F           91,300.00         ZZ
                                         180         91,300.00          1
                                       5.875            764.29         61
                                       5.625            764.29
    LANCASTER        CA   93535          2            08/12/03         00
    0436462691                           05           10/01/03          0
    13433611                             N            09/01/18
    0

    8613794          U05/G02             F          201,600.00         ZZ
                                         180        201,600.00          1
                                       5.250          1,620.62         72
                                       5.000          1,620.62
    WEST COVINA      CA   91790          2            08/08/03         00
    0436472799                           05           10/01/03          0
    3394424                              O            09/01/18
    0

    8613816          F89/G02             F           99,500.00         ZZ
                                         180         99,500.00          1
                                       5.875            832.93         63
                                       5.625            832.93
    LANCASTER        CA   93535          2            08/12/03         00
    0436459408                           05           10/01/03          0
    13433642                             N            09/01/18
    0

    8613844          964/G02             F          152,000.00         ZZ
                                         180        152,000.00          1
                                       5.000          1,202.01         80
                                       4.750          1,202.01
    HUNTINGTON BEAC  CA   92649          2            08/04/03         00
    0436453781                           01           10/01/03          0
    476463                               O            09/01/18
    0

    8613908          E22/G02             F          322,700.00         ZZ
                                         180        322,700.00          1
                                       5.125          2,572.95         24
                                       4.875          2,572.95
    SANTA MONICA     CA   90402          2            08/17/03         00
    0417482882                           05           10/01/03          0
    0417482882                           O            09/01/18
    0
1

    8613980          E22/G02             F          143,000.00         ZZ
                                         180        143,000.00          1
                                       5.375          1,158.97         66
                                       5.125          1,158.97
    MENIFEE          CA   92584          5            08/21/03         00
    0417741337                           03           10/01/03          0
    0417741337                           O            09/01/18
    0

    8614028          E22/G02             F          250,000.00         ZZ
                                         180        250,000.00          1
                                       5.500          2,042.71         76
                                       5.250          2,042.71
    HOLLISTER        CA   95023          2            08/13/03         00
    0417811650                           05           10/01/03          0
    0417811650                           O            09/01/18
    0

    8614094          E22/G02             F          262,400.00         ZZ
                                         180        262,400.00          3
                                       5.375          2,126.66         80
                                       5.125          2,126.66
    LOS ANGELES      CA   90033          2            08/15/03         00
    0417915212                           05           10/01/03          0
    0417915212                           O            09/01/18
    0

    8614130          E22/G02             F          236,000.00         ZZ
                                         180        236,000.00          1
                                       5.500          1,928.32         50
                                       5.250          1,928.32
    NORTHBROOK       IL   60062          5            08/22/03         00
    0417925468                           05           10/01/03          0
    0417925468                           O            09/01/18
    0

    8614260          E22/G02             F          322,650.00         ZZ
                                         180        322,650.00          1
                                       5.375          2,614.97         48
                                       5.125          2,614.97
    BARRINGTON HILL  IL   60073          5            08/22/03         00
    0418053682                           05           10/01/03          0
    0418053682                           O            09/01/18
    0
1

    8614282          E22/G02             F          135,000.00         ZZ
                                         180        135,000.00          1
                                       5.375          1,094.13         72
                                       5.125          1,094.13
    CINCINNATI       OH   45230          5            08/22/03         00
    0418075230                           05           10/01/03          0
    0418075230                           O            09/01/18
    0

    8614300          E22/G02             F          248,000.00         ZZ
                                         180        248,000.00          1
                                       5.500          2,026.37         80
                                       5.250          2,026.37
    COVINGTON        TX   76636          2            08/22/03         00
    0418090577                           05           10/01/03          0
    0418090577                           O            09/01/18
    0

    8614360          E22/G02             F           58,000.00         ZZ
                                         180         58,000.00          1
                                       5.375            470.07         88
                                       5.125            470.07
    LAWTON           OK   73507          2            08/22/03         01
    0418125340                           05           10/01/03         12
    0418125340                           O            09/01/18
    0

    8614398          E22/G02             F          171,200.00         ZZ
                                         180        171,200.00          1
                                       6.375          1,479.60         80
                                       6.125          1,479.60
    WEST PALM BEACH  FL   33412          5            08/22/03         00
    0418158267                           05           10/01/03          0
    0418158267                           O            09/01/18
    0

    8614416          E22/G02             F           88,000.00         TX
                                         180         88,000.00          1
                                       5.875            736.66         80
                                       5.625            736.66
    HOUSTON          TX   77066          5            08/22/03         00
    0418169033                           03           10/01/03          0
    0418169033                           O            09/01/18
    0
1

    8614578          E22/G02             F          189,000.00         ZZ
                                         180        189,000.00          1
                                       5.500          1,544.29         79
                                       5.250          1,544.29
    WOONSOCKET       RI   02895          5            08/22/03         00
    0418307765                           05           10/01/03          0
    0418307765                           O            09/01/18
    0

    8614660          G34/G02             F           65,000.00         ZZ
                                         180         65,000.00          1
                                       5.750            539.77         44
                                       5.500            539.77
    CARROLLTON       TX   75007          1            08/15/03         00
    0436458228                           05           10/01/03          0
    47008790                             O            09/01/18
    0

    8614702          B39/G02             F           98,900.00         ZZ
                                         180         98,900.00          1
                                       6.125            841.27         66
                                       5.875            841.27
    SPRING VALLEY    WI   54767          2            08/22/03         00
    0436454508                           05           10/01/03          0
    20033372F                            O            09/01/18
    0

    8614704          P21/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       6.250            685.94         73
                                       6.000            685.94
    DEL RAY BEACH    FL   33483          5            08/21/03         00
    0436448328                           05           10/01/03          0
    0306092                              N            09/01/18
    0

    8614768          X89/G02             F          175,000.00         ZZ
                                         180        175,000.00          1
                                       5.500          1,429.90         54
                                       5.250          1,429.90
    TRAVERSE CITY    MI   49684          5            08/16/03         00
    0436483218                           05           10/01/03          0
    2015464                              O            09/01/18
    0
1

    8614858          K15/G02             F          181,400.00         ZZ
                                         180        180,802.39          1
                                       6.500          1,580.19         95
                                       6.250          1,580.19
    POWELL           OH   43065          5            07/26/03         27
    0436479687                           05           09/01/03         25
    028205510672                         O            08/01/18
    0

    8614896          S27/G02             F           46,125.00         ZZ
                                         180         46,125.00          1
                                       6.000            389.23         75
                                       5.750            389.23
    SHREVEPORT       LA   71104          5            08/15/03         00
    0436485411                           05           10/01/03          0
    2010028586                           N            09/01/18
    0

    8614904          P01/G02             F           90,000.00         ZZ
                                         180         90,000.00          2
                                       6.375            777.83         48
                                       6.125            777.83
    ALTAMONT         NY   12009          5            08/18/03         00
    0436453328                           05           10/01/03          0
    03005248                             N            09/01/18
    0

    8615052          G34/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       6.000            843.86         80
                                       5.750            843.86
    ARLINGTON        TX   76016          5            08/13/03         00
    0436487680                           05           10/01/03          0
    47008167                             O            09/01/18
    0

    8615088          G34/G02             F           56,445.00         TX
                                         180         56,445.00          1
                                       5.125            450.05         63
                                       4.875            450.05
    BRYAN            TX   77803          5            08/08/03         00
    0436482905                           05           10/01/03          0
    47006866                             O            09/01/18
    0
1

    8615368          K15/G02             F           67,700.00         ZZ
                                         180         67,700.00          1
                                       5.375            548.69         31
                                       5.125            548.69
    NORTH BERGEN     NJ   07047          5            08/22/03         00
    0436464838                           07           10/01/03          0
    010905520422                         O            09/01/18
    0

    8615386          K15/G02             F          150,000.00         ZZ
                                         180        150,000.00          1
                                       5.625          1,235.60         64
                                       5.375          1,235.60
    GRAFTON          NH   03240          5            08/13/03         00
    0436461669                           05           10/01/03          0
    033105519634                         O            09/01/18
    0

    8615450          K15/G02             F           95,300.00         ZZ
                                         180         95,300.00          2
                                       6.500            830.17         71
                                       6.250            830.17
    WATERBURY        CT   06705          5            08/20/03         00
    0436463434                           05           10/01/03          0
    037905512273                         O            09/01/18
    0

    8615456          K15/G02             F          248,000.00         ZZ
                                         180        248,000.00          1
                                       5.375          2,009.95         80
                                       5.125          2,009.95
    INDIANAPOLIS     IN   46240          5            08/21/03         00
    0436468987                           05           10/01/03          0
    027605512414                         O            09/01/18
    0

    8615542          K15/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       5.375            405.23         60
                                       5.125            405.23
    CINCINNATI       OH   45216          5            08/23/03         00
    0436511430                           05           10/01/03          0
    028305511397                         O            09/01/18
    0
1

    8615816          R84/G02             F           46,400.00         ZZ
                                         180         46,400.00          1
                                       6.250            397.84         80
                                       6.000            397.84
    OPELOUSAS        LA   70570          5            08/25/03         00
    0436486047                           05           10/01/03          0
    R307160001                           O            09/01/18
    0

    8616340          U05/G02             F          260,000.00         TX
                                         180        260,000.00          1
                                       5.625          2,141.70         80
                                       5.375          2,141.70
    SUGAR LAND       TX   77479          5            08/21/03         00
    0436474290                           03           10/01/03          0
    3379452                              O            09/01/18
    0

    8616574          E22/G02             F           22,500.00         ZZ
                                         180         22,500.00          1
                                       6.125            191.39         65
                                       5.875            191.39
    JOPLIN           MO   64801          2            08/28/03         00
    0418177192                           05           10/01/03          0
    0418177192                           N            09/01/18
    0

    8616612          E22/G02             F          159,960.00         ZZ
                                         180        159,960.00          1
                                       5.750          1,328.32         80
                                       5.500          1,328.32
    MEMPHIS          TN   38125          1            08/28/03         00
    0418194973                           05           10/01/03          0
    0418194973                           O            09/01/18
    0

    8616654          E22/G02             F           25,500.00         ZZ
                                         180         25,500.00          1
                                       6.250            218.64         75
                                       6.000            218.64
    JOPLIN           MO   64801          5            08/28/03         00
    0418153086                           05           10/01/03          0
    0418153086                           N            09/01/18
    0
1

    8616844          E22/G02             F          347,000.00         ZZ
                                         180        347,000.00          1
                                       5.375          2,812.32         65
                                       5.125          2,812.32
    FREMONT          CA   94555          2            08/22/03         00
    0417805124                           03           10/01/03          0
    0417805124                           N            09/01/18
    0

    8616858          E22/G02             F          104,000.00         TX
                                         180        104,000.00          1
                                       5.375            842.88         80
                                       5.125            842.88
    MATHIS           TX   78368          5            08/20/03         00
    0417828480                           05           10/01/03          0
    0417828480                           O            09/01/18
    0

    8617002          E22/G02             F           26,775.00         ZZ
                                         180         26,775.00          1
                                       5.500            218.77         75
                                       5.250            218.77
    PORTSMOUTH       VA   23703          5            08/28/03         00
    0417897592                           05           10/01/03          0
    0417897592                           N            09/01/18
    0

    8617098          E22/G02             F          228,000.00         ZZ
                                         180        228,000.00          1
                                       6.250          1,954.92         80
                                       6.000          1,954.92
    LAFAYETTE        LA   70508          2            08/28/03         00
    0417721446                           05           10/01/03          0
    0417721446                           N            09/01/18
    0

    8617110          E22/G02             F          108,000.00         ZZ
                                         180        108,000.00          2
                                       5.750            896.84         80
                                       5.500            896.84
    PHILADELPHIA     PA   19004          5            08/28/03         00
    0417736881                           05           10/01/03          0
    0417736881                           N            09/01/18
    0
1

    8617134          E22/G02             F          180,000.00         ZZ
                                         180        180,000.00          1
                                       5.250          1,446.98         62
                                       5.000          1,446.98
    UNION CITY       CA   94587          2            08/22/03         00
    0417804648                           09           10/01/03          0
    0417804648                           N            09/01/18
    0

    8617408          L14/G02             F          135,000.00         ZZ
                                         180        134,505.39          1
                                       5.250          1,085.24         72
                                       5.000          1,085.24
    LUTZ             FL   33548          2            07/08/03         00
    0436454870                           05           09/01/03          0
    201329835                            O            08/01/18
    0

    8617506          L14/G02             F          179,920.00         ZZ
                                         180        179,239.82          1
                                       4.875          1,411.11         80
                                       4.625          1,411.11
    DALLAS           TX   75248          1            07/11/03         00
    0436453641                           03           09/01/03          0
    204837439                            O            08/01/18
    0

    8617524          L14/G02             F          272,440.00         ZZ
                                         180        271,420.73          1
                                       5.000          2,154.44         80
                                       4.750          2,154.44
    VISALIA          CA   93291          1            07/23/03         00
    0436462188                           05           09/01/03          0
    121502932                            O            08/01/18
    0

    8617532          L14/G02             F           61,000.00         ZZ
                                         180         60,785.73          1
                                       5.750            506.56         32
                                       5.500            506.56
    DENVER           CO   80239          5            07/17/03         00
    0436456255                           05           09/01/03          0
    232702537                            O            08/01/18
    0
1

    8617650          L14/G02             F          180,000.00         ZZ
                                         180        179,347.41          1
                                       5.375          1,458.84         57
                                       5.125          1,458.84
    HICKORY          NC   28601          5            07/08/03         00
    0436455471                           05           09/01/03          0
    210350276                            O            08/01/18
    0

    8617778          L14/G02             F          100,000.00         ZZ
                                         180         99,641.24          1
                                       5.500            817.09         72
                                       5.250            817.09
    DIAMOND BAR      CA   91765          1            07/14/03         00
    0436455711                           01           09/01/03          0
    217302909                            O            08/01/18
    0

    8617806          L14/G02             F          120,000.00         ZZ
                                         180        119,574.02          1
                                       5.625            988.48         65
                                       5.375            988.48
    JUPITER          FL   33458          2            07/30/03         00
    0436455927                           05           09/01/03          0
    202314509                            N            08/01/18
    0

    8618146          T44/G02             F          151,300.00         ZZ
                                         180        151,300.00          1
                                       5.500          1,236.25         37
                                       5.250          1,236.25
    HERCULES         CA   94547          2            08/06/03         00
    0436468235                           05           10/01/03          0
    1088721                              O            09/01/18
    0

    8618262          K60/G02             F          240,000.00         TX
                                         180        240,000.00          1
                                       5.500          1,961.00         79
                                       5.250          1,961.00
    DALLAS           TX   75218          5            08/25/03         00
    0436497895                           05           10/01/03          0
    001040768                            O            09/01/18
    0
1

    8618554          L14/G02             F           60,000.00         ZZ
                                         180         59,782.47          1
                                       5.375            486.28         24
                                       5.125            486.28
    ALBUQUERQUE      NM   87114          1            07/14/03         00
    0436456396                           03           09/01/03          0
    130103301                            O            08/01/18
    0

    8618566          L14/G02             F          238,600.00         ZZ
                                         180        237,725.82          1
                                       5.250          1,918.06         74
                                       5.000          1,918.06
    MURRIETA         CA   92562          2            07/23/03         00
    0436457337                           05           09/01/03          0
    203313226                            O            08/01/18
    0

    8618694          144/144             F           96,000.00         ZZ
                                         180         95,187.96          1
                                       5.250            771.72         59
                                       5.000            771.72
    WARWICK          NY   10990          2            06/25/03         00
    160729061                            01           08/01/03          0
    160729061                            N            07/01/18
    0

    8619544          N74/G02             F           81,200.00         ZZ
                                         180         80,914.79          1
                                       5.750            674.29         67
                                       5.500            674.29
    RUFFIN           NC   27326          2            08/25/03         00
    0436487037                           04           09/29/03          0
    5088204                              O            08/29/18
    0

    8619669          K15/G02             F          158,000.00         ZZ
                                         180        155,110.08          1
                                       5.375          1,280.54         65
                                       5.125          1,280.54
    SAINT ALBANS     NY   11434          5            03/25/03         00
    0435684923                           05           05/01/03          0
    00500512694                          O            04/01/18
    0
1

    8619710          N74/G02             F           30,000.00         ZZ
                                         180         29,892.37          1
                                       5.500            245.13         34
                                       5.250            245.13
    DRY FORK         VA   24549          5            08/22/03         00
    0436487367                           05           09/27/03          0
    0033170010                           O            08/27/18
    0

    8619788          N74/G02             F           81,840.00         ZZ
                                         180         81,555.57          1
                                       5.875            685.10         80
                                       5.625            685.10
    DANVILLE         VA   24540          2            08/22/03         00
    0436487300                           05           09/27/03          0
    0033175010                           O            08/27/18
    0

    8619908          Q14/G02             F          175,000.00         ZZ
                                         180        175,000.00          1
                                       5.500          1,429.90         42
                                       5.250          1,429.90
    LENEXA           KS   66219          1            08/26/03         00
    0436481626                           05           10/01/03          0
    0000315208                           O            09/01/18
    0

    8619920          K15/G02             F          174,500.00         ZZ
                                         180        174,500.00          1
                                       5.750          1,449.07         61
                                       5.500          1,449.07
    SPRING HILL      FL   34607          5            08/12/03         00
    0436482830                           05           10/01/03          0
    009505512272                         O            09/01/18
    0

    8620258          L14/G02             F          220,500.00         ZZ
                                         180        219,692.13          1
                                       5.250          1,772.56         74
                                       5.000          1,772.56
    MCKINNEY         TX   75070          2            07/25/03         00
    0436466197                           03           09/01/03          0
    204837718                            O            08/01/18
    0
1

    8620292          L14/G02             F           69,200.00         ZZ
                                         180         68,946.46          1
                                       5.250            556.29         47
                                       5.000            556.29
    PLANO            TX   75074          2            07/11/03         00
    0436465959                           05           09/01/03          0
    204837408                            O            08/01/18
    0

    8620374          L14/G02             F          166,393.00         ZZ
                                         180        165,789.74          1
                                       5.375          1,348.56         58
                                       5.125          1,348.56
    GARLAND          TX   75044          1            07/22/03         00
    0436459515                           05           09/01/03          0
    275102329                            O            08/01/18
    0

    8620376          L14/G02             F          107,520.00         ZZ
                                         180        107,146.33          1
                                       5.875            900.07         80
                                       5.625            900.07
    THOMPSONS STATI  TN   37179          1            07/31/03         00
    0436452346                           05           09/01/03          0
    117001208                            N            08/01/18
    0

    8620426          L14/G02             F          236,000.00         ZZ
                                         180        235,153.35          1
                                       5.500          1,928.32         80
                                       5.250          1,928.32
    SCOTTSDALE       AZ   85262          1            07/25/03         00
    0436465587                           05           09/01/03          0
    202124288                            O            08/01/18
    0

    8620450          L14/G02             F           94,000.00         ZZ
                                         180         93,655.60          1
                                       5.250            755.65         55
                                       5.000            755.65
    AUSTIN           TX   78728          5            07/09/03         00
    0436464796                           05           09/01/03          0
    225100465                            N            08/01/18
    0
1

    8620464          L14/G02             F           95,800.00         ZZ
                                         180         95,449.01          1
                                       5.250            770.12         59
                                       5.000            770.12
    AUSTIN           TX   78728          5            07/09/03         00
    0436465744                           05           09/01/03          0
    225100466                            N            08/01/18
    0

    8620608          H58/G01             F          485,000.00         ZZ
                                         180        485,000.00          1
                                       5.125          3,867.01         36
                                       4.875          3,867.01
    MILL VALLEY      CA   94941          2            08/01/03         00
    0436494462                           05           10/01/03          0
    0000177965                           O            09/01/18
    0

    8620610          H58/G01             F          641,700.00         ZZ
                                         180        641,700.00          1
                                       5.500          5,243.23         63
                                       5.250          5,243.23
    ROLLING HILLS E  CA   90274          2            08/14/03         00
    0436494744                           05           10/01/03          0
    0000172604                           O            09/01/18
    0

    8620630          E82/G02             F           92,000.00         ZZ
                                         180         92,000.00          1
                                       5.500            751.72         80
                                       5.250            751.72
    CHARLOTTE        NC   28216          2            08/29/03         00
    0400877015                           05           10/01/03          0
    0400877015                           N            09/01/18
    0

    8620640          E82/G02             F          118,500.00         ZZ
                                         180        118,500.00          1
                                       5.250            952.60         75
                                       5.000            952.60
    GIDDINGS         TX   78942          2            08/27/03         00
    0400868634                           05           10/01/03          0
    0400868634                           O            09/01/18
    0
1

    8620648          E82/G02             F           62,850.00         ZZ
                                         180         62,850.00          1
                                       5.875            526.13         76
                                       5.625            526.13
    MIAMI            FL   33167          2            08/28/03         00
    0400887766                           05           10/01/03          0
    0400887766                           N            09/01/18
    0

    8620832          H58/G01             F          469,000.00         ZZ
                                         180        469,000.00          1
                                       5.000          3,708.83         42
                                       4.750          3,708.83
    MILL VALLEY      CA   94941          2            08/04/03         00
    0436468433                           05           10/01/03          0
    0000179057                           O            09/01/18
    0

    8620834          H58/G01             F          469,000.00         ZZ
                                         180        469,000.00          1
                                       5.125          3,739.44         69
                                       4.875          3,739.44
    CARLSBAD         CA   92009          2            08/13/03         00
    0436468730                           03           10/01/03          0
    0000178256                           O            09/01/18
    0

    8620846          H58/G01             F          463,000.00         ZZ
                                         180        463,000.00          1
                                       5.125          3,691.60         34
                                       4.875          3,691.60
    SAN FRANCISCO    CA   94117          2            08/04/03         00
    0436493894                           05           10/01/03          0
    0000178725                           O            09/01/18
    0

    8620852          H58/G01             F          433,600.00         ZZ
                                         180        433,600.00          1
                                       5.125          3,457.19         60
                                       4.875          3,457.19
    VISTA            CA   92084          2            08/14/03         00
    0436493647                           05           10/01/03          0
    0000178734                           O            09/01/18
    0
1

    8620854          H58/G01             F          445,000.00         ZZ
                                         180        445,000.00          1
                                       4.875          3,490.13         44
                                       4.625          3,490.13
    LAFAYETTE        CA   94549          2            08/01/03         00
    0436494868                           05           10/01/03          0
    0000180616                           O            09/01/18
    0

    8620888          H58/G01             F          475,000.00         ZZ
                                         180        475,000.00          1
                                       5.000          3,756.28         39
                                       4.750          3,756.28
    ROSS             CA   94957          5            08/08/03         00
    0436494389                           05           10/01/03          0
    0000180529                           O            09/01/18
    0

    8620896          H58/G01             F          640,400.00         ZZ
                                         180        640,400.00          1
                                       5.000          5,064.25         59
                                       4.750          5,064.25
    SACRAMENTO       CA   95819          2            08/12/03         00
    0436493720                           05           10/01/03          0
    0000180229                           O            09/01/18
    0

    8620952          H58/G01             F          590,000.00         ZZ
                                         180        590,000.00          1
                                       4.875          4,627.36         40
                                       4.625          4,627.36
    FREMONT          CA   94539          2            08/05/03         00
    0436494413                           03           10/01/03          0
    0000179326                           O            09/01/18
    0

    8620968          E82/G02             F          191,400.00         ZZ
                                         180        191,400.00          1
                                       5.500          1,563.90         90
                                       5.250          1,563.90
    THE DALLES       OR   97058          2            08/25/03         04
    0400873980                           05           10/01/03         12
    0400873980                           O            09/01/18
    0
1

    8620992          M27/G02             F          118,400.00         ZZ
                                         180        118,400.00          1
                                       4.875            928.61         66
                                       4.625            928.61
    MEMPHIS          TN   38104          2            08/15/03         00
    0436526396                           05           10/01/03          0
    5000072176                           O            09/01/18
    0

    8621000          E82/G02             F          113,500.00         ZZ
                                         180        113,500.00          1
                                       5.625            934.94         52
                                       5.375            934.94
    WATSONVILLE      CA   95076          2            08/22/03         00
    0400868105                           05           10/01/03          0
    0400868105                           N            09/01/18
    0

    8621002          E82/G02             F          186,200.00         ZZ
                                         180        186,200.00          3
                                       5.875          1,558.71         32
                                       5.625          1,558.71
    WATSONVILLE      CA   95076          2            08/22/03         00
    0400868089                           05           10/01/03          0
    0400868089                           N            09/01/18
    0

    8621026          E22/G02             F          132,500.00         ZZ
                                         180        132,500.00          1
                                       5.500          1,082.64         55
                                       5.250          1,082.64
    DURHAM           NC   27701          2            08/20/03         00
    0417373321                           05           10/01/03          0
    0417373321                           O            09/01/18
    0

    8621032          E82/G02             F          333,000.00         ZZ
                                         180        333,000.00          1
                                       5.625          2,743.03         73
                                       5.375          2,743.03
    BOULDER CREEK    CA   95006          5            08/18/03         00
    0400868360                           05           10/01/03          0
    0400868360                           O            09/01/18
    0
1

    8621042          E22/G02             F           60,000.00         TX
                                         180         60,000.00          1
                                       6.000            506.31         80
                                       5.750            506.31
    MESQUITE         TX   75150          5            08/25/03         00
    0417474624                           07           10/01/03          0
    0417474624                           O            09/01/18
    0

    8621054          E82/G02             F           45,250.00         ZZ
                                         180         45,250.00          1
                                       5.500            369.73         27
                                       5.250            369.73
    AUSTIN           TX   78704          2            08/29/03         00
    0400877155                           05           10/01/03          0
    0400877155                           N            09/01/18
    0

    8621062          E22/G02             F          135,000.00         ZZ
                                         180        135,000.00          1
                                       5.875          1,130.11         50
                                       5.625          1,130.11
    TROY             MI   48098          2            08/26/03         00
    0417573391                           05           10/01/03          0
    0417573391                           O            09/01/18
    0

    8621066          E82/G02             F          274,550.00         ZZ
                                         180        274,550.00          2
                                       5.625          2,261.56         73
                                       5.375          2,261.56
    GREENWICH        CT   06830          2            08/25/03         00
    0400880738                           05           10/01/03          0
    0400880738                           N            09/01/18
    0

    8621108          E82/G02             F          100,500.00         ZZ
                                         180        100,500.00          1
                                       5.250            807.90         29
                                       5.000            807.90
    SONOMA           CA   95476          2            08/26/03         00
    0400849303                           05           10/01/03          0
    0400849303                           N            09/01/18
    0
1

    8621146          E82/G02             F          103,600.00         ZZ
                                         180        103,600.00          1
                                       5.500            846.50         50
                                       5.250            846.50
    CHICAGO          IL   60611          2            08/26/03         00
    0400858932                           01           10/01/03          0
    0400858932                           N            09/01/18
    0

    8621158          H58/G01             F          426,000.00         ZZ
                                         180        426,000.00          1
                                       5.000          3,368.79         62
                                       4.750          3,368.79
    MERCED           CA   95340          2            08/07/03         00
    0436494264                           05           10/01/03          0
    0000176204                           O            09/01/18
    0

    8621166          E22/G02             F           69,500.00         ZZ
                                         180         69,500.00          1
                                       5.875            581.80         77
                                       5.625            581.80
    PAHRUMP          NV   89048          5            08/12/03         00
    0417739547                           05           10/01/03          0
    0417739547                           O            09/01/18
    0

    8621204          E82/G02             F           96,500.00         ZZ
                                         180         96,500.00          1
                                       5.375            782.10         74
                                       5.125            782.10
    HINTON           OK   73047          2            08/21/03         00
    0400843686                           05           10/01/03          0
    0400843686                           O            09/01/18
    0

    8621228          E22/G02             F           52,500.00         ZZ
                                         180         52,500.00          1
                                       6.250            450.15         75
                                       6.000            450.15
    MISHAWAKA        IN   46544          5            08/29/03         00
    0417775319                           05           10/01/03          0
    0417775319                           N            09/01/18
    0
1

    8621234          E22/G02             F          115,000.00         ZZ
                                         180        115,000.00          1
                                       5.500            939.65         59
                                       5.250            939.65
    LOS ANGELES      CA   90047          2            08/15/03         00
    0417781911                           05           10/01/03          0
    0417781911                           O            09/01/18
    0

    8621248          E22/G02             F          276,000.00         ZZ
                                         180        276,000.00          2
                                       5.500          2,255.15         32
                                       5.250          2,255.15
    ENCINITAS        CA   92007          5            08/25/03         00
    0417805249                           05           10/01/03          0
    0417805249                           O            09/01/18
    0

    8621278          H58/G01             F          376,000.00         ZZ
                                         180        376,000.00          1
                                       5.000          2,973.39         59
                                       4.750          2,973.39
    SAN RAFAEL       CA   94903          2            08/01/03         00
    0436468359                           05           10/01/03          0
    0000179202                           O            09/01/18
    0

    8621290          U09/G02             F           64,000.00         ZZ
                                         180         64,000.00          1
                                       5.625            527.19         65
                                       5.375            527.19
    MANISTEE         MI   49660          2            08/25/03         00
    0436490775                           05           10/01/03          0
    2301939                              O            09/01/18
    0

    8621298          E22/G02             F          376,000.00         ZZ
                                         180        376,000.00          1
                                       5.375          3,047.35         80
                                       5.125          3,047.35
    BURTONSVILLE     MD   20866          5            08/22/03         00
    0417896669                           05           10/01/03          0
    0417896669                           O            09/01/18
    0
1

    8621312          E22/G02             F          130,500.00         TX
                                         180        130,500.00          1
                                       5.375          1,057.66         80
                                       5.125          1,057.66
    FRISCO           TX   75035          5            08/25/03         00
    0417901774                           05           10/01/03          0
    0417901774                           O            09/01/18
    0

    8621638          E22/G02             F          112,800.00         ZZ
                                         180        112,800.00          1
                                       5.375            914.20         80
                                       5.125            914.20
    SPANISH FORT     AL   36527          1            08/29/03         00
    0418049581                           05           10/01/03          0
    0418049581                           N            09/01/18
    0

    8621668          E22/G02             F          168,000.00         TX
                                         180        168,000.00          1
                                       5.750          1,395.09         77
                                       5.500          1,395.09
    PLANO            TX   75075          5            08/25/03         00
    0418061446                           05           10/01/03          0
    0418061446                           O            09/01/18
    0

    8621696          E22/G02             F          400,000.00         TX
                                         180        400,000.00          1
                                       5.375          3,241.86         79
                                       5.125          3,241.86
    HOUSTON          TX   77057          5            08/25/03         00
    0418070504                           03           10/01/03          0
    0418070504                           O            09/01/18
    0

    8621848          E22/G02             F          130,000.00         ZZ
                                         180        130,000.00          1
                                       5.500          1,062.21         68
                                       5.250          1,062.21
    DENVER           CO   80219          5            08/25/03         00
    0418108023                           05           10/01/03          0
    0418108023                           O            09/01/18
    0
1

    8622008          E22/G02             F          144,000.00         ZZ
                                         180        144,000.00          1
                                       5.875          1,205.45         88
                                       5.625          1,205.45
    DES PLAINES      IL   60016          2            08/28/03         04
    0418145132                           09           10/01/03         12
    0418145132                           O            09/01/18
    0

    8622448          E22/G02             F          200,000.00         ZZ
                                         180        200,000.00          1
                                       6.250          1,714.85         70
                                       6.000          1,714.85
    ELK GROVE        CA   95624          5            08/20/03         00
    0418242202                           05           10/01/03          0
    0418242202                           O            09/01/18
    0

    8622504          E22/G02             F           96,000.00         ZZ
                                         180         96,000.00          1
                                       6.625            842.87         79
                                       6.375            842.87
    OMAHA            NE   68137          5            08/25/03         00
    0418249504                           05           10/01/03          0
    0418249504                           O            09/01/18
    0

    8622696          E22/G02             F           94,500.00         ZZ
                                         120         94,500.00          1
                                       5.625          1,031.44         70
                                       5.375          1,031.44
    RALEIGH          NC   27604          2            08/25/03         00
    0418285326                           05           10/01/03          0
    0418285326                           O            09/01/13
    0

    8622750          E22/G02             F          222,400.00         ZZ
                                         180        222,400.00          1
                                       5.500          1,817.19         80
                                       5.250          1,817.19
    LAS VEGAS        NV   89149          1            08/15/03         00
    0418299749                           05           10/01/03          0
    0418299749                           O            09/01/18
    0
1

    8622874          E22/G02             F           60,000.00         TX
                                         180         60,000.00          1
                                       5.375            486.28         80
                                       5.125            486.28
    DALLAS           TX   75218          5            08/25/03         00
    0418329280                           05           10/01/03          0
    0418329280                           O            09/01/18
    0

    8623044          E22/G02             F          209,600.00         ZZ
                                         180        209,600.00          1
                                       5.875          1,754.60         80
                                       5.625          1,754.60
    SOUTHGATE        MI   48195          1            09/02/03         00
    0418381596                           05           10/01/03          0
    0418381596                           O            09/01/18
    0

    8623568          T23/G02             F           87,900.00         ZZ
                                         180         87,900.00          1
                                       5.625            724.06         90
                                       5.375            724.06
    CHILLICOTHE      OH   45601          5            08/25/03         10
    0436524243                           05           10/01/03         25
    6790                                 O            09/01/18
    0

    8624446          U05/G02             F          369,000.00         ZZ
                                         180        369,000.00          1
                                       5.875          3,088.97         60
                                       5.625          3,088.97
    WOODLAND HILLS   CA   91364          5            08/20/03         00
    0436522403                           05           10/01/03          0
    3360211                              O            09/01/18
    0

    8626320          Y41/G02             F          108,750.00         ZZ
                                         180        108,750.00          1
                                       6.125            925.05         76
                                       5.875            925.05
    BURNSVILLE       MN   55337          1            08/22/03         00
    0436492227                           09           10/01/03          0
    8324255                              N            09/01/18
    0
1

    8626562          K15/G02             F          158,900.00         ZZ
                                         180        158,900.00          1
                                       6.125          1,351.64         85
                                       5.875          1,351.64
    SAFETY HARBOR    FL   34695          2            08/22/03         41
    0436501621                           05           10/01/03          6
    009605511715                         O            09/01/18
    0

    8626590          K15/G02             F          123,000.00         ZZ
                                         180        123,000.00          2
                                       6.250          1,054.63         85
                                       6.000          1,054.63
    WINCHESTER       NH   03470          2            08/11/03         41
    0436494173                           05           10/01/03          6
    032005518255                         O            09/01/18
    0

    8626808          F89/G02             F          135,000.00         ZZ
                                         180        135,000.00          1
                                       5.750          1,121.05         62
                                       5.500          1,121.05
    LOS ANGELES      CA   90022          5            08/19/03         00
    0436477236                           05           10/01/03          0
    34200                                O            09/01/18
    0

    8627738          E22/G02             F          142,000.00         ZZ
                                         180        142,000.00          1
                                       5.375          1,150.86         70
                                       5.125          1,150.86
    CANDLER          NC   28715          5            08/27/03         00
    0417366069                           05           10/01/03          0
    0417366069                           O            09/01/18
    0

    8627742          E22/G02             F          106,400.00         ZZ
                                         180        106,400.00          1
                                       6.125            905.06         95
                                       5.875            905.06
    ALLENTOWN        PA   18104          5            08/25/03         01
    0417388832                           07           10/01/03         25
    0417388832                           O            09/01/18
    0
1

    8627772          E22/G02             F          506,550.00         TX
                                         180        506,550.00          1
                                       5.250          4,072.04         78
                                       5.000          4,072.04
    AUSTIN           TX   78733          5            08/25/03         00
    0417720026                           03           10/01/03          0
    0417720026                           O            09/01/18
    0

    8627782          E22/G02             F          104,000.00         ZZ
                                         180        104,000.00          1
                                       5.500            849.77         80
                                       5.250            849.77
    VANCOUVER        WA   98682          2            08/25/03         00
    0416427904                           05           10/01/03          0
    0416427904                           O            09/01/18
    0

    8627792          E22/G02             F          245,000.00         ZZ
                                         180        245,000.00          1
                                       5.625          2,018.14         32
                                       5.375          2,018.14
    SAN FRANCISCO    CA   94121          5            08/25/03         00
    0418127189                           05           10/01/03          0
    0418127189                           O            09/01/18
    0

    8627842          E22/G02             F           68,000.00         ZZ
                                         180         68,000.00          1
                                       6.000            573.82         80
                                       5.750            573.82
    ROCK HILL        SC   29730          5            09/02/03         00
    0418059556                           05           10/01/03          0
    0418059556                           N            09/01/18
    0

    8627916          E22/G02             F          115,300.00         TX
                                         180        115,300.00          1
                                       5.250            926.87         67
                                       5.000            926.87
    AUSTIN           TX   78704          5            08/27/03         00
    0417967361                           05           10/01/03          0
    0417967361                           O            09/01/18
    0
1

    8627920          E22/G02             F          107,000.00         ZZ
                                         180        107,000.00          1
                                       5.375            867.20         80
                                       5.125            867.20
    FAIRFIELD        ME   04937          5            08/28/03         00
    0417976396                           05           10/01/03          0
    0417976396                           O            09/01/18
    0

    8627928          E22/G02             F           49,600.00         ZZ
                                         180         49,600.00          1
                                       5.750            411.88         71
                                       5.500            411.88
    GOOSE CREEK      SC   29445          2            08/26/03         00
    0417991130                           05           10/01/03          0
    0417991130                           O            09/01/18
    0

    8627930          E22/G02             F          144,000.00         ZZ
                                         180        144,000.00          1
                                       5.875          1,205.45         80
                                       5.625          1,205.45
    COWETA           OK   74429          5            08/26/03         00
    0417994100                           05           10/01/03          0
    0417994100                           O            09/01/18
    0

    8627958          E22/G02             F          128,800.00         TX
                                         180        128,800.00          1
                                       5.375          1,043.88         70
                                       5.125          1,043.88
    DALLAS           TX   75214          5            08/26/03         00
    0417834637                           05           10/01/03          0
    0417834637                           O            09/01/18
    0

    8627962          E22/G02             F          137,600.00         ZZ
                                         180        137,600.00          1
                                       5.500          1,124.31         80
                                       5.250          1,124.31
    ANNISTON         AL   36207          5            08/27/03         00
    0417864766                           05           10/01/03          0
    0417864766                           O            09/01/18
    0
1

    8628018          E22/G02             F          276,800.00         ZZ
                                         180        276,800.00          1
                                       6.000          2,335.80         80
                                       5.750          2,335.80
    SOUTH PLAINFIEL  NJ   07080          5            08/26/03         00
    0418345237                           05           10/01/03          0
    0418345237                           O            09/01/18
    0

    8628026          E22/G02             F          540,000.00         ZZ
                                         180        540,000.00          1
                                       5.375          4,376.51         80
                                       5.125          4,376.51
    VALLEY CENTER    CA   92082          1            08/26/03         00
    0418375762                           05           10/01/03          0
    0418375762                           O            09/01/18
    0

    8628762          U85/G02             F          156,800.00         ZZ
                                         180        156,800.00          1
                                       5.250          1,260.48         80
                                       5.000          1,260.48
    HOWARD           WI   54313          5            08/29/03         00
    0436486286                           05           10/01/03          0
    TQS389                               O            09/01/18
    0

    8629046          W35/G02             F           45,000.00         ZZ
                                         180         44,841.95          1
                                       5.750            373.68         53
                                       5.500            373.68
    FULTON           MI   49052          5            08/11/03         00
    0436469225                           05           09/15/03          0
    23025                                O            08/15/18
    0

    8629381          E82/G02             F           89,000.00         ZZ
                                         180         87,740.58          2
                                       5.750            739.06         45
                                       5.500            739.06
    SOUTH OZONE PAR  NY   11420          2            04/10/03         00
    0400783056                           05           06/01/03          0
    0400783056                           O            05/01/18
    0
1

    8629424          R26/G02             F          265,000.00         ZZ
                                         180        265,000.00          1
                                       5.625          2,182.89         59
                                       5.375          2,182.89
    ORANGE           CA   92865          5            08/27/03         00
    0436521066                           05           10/01/03          0
    1030808004                           O            09/01/18
    0

    8629688          K15/G02             F           40,000.00         ZZ
                                         180         40,000.00          1
                                       6.375            345.70         80
                                       6.125            345.70
    WATERBURY        CT   06708          5            08/11/03         00
    0436493324                           01           10/01/03          0
    037405511433                         O            09/01/18
    0

    8630048          K15/G02             F           65,600.00         ZZ
                                         180         65,600.00          2
                                       6.500            571.45         80
                                       6.250            571.45
    WATERBURY        CT   06704          5            08/14/03         00
    0436492078                           05           10/01/03          0
    37405511459                          N            09/01/18
    0

    8630756          E22/G02             F          131,500.00         ZZ
                                         180        131,500.00          1
                                       5.125          1,048.48         31
                                       4.875          1,048.48
    BETHEL           CT   06801          2            08/22/03         00
    0417911567                           05           10/01/03          0
    0417911567                           O            09/01/18
    0

    8630760          E22/G02             F           70,000.00         ZZ
                                         180         70,000.00          1
                                       5.875            585.98         80
                                       5.625            585.98
    JENSEN BEACH     FL   34957          5            08/28/03         00
    0417920345                           09           10/01/03          0
    0417920345                           O            09/01/18
    0
1

    8630766          E22/G02             F          151,500.00         ZZ
                                         180        151,500.00          1
                                       5.500          1,237.88         72
                                       5.250          1,237.88
    TACOMA           WA   98407          2            08/19/03         00
    0417930682                           05           10/01/03          0
    0417930682                           O            09/01/18
    0

    8630780          E22/G02             F          152,000.00         ZZ
                                         180        152,000.00          1
                                       5.750          1,262.22         80
                                       5.500          1,262.22
    CHESAPEAKE       VA   23320          5            08/28/03         00
    0417672672                           05           10/01/03          0
    0417672672                           O            09/01/18
    0

    8630796          E22/G02             F          195,000.00         TX
                                         180        195,000.00          1
                                       5.000          1,542.05         75
                                       4.750          1,542.05
    WIMBERLEY        TX   78676          5            08/28/03         00
    0417765989                           05           10/01/03          0
    0417765989                           O            09/01/18
    0

    8630850          E22/G02             F           75,000.00         T
                                         120         75,000.00          1
                                       6.375            846.85         62
                                       6.125            846.85
    KISSIMMEE        FL   34744          5            09/03/03         00
    0418282653                           05           11/01/03          0
    0418282653                           O            10/01/13
    0

    8630868          E22/G02             F          404,000.00         ZZ
                                         180        404,000.00          1
                                       5.625          3,327.88         60
                                       5.375          3,327.88
    OAKTON           VA   22124          5            08/28/03         00
    0418179768                           05           10/01/03          0
    0418179768                           O            09/01/18
    0
1

    8630908          E22/G02             F          145,000.00         ZZ
                                         180        145,000.00          1
                                       5.500          1,184.77         60
                                       5.250          1,184.77
    BAINBRIDGE ISLA  WA   98110          1            08/25/03         00
    0418289872                           05           10/01/03          0
    0418289872                           O            09/01/18
    0

    8630910          E22/G02             F           85,000.00         TX
                                         180         85,000.00          1
                                       5.625            700.17         71
                                       5.375            700.17
    QUINLAN TX 7547  TX   75218          5            08/28/03         00
    0418290839                           05           10/01/03          0
    0418290839                           O            09/01/18
    0

    8630964          E22/G02             F          105,000.00         ZZ
                                         180        105,000.00          1
                                       5.750            871.93         79
                                       5.500            871.93
    ARDMORE          AL   35739          5            08/28/03         00
    0418127213                           05           10/01/03          0
    0418127213                           O            09/01/18
    0

    8630966          E22/G02             F          170,100.00         ZZ
                                         180        170,100.00          1
                                       5.625          1,401.17         90
                                       5.375          1,401.17
    BIRMINGHAM       AL   35226          5            08/28/03         11
    0418131595                           05           10/01/03         12
    0418131595                           O            09/01/18
    0

    8631124          E22/G02             F          105,000.00         ZZ
                                         180        105,000.00          1
                                       5.625            864.92         30
                                       5.375            864.92
    DOWNEY           CA   90241          2            08/21/03         00
    0418053427                           05           10/01/03          0
    0418053427                           O            09/01/18
    0
1

    8631142          E22/G02             F          575,500.00         TX
                                         180        575,500.00          1
                                       5.625          4,740.58         73
                                       5.375          4,740.58
    SAN ANTONIO      TX   78258          5            08/27/03         00
    0418076659                           03           10/01/03          0
    0418076659                           O            09/01/18
    0

    8631200          E22/G02             F          335,000.00         ZZ
                                         180        335,000.00          1
                                       5.375          2,715.06         78
                                       5.125          2,715.06
    PALA             CA   92059          5            08/25/03         00
    0417151115                           05           10/01/03          0
    0417151115                           O            09/01/18
    0

    8631250          E22/G02             F          240,000.00         ZZ
                                         180        240,000.00          1
                                       6.000          2,025.26         80
                                       5.750          2,025.26
    MIAMI            FL   33133          1            09/03/03         00
    0418375176                           01           10/01/03          0
    0418375176                           N            09/01/18
    0

    8631474          E82/G02             F           41,500.00         T
                                         180         41,500.00          1
                                       6.000            350.20         47
                                       5.750            350.20
    POMPANO BEACH    FL   33062          2            09/02/03         00
    0400858726                           01           10/01/03          0
    0400858726                           O            09/01/18
    0

    8631498          E82/G02             F           62,650.00         ZZ
                                         180         62,650.00          1
                                       5.625            516.07         66
                                       5.375            516.07
    HOUSTON          TX   77067          2            08/29/03         00
    0400877486                           03           10/01/03          0
    0400877486                           N            09/01/18
    0
1

    8632814          Q14/G02             F          160,800.00         ZZ
                                         180        160,800.00          1
                                       5.375          1,303.23         70
                                       5.125          1,303.23
    SWISHER          IA   52338          5            08/27/03         00
    0436497291                           05           10/01/03          0
    0000314843                           O            09/01/18
    0

    8633016          Q59/G02             F          182,000.00         ZZ
                                         180        182,000.00          3
                                       6.125          1,548.14         65
                                       5.875          1,548.14
    EL MONTE         CA   91733          5            08/13/03         00
    0436513519                           05           10/01/03          0
    0000504979                           N            09/01/18
    0

    8633290          E47/G02             F          480,000.00         ZZ
                                         180        480,000.00          1
                                       5.750          3,985.97         80
                                       5.500          3,985.97
    SAN JOSE         CA   95136          5            08/11/03         00
    0436487052                           05           10/01/03          0
    7359515585                           O            09/01/18
    0

    8633580          N47/G01             F          202,000.00         ZZ
                                         180        202,000.00          1
                                       5.250          1,623.83         74
                                       5.000          1,623.83
    DALY CITY        CA   94014          2            08/14/03         00
    0436524102                           01           10/01/03          0
    20509006                             O            09/01/18
    0

    8633650          S43/G02             F          109,000.00         ZZ
                                         180        109,000.00          1
                                       5.375            883.41         49
                                       5.125            883.41
    RIO RANCHO       NM   87124          5            08/29/03         00
    0436535579                           05           10/01/03          0
    000030021600                         O            09/01/18
    0
1

    8633867          X78/G02             F           64,000.00         ZZ
                                         180         62,479.19          1
                                       5.625            527.19         55
                                       5.375            527.19
    DECATUR          GA   30035          5            04/17/03         00
    0435706452                           05           06/01/03          0
    990369                               O            05/01/18
    0

    8633890          G51/G02             F          122,000.00         ZZ
                                         180        122,000.00          1
                                       6.250          1,046.06         75
                                       6.000          1,046.06
    DENVER           CO   80239          1            08/29/03         00
    0436536643                           03           10/01/03          0
    20007649                             N            09/01/18
    0

    8636020          E22/G02             F          175,000.00         TX
                                         180        175,000.00          1
                                       5.375          1,418.31         57
                                       5.125          1,418.31
    SAN MARCOS       TX   78666          5            08/29/03         00
    0417877792                           05           10/01/03          0
    0417877792                           O            09/01/18
    0

    8636038          E22/G02             F          131,000.00         ZZ
                                         180        131,000.00          1
                                       5.250          1,053.08         69
                                       5.000          1,053.08
    CHICKASHA        OK   73018          5            08/29/03         00
    0418019915                           05           10/01/03          0
    0418019915                           O            09/01/18
    0

    8636068          E22/G02             F           74,000.00         ZZ
                                         180         74,000.00          1
                                       5.250            594.87         65
                                       5.000            594.87
    WOODSTOCK        AL   35188          5            08/29/03         00
    0418043915                           05           10/01/03          0
    0418043915                           O            09/01/18
    0
1

    8636144          E22/G02             F           69,600.00         TX
                                         180         69,600.00          1
                                       6.000            587.32         80
                                       5.750            587.32
    KATY             TX   77449          5            08/28/03         00
    0418163036                           03           10/01/03          0
    0418163036                           O            09/01/18
    0

    8636188          E22/G02             F           72,000.00         ZZ
                                         180         72,000.00          1
                                       6.250            617.34         87
                                       6.000            617.34
    BROKEN ARROW     OK   74012          5            08/29/03         01
    0418187340                           05           10/01/03         25
    0418187340                           O            09/01/18
    0

    8636346          E22/G02             F          315,000.00         ZZ
                                         180        315,000.00          1
                                       5.750          2,615.79         79
                                       5.500          2,615.79
    CARSON CITY      NV   89703          5            08/26/03         00
    0418359915                           03           10/01/03          0
    0418359915                           O            09/01/18
    0

    8636438          E22/G02             F          292,000.00         ZZ
                                         180        292,000.00          1
                                       5.250          2,347.32         73
                                       5.000          2,347.32
    FOUNTAIN HILLS   AZ   85268          5            08/25/03         00
    0417573961                           05           10/01/03          0
    0417573961                           O            09/01/18
    0

    8636454          E22/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       5.375          1,134.65         59
                                       5.125          1,134.65
    WINTERVILLE      NC   28590          5            08/29/03         00
    0417691763                           05           10/01/03          0
    0417691763                           O            09/01/18
    0
1

    8636468          E22/G02             F           88,000.00         ZZ
                                         180         88,000.00          1
                                       5.500            719.03         69
                                       5.250            719.03
    COLORADO SPRING  CO   80904          2            08/29/03         00
    0417750940                           05           10/01/03          0
    0417750940                           O            09/01/18
    0

    8636490          E22/G02             F          125,000.00         ZZ
                                         180        125,000.00          1
                                       5.750          1,038.01         63
                                       5.500          1,038.01
    PEMBROKE PINES   FL   33029          5            08/29/03         00
    0418047635                           03           10/01/03          0
    0418047635                           O            09/01/18
    0

    8636504          E22/G02             F          127,500.00         ZZ
                                         180        127,500.00          1
                                       6.000          1,075.92         77
                                       5.750          1,075.92
    BILOXI           MS   39532          2            08/29/03         00
    0436480909                           05           10/01/03          0
    0418067542                           O            09/01/18
    0

    8636580          E22/G02             F           50,400.00         ZZ
                                         180         50,400.00          1
                                       5.750            418.53         78
                                       5.500            418.53
    GARY             IN   46404          5            08/29/03         00
    0418309779                           05           10/01/03          0
    0418309779                           O            09/01/18
    0

    8637270          737/G02             F          456,000.00         ZZ
                                         180        456,000.00          1
                                       5.625          3,756.22         69
                                       5.375          3,756.22
    SYLVA            NC   28779          5            08/22/03         00
    0436517908                           05           10/01/03          0
    6026745                              O            09/01/18
    0
1

    8638494          P34/G02             F          110,000.00         ZZ
                                         180        110,000.00          3
                                       6.250            943.17         41
                                       6.000            943.17
    CENTRAL FALLS    RI   02863          5            08/22/03         00
    0436562722                           05           10/01/03          0
    62582                                N            09/01/18
    0

    8638528          168/168             F           60,000.00         ZZ
                                         180         59,784.75          1
                                       5.500            490.25         70
                                       5.250            490.25
    STAURT           FL   34997          1            07/28/03         00
    0359768067                           05           09/01/03          0
    0359768067                           N            08/01/18
    0

    8638648          G34/G02             F          137,575.00         ZZ
                                         180        137,575.00          1
                                       5.250          1,105.93         80
                                       5.000          1,105.93
    TUCSON           AZ   85745          1            08/26/03         00
    0436498489                           03           10/01/03          0
    47005302                             O            09/01/18
    0

    8640654          E22/G02             F          100,000.00         ZZ
                                         180        100,000.00          1
                                       6.375            864.25         26
                                       6.125            864.25
    WHITTIER         CA   90601          5            08/26/03         00
    0418128195                           05           10/01/03          0
    0418128195                           N            09/01/18
    0

    8640750          E22/G02             F           38,250.00         ZZ
                                         180         38,250.00          1
                                       6.250            327.96         75
                                       6.000            327.96
    HUNTSVILLE       AL   35810          5            09/05/03         00
    0418232476                           05           10/01/03          0
    0418232476                           N            09/01/18
    0
1

    8640766          E22/G02             F           55,000.00         ZZ
                                         180         55,000.00          2
                                       6.250            471.58         67
                                       6.000            471.58
    NEW ORLEANS      LA   70119          5            09/05/03         00
    0417249256                           05           10/01/03          0
    0418249256                           N            09/01/18
    0

    8641126          E22/G02             F           59,500.00         ZZ
                                         180         59,500.00          1
                                       6.250            510.17         85
                                       6.000            510.17
    EIGHT MILE       AL   36613          2            09/04/03         10
    0417990231                           05           10/01/03         12
    0417990231                           N            09/01/18
    0

    8641338          738/G02             F           75,600.00         ZZ
                                         180         75,600.00          1
                                       5.750            627.79         90
                                       5.500            627.79
    MAULDIN          SC   29662          1            08/28/03         10
    0436526560                           05           10/01/03         25
    41355190                             N            09/01/18
    0

    8641390          A52/G02             F           54,090.00         ZZ
                                         180         54,090.00          1
                                       6.250            463.78         90
                                       6.000            463.78
    ENTERPRISE       AL   36330          2            08/29/03         11
    0436489322                           05           10/01/03         25
    26803                                N            09/01/18
    0

    8643818          N47/G02             F           87,900.00         ZZ
                                         180         87,900.00          2
                                       5.750            729.93         32
                                       5.500            729.93
    RICHMOND         CA   94801          5            08/25/03         00
    0436525463                           05           10/01/03          0
    20509394                             N            09/01/18
    0
1

    8643828          N47/G02             F          225,000.00         ZZ
                                         180        225,000.00          2
                                       5.750          1,868.42         42
                                       5.500          1,868.42
    OAKLAND          CA   94608          2            08/25/03         00
    0436548895                           05           10/01/03          0
    20509390                             N            09/01/18
    0

    8643886          Y62/G01             F          390,800.00         ZZ
                                         180        390,800.00          1
                                       5.375          3,167.30         64
                                       5.125          3,167.30
    LA VERNE AREA    CA   91750          2            08/28/03         00
    0436551584                           03           10/01/03          0
    8907330000                           O            09/01/18
    0

    8644328          477/G02             F          169,500.00         ZZ
                                         180        169,500.00          1
                                       5.375          1,373.74         61
                                       5.125          1,373.74
    ELK GROVE        CA   95624          5            08/19/03         00
    0436509459                           05           10/01/03          0
    263953                               O            09/01/18
    0

    8644594          E22/G02             F          239,000.00         ZZ
                                         180        239,000.00          1
                                       5.250          1,921.27         41
                                       5.000          1,921.27
    SANTA BARBARA    CA   93103          2            08/25/03         00
    0417774569                           05           10/01/03          0
    0417774569                           O            09/01/18
    0

    8644602          E22/G02             F           76,500.00         ZZ
                                         180         76,500.00          1
                                       6.000            645.55         90
                                       5.750            645.55
    CARBON HILL      AL   35549          5            09/03/03         11
    0417815909                           05           10/01/03         12
    0417815909                           O            09/01/18
    0
1

    8644686          E22/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
                                       5.125            637.86         22
                                       4.875            637.86
    FOLSOM           CA   95630          2            08/28/03         00
    0417985660                           05           10/01/03          0
    0417985660                           O            09/01/18
    0

    8645000          E22/G02             F          122,000.00         ZZ
                                         180        122,000.00          1
                                       5.750          1,013.10         90
                                       5.500          1,013.10
    BELLEVUE         NE   68005          5            09/02/03         04
    0418183927                           05           10/01/03         25
    0418183927                           O            09/01/18
    0

    8645186          E22/G02             F          137,000.00         ZZ
                                         180        137,000.00          4
                                       6.000          1,156.08         46
                                       5.750          1,156.08
    HAWTHORNE        CA   90250          2            09/02/03         00
    0418283487                           05           10/01/03          0
    0418283487                           N            09/01/18
    0

    8645188          E22/G02             F          126,500.00         ZZ
                                         180        126,500.00          1
                                       5.625          1,042.02         43
                                       5.375          1,042.02
    LONG BEACH       CA   90806          2            09/02/03         00
    0418284618                           05           10/01/03          0
    0418284618                           N            09/01/18
    0

    8645216          E22/G02             F          142,000.00         ZZ
                                         180        142,000.00          1
                                       5.750          1,179.18         79
                                       5.500          1,179.18
    BARTLETT         IL   60103          5            09/02/03         00
    0418295705                           09           10/01/03          0
    0418295705                           O            09/01/18
    0
1

    8645226          E22/G02             F           96,000.00         ZZ
                                         180         96,000.00          1
                                       5.750            797.19         78
                                       5.500            797.19
    FREMONT          NE   68025          5            09/02/03         00
    0418303194                           05           10/01/03          0
    0418303194                           O            09/01/18
    0

    8645246          E22/G02             F          129,500.00         ZZ
                                         120        129,500.00          2
                                       5.500          1,405.42         48
                                       5.250          1,405.42
    JERSEY CITY      NJ   07305          2            09/02/03         00
    0418311080                           05           11/01/03          0
    0418311080                           O            10/01/13
    0

    8645248          E22/G02             F          130,000.00         ZZ
                                         180        130,000.00          1
                                       5.750          1,079.53         53
                                       5.500          1,079.53
    SANTA CLARITA    CA   91321          5            08/25/03         00
    0418311247                           05           10/01/03          0
    0418311247                           O            09/01/18
    0

    8645262          E22/G02             F          128,000.00         ZZ
                                         180        128,000.00          1
                                       5.875          1,071.51         80
                                       5.625          1,071.51
    BELLINGHAM       WA   98225          5            08/29/03         00
    0418324414                           05           10/01/03          0
    0418324414                           O            09/01/18
    0

    8645414          E22/G02             F          391,600.00         ZZ
                                         180        391,600.00          1
                                       5.000          3,096.75         80
                                       4.750          3,096.75
    GREAT FALLS      MT   59405          2            09/02/03         00
    0417412806                           05           10/01/03          0
    0417412806                           O            09/01/18
    0
1

    8645702          Q87/G02             F           50,000.00         TX
                                         120         49,696.96          1
                                       6.125            558.25         67
                                       5.875            558.25
    MISSION          TX   78572          5            08/15/03         00
    0436527816                           05           09/20/03          0
    CAAD01                               O            08/20/13
    0

    8645726          Q87/G02             F           56,200.00         ZZ
                                         180         56,200.00          1
                                       5.875            470.46         39
                                       5.625            470.46
    SEMMES           AL   36575          5            08/20/03         00
    0436509566                           05           10/01/03          0
    DIRE01                               O            09/01/18
    0

    8645746          Q87/G02             F           71,000.00         ZZ
                                         180         70,761.02          1
                                       6.250            608.77         71
                                       6.000            608.77
    EIGHT MILE       AL   36613          5            08/20/03         00
    0436509673                           05           09/25/03          0
    HACA01                               O            08/25/18
    0

    8646236          K15/G02             F           85,000.00         ZZ
                                         180         85,000.00          1
                                       5.875            711.55         60
                                       5.625            711.55
    COPLEY           OH   44321          5            08/25/03         00
    0436538730                           05           10/01/03          0
    028005511602                         O            09/01/18
    0

    8646286          K15/G02             F          149,100.00         ZZ
                                         180        149,100.00          1
                                       5.625          1,228.18         79
                                       5.375          1,228.18
    DOVER            DE   19901          5            08/26/03         00
    0436518443                           05           10/01/03          0
    013805520675                         O            09/01/18
    0
1

    8646332          K15/G02             F          145,000.00         ZZ
                                         180        145,000.00          2
                                       5.625          1,194.41         77
                                       5.375          1,194.41
    PROVIDENCE       RI   02907          5            08/21/03         00
    0436535520                           05           10/01/03          0
    029805510996                         O            09/01/18
    0

    8646364          K15/G02             F          248,000.00         ZZ
                                         180        248,000.00          1
                                       5.875          2,076.05         80
                                       5.625          2,076.05
    CORONA           CA   92880          5            08/25/03         00
    0436535488                           05           10/01/03          0
    038505512215                         O            09/01/18
    0

    8646666          N47/G02             F           87,900.00         ZZ
                                         180         87,900.00          2
                                       5.750            729.93         32
                                       5.500            729.93
    RICHMOND         CA   94801          5            08/25/03         00
    0436526420                           05           10/01/03          0
    20509392                             N            09/01/18
    0

    8648294          738/G02             F           95,920.00         ZZ
                                         180         95,920.00          1
                                       5.750            796.53         80
                                       5.500            796.53
    LEXINGTON        SC   29072          1            08/26/03         00
    0436536064                           05           10/01/03          0
    41448528                             N            09/01/18
    0

    8648730          Y23/G01             F          131,600.00         TX
                                         180        131,600.00          1
                                       6.000          1,110.52         67
                                       5.750          1,110.52
    GARLAND          TX   75044          5            08/25/03         00
    0436528889                           05           10/01/03          0
    1000265388                           O            09/01/18
    0
1

    8651486          U05/G02             F           92,800.00         TX
                                         180         92,800.00          1
                                       6.000            783.10         79
                                       5.750            783.10
    AUSTIN           TX   78727          5            08/28/03         00
    0436537971                           05           10/01/03          0
    3390383                              O            09/01/18
    0

    8651690          E22/G02             F          165,000.00         TX
                                         120        165,000.00          1
                                       5.750          1,811.19         65
                                       5.500          1,811.19
    FRIENDSWOOD      TX   77546          5            09/04/03         00
    0418165312                           05           11/01/03          0
    0418165312                           O            10/01/13
    0

    8651884          E22/G02             F          399,000.00         ZZ
                                         180        399,000.00          1
                                       5.625          3,286.69         80
                                       5.375          3,286.69
    FORT COLLINS     CO   80525          5            09/04/03         00
    0418250155                           05           10/01/03          0
    0418250155                           O            09/01/18
    0

    8651896          E22/G01             F          240,000.00         ZZ
                                         180        240,000.00          1
                                       5.125          1,913.57         24
                                       4.875          1,913.57
    WALNUT CREEK     CA   94596          2            08/21/03         00
    0418260279                           05           10/01/03          0
    0418260279                           O            09/01/18
    0

    8652246          K15/G02             F           88,000.00         ZZ
                                         180         88,000.00          1
                                       5.750            730.76         61
                                       5.500            730.76
    MONTROSE         CO   81401          5            08/26/03         00
    0436518260                           05           10/01/03          0
    023305512581                         O            09/01/18
    0
1

    8652338          K15/G02             F           53,000.00         ZZ
                                         180         53,000.00          1
                                       5.625            436.58         34
                                       5.375            436.58
    WAUWATOSA        WI   53213          5            08/26/03         00
    0436523906                           05           10/01/03          0
    031205511462                         O            09/01/18
    0

    8652342          U05/G02             F           61,200.00         TX
                                         180         61,200.00          1
                                       6.000            516.44         80
                                       5.750            516.44
    EL PASO          TX   79925          5            08/25/03         00
    0436520274                           05           10/01/03          0
    3395493                              O            09/01/18
    0

    8653332          K15/G02             F          102,000.00         ZZ
                                         180        102,000.00          1
                                       5.500            833.43         61
                                       5.250            833.43
    DELHI            CA   95315          2            08/26/03         00
    0436548820                           05           10/01/03          0
    002660005512782                      O            09/01/18
    0

    8653352          K15/G02             F           70,740.24         ZZ
                                         180         70,740.24          1
                                       5.500            578.01         71
                                       5.250            578.01
    WEBSTER          TX   77598          2            08/22/03         00
    0436531016                           05           10/01/03          0
    031705511482                         O            09/01/18
    0

    8653410          K15/G02             F           80,800.00         ZZ
                                         180         80,800.00          1
                                       5.500            660.20         44
                                       5.250            660.20
    TURLOCK          CA   95380          5            08/23/03         00
    0436549406                           05           10/01/03          0
    002660005512640                      O            09/01/18
    0
1

    8653418          K15/G02             F           79,700.00         ZZ
                                         180         79,700.00          1
                                       6.250            683.37         73
                                       6.000            683.37
    SOLON            OH   44139          5            08/26/03         00
    0436535041                           05           10/01/03          0
    028005511669                         O            09/01/18
    0

    8653572          K15/G02             F           97,300.00         ZZ
                                         180         97,300.00          1
                                       6.500            847.59         95
                                       6.250            847.59
    ARLINGTON        OH   45814          2            08/26/03         42
    0436548986                           05           10/01/03         25
    028705511140                         O            09/01/18
    0

    8654814          E22/G02             F           57,000.00         ZZ
                                         120         57,000.00          1
                                       5.375            615.08         75
                                       5.125            615.08
    BURLESON         TX   76028          2            09/05/03         00
    0417879640                           05           11/01/03          0
    0417879640                           O            10/01/13
    0

    8654866          E22/G02             F          659,000.00         ZZ
                                         180        659,000.00          1
                                       5.500          5,384.58         48
                                       5.250          5,384.58
    PALOS VERDES     CA   90274          2            08/28/03         00
    0418010468                           05           10/01/03          0
    0418010468                           O            09/01/18
    0

    8654936          E22/G02             F          116,000.00         ZZ
                                         180        116,000.00          2
                                       6.000            978.87         75
                                       5.750            978.87
    WEST VALLEY CIT  UT   84119          2            09/02/03         00
    0418118246                           05           10/01/03          0
    0418118246                           N            09/01/18
    0
1

    8655214          E22/G02             F          100,800.00         ZZ
                                         180        100,800.00          1
                                       6.250            864.28         80
                                       6.000            864.28
    SALT LAKE CITY   UT   84118          5            08/29/03         00
    0418314001                           05           10/01/03          0
    0418314001                           N            09/01/18
    0

    8658581          E22/G02             F           60,500.00         ZZ
                                         180         59,588.54          1
                                       5.875            506.46         82
                                       5.625            506.46
    NORMAN           OK   73026          2            04/25/03         01
    0416763464                           27           06/01/03          6
    0416763464                           O            05/01/18
    0

    8658883          E82/G02             F           71,300.00         ZZ
                                         180         70,301.51          4
                                       5.875            596.87         50
                                       5.625            596.87
    GRETNA           LA   70056          2            04/29/03         00
    0400814588                           05           06/01/03          0
    0400814588                           N            05/01/18
    0

    8658887          E82/G02             F           72,300.00         ZZ
                                         180         71,298.08          4
                                       6.000            610.11         51
                                       5.750            610.11
    GRETNA           LA   70053          2            04/29/03         00
    0400814612                           05           06/01/03          0
    0400814612                           N            05/01/18
    0

    8659358          G34/G02             F          150,000.00         ZZ
                                         180        150,000.00          1
                                       5.875          1,255.68         73
                                       5.625          1,255.68
    CLINTON          MD   20735          5            08/29/03         00
    0436538318                           05           10/01/03          0
    47008978                             O            09/01/18
    0
1

    8659555          Y23/G01             F          178,000.00         TX
                                         180        175,428.08          1
                                       5.500          1,454.41         64
                                       5.250          1,454.41
    WEATHERFORD      TX   76086          5            04/24/03         00
    0435804893                           05           06/01/03          0
    1000208931                           O            05/01/18
    0

    8661350          K15/G02             F          111,300.00         ZZ
                                         180        111,300.00          1
                                       6.250            954.31         69
                                       6.000            954.31
    SARASOTA         FL   34239          5            08/26/03         00
    0436546667                           05           10/01/03          0
    009605512538                         O            09/01/18
    0

    8661834          F89/G02             F          171,000.00         ZZ
                                         180        171,000.00          1
                                       5.875          1,431.47         72
                                       5.625          1,431.47
    LANCASTER ARES   CA   93536          5            08/20/03         00
    0436547673                           05           10/01/03          0
    32936                                O            09/01/18
    0

    8664170          K15/G02             F           48,700.00         ZZ
                                         180         48,700.00          1
                                       6.250            417.56         75
                                       6.000            417.56
    CHATTANOOGA      TN   37401          5            08/29/03         00
    0436563100                           05           10/01/03          0
    003405511710                         N            09/01/18
    0

    8665262          K15/G02             F           97,800.00         ZZ
                                         180         97,800.00          1
                                       6.250            838.56         95
                                       6.000            838.56
    ROOTSTOWN        OH   44272          5            08/25/03         41
    0436564793                           05           10/01/03         25
    028005511583                         O            09/01/18
    0
1

    8666388          K15/G02             F           90,000.00         ZZ
                                         180         90,000.00          1
                                       6.250            771.68         90
                                       6.000            771.68
    GASTONIA         NC   28054          5            08/25/03         27
    0436570881                           05           10/01/03         12
    017305520455                         O            09/01/18
    0

    8667070          808/G02             F          125,000.00         ZZ
                                         180        125,000.00          1
                                       6.500          1,088.89         50
                                       6.250          1,088.89
    LONG BEACH       CA   90806          5            08/05/03         00
    0436545461                           05           10/01/03          0
    9507725                              O            09/01/18
    0

    8667574          S11/G02             F          322,000.00         ZZ
                                         180        322,000.00          1
                                       5.875          2,695.52         41
                                       5.625          2,695.52
    TEMECULA         CA   92592          2            08/19/03         00
    0436551931                           03           10/01/03          0
    11400133                             O            09/01/18
    0

    8669733          286/286             F          101,600.00         ZZ
                                         180         99,779.71          1
                                       5.625            836.92         80
                                       5.375            836.92
    MIDLOTHIAN       TX   71254          5            03/01/03         00
    2028147                              05           05/01/03          0
    2028147                              N            04/01/18
    0

    8669811          286/286             F          267,000.00         ZZ
                                         180        261,245.24          1
                                       5.625          2,199.37         52
                                       5.375          2,199.37
    GAITHERSBURG     MD   20878          5            02/14/03         00
    1959397                              03           04/01/03          0
    1959397                              O            03/01/18
    0
1

    8688259          R84/G01             F          120,100.00         ZZ
                                         180        118,382.65          1
                                       5.625            989.30         73
                                       5.375            989.30
    HOUSTON          TX   77079          2            04/30/03         00
    0435873922                           05           06/01/03          0
    1066086                              O            05/01/18
    0

    8723613          168/168             F           21,200.00         ZZ
                                         180         20,982.53          2
                                       6.125            180.33         80
                                       5.875            180.33
    ROCHESTER        NY   14608          1            05/12/03         00
    3185285                              05           07/01/03          0
    0319852857                           N            06/01/18
    0

    8728993          U35/G02             F           99,750.00         ZZ
                                         180         98,671.51          1
                                       5.500            815.04         95
                                       5.250            815.04
    VISALIA          CA   93292          5            05/16/03         04
    0436403836                           05           07/01/03         25
    11801165                             O            06/01/18
    0

    8748791          U36/G01             F          175,000.00         ZZ
                                         180        173,107.91          1
                                       5.500          1,429.90         65
                                       5.250          1,429.90
    ROCKWALL         TX   75032          2            05/20/03         00
    0436270821                           05           07/01/03          0
    284802003                            O            06/01/18
    0

    8761933          E22/G02             F          420,800.00         ZZ
                                         180        416,344.60          1
                                       5.750          3,494.37         78
                                       5.500          3,494.37
    ARLINGTON        TX   76016          5            05/27/03         00
    0417000825                           03           07/01/03          0
    0417000825                           O            06/01/18
    0
1

    8762901          E47/G02             F           40,000.00         TX
                                         180         39,572.03          1
                                       5.625            329.49         32
                                       5.375            329.49
    SAN ANTONIO      TX   78216          5            05/22/03         00
    0436459218                           05           07/01/03          0
    7329013552                           O            06/01/18
    0

    8769779          E82/G01             F          224,500.00         ZZ
                                         180        220,190.09          1
                                       5.375          1,819.49         45
                                       5.125          1,819.49
    SAN JOSE         CA   95125          2            05/30/03         00
    0400827093                           05           08/01/03          0
    0400827093                           O            07/01/18
    0

    8796277          E22/G02             F          189,800.00         TX
                                         180        188,420.69          1
                                       5.375          1,538.26         55
                                       5.125          1,538.26
    PLANO            TX   75024          5            06/09/03         00
    0417138336                           03           08/01/03          0
    0417138336                           O            07/01/18
    0

    8826065          E23/G02             F          368,000.00         ZZ
                                         180        368,000.00          1
                                       5.000          2,910.12         80
                                       4.750          2,910.12
    EAGLE MOUNTAIN   UT   84043          5            08/04/03         00
    0436390108                           05           10/01/03          0
    42001057                             O            09/01/18
    0

    8826211          E23/G02             F          399,950.00         ZZ
                                         180        399,950.00          1
                                       6.000          3,375.01         62
                                       5.750          3,375.01
    SAN MARCOS       CA   92069          5            08/07/03         00
    0436341838                           05           10/01/03          0
    51034583                             O            09/01/18
    0
1

    8828049          E23/G02             F          141,500.00         ZZ
                                         180        140,986.99          1
                                       5.375          1,146.81         39
                                       5.125          1,146.81
    ROHNERT PARK     CA   94928          2            07/19/03         00
    0436437982                           05           09/01/03          0
    62009429                             N            08/01/18
    0

    8828213          E23/G02             F          150,000.00         ZZ
                                         180        149,478.69          1
                                       5.875          1,255.68         47
                                       5.625          1,255.68
    RANCHO CUCAMONG  CA   91701          5            07/28/03         00
    0436437909                           05           09/01/03          0
    51034689                             O            08/01/18
    0

    8828831          E23/G02             F          340,000.00         ZZ
                                         180        340,000.00          1
                                       5.750          2,823.39         80
                                       5.500          2,823.39
    FOLSOM           CA   95608          2            08/07/03         00
    0436468615                           05           10/01/03          0
    64002375                             O            09/01/18
    0

    8829909          E23/G02             F          322,700.00         ZZ
                                         180        322,700.00          1
                                       6.250          2,766.90         62
                                       6.000          2,766.90
    SAN JOSE         CA   95123          5            08/14/03         00
    0436485130                           05           10/01/03          0
    63002463                             O            09/01/18
    0

    8829935          E23/G02             F          100,300.00         ZZ
                                         180        100,300.00          1
                                       6.000            846.39         85
                                       5.750            846.39
    PHOENIX          AZ   85051          5            08/15/03         04
    0436429609                           05           10/01/03         12
    41008769                             O            09/01/18
    0
1

    8832473          P90/G02             F           77,900.00         ZZ
                                         180         77,900.00          1
                                       6.500            678.59         95
                                       6.250            678.59
    MIDWEST CITY     OK   73110          5            08/25/03         10
    0436462741                           05           10/01/03         30
    9510102                              O            09/01/18
    0

    8832579          E23/G02             F          222,000.00         ZZ
                                         180        222,000.00          1
                                       6.000          1,873.36         49
                                       5.750          1,873.36
    BONITA           CA   91902          2            08/19/03         00
    0436452437                           05           10/01/03          0
    62009248                             O            09/01/18
    0

    8835035          W82/G02             F          148,100.00         ZZ
                                         180        148,100.00          1
                                       6.375          1,279.95         85
                                       6.125          1,279.95
    MECHANICSBURG    PA   17055          5            08/15/03         10
    0436535215                           05           10/01/03          6
    1                                    O            09/01/18
    0

    8837441          W98/G02             F          170,000.00         ZZ
                                         180        170,000.00          1
                                       5.500          1,389.04         58
                                       5.250          1,389.04
    SILVER SPRING    MD   20902          5            08/21/03         00
    0436524698                           05           10/01/03          0
    F0300338                             O            09/01/18
    0
1

    8839499          W98/G02             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       5.500          1,143.92         78
                                       5.250          1,143.92
    HARPERS FERRY    WV   25425          5            08/21/03         00
    0436540850                           05           10/01/03          0
    L0307042                             O            09/01/18
    0

   TOTAL NUMBER OF LOANS   :        993

   TOTAL ORIGINAL BALANCE  :   158,104,366.27

   TOTAL PRINCIPAL BALANCE :   157,586,250.74

   TOTAL ORIGINAL P+I      :     1,291,835.09

   TOTAL CURRENT P+I       :     1,291,835.09

                             ***************************
                             *      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>
      8417656         $183,305.88           4.970%             0.6000%         $1,099.84
      8417886         $302,230.89           4.845%             3.1000%         $9,369.16
      8417936         $289,260.08           4.970%             0.6000%         $1,735.56
      8432964         $210,624.08           4.845%             3.1000%         $6,529.35
      8433764         $157,639.73           4.970%             0.6000%          $945.84
      8437488         $236,085.76           4.970%             0.6000%         $1,416.51
      8437596         $381,060.45           4.470%            10.6000%        $40,392.41
      8440974         $69,485.96            4.970%             0.6000%          $416.92
      8474298         $95,644.57            4.845%             3.1000%         $2,964.98
      8485838         $357,670.85           4.845%             3.1000%        $11,087.80
      8486704         $61,315.57            4.970%             0.6000%          $367.89
      8487372         $323,784.09           4.720%             5.6000%        $18,131.91
      8490170         $92,659.27            4.970%             0.6000%          $555.96
      8491564         $233,097.40           4.720%             5.6000%        $13,053.45
      8492194         $106,013.36           4.970%             0.6000%          $636.08
      8495406         $133,503.88           4.845%             3.1000%         $4,138.62
      8498772         $229,157.33           4.970%             0.6000%         $1,374.94
      8506774         $300,782.25           4.845%             3.1000%         $9,324.25
      8506980         $64,654.62            4.720%             5.6000%         $3,620.66
      8507856         $79,703.81            4.845%             3.1000%         $2,470.82
      8508408         $69,743.54            4.970%             0.6000%          $418.46
      8508808         $488,204.75           4.970%             0.6000%         $2,929.23
      8509088         $249,054.89           4.595%             8.1000%        $20,173.45
      8509890         $188,300.25           4.845%             3.1000%         $5,837.31
      8510132         $277,967.04           4.845%             3.1000%         $8,616.98
      8510208         $142,459.39           4.595%             8.1000%        $11,539.21
      8512418         $125,045.40           4.595%             8.1000%        $10,128.68
      8513732         $91,061.60            4.845%             3.1000%         $2,822.91
      8514488         $148,000.00           4.845%             3.1000%         $4,588.00
      8515384         $160,403.91           4.845%             3.1000%         $4,972.52
      8515896         $117,000.00           4.720%             5.6000%         $6,552.00
      8516216         $119,555.72           4.845%             3.1000%         $3,706.23
      8519488         $59,780.17            4.970%             0.6000%          $358.68
      8519536         $92,466.86            4.595%             8.1000%         $7,489.82
      8524344         $112,577.23           4.720%             5.6000%         $6,304.32
      8526224         $119,000.00           4.595%             8.1000%         $9,639.00
      8526740         $101,235.19           4.720%             5.6000%         $5,669.17
      8532794         $135,000.00           4.720%             5.6000%         $7,560.00
      8534002         $218,384.41           4.970%             0.6000%         $1,310.31
      8534480         $83,682.44            4.595%             8.1000%         $6,778.28
      8534526         $151,917.45           4.470%            10.6000%        $16,103.25
      8534550         $175,334.64           4.595%             8.1000%        $14,202.11
      8534556         $249,084.05           4.970%             0.6000%         $1,494.50
      8534570         $176,337.79           4.720%             5.6000%         $9,874.92
      8534592         $81,673.55            3.970%            20.6000%        $16,824.75
      8534652         $223,642.41           4.470%            10.6000%        $23,706.10
      8534740         $245,089.21           4.845%             3.1000%         $7,597.77
      8534768         $195,542.31           4.345%            13.1000%        $25,616.04
      8534780         $203,228.78           4.595%             8.1000%        $16,461.53
      8534840         $213,190.98           4.595%             8.1000%        $17,268.47
      8534998         $179,326.57           4.720%             5.6000%        $10,042.29
      8535036         $343,654.52           4.220%            15.6000%        $53,610.11
      8535060         $288,926.31           4.845%             3.1000%         $8,956.72

 Tuesday, September 23, 2003                                                    Page 1 of 6

      8535070         $200,714.17           4.220%            15.6000%        $31,311.41
      8535074         $176,921.57           4.470%            10.6000%        $18,753.69
      8535080         $182,286.31           4.220%            15.6000%        $28,436.66
      8535088         $202,240.52           4.720%             5.6000%        $11,325.47
      8535210         $321,467.28           4.470%            10.6000%        $34,075.53
      8535238         $98,601.80            3.845%            23.1000%        $22,777.02
      8535312         $223,161.95           4.720%             5.6000%        $12,497.07
      8535398         $267,961.71           4.345%            13.1000%        $35,102.98
      8535402         $183,902.13           4.595%             8.1000%        $14,896.07
      8535410         $238,067.92           4.220%            15.6000%        $37,138.60
      8535418         $174,310.43           4.095%            18.1000%        $31,550.19
      8535452         $179,319.51           4.595%             8.1000%        $14,524.88
      8535462         $249,054.88           4.595%             8.1000%        $20,173.45
      8535472         $219,839.29           4.220%            15.6000%        $34,294.93
      8535484         $245,070.01           4.595%             8.1000%        $19,850.67
      8535540         $206,217.44           4.595%             8.1000%        $16,703.61
      8535566         $175,334.64           4.595%             8.1000%        $14,202.11
      8535568         $418,445.00           4.845%             3.1000%        $12,971.80
      8538656         $44,550.00            4.970%             0.6000%          $267.30
      8538666         $138,600.00           4.970%             0.6000%          $831.60
      8539090         $90,000.00            4.845%             3.1000%         $2,790.00
      8541776         $320,757.14           4.345%            13.1000%        $42,019.19
      8541828         $163,373.52           4.470%            10.6000%        $17,317.59
      8541840         $54,798.50            4.970%             0.6000%          $328.79
      8541858         $166,375.20           4.720%             5.6000%         $9,317.01
      8541914         $249,064.68           4.720%             5.6000%        $13,947.62
      8541934         $159,376.01           4.220%            15.6000%        $24,862.66
      8541952         $185,314.95           4.970%             0.6000%         $1,111.89
      8541982         $79,684.77            4.095%            18.1000%        $14,422.94
      8542150         $147,440.49           4.595%             8.1000%        $11,942.68
      8542180         $272,942.41           4.345%            13.1000%        $35,755.46
      8542218         $119,536.82           4.345%            13.1000%        $15,659.32
      8542372         $175,313.61           4.220%            15.6000%        $27,348.92
      8542410         $235,089.08           4.345%            13.1000%        $30,796.67
      8542448         $215,307.03           4.220%            15.6000%        $33,587.90
      8542506         $209,181.01           4.220%            15.6000%        $32,632.24
      8542672         $311,667.27           4.595%             8.1000%        $25,245.05
      8542912         $114,574.23           4.845%             3.1000%         $3,551.80
      8542988         $134,489.64           4.595%             8.1000%        $10,893.66
      8543156         $192,215.73           3.720%            25.6000%        $49,207.23
      8543218         $127,511.04           4.470%            10.6000%        $13,516.17
      8543276         $136,072.75           4.345%            13.1000%        $17,825.53
      8544888         $515,543.60           4.595%             8.1000%        $41,759.03
      8544890         $274,967.40           4.720%             5.6000%        $15,398.17
      8544892         $392,068.87           4.845%             3.1000%        $12,154.14
      8544894         $647,593.45           4.845%             3.1000%        $20,075.40
      8545220         $51,610.09            4.720%             5.6000%         $2,890.17
      8545238         $39,848.78            4.595%             8.1000%         $3,227.75
      8545240         $315,801.58           4.595%             8.1000%        $25,579.93
      8546818         $92,000.00            4.720%             5.6000%         $5,152.00
      8546820         $180,000.00           4.970%             0.6000%         $1,080.00
      8547340         $103,840.86           4.970%             0.6000%          $623.05
      8548162         $79,706.90            4.970%             0.6000%          $478.24
      8550144         $146,600.00           4.970%             0.6000%          $879.60
      8550514         $94,150.00            4.845%             3.1000%         $2,918.65
      8552558         $398,534.49           4.970%             0.6000%         $2,391.21
      8552560         $229,103.01           4.220%            15.6000%        $35,740.07

 Tuesday, September 23, 2003                                                    Page 2 of 6

      8552562         $214,170.14           4.345%            13.1000%        $28,056.29
      8552566         $75,211.59            4.470%            10.6000%         $7,972.43
      8552568         $249,004.72           3.970%            20.6000%        $51,294.97
      8552702         $135,480.48           4.470%            10.6000%        $14,360.93
      8552748         $94,644.57            4.720%             5.6000%         $5,300.10
      8553102         $547,920.74           4.595%             8.1000%        $44,381.58
      8555300         $199,700.00           4.970%             0.6000%         $1,198.20
      8555530         $226,141.83           4.595%             8.1000%        $18,317.49
      8555860         $70,000.00            4.970%             0.6000%          $420.00
      8556002         $169,617.61           4.720%             5.6000%         $9,498.59
      8556022         $550,881.59           4.845%             3.1000%        $17,077.33
      8556030         $69,485.94            4.970%             0.6000%          $416.92
      8556066         $143,656.78           4.720%             5.6000%         $8,044.78
      8556074         $246,095.05           4.970%             0.6000%         $1,476.57
      8556416         $143,438.84           4.970%             0.6000%          $860.63
      8556436         $99,250.18            4.720%             5.6000%         $5,558.01
      8556444         $173,714.87           4.970%             0.6000%         $1,042.29
      8557370         $175,700.00           4.970%             0.6000%         $1,054.20
      8558046         $50,000.00            4.970%             0.6000%          $300.00
      8558366         $65,500.00            4.845%             3.1000%         $2,030.50
      8558382         $109,000.00           4.595%             8.1000%         $8,829.00
      8558422         $300,000.00           4.595%             8.1000%        $24,300.00
      8558504         $151,000.00           4.595%             8.1000%        $12,231.00
      8558600         $102,500.00           4.595%             8.1000%         $8,302.50
      8560704         $256,000.00           4.845%             3.1000%         $7,936.00
      8561482         $155,300.00           4.845%             3.1000%         $4,814.30
      8561504         $290,500.00           4.845%             3.1000%         $9,005.50
      8561568         $81,350.00            4.970%             0.6000%          $488.10
      8562086         $157,000.00           4.470%            10.6000%        $16,642.00
      8562180         $118,900.00           4.595%             8.1000%         $9,630.90
      8562642         $280,000.00           4.720%             5.6000%        $15,680.00
      8563246         $86,677.89            4.845%             3.1000%         $2,687.01
      8563668         $100,000.00           4.970%             0.6000%          $600.00
      8563728         $117,500.00           4.970%             0.6000%          $705.00
      8563806         $175,000.00           4.970%             0.6000%         $1,050.00
      8563950         $111,250.00           4.845%             3.1000%         $3,448.75
      8564016         $71,500.00            4.845%             3.1000%         $2,216.50
      8564276         $288,018.40           4.720%             5.6000%        $16,129.03
      8565392         $105,000.00           4.970%             0.6000%          $630.00
      8565454         $85,221.03            4.970%             0.6000%          $511.33
      8565614         $179,323.57           4.845%             3.1000%         $5,559.03
      8565624         $68,735.37            4.595%             8.1000%         $5,567.57
      8565690         $186,000.00           4.970%             0.6000%         $1,116.00
      8567796         $133,488.12           4.470%            10.6000%        $14,149.74
      8569840         $128,000.00           4.970%             0.6000%          $768.00
      8569984         $131,000.00           4.470%            10.6000%        $13,886.00
      8573568         $67,000.00            4.970%             0.6000%          $402.00
      8573574         $104,000.00           4.970%             0.6000%          $624.00
      8574450         $168,380.83           4.970%             0.6000%         $1,010.29
      8575632         $152,000.00           4.970%             0.6000%          $912.00
      8575972         $206,000.00           4.970%             0.6000%         $1,236.00
      8576092         $282,959.49           4.970%             0.6000%         $1,697.76
      8576100         $94,651.95            4.970%             0.6000%          $567.91
      8576130         $150,678.20           4.595%             8.1000%        $12,204.93
      8576172         $90,000.00            4.970%             0.6000%          $540.00
      8576252         $212,950.31           4.720%             5.6000%        $11,925.22
      8576526         $148,100.00           3.970%            20.6000%        $30,508.60

 Tuesday, September 23, 2003                                                    Page 3 of 6

      8576644         $115,566.01           4.720%             5.6000%         $6,471.70
      8576750         $321,305.98           4.845%             3.1000%         $9,960.49
      8576894         $599,226.04           4.595%             8.1000%        $48,537.31
      8576910         $338,754.31           4.970%             0.6000%         $2,032.53
      8576986         $128,527.37           4.970%             0.6000%          $771.16
      8577050         $426,381.95           4.595%             8.1000%        $34,536.94
      8577798         $119,500.00           4.595%             8.1000%         $9,679.50
      8578108         $96,000.00            4.720%             5.6000%         $5,376.00
      8578438         $84,688.58            4.970%             0.6000%          $508.13
      8578528         $211,198.54           4.595%             8.1000%        $17,107.08
      8579288         $159,100.00           4.970%             0.6000%          $954.60
      8579448         $115,500.00           4.720%             5.6000%         $6,468.00
      8579492         $216,400.00           4.970%             0.6000%         $1,298.40
      8582426         $108,600.65           4.970%             0.6000%          $651.60
      8582528         $113,174.99           4.720%             5.6000%         $6,337.80
      8583730         $54,796.37            4.845%             3.1000%         $1,698.69
      8585402         $170,783.00           4.845%             3.1000%         $5,294.27
      8585452         $99,500.00            4.720%             5.6000%         $5,572.00
      8585846         $95,000.00            4.970%             0.6000%          $570.00
      8585932         $300,000.00           4.470%            10.6000%        $31,800.00
      8585988         $97,280.33            4.970%             0.6000%          $583.68
      8586004         $182,329.53           4.970%             0.6000%         $1,093.98
      8586102         $158,000.00           4.595%             8.1000%        $12,798.00
      8586114         $158,405.14           4.720%             5.6000%         $8,870.69
      8586128         $200,224.18           4.345%            13.1000%        $26,229.37
      8586130         $166,348.71           4.220%            15.6000%        $25,950.40
      8586160         $273,960.37           4.595%             8.1000%        $22,190.79
      8586182         $188,255.27           4.095%            18.1000%        $34,074.20
      8586194         $227,110.81           4.220%            15.6000%        $35,429.29
      8586282         $229,139.50           4.720%             5.6000%        $12,831.81
      8586286         $308,840.21           4.720%             5.6000%        $17,295.05
      8586288         $321,428.44           4.095%            18.1000%        $58,178.55
      8586298         $298,865.86           4.595%             8.1000%        $24,208.13
      8586682         $165,200.00           4.845%             3.1000%         $5,121.20
      8587080         $95,000.00            4.970%             0.6000%          $570.00
      8589918         $149,000.00           4.845%             3.1000%         $4,619.00
      8590490         $99,500.00            4.970%             0.6000%          $597.00
      8591990         $150,000.00           4.970%             0.6000%          $900.00
      8592616         $215,000.00           4.345%            13.1000%        $28,165.00
      8592728         $240,000.00           4.595%             8.1000%        $19,440.00
      8593198         $295,000.00           4.220%            15.6000%        $46,020.00
      8595100         $180,000.00           3.970%            20.6000%        $37,080.00
      8595106         $200,000.00           4.470%            10.6000%        $21,200.00
      8595446         $243,300.00           4.720%             5.6000%        $13,624.80
      8595506         $62,000.00            4.970%             0.6000%          $372.00
      8597042         $498,070.09           4.345%            13.1000%        $65,247.18
      8597054         $408,549.63           4.595%             8.1000%        $33,092.52
      8597282         $247,500.00           4.720%             5.6000%        $13,860.00
      8597754         $130,250.00           4.970%             0.6000%          $781.50
      8597790         $312,000.00           4.970%             0.6000%         $1,872.00
      8599232         $265,018.70           4.845%             3.1000%         $8,215.58
      8599290         $118,554.79           4.720%             5.6000%         $6,639.07
      8602244         $392,000.00           4.970%             0.6000%         $2,352.00
      8602656         $212,700.00           4.970%             0.6000%         $1,276.20
      8603578         $74,449.23            4.970%             0.6000%          $446.70
      8604016         $217,184.40           4.720%             5.6000%        $12,162.33
      8604652         $173,000.00           4.595%             8.1000%        $14,013.00

 Tuesday, September 23, 2003                                                    Page 4 of 6

      8605292         $236,000.00           4.970%             0.6000%         $1,416.00
      8605302         $108,600.00           4.845%             3.1000%         $3,366.60
      8605696         $60,000.00            4.970%             0.6000%          $360.00
      8605998         $264,400.00           4.845%             3.1000%         $8,196.40
      8606100         $173,000.00           4.970%             0.6000%         $1,038.00
      8607580         $188,500.00           4.595%             8.1000%        $15,268.50
      8607636         $95,500.00            4.720%             5.6000%         $5,348.00
      8607816         $473,600.00           4.970%             0.6000%         $2,841.60
      8607864         $73,000.00            4.845%             3.1000%         $2,263.00
      8608566         $58,000.00            4.970%             0.6000%          $348.00
      8608652         $75,000.00            4.970%             0.6000%          $450.00
      8610486         $34,400.00            4.970%             0.6000%          $206.40
      8610978         $82,400.00            4.970%             0.6000%          $494.40
      8610990         $153,000.00           4.720%             5.6000%         $8,568.00
      8611072         $142,250.00           4.970%             0.6000%          $853.50
      8611538         $89,700.00            4.720%             5.6000%         $5,023.20
      8611650         $230,000.00           4.720%             5.6000%        $12,880.00
      8613734         $280,000.00           4.970%             0.6000%         $1,680.00
      8613794         $201,600.00           4.970%             0.6000%         $1,209.60
      8613844         $152,000.00           4.720%             5.6000%         $8,512.00
      8613908         $322,700.00           4.845%             3.1000%        $10,003.70
      8615088         $56,445.00            4.845%             3.1000%         $1,749.80
      8617134         $180,000.00           4.970%             0.6000%         $1,080.00
      8617408         $134,505.39           4.970%             0.6000%          $807.03
      8617506         $179,239.82           4.595%             8.1000%        $14,518.43
      8617524         $271,420.73           4.720%             5.6000%        $15,199.56
      8618566         $237,725.82           4.970%             0.6000%         $1,426.35
      8618694         $95,187.96            4.970%             0.6000%          $571.13
      8620258         $219,692.13           4.970%             0.6000%         $1,318.15
      8620292         $68,946.46            4.970%             0.6000%          $413.68
      8620450         $93,655.60            4.970%             0.6000%          $561.93
      8620464         $95,449.01            4.970%             0.6000%          $572.69
      8620608         $485,000.00           4.845%             3.1000%        $15,035.00
      8620640         $118,500.00           4.970%             0.6000%          $711.00
      8620832         $469,000.00           4.720%             5.6000%        $26,264.00
      8620834         $469,000.00           4.845%             3.1000%        $14,539.00
      8620846         $463,000.00           4.845%             3.1000%        $14,353.00
      8620852         $433,600.00           4.845%             3.1000%        $13,441.60
      8620854         $445,000.00           4.595%             8.1000%        $36,045.00
      8620888         $475,000.00           4.720%             5.6000%        $26,600.00
      8620896         $640,400.00           4.720%             5.6000%        $35,862.40
      8620952         $590,000.00           4.595%             8.1000%        $47,790.00
      8620992         $118,400.00           4.595%             8.1000%         $9,590.40
      8621108         $100,500.00           4.970%             0.6000%          $603.00
      8621158         $426,000.00           4.720%             5.6000%        $23,856.00
      8621278         $376,000.00           4.720%             5.6000%        $21,056.00
      8627772         $506,550.00           4.970%             0.6000%         $3,039.30
      8627916         $115,300.00           4.970%             0.6000%          $691.80
      8628762         $156,800.00           4.970%             0.6000%          $940.80
      8630756         $131,500.00           4.845%             3.1000%         $4,076.50
      8630796         $195,000.00           4.720%             5.6000%        $10,920.00
      8633580         $202,000.00           4.970%             0.6000%         $1,212.00
      8636038         $131,000.00           4.970%             0.6000%          $786.00
      8636068         $74,000.00            4.970%             0.6000%          $444.00
      8636438         $292,000.00           4.970%             0.6000%         $1,752.00
      8638648         $137,575.00           4.970%             0.6000%          $825.45
      8644594         $239,000.00           4.970%             0.6000%         $1,434.00

 Tuesday, September 23, 2003                                                    Page 5 of 6
      8644686         $80,000.00            4.845%             3.1000%         $2,480.00
      8645414         $391,600.00           4.720%             5.6000%        $21,929.60
      8651896         $240,000.00           4.845%             3.1000%         $7,440.00
      8826065         $368,000.00           4.720%             5.6000%        $20,608.00

 Tuesday, September 23, 2003                                                    Page 6 of 6

</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

                                       48
<PAGE>

        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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<PAGE>

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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<PAGE>

(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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<PAGE>

     (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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<PAGE>

(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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<PAGE>

(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

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<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

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<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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(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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<PAGE>

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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<PAGE>

(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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<PAGE>

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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<PAGE>

                                   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

                                       69
<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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<PAGE>

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.

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                                   ARTICLE V

                                THE CERTIFICATES

Section 5.01.  The Certificates.
               ----------------

(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D,  respectively,  and shall,  on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar  for  authentication  and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates  for the respective  Certificate  Owners with  Ownership  Interests
therein. The Holders of the Book-Entry  Certificates shall hold their respective
Ownership  Interests in and to each of such Certificates  through the book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be

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deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

(c) From time to time  Residential  Funding,  as the initial Holder of the Class
A-V  Certificates,  may  exchange  such  Holder's  Class  A-V  Certificates  for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

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Section 5.02.  Registration of Transfer and Exchange of Certificates.
               ------------------------------------------------------

(a)            The  Trustee  shall  cause  to be kept at one of the  offices  or
               agencies to be  appointed by the Trustee in  accordance  with the
               provisions  of  Section  8.12 a  Certificate  Register  in which,
               subject to such reasonable  regulations as it may prescribe,  the
               Trustee shall provide for the registration of Certificates and of
               transfers and exchanges of Certificates as herein  provided.  The
               Trustee is  initially  appointed  Certificate  Registrar  for the
               purpose of registering  Certificates  and transfers and exchanges
               of Certificates as herein provided. The Certificate Registrar, or
               the Trustee,  shall provide the Master  Servicer with a certified
               list of  Certificateholders  as of each  Record Date prior to the
               related Determination Date.

(b)            Upon surrender for registration of transfer of any Certificate at
               any office or agency of the Trustee  maintained  for such purpose
               pursuant to Section 8.12 and, in the case of any Class M, Class B
               or Class R Certificate,  upon  satisfaction of the conditions set
               forth  below,  the  Trustee  shall  execute  and the  Certificate
               Registrar  shall  authenticate  and  deliver,  in the name of the
               designated   transferee   or   transferees,   one  or  more   new
               Certificates   of  a  like  Class  (or  Subclass)  and  aggregate
               Percentage Interest.

(c)            At the  option  of the  Certificateholders,  Certificates  may be
               exchanged for other Certificates of authorized denominations of a
               like Class (or Subclass) and aggregate Percentage Interest,  upon
               surrender of the  Certificates to be exchanged at any such office
               or agency.  Whenever  any  Certificates  are so  surrendered  for
               exchange the Trustee shall execute and the Certificate  Registrar
               shall  authenticate  and deliver the  Certificates  of such Class
               which the  Certificateholder  making the  exchange is entitled to
               receive.  Every Certificate presented or surrendered for transfer
               or  exchange  shall  (if  so  required  by  the  Trustee  or  the
               Certificate  Registrar) be duly endorsed by, or be accompanied by
               a written  instrument  of  transfer in form  satisfactory  to the
               Trustee  and the  Certificate  Registrar  duly  executed  by, the
               Holder thereof or his attorney duly authorized in writing.

(d)            No  transfer,  sale,  pledge  or other  disposition  of a Class B
               Certificate  shall be made unless such transfer,  sale, pledge or
               other disposition is exempt from the registration requirements of
               the Securities Act of 1933, as amended,  and any applicable state
               securities  laws or is made in accordance with said Act and laws.
               In the event that a transfer  of a Class B  Certificate  is to be
               made either (i)(A) the Trustee shall require a written Opinion of
               Counsel  acceptable to and in form and substance  satisfactory to
               the  Trustee  and the  Company  that  such  transfer  may be made
               pursuant to an exemption, describing the applicable exemption and
               the  basis  therefor,  from  said Act and  laws or is being  made
               pursuant to said Act and laws, which Opinion of Counsel shall not
               be an expense of the Trustee,  the Company or the Master Servicer
               (except  that,  if such  transfer  is made by the  Company or the
               Master  Servicer  or any  Affiliate  thereof,  the Company or the
               Master  Servicer  shall  provide such Opinion of Counsel at their
               own  expense);  provided that such Opinion of Counsel will not be
               required  in  connection  with the  initial  transfer of any such
               Certificate  by the  Company  or  any  Affiliate  thereof  to the
               Company or an Affiliate of the Company and (B) the Trustee  shall
               require  the  transferee  to  execute  a  representation  letter,
               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

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<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

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<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.

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<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.

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<PAGE>

(v)  The  provisions of this Section  5.02(f) set forth prior to this clause (v)
     may be modified,  added to or  eliminated,  provided  that there shall have
     been delivered to the Trustee the following:

     (A)  written  notification  from each Rating  Agency to the effect that the
          modification,  addition to or elimination of such  provisions will not
          cause such Rating Agency to downgrade  its  then-current  ratings,  if
          any, of any Class of the Senior, Class M or Class B Certificates below
          the lower of the  then-current  rating or the rating  assigned to such
          Certificates as of the Closing Date by such Rating Agency; and

     (B)  subject to Section  10.01(f),  an Officers'  Certificate of the Master
          Servicer  stating that the Master  Servicer has received an Opinion of
          Counsel, in form and substance satisfactory to the Master Servicer, to
          the  effect  that such  modification,  addition  to or absence of such
          provisions  will not cause any portion of any REMIC  formed  under the
          Series  Supplement  to cease to  qualify as a REMIC and will not cause
          (x) any portion of any REMIC formed under the Series  Supplement to be
          subject to an  entity-level  tax caused by the Transfer of any Class R
          Certificate to a Person that is a Disqualified  Organization  or (y) a
          Certificateholder  or another Person to be subject to a  REMIC-related
          tax caused by the Transfer of a Class R  Certificate  to a Person that
          is not a Permitted Transferee.

(g)  No  service   charge  shall  be  made  for  any  transfer  or  exchange  of
     Certificates  of any Class,  but the Trustee  may require  payment of a sum
     sufficient to cover any tax or  governmental  charge that may be imposed in
     connection with any transfer or exchange of Certificates.

(h)  All  Certificates  surrendered for transfer and exchange shall be destroyed
     by the Certificate Registrar.

Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.
               --------------------------------------------------

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the

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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.

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<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.

                                       88
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.
               -----------------

(a) The Trustee,  prior to the  occurrence  of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

(b) The Trustee,  upon  receipt of all  resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Trustee  which  are  specifically  required  to be  furnished  pursuant  to  any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

(c)     No provision of this Agreement shall be construed to relieve the Trustee
        from liability for its own negligent  action,  its own negligent failure
        to act or its own willful misconduct; provided, however, that:

     (i)  Prior to the  occurrence of an Event of Default,  and after the curing
          or waiver of all such Events of Default which may have  occurred,  the
          duties and  obligations  of the Trustee shall be determined  solely by
          the express  provisions  of this  Agreement,  the Trustee shall not be
          liable except for the  performance  of such duties and  obligations as
          are specifically set forth in this Agreement,  no implied covenants or
          obligations shall be read into this Agreement against the Trustee and,
          in the  absence of bad faith on the part of the  Trustee,  the Trustee
          may  conclusively  rely,  as to the  truth of the  statements  and the
          correctness of the opinions expressed  therein,  upon any certificates
          or  opinions  furnished  to the  Trustee by the  Company or the Master

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          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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<PAGE>

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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<PAGE>

                                   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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        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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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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(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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                                   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><PAGE>

                                                                   EXHIBIT 10.14

                              AMENDED AND RESTATED
                       ADVANCIS PHARMACEUTICAL CORPORATION
                              STOCK INCENTIVE PLAN

1.       ESTABLISHMENT, PURPOSE AND TYPES OF AWARDS

         ADVANCIS PHARMACEUTICAL CORPORATION, a Delaware corporation (the
"Company"), hereby establishes the AMENDED AND RESTATED ADVANCIS PHARMACEUTICAL
CORPORATION STOCK INCENTIVE PLAN (the "Plan"). The purpose of the Plan is to
promote the long-term growth and profitability of the Company by (i) providing
key people with incentives to improve stockholder value and to contribute to the
growth and financial success of the Company, and (ii) enabling the Company to
attract, retain and reward the best-available persons. This Plan is a
continuation, and amendment and restatement, of the Company's 2000 Stock
Incentive Plan, the provisions of which shall continue to control with respect
to any options or stock awards outstanding thereunder to the extent necessary to
avoid establishment of a new measurement date for financial accounting purposes
and to preserve the status of any options that are intended to qualify as
"incentive stock options" within the meaning of Section 422 of the Internal
Revenue Code.

         The Plan permits the granting of stock options (including incentive
stock options qualifying under Code section 422 and nonqualified stock options),
stock appreciation rights, restricted or unrestricted stock awards, phantom
stock, performance awards, other stock-based awards, or any combination of the
foregoing.

2.       DEFINITIONS

         Under this Plan, except where the context otherwise indicates, the
following definitions apply:

         (a)      "Administrator" means the Board, the Compensation Committee of
the Board or such other committee(s) or officer(s) appointed by the Board that
have authority to administer the Plan as provided in Section 3 hereof.

         (b)      "Affiliate" means any entity, whether now or hereafter
existing, which controls, is controlled by, or is under common control with, the
Company (including, but not limited to, joint ventures, limited liability
companies, and partnerships). For this purpose, "control" shall mean ownership
of 50% or more of the total combined voting power or value of all classes of
stock or interests of the entity.

         (c)      "Award" means any stock option, stock appreciation right,
stock award, phantom stock award, performance award, or other stock-based award.

         (d)      "Board" means the Board of Directors of the Company.

         (e)      "Change in Control" means: (i) the acquisition (other than
from the Company), in one or more transactions, by any Person of the beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Securities
Exchange Act of 1934, as amended) of 33% or more of (A) the then outstanding
shares of the securities of the Company, or (B) the combined voting power of the
then outstanding Company Voting Stock; (ii) the closing of a sale or other
conveyance of assets representing 50% or more of the fair market value of the
Company's consolidated assets (in a single transaction or in a series of related
transactions); (iii) the dissolution or liquidation of the Company; (iv) a
change in the composition of the Company's Board of Directors, as a result of
which, fewer than one-half of the incumbent directors after such change are
directors who either (A) had been directors of the Company 24 months prior to
such change or (B) were elected, or nominated for election, to the Board of
Directors with the approval of at least a majority of the directors who had been
the

<PAGE>

Company's directors 24 months prior to such change and who were still in office
at the time of the election or nomination; or (v) the effective time of any
merger, share exchange, consolidation, or other business combination involving
the Company if immediately after such transaction persons who hold a majority of
the outstanding voting securities entitled to vote generally in the election of
directors of the surviving entity (or the entity owning 100% of such surviving
entity) are not persons who, immediately prior to such transaction, held a
majority of the Company Voting Stock; provided, however, that a Change in
Control shall not include (X) a public offering of capital stock of the Company;
(Y) any distribution of capital stock of the Company by a partnership or limited
liability company to a partner of such partnership or member of such limited
liability company in respect of the interest of such partner or member and
without the payment of additional consideration; or (Z) any transaction pursuant
to which shares of capital stock of the Company are transferred or issued to any
trust, charitable organization, foundation, family partnership or other entity
controlled directly or indirectly by, or established for the benefit of any of
the current or former executive officers of the Company or their immediate
family members (including spouses, children, grandchildren, parents, and
siblings, in each case to include adoptive relations), or transferred to any
such immediate family members.

         (f)      "Code" means the Internal Revenue Code of 1986, as amended,
and any regulations promulgated thereunder.

         (g)      "Common Stock" means shares of common stock of the Company,
par value of one cent ($0.01) per share.

         (h)      "Company Voting Stock" means securities of the Company
entitled to vote generally in the election of directors.

         (i)      "Eligible Director" means a director of the Company who is not
an employee of the Company or any Affiliate.

         (j)      "Fair Market Value" means, with respect to a share of the
Company's Common Stock for any purpose on a particular date, the value
determined by the Administrator in good faith. However, if the Common Stock is
registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934,
as amended, and listed for trading on a national exchange or market, "Fair
Market Value" means, as applicable, (i) either the closing price or the average
of the high and low sale price on the relevant date, as determined in the
Administrator's discretion, quoted on the New York Stock Exchange, the American
Stock Exchange, or the Nasdaq National Market; (ii) the last sale price on the
relevant date quoted on the Nasdaq SmallCap Market; (iii) the average of the
high bid and low asked prices on the relevant date quoted on the Nasdaq OTC
Bulletin Board Service or by the National Quotation Bureau, Inc. or a comparable
service as determined in the Administrator's discretion; or (iv) if the Common
Stock is not quoted by any of the above, the average of the closing bid and
asked prices on the relevant date furnished by a professional market maker for
the Common Stock, or by such other source, selected by the Administrator. If no
public trading of the Common Stock occurs on the relevant date but the shares
are so listed, then Fair Market Value shall be determined as of the next
preceding date on which trading of the Common Stock does occur. For all purposes
under this Plan, the term "relevant date" as used in this Section 2(j) means
either the date as of which Fair Market Value is to be determined or the next
preceding date on which public trading of the Common Stock occurs, as determined
in the Administrator's discretion.

         (k)      "Grant Agreement" means a written document memorializing the
terms and conditions of an Award granted pursuant to the Plan and shall
incorporate the terms of the Plan.

         (l)      "Person" means any individual, entity or group within the
meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934,
as amended, other than: employee benefit plans sponsored or

                                       2
<PAGE>

maintained by the Company or by Affiliates controlled by the Company, or an
underwriter of the Common Stock in a registered public offering.

3.       ADMINISTRATION

         (a)      Administration of the Plan. The Plan shall be administered by
the Board or by the Compensation Committee of the Board or such other committee
or committees as may be appointed by the Board from time to time. To the extent
allowed by applicable state law, the Board by resolution may authorize an
officer or officers to grant Awards (other than Stock Awards) to other officers
and employees of the Company and its Affiliates, and, to the extent of such
authorization, such officer or officers shall be the Administrator.

         (b)      Powers of the Administrator. The Administrator shall have all
the powers vested in it by the terms of the Plan, such powers to include
authority, in its sole and absolute discretion, to grant Awards under the Plan,
prescribe Grant Agreements evidencing such Awards and establish programs for
granting Awards.

         The Administrator shall have full power and authority to take all other
actions necessary to carry out the purpose and intent of the Plan, including,
but not limited to, the authority to: (i) determine the eligible persons to
whom, and the time or times at which Awards shall be granted; (ii) determine the
types of Awards to be granted; (iii) except for Awards granted pursuant to
Section 6(a)(ii), determine the number of shares to be covered by or used for
reference purposes for each Award; (iv) impose such terms, limitations,
restrictions and conditions upon any such Award as the Administrator shall deem
appropriate; (v) modify, amend, extend, renew or reprice outstanding Awards, or
accept the surrender of outstanding Awards and substitute new Awards (provided
however, that, except as provided in Section 7(d) of the Plan, any modification
that would materially adversely affect any outstanding Award shall not be made
without the consent of the holder); (vi) accelerate or otherwise change the time
in which an Award may be exercised or becomes payable and to waive or accelerate
the lapse, in whole or in part, of any restriction or condition with respect to
such Award, including, but not limited to, any restriction or condition with
respect to the vesting or exercisability of an Award following termination of
any grantee's employment or other relationship with the Company; (vii) establish
objectives and conditions, if any, for earning Awards and determining whether
Awards will be paid after the end of a performance period; and (viii) for any
purpose, including but not limited to, qualifying for preferred tax treatment
under foreign tax laws or otherwise complying with the regulatory requirements
of local or foreign jurisdictions, to establish, amend, modify, administer or
terminate sub-plans, and prescribe, amend and rescind rules and regulations
relating to such sub-plans.

         The Administrator shall have full power and authority, in its sole and
absolute discretion, to administer and interpret the Plan, Grant Agreements and
all other documents relevant to the Plan and Awards issued thereunder, and to
adopt and interpret such rules, regulations, agreements, guidelines and
instruments for the administration of the Plan and for the conduct of its
business as the Administrator deems necessary or advisable.

         Awards to Eligible Directors, as provided in Section 6(a)(ii), shall be
automatic and nondiscretionary to the extent provided in Section 6(a)(ii).

         (c)      Non-Uniform Determinations. The Administrator's determinations
under the Plan (including without limitation, determinations of the persons to
receive Awards, the form, amount and timing of such Awards, the terms and
provisions of such Awards and the Grant Agreements evidencing such Awards) need
not be uniform and may be made by the Administrator selectively among persons
who receive, or are eligible to receive, Awards under the Plan, whether or not
such persons are similarly situated.

                                       3
<PAGE>

         (d)      Limited Liability. To the maximum extent permitted by law, no
member of the Administrator shall be liable for any action taken or decision
made in good faith relating to the Plan or any Award thereunder.

         (e)      Indemnification. To the maximum extent permitted by law and by
the Company's charter and by-laws, the members of the Administrator shall be
indemnified by the Company in respect of all their activities under the Plan.

         (f)      Effect of Administrator's Decision. All actions taken and
decisions and determinations made by the Administrator on all matters relating
to the Plan pursuant to the powers vested in it hereunder shall be in the
Administrator's sole and absolute discretion and shall be conclusive and binding
on all parties concerned, including the Company, its stockholders, any
participants in the Plan and any other employee, consultant, or director of the
Company, and their respective successors in interest.

4.       SHARES AVAILABLE FOR THE PLAN

         Subject to adjustments as provided in Section 7(d) of the Plan, the
shares of Common Stock that may be issued with respect to Awards granted under
the Plan shall not exceed an aggregate of 9,330,080 shares* of Common Stock.
The Company shall reserve such number of shares for Awards under the Plan,
subject to adjustments as provided in Section 7(d) of the Plan. If any Award, or
portion of an Award, under the Plan expires or terminates unexercised, becomes
unexercisable or is forfeited or otherwise terminated, surrendered or canceled
as to any shares, or if any shares of Common Stock are repurchased at or below
cost by or surrendered to the Company in connection with any Award (whether or
not such surrendered shares were acquired pursuant to any Award), or if any
shares are withheld by the Company, the shares subject to such Award and the
repurchased, surrendered and withheld shares shall thereafter be available for
further Awards under the Plan; provided, however, that any such shares that are
surrendered to or repurchased or withheld by the Company in connection with any
Award or that are otherwise forfeited after issuance shall not be available for
purchase pursuant to incentive stock options intended to qualify under Code
section 422.

5.       PARTICIPATION

         Participation in the Plan shall be open to all employees, officers, and
directors of, and other individuals providing bona fide services to or for, the
Company, or of any Affiliate of the Company, as may be selected by the
Administrator from time to time. The Administrator may also grant Awards to
individuals in connection with hiring, retention or otherwise, prior to the date
the individual first performs services for the Company or an Affiliate, provided
that such Awards shall not become vested or exercisable prior to the date the
individual first commences performance of such services.

6.       AWARDS

         The Administrator, in its sole discretion, establishes the terms of all
Awards granted under the Plan. Awards may be granted individually or in tandem
with other types of Awards. All Awards are subject to the terms and conditions
provided in the Grant Agreement. The Administrator may permit or require a
recipient of an Award to defer such individual's receipt of the payment of cash
or the delivery of Common Stock that would otherwise be due to such individual
by virtue of the exercise of, payment of, or lapse or waiver of restrictions
respecting, any Award. If any such payment deferral is required or permitted,
the Administrator shall, in its sole discretion, establish rules and procedures
for such payment deferrals.

------------------
* Prior to giving effect to a 1 for 1.83008 reverse stock split, which will
occur before the Company's initial public offering is declared effective.

                                        4
<PAGE>

         (a)      Stock Options.

                  (i)      The Administrator may from time to time grant to
eligible participants Awards of incentive stock options as that term is defined
in Code section 422 or nonqualified stock options; provided, however, that
Awards of incentive stock options shall be limited to employees of the Company
or of any current or hereafter existing "parent corporation" or "subsidiary
corporation," as defined in Code sections 424(e) and (f), respectively, of the
Company, and any other persons who are eligible to receive incentive stock
options within the meaning of Code section 422. Options intended to qualify as
incentive stock options under Code section 422 must have an exercise price at
least equal to Fair Market Value as of the date of grant, but nonqualified stock
options may be granted with an exercise price less than Fair Market Value. No
stock option shall be an incentive stock option unless so designated by the
Administrator at the time of grant or in the Grant Agreement evidencing such
stock option.

                  (ii)     Notwithstanding anything in the Plan to the contrary,
automatic options grants shall be made under this Plan to Eligible Directors as
follows:

                           (A)      Each person who first becomes an Eligible
Director after September 2, 2003 shall be granted an option to purchase
54,903 shares* of Common Stock (the "Initial Grant") on the date on which he
or she is initially elected or appointed to the Board.

                           (B)      Each Eligible Director shall be granted an
additional option to purchase 36,602 shares(*) of Common Stock (an "Annual
Grant") on the date of each annual general stockholders' meeting at which
members of the Board are elected or re-elected, provided however, that he or she
continues to serve as an Eligible Director immediately following the meeting.

                           (C)      The exercise price per share for each option
granted under this Section 6(a)(ii) shall be the Fair Market Value per share of
Common Stock on the date of grant of the option. For purposes of the immediately
preceding sentence, Fair Market Value shall mean, at any time when the Common
Stock is listed on the Nasdaq National Market or a similar national exchange or
market, the closing price per share of the Company's Common Stock on the Nasdaq
National Market, or the principal exchange or market on which the Common Stock
is then listed, on the date of grant, and if no such price is reported on such
date, such price as reported on the nearest preceding date on which such price
is reported.

                           (D)      Each Initial Grant shall vest in 36 equal,
monthly installments, in arrears, beginning immediately following the grant
date. Each Annual Grant shall vest in 12 equal, monthly installments, in
arrears, beginning immediately following the grant date. No option granted to an
Eligible Director under this Section 6(a)(ii) shall become vested with respect
to any shares of Common Stock after the date on which such Eligible Director
ceases to serve as a member of the Board. An option granted to an Eligible
Director under this Section 6(a)(ii) may be exercised from time to time, in
whole or in part, prior to the earlier of (x) 180 days after a grantee ceases to
serve as a Director (one year if the grantee ceases to serve because of his or
her death or permanent and total disability) or (y) the tenth anniversary of the
date of grant.

                           (E)      In the event of a Change in Control, any
outstanding options granted pursuant to this Section 6(a)(ii) prior to the date
of such Change in Control shall be 100% vested and exercisable on the date of,
and immediately before, such Change in Control.

                           (F)      Options granted under this Section 6(a)(ii)
may be exercised only by notice (in a form prescribed by or acceptable to the
Company) to the Company at its principal executive office. Payment

------------------
* Prior to giving effect to a 1 for 1.83008 reverse stock split, which will
occur before the Company's initial public offering is declared effective.

                                       5
<PAGE>

of the exercise price may be made by delivery of cash or check to the order of
the Company in an amount equal to the exercise price, or to the extent permitted
by the Company, by delivery to the Company of shares of Common Stock of the
Company already owned that are "mature" shares under Generally Accepted
Accounting Standards of the United States and having a Fair Market Value equal
in amount to the exercise price of the option being exercised, or a combination
thereof.

         (b)      Stock Appreciation Rights. The Administrator may from time to
time grant to eligible participants Awards of Stock Appreciation Rights ("SAR").
An SAR entitles the grantee to receive, subject to the provisions of the Plan
and the Grant Agreement, a payment having an aggregate value equal to the
product of (i) the excess of (A) the Fair Market Value on the exercise date of
one share of Common Stock over (B) the base price per share specified in the
Grant Agreement, times (ii) the number of shares specified by the SAR, or
portion thereof, which is exercised. Payment by the Company of the amount
receivable upon any exercise of an SAR may be made by the delivery of Common
Stock or cash, or any combination of Common Stock and cash, as determined in the
sole discretion of the Administrator. If upon settlement of the exercise of an
SAR a grantee is to receive a portion of such payment in shares of Common Stock,
the number of shares shall be determined by dividing such portion by the Fair
Market Value of a share of Common Stock on the exercise date. No fractional
shares shall be used for such payment and the Administrator shall determine
whether cash shall be given in lieu of such fractional shares or whether such
fractional shares shall be eliminated.

         (c)      Stock Awards. The Administrator may from time to time grant
restricted or unrestricted stock Awards to eligible participants in such
amounts, on such terms and conditions, and for such consideration, including no
consideration or such minimum consideration as may be required by law, as it
shall determine. A stock Award may be paid in Common Stock, in cash, or in a
combination of Common Stock and cash, as determined in the sole discretion of
the Administrator.

         (d)      Phantom Stock. The Administrator may from time to time grant
Awards to eligible participants denominated in stock-equivalent units ("phantom
stock") in such amounts and on such terms and conditions as it shall determine.
Phantom stock units granted to a participant shall be credited to a bookkeeping
reserve account solely for accounting purposes and shall not require a
segregation of any of the Company's assets. An Award of phantom stock may be
settled in Common Stock, in cash, or in a combination of Common Stock and cash,
as determined in the sole discretion of the Administrator. Except as otherwise
provided in the applicable Grant Agreement, the grantee shall not have the
rights of a stockholder with respect to any shares of Common Stock represented
by a phantom stock unit solely as a result of the grant of a phantom stock unit
to the grantee.

         (e)      Performance Awards. The Administrator may, in its discretion,
grant performance awards which become payable on account of attainment of one or
more performance goals established by the Administrator. Performance awards may
be paid by the delivery of Common Stock or cash, or any combination of Common
Stock and cash, as determined in the sole discretion of the Administrator.
Performance goals established by the Administrator may be based on the Company's
or an Affiliate's operating income or one or more other business criteria
selected by the Administrator that apply to an individual or group of
individuals, a business unit, or the Company or an Affiliate as a whole, over
such performance period as the Administrator may designate.

         (f)      Other Stock-Based Awards. The Administrator may from time to
time grant other stock-based awards to eligible participants in such amounts, on
such terms and conditions, and for such consideration, including no
consideration or such minimum consideration as may be required by law, as it
shall determine. Other stock-based awards may be denominated in cash, in Common
Stock or other securities, in stock-equivalent units, in stock appreciation
units, in securities or debentures convertible into Common Stock, or in any
combination of the foregoing and may be paid in Common Stock or other
securities, in cash, or in a

                                       6
<PAGE>

combination of Common Stock or other securities and cash, all as determined in
the sole discretion of the Administrator.

7.       MISCELLANEOUS

         (a)      Withholding of Taxes. Grantees and holders of Awards shall pay
to the Company or its Affiliate, or make provision satisfactory to the
Administrator for payment of, any taxes required to be withheld in respect of
Awards under the Plan no later than the date of the event creating the tax
liability. The Company or its Affiliate may, to the extent permitted by law,
deduct any such tax obligations from any payment of any kind otherwise due to
the grantee or holder of an Award. In the event that payment to the Company or
its Affiliate of such tax obligations is made in shares of Common Stock, such
shares shall be valued at Fair Market Value on the applicable date for such
purposes and shall not exceed in amount the minimum statutory tax withholding
obligation.

         (b)      Loans. To the extent otherwise permitted by law, the Company
or its Affiliate may make or guarantee loans to grantees to assist grantees in
exercising Awards and satisfying any withholding tax obligations.

         (c)      Transferability. Except as otherwise determined by the
Administrator, and in any event in the case of an incentive stock option or a
stock appreciation right granted with respect to an incentive stock option, no
Award granted under the Plan shall be transferable by a grantee otherwise than
by will or the laws of descent and distribution. Unless otherwise determined by
the Administrator in accord with the provisions of the immediately preceding
sentence, an Award may be exercised during the lifetime of the grantee, only by
the grantee or, during the period the grantee is under a legal disability, by
the grantee's guardian or legal representative.

         (d)      Adjustments; Business Combinations.

                  (i)      Upon a stock dividend of, or stock split or reverse
stock split affecting, the Common Stock of the Company, (A) the maximum number
of shares reserved for issuance or with respect to which Awards may be granted
under the Plan, as provided in Section 4 of the Plan, (B) the number of shares
with respect to which Awards are to be granted as provided in Section 6(a)(ii),
and (C) the number of shares covered by and the exercise price and other terms
of outstanding Awards, shall, without further action of the Board, be adjusted
to reflect such event unless the Board determines, at the time it approves such
stock dividend, stock split or reverse stock split, that no such adjustment
shall be made. The Administrator may make adjustments, in its discretion, to
address the treatment of fractional shares and fractional cents that arise with
respect to outstanding Awards as a result of the stock dividend, stock split or
reverse stock split.

                  (ii)     In the event of any other changes affecting the
Company, the capitalization of the Company or the Common Stock of the Company by
reason of any spin-off, split-up, dividend, recapitalization, merger,
consolidation, business combination or exchange of shares and the like, the
Administrator, in its discretion and without the consent of holders of Awards,
shall make: (A) appropriate adjustments to the maximum number and kind of shares
reserved for issuance or with respect to which Awards may be granted under the
Plan, as provided in Section 4 and 6(a)(ii) of the Plan, and to the number, kind
and price of shares covered by outstanding Awards; and (B) any other adjustments
in outstanding Awards, including but not limited to reducing the number of
shares subject to Awards or providing or mandating alternative settlement
methods such as settlement of the Awards in cash or in shares of Common Stock or
other securities of the Company or of any other entity, or in any other matters
which relate to Awards as the Administrator shall, in its sole discretion,
determine to be necessary or appropriate.

                                       7
<PAGE>

                  (iii)    The Administrator is authorized to make, in its
discretion and without the consent of holders of Awards, adjustments in the
terms and conditions of, and the criteria included in, Awards in recognition of
unusual or nonrecurring events affecting the Company, or the financial
statements of the Company or any Affiliate, or of changes in applicable laws,
regulations, or accounting principles, whenever the Administrator determines
that such adjustments are appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan and outstanding Awards.

         (e)      Substitution of Awards in Mergers and Acquisitions. Awards may
be granted under the Plan from time to time in substitution for Awards held by
employees, officers, consultants or directors of entities who become or are
about to become employees, officers, consultants or directors of the Company or
an Affiliate as the result of a merger or consolidation of the employing entity
with the Company or an Affiliate, or the acquisition by the Company or an
Affiliate of the assets or stock of the employing entity. The terms and
conditions of any substitute Awards so granted may vary from the terms and
conditions set forth herein to the extent that the Administrator deems
appropriate at the time of grant to conform the substitute Awards to the
provisions of the awards for which they are substituted.

         (f)      Stock Restriction Agreement and Voting Trust. As a condition
precedent to the grant of any Award under the Plan, the exercise pursuant to
such an Award, or to the delivery of certificates for shares issued pursuant to
any Award, the Administrator may require the grantee or the grantee's successor
or permitted transferee, as the case may be, to become a party to a Stock
Restriction Agreement of the Company and/or a Voting Trust Agreement in such
form(s) as the Administrator may determine from time to time.

         (g)      Termination, Amendment and Modification of the Plan. The Board
or the Administrator may terminate, amend or modify the Plan or any portion
thereof at any time. Except as otherwise determined by the Board, termination of
the Plan shall not affect the Administrator's ability to exercise the powers
granted to it hereunder with respect to Awards granted under the Plan prior to
the date of such termination.

         (h)      Non-Guarantee of Employment or Service. Nothing in the Plan or
in any Grant Agreement thereunder shall confer any right on an individual to
continue in the service of the Company or shall interfere in any way with the
right of the Company to terminate such service at any time with or without cause
or notice.

         (i) Compliance with Securities Laws; Listing and Registration. If at
any time the Administrator determines that the delivery of Common Stock under
the Plan is or may be unlawful under the laws of any applicable jurisdiction, or
federal or state securities laws, the right to exercise an Award or receive
shares of Common Stock pursuant to an Award shall be suspended until the
Administrator determines that such delivery is lawful. The Company shall have no
obligation to effect any registration or qualification of the Common Stock under
federal or state laws.

         The Company may require that a grantee, as a condition to exercise of
an Award, and as a condition to the delivery of any share certificate, make such
written representations (including representations to the effect that such
person will not dispose of the Common Stock so acquired in violation of federal
or state securities laws) and furnish such information as may, in the opinion of
counsel for the Company, be appropriate to permit the Company to issue the
Common Stock in compliance with applicable federal and state securities laws.
The stock certificates for any shares of Common Stock issued pursuant to this
Plan may bear a legend restricting transferability of the shares of Common Stock
unless such shares are registered or an exemption from registration is available
under the Securities Act of 1933, as amended, and applicable state securities
laws.

         (j)      No Trust or Fund Created. Neither the Plan nor any Award shall
create or be construed to create a trust or separate fund of any kind or a
fiduciary relationship between the Company and a grantee or any other person. To
the extent that any grantee or other person acquires a right to receive payments
from the

                                       8
<PAGE>

Company pursuant to an Award, such right shall be no greater than the right of
any unsecured general creditor of the Company.

         (k)      Governing Law. The validity, construction and effect of the
Plan, of Grant Agreements entered into pursuant to the Plan, and of any rules,
regulations, determinations or decisions made by the Administrator relating to
the Plan or such Grant Agreements, and the rights of any and all persons having
or claiming to have any interest therein or thereunder, shall be determined
exclusively in accordance with applicable federal laws and the laws of the State
of Delaware, without regard to its conflict of laws principles.

         (l)      Effective Date; Termination Date. The Plan was originally
effective on May 17, 2000. As amended and restated herein, the effective date of
the Plan is October 7, 2003. No Award shall be granted under the Plan after
October 6, 2013. Subject to other applicable provisions of the Plan, all Awards
made under the Plan prior to such termination of the Plan shall remain in effect
until such Awards have been satisfied or terminated in accordance with the Plan
and the terms of such Awards.

                                       9
<PAGE>

                                   APPENDIX A
                       PROVISIONS FOR CALIFORNIA RESIDENTS

With respect to Awards granted to California residents prior to a public
offering of capital stock of the Company that is effected pursuant to a
registration statement filed with, and declared effective by, the Securities and
Exchange Commission under the Securities Act of 1933 and only to the extent
required by applicable law, the following provisions shall apply notwithstanding
anything in the Plan or a Grant Agreement to the contrary:

1.       No such persons shall be entitled to receive Awards in the form of any
stock appreciation rights or phantom stock.

2.       With respect to any Award granted in the form of a stock option
pursuant to Section 6(a) of the Plan:

         (a)      The Award shall provide an exercise price which is not less
         than 85% of the Fair Market Value of the stock at the time the option
         is granted, except that the price shall be 110% of the Fair Market
         Value in the case of any person who owns stock possessing more than 10%
         of the total combined voting power of all classes of stock of the
         issuing corporation or its parent or subsidiary corporations.

         (b)      The exercise period shall be no more than 120 months from the
         date the option is granted.

         (c)      The options shall be non-transferable other than by will, by
         the laws of descent and distribution, by instrument to an inter vivos
         or testamentary trust in which the options are to be passed to
         beneficiaries upon the death of the trustor (settlor), or by gift to
         "immediate family" as that term is defined in 17 C.F.R. 240.16a-1(e).

         (d)      The Award recipient shall have the right to exercise at the
         rate of at least 20% per year over 5 years from the date the option is
         granted, subject to reasonable conditions such as continued employment.
         However, if an option is granted to officers, directors, or consultants
         of the Company or the issuer of the underlying security or any of its
         affiliates, the option may become fully exercisable, subject to
         reasonable conditions such as continued employment, at any time or
         during any period established by the issuer of the option or the issuer
         of the underlying security or any of its affiliates.

         (e)      Unless employment is terminated for "cause" as defined by
         applicable law, the terms of the Plan or Grant Agreement or a contract
         of employment, the right to exercise the option in the event of
         termination of employment, to the extent that the Award recipient is
         otherwise entitled to exercise on the date employment terminates, will
         be as follows:

                  (1) At least 6 months from the date of termination if
                  termination was caused by death or disability.

                  (2) At least 30 days from the date of termination if
                  termination was caused by other than death or disability.

3.       The Company's shareholders must approve the Plan within 12 months
before or after the date the Plan is adopted. Any option exercised before
shareholder approval is obtained must be rescinded if shareholder approval is
not obtained within 12 months before or after the Plan is adopted. Such shares
shall not be counted in determining whether such approval is obtained.

4.       At the discretion of the Administrator, the Company may reserve to
itself and/or its assignee(s) in the Grant Agreement or Stock Restriction
Agreement a right to repurchase shares held by an Award recipient

                                      A-1

<PAGE>

following such Award recipient's termination at any time within 90 days after
such Award recipient's termination date (or in the case of securities issued
upon exercise of an option after the termination date, within 90 days after the
date of such exercise) for cash and/or cancellation of purchase money
indebtedness, at: (A) with respect to vested shares, the Fair Market Value of
such shares on the Award recipient's termination date; provided that such right
to repurchase vested shares terminates when the Company's securities have become
publicly traded; or (B) with respect to unvested shares, the Award recipient's
exercise price, provided, that to the extent the Award recipient is not an
officer, director or consultant of the Company or of a Parent or Subsidiary of
the Company such right to repurchase unvested shares at the exercise price
lapses at the rate of at least 20% per year over 5 years from the date of the
grant of the option.

5.       The Company will provide financial statements to each Award recipient
annually during the period such individual has Awards outstanding, or as
otherwise required under Section 260.146.46 of Title 10 of the California Code
of Regulations. Notwithstanding the foregoing, the Company will not be required
to provide such financial statements to Award recipients when issuance is
limited to key employees whose services in connection with the Company assure
them access to equivalent information.

6.       The Company will comply with Section 260.140.1 of Title 10 of the
California Code of Regulations with respect to the voting rights of Common
Stock.

7.       The Plan is intended to comply with Section 25102(o) of the California
Corporations Code. Any provision of this Plan which is inconsistent with Section
25102(o), including without limitation any provision of this Plan that is more
restrictive than would be permitted by Section 25102(o) as amended from time to
time, shall, without further act or amendment by the Board, be reformed to
comply with the provisions of Section 25102(o). If at any time the Administrator
determines that the delivery of Common Stock under the Plan is or may be
unlawful under the laws of any applicable jurisdiction, or federal or state
securities laws, the right to exercise an Award or receive shares of Common
Stock pursuant to an Award shall be suspended until the Administrator determines
that such delivery is lawful. The Company shall have no obligation to effect any
registration or qualification of the Common Stock under federal or state laws.

                                      A-2

<PAGE>

                                  PLAN HISTORY

Date Approved by the Board:        Original Plan: May 17, 2000 (as amended
                                    March 8, 2001; July 20, 2001; October 25,
                                    2001; April 9, 2002; September 2, 2003).

                                    Amended and Restated Plan: October 7, 2003

Date Approved by the Stockholders:  Original Plan: September 18, 2000 (as
                                    amended March 8, 2001,  July 20, 2001;
                                    October 25, 2001; April 9, 2002; September
                                    2, 2003).

                                    Amended and Restated Plan: October 7, 2003

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