Document:

Exhibit 4.5

[AMBAC LOGO]                                  Ambac Assurance Corporation
                                              One State Street Plaza, 15th Floor
                                              New York, New York 10004
                                              Telephone: (212) 668-0340

CERTIFICATE GUARANTY INSURANCE POLICY

Insured Obligations:                                Policy Number:
GreenPoint Home Equity Loan Trust 2003-1
Home Equity Loan Asset-Backed Notes,                AB0666BE
Series 2003-1 Class A Variable Rate
  Asset-Backed Notes
                                                    Premium: As specified on the
                                                    endorsement attached hereto.

AMBAC ASSURANCE CORPORATION (AMBAC), a Wisconsin stock insurance corporation, in
consideration  of the  payment of the  premium  and subject to the terms of this
Policy, hereby agrees  unconditionally and irrevocably to pay to the Trustee for
the  benefit of the  Holders of the  Insured  Obligations,  that  portion of the
Insured Amounts which shall become Due for Payment but shall be unpaid by reason
of Nonpayment.

Ambac will make such  payments to the Trustee from its own funds on the later of
(a) one (1) Business Day  following  notification  to Ambac of Nonpayment or (b)
the Business Day on which the Insured Amounts are Due for Payment. Such payments
of principal or interest shall be made only upon  presentation  of an instrument
of assignment in form and substance satisfactory to Ambac, transferring to Ambac
all rights  under such  Insured  Obligations  to receive  the  principal  of and
interest  on the  Insured  Obligation.  Ambac  shall  be  subrogated  to all the
Holders'  rights to  payment  on the  Insured  Obligations  to the extent of the
insurance  disbursements so made. Once payments of the Insured Amounts have been
made to the Trustee, Ambac shall have no further obligation hereunder in respect
of such Insured Amounts.

In the event the Trustee for the Insured Obligations has notice that any payment
of  principal  or  interest  on an Insured  Obligation  which has become Due for
Payment  and which is made to a Holder by or on behalf of the  Trustee  has been
deemed a  preferential  transfer  and  theretofore  recovered  from  its  Holder
pursuant  to the  United  States  Bankruptcy  Code in  accordance  with a final,
nonappealable  order of a court of competent  jurisdiction,  such Holder will be
entitled  to payment  from Ambac to the extent of such  recovery  if  sufficient
funds are not otherwise available.

This  Policy is  noncancelable  by Ambac for any  reason,  including  failure to
receive payment of any premium due hereunder.  The premium on this Policy is not
refundable  for any  reason.  This Policy  does not insure  against  loss of any
prepayment  or other  acceleration  payment  which at any time may become due in
respect of any Insured  Obligation,  other than at the sole option of Ambac, nor
against any risk other than Nonpayment, including failure of the Trustee to make
any payment due Holders of Insured Amounts.

To the fullest  extent  permitted by  applicable  law,  Ambac hereby  waives and
agrees not to assert any and all rights and defenses,  to the extent such rights
and  defenses may be available  to Ambac,  to avoid  payment of its  obligations
under this Policy in accordance with the express provisions hereof.

Any capitalized terms not defined herein shall have the meaning given such terms
in the endorsement attached hereto or in the Agreement.

In  witness  whereof,  Ambac  has  caused  this  Policy to be  affixed  with its
corporate seal and to be signed by its duly authorized  officers in facsimile to
become  effective as their original  signatures and binding upon Ambac by virtue
of the countersignature of its duly authorized representative.

 /s/ [Authorized Officer]            [SEAL]      /s/ [Authorized Officer]
--------------------------------                --------------------------------
President                                       Secretary

                                                 /s/ [Authorized Officer]
                                                --------------------------------
Effective Date: May 19, 2003                    Authorized Representative

<PAGE>

                 FINANCIAL GUARANTY INSURANCE POLICY ENDORSEMENT

Attached to and forming part of                   Effective Date of Endorsement:
Financial Guaranty Insurance                                        May 19, 2003
Policy #AB0666BE issued to:

The Bank of New York,
as Indenture Trustee for the Holders
of GreenPoint Home Equity Loan Trust 2003-1
Home Equity Loan Asset-Backed Securities, Series 2003-1

      For all  purposes  of this  Policy,  the  following  terms  shall have the
following meanings:

      "Agreements" shall mean, for purposes of the Policy, the Indenture and the
Servicing Agreement.

      "Available  Funds"  shall have the  meaning  assigned  to such term in the
Indenture.

      "Collection  Account" shall mean the account  created and maintained  with
the Indenture Trustee for the benefit of the Holders and the Insurer pursuant to
Section 8.3 of the Indenture.

      "Deficiency  Amount" means with respect any Note, (1) for any Payment Date
the excess, if any, of (a) the sum of (i) the Interest Payment Amount (excluding
any Relief Act Shortfalls, any interest shortfalls resulting from prepayments on
the Mortgage Loans and any Deferred Interest) and (ii) the Overcollateralization
Deficit (which prior to the earlier of (x) the expiration of the Demand Note and
(y) the  twenty-fourth  Payment  Date shall be deemed to be zero for purposes of
the Policy) over (b) the Total  Available  Funds and (2) on the Final  Scheduled
Payment Date, the outstanding  principal  balance of the Notes then outstanding,
after  taking into  account  all  payments to be made to such Notes on the Final
Scheduled Payment Date.

      "Demand  Note" means the Demand Note,  dated as of May 19, 2003,  given by
the GreenPoint  Bank in favor of the Indenture  Trustee on behalf of the Holders
and the Insurer.

      "Due for Payment" shall mean, (i) with respect to an Insured  Amount,  the
Payment Date on which Insured Amounts are due and payable  pursuant to the terms
of the Indenture and (ii) with respect to a Preference  Amount, the Business Day
on which the  documentation  required by the  Insurer  has been  received by the
Insurer.

      "Final  Scheduled  Payment Date" shall mean the Payment Date  occurring in
April 2029.

      "First Payment Date" shall mean June 15, 2003.

      "Holder"  shall mean the registered  owner or beneficial  owner of a Note,
but shall not include the Issuer, the Indenture Trustee,  the Owner Trustee, the
Servicer or the Sponsor.
<PAGE>

      "Indenture"  shall mean the Indenture between the Issuer and the Indenture
Trustee, dated May 1, 2003.

      "Indenture   Trustee"   shall   mean   The   Bank  of  New   York  or  its
successor-in-interest, in its capacity as Indenture Trustee under the Indenture,
or if any  successor  trustee or any  co-trustee  shall be appointed as provided
therein, then "Indenture Trustee" shall also mean such successor trustee or such
co-trustee, as the case may be, subject to the provisions thereof.

      "Insurance  Agreement" shall mean the Insurance and Indemnity  Agreement,
dated as of May 19, 2003, among GreenPoint Mortgage Securities Inc., as Sponsor,
GreenPoint  Mortgage  Funding,  Inc.,  as  Servicer,  The Bank of New  York,  as
Indenture Trustee,  Wilmington Trust Company, as Owner Trustee, the Insurer, and
GreenPoint  Home Equity Loan Trust 2003-1,  as Issuer,  as such agreement may be
amended, modified or supplemented from time to time.

      "Insured  Amounts"  shall  mean,  with  respect to any Payment  Date,  the
Deficiency Amount for such Payment Date.

      "Insured  Payments"  shall mean,  with  respect to any Payment  Date,  the
aggregate  amount  actually  paid by the  Insurer  to the  Indenture  Trustee in
respect of (i) Insured  Amounts for a Payment Date and (ii)  Preference  Amounts
for any given Business Day.

      "Insurer"  shall  mean  Ambac  Assurance  Corporation,  or  any  successor
thereto, as issuer of this Policy.

      "Issuer" means GreenPoint Home Equity Loan Trust 2003-1.

      "Late Payment Rate" shall mean for any Payment Date, the lesser of (i) the
greater of (a) the rate of  interest,  as it is publicly  announced by Citibank,
N.A. at its principal office in New York, New York as its prime rate (any change
in such  prime  rate of  interest  to be  effective  on the date such  change is
announced by Citibank, N.A.) PLUS 2% and (b) the then applicable highest rate of
interest on the Notes and (ii) the maximum  rate  permissible  under  applicable
usury or similar laws limiting  interest  rates.  The Late Payment Rate shall be
computed on the basis of the actual  number of days  elapsed  over a year of 360
days.

      "Nonpayment"  shall mean,  with  respect to any Payment  Date,  an Insured
Amount is Due for Payment but has not been paid pursuant to the Indenture.

      "Notes" shall mean any one of the GreenPoint Home Equity Loan Asset-Backed
Notes, Series 2003-1, Class A Variable Rate Asset-Backed Notes, substantially in
the form set forth in Exhibit A to the Indenture.

      "Notice"  shall  mean  the  telephonic  or  telegraphic  notice,  promptly
confirmed in writing by telecopy  substantially in the form of Exhibit A to this
Policy,  the  original  of which is  subsequently  delivered  by  registered  or
certified  mail,  from the Indenture  Trustee  specifying  the Insured Amount or
Preference Amount which shall be due and owing on the applicable Payment Date.

                                        2
<PAGE>

      "Payment  Date"  shall mean the 15th day of any month (or if such 15th day
is not a Business Day the first Business Day  immediately  following)  beginning
with the First Payment Date.

      "Policy" shall mean this Financial Guaranty Insurance Policy together with
each and every endorsement hereto.

      "Preference  Amount"  shall mean any  payment  of  principal  or  interest
previously  distributed  to  a  Holder  on a  Note,  which  has  been  deemed  a
preferential  transfer and was  previously  recovered from its owner pursuant to
the United States  Bankruptcy  Code in accordance  with a final,  non-appealable
order a court of competent jurisdiction.

      "Premium"  shall mean the amount  payable to the  Insurer on each  Payment
Date calculated at the Premium Percentage.

      "Premium  Percentage"  shall have the meaning  set forth in the  Insurance
Agreement.

      "Reimbursement  Amount" shall mean, as to any Payment Date, the sum of (x)
(i) all Insured Payments paid by the Insurer,  but for which the Insurer has not
been  reimbursed  prior to such Payment Date pursuant to Section  8.7(b)(vii) of
the  Indenture,  PLUS  (ii)  interest  accrued  on  such  Insured  Payments  not
previously  repaid,  calculated  at the  Late  Payment  Rate  from  the date the
Indenture  Trustee  received  the  related  Insured  Payments,  and (y)  without
duplication  (i) any  amounts  then  due and  owing  to the  Insurer  under  the
Insurance  Agreement,  as certified to the Indenture Trustee by the Insurer PLUS
(ii) interest on such amounts at the Late Payment Rate.

      "Relief Act Shortfalls" shall mean interest shortfalls  resulting from the
application  of the Soldiers' and Sailors' Civil Relief Act of 1940, as amended,
or any similar state law.

      "Servicing  Agreement" shall mean the Sale and Servicing Agreement,  dated
as of May 1,  2003  among  GreenPoint  Mortgage  Securities  Inc.,  as  Sponsor,
GreenPoint Mortgage Funding, Inc., as Servicer and the Issuer, as such agreement
may be amended,  modified or supplemented  from time to time as set forth in the
agreement.

      "Total  Available  Funds"  shall mean,  with  respect to the Notes and any
Payme nt Date,  the sum of (i) the Available  Funds  (excluding  the fees of the
Indenture  Trustee and the Premium) and (ii)  amounts  payable  under the Demand
Note.

      "Trust Agreement" shall mean the Trust Agreement, dated as of May 1, 2003,
between  GreenPoint  Mortgage  Securities  Inc., as Sponsor and Wilmington Trust
Company, as Owner Trustee.

      Capitalized  terms used herein as defined terms and not otherwise  defined
herein shall have the meaning  assigned to them in the  Insurance  Agreement and
the Agreements,  without regard to any amendment or modification thereof, unless
such amendment or modification has been approved in writing by the Note Insurer.

      Notwithstanding  any other  provision of the Policy,  the Insurer will pay
any Insured  Amount  payable  hereunder no later than 12:00 noon,  New York City
time, on the later of (i) the

                                        3
<PAGE>

Payment Date on which the related Insured Amount is Due for Payment and (ii) the
third Business Day following  receipt in New York, New York on a Business Day by
the  Insurer of a Notice at the  address  and in the manner  provided in Section
6.02 of the Insurance Agreement; PROVIDED THAT, if such Notice is received after
12:00 noon,  New York City time,  on such Business Day, it shall be deemed to be
received on the following Business Day. If any such Notice is not in proper form
or is otherwise insufficient for the purpose of making a claim under the Policy,
it shall be deemed not to have been received for purposes of this paragraph, and
the Insurer  shall  promptly so advise the  Indenture  Trustee and the Indenture
Trustee may submit an amended or corrected Notice.

      The Insurer shall pay any  Preference  Amount when due to be paid pursuant
to the Order  referred  to below,  but in any  event no  earlier  than the third
Business  Day  following  receipt by the  Insurer of (i) a  certified  copy of a
final,  non-appealable order of a court or other body exercising jurisdiction in
such insolvency  proceeding to the effect that the Indenture Trustee, or Holder,
as applicable, is required to return such Preference Amount paid during the term
of this Policy because such payments were avoided as a preferential  transfer or
otherwise  rescinded  or required to be  restored  by the  Indenture  Trustee or
Holder  (the  "Order"),  (ii) a  certificate  by or on behalf  of the  Indenture
Trustee  or Holder  that the Order has been  entered  and is not  subject to any
stay,  (iii) an assignment,  in form and substance  satisfactory to the Insurer,
duly  executed and  delivered by the  Indenture  Trustee or Holder,  irrevocably
assigning  to the  Insurer  all rights and  claims of the  Indenture  Trustee or
Holder  relating  to or arising  under the  Indenture  against the estate of the
Indenture Trustee or otherwise with respect to such Preference Amount and (iv) a
Notice (in the form attached hereto as Exhibit A)  appropriately  comp leted and
executed by the Indenture Trustee; provided, that if such documents are received
after 12:00 noon,  New York City time, on such Business Day, they will be deemed
to be  received on the  following  Business  Day;  provided,  further,  that the
Insurer sha ll not be obligated to make any payment in respect of any Preference
Amount  representing  a payment of  principal on the Notes prior to the time the
Insurer would have been required to make a payment in respect of such  principal
pursuant to the first  paragraph of the Policy.  Such payment shall be disbursed
to the  receiver,  conservator,  debtor-in-possession  or trustee in  bankruptcy
named in the Order, and not to the Holder directly, unless the Holder has made a
payment of the  Preference  Amount to the court or such  receiver,  conservator,
debtor-in-possession  or trustee in bankruptcy named in the Order, in which case
the  Insurer  will pay the  Holder,  subject  to the  delivery  of (a) the items
referred to in clauses  (i),  (ii),  (iii) and (iv) above to the Insurer and (b)
evidence satisfactory to the Insurer that payment has been made to such court or
receiver,  conservator,  debtor-in-possession  or trustee in bankruptcy named in
the Order.

      The Insurer shall be subrogated to the rights of each Holder to the extent
of any payment by the Insurer under the Policy.

      The Insurer  hereby agrees that if it shall be subrogated to the rights of
Holders by virtue of any payment under this Policy,  no recovery of such payment
will occur unless the full amount of the Holders'  allocable  distributions  for
such  Payment  Date can be made.  In so doing,  the  Insurer  does not waive its
rights to seek full  payment of all  Reimbursement  Amounts owed to it under the
Insurance Agreement and Agreements.

      This Policy does not cover  Deferred  Interest,  Relief Act  Shortfalls or
interest shortfalls due to the partial or full prepayment of the Mortgage Loans,
nor does the Policy guarantee to the

                                        4
<PAGE>

Holders of the Notes any particular rate of principal payment. In addition,  the
Policy does not cover shortfalls,  if any,  attributable to the liability of the
Issuer or the  Indenture  Trustee  for  withholding  taxes,  if any,  (including
interest and penalties in respect of any liability for withholding taxes) or any
risk other than  Nonpayment,  including the failure of the Indenture  Trustee to
make any payment required under the Agreements to the Holders of the Notes.

      The Policy does not cover Overcollateralization  Deficits until the Demand
Note has expired in accordance  with its terms or GreenPoint  Bank has defaulted
on a request for payment on the twenty-fourth Payment Date.

      The terms and  provisions of the Indenture  constitute  the  instrument of
assignment referred to in the second paragraph of the face of this Policy.

      A premium  will be payable on this Policy on each Payment Date as provided
in Section  8.7(b)(ii) of the Indenture,  beginning with the First Payment Date,
in an amount equal to the Premium.

      THE   INSURANCE   PROVIDED   BY  THE   POLICY  IS  NOT   COVERED   BY  THE
PROPERTY/CASUALTY  INSURANCE  SECURITY  FUND  SPECIFIED IN ARTICLE 76 OF THE NEW
YORK INSURANCE LAW.

      The Policy to which this  endorsement  is attached and of which it forms a
part is hereby  amended to provide that there shall be no  acceleration  payment
due under the  Policy  unless  such  acceleration  is at the sole  option of the
Insurer.

      Nothing herein contained shall be held to vary, alter, waive or extend any
of the terms,  conditions,  provisions,  agreements or  limitations of the above
mentioned Policy other than as above stated.

      To the  extent  the  provisions  of this  endorsement  conflict  with  the
provisions in the  above-mentioned  Policy,  the provisions of this  endorsement
shall govern.

      This Policy and the  obligations of the Insurer  thereunder will terminate
without  any action on the part of the  Insurer or any other  person on the date
that is one year and one day  following  the earlier to occur of (i) the date on
which all  amounts  required  to be paid on the Notes have been paid in full and
(ii) the Final  Scheduled  Payment Date.  Upon  termination  of the Policy,  the
Indenture Trus tee shall deliver the original of the Policy to the Insurer.

      No person other than the  Indenture  Trustee  shall be entitled to present
the Notice.

      No waiver of any  rights or powers  of the  Insurer,  the  Holders  or the
Indenture  Trustee or consent by any of the m shall be valid unless signed by an
authorized officer or agent thereof.

      This Policy is issued  under and  pursuant  to, and shall be  construed in
accordance with, the laws of the State of New York, without giving effect to the
conflict of laws principles thereof.

                                        5
<PAGE>

      IN  WITNESS   WHEREOF,   Ambac  Assurance   Corporation  has  caused  this
endorsement to the Policy to be signed by its duly authorized officers

/s/ Kathleen A. Drennen                               /s/ Jeffrey D. Nabi
--------------------------------                      --------------------------
Assistant Secretary                                   First Vice President

<PAGE>

                                    EXHIBIT A
                        TO THE GUARANTY INSURANCE POLICY
                               Policy No. AB0666BE

                         NOTICE OF NONPAYMENT AND DEMAND
                         FOR PAYMENT OF INSURED AMOUNTS

                                                Date: [           ]

Ambac Assurance Corporation
One State Street Plaza
New York, New York 10004
Attention: General Counsel

      Reference is made to Certificate  Guaranty  Insurance  Policy No. AB0666BE
(the  "Policy")  issued  by  Ambac  Assurance  Corporatio  n  ("Ambac").   Terms
capitalized  herein and not otherwise defined shall have the meanings  specified
in the Policy and the  Indenture,  dated as of May 1, 2003,  between  GreenPoint
Home Equity Loan Trust 2003-1,  as Issuer and The Bank of New York, as Indenture
Trustee, as the case may be, unless the context otherwise requires.

      The Indenture Trustee hereby certifies as follows:

            1.    The  Indenture  Trustee  is the  Indenture  Trustee  under the
                  Indenture for the Holders.

            2.    The relevant Payment Date is [date].

            3.    Payment on the Notes in respect of the Payment  Date is due to
                  be received on  _________________________  under the Indenture
                  in an amount equal to $_________.

            4.    There  is  an  [Insured   Amount  ]  [Preference   Amount]  of
                  $______________  in respect of the Notes,  which amount is Due
                  for Payment pursuant to the terms of the Indenture.

            5.    The Indenture Trustee has not heretofore made a demand for the
                  Insured Amount in respect of the Payment Date.

            6.    The  Indenture  Trustee  hereby  requests  the  payment of the
                  [Insured Amount]  [Preference  Amount] that is Due For Payment
                  be made by Ambac  under the Policy and  directs  that  payment
                  under the Policy be made to the following account by bank wire
                  transfer of federal or other  immediately  available  funds in
                  accordance    with    the    terms   of   the    Policy    to:
                  ______________________________  (Indenture  Trustee's  account
                  number).

                                       A-1
<PAGE>

            7.    The Indenture Trustee hereby agrees that, following receipt of
                  the [Insured Amount]  [Preference Amount] from Ambac, it shall
                  (a) hold such amounts in trust and apply the same  directly to
                  the  distribution  of payment  on the Notes when due;  (b) not
                  apply such funds for any other purpose; (c) deposit such funds
                  to the  Collection  Account and not commingle  such funds with
                  other  funds held by  Indenture  Trustee  and (d)  maintain an
                  accurate   record  of  such  payments  with  respect  to  each
                  certificate  and the  corresponding  claim on the  Policy  and
                  proceeds thereof.

      ANY PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY INSURANCE  COMPANY
OR OTHER  PERSON  FILES AN  APPLICATION  FOR  INSURANCE  OR  STATEMENT  OF CLAIM
CONTAINING  ANY  MATERIALLY  FALSE  INFORMATION,  OR CONCEALS FOR THE PURPOSE OF
MISLEADING,   INFORMATION  CONCERNING  ANY  FACT  MATERIAL  THERETO,  COMMITS  A
FRAUDULENT  INSURANCE ACT, WHICH IS A CRIME AND SHALL ALSO BE SUBJECT TO A CIVIL
PENALTY NOT TO EXCEED FIVE  THOUSAND  DOLLARS AND THE STATED  VALUE OF THE CLAIM
FOR EACH SUCH VIOLATION.

                                          By:    _______________________________
                                                 Indenture Trustee

                                          Title: _______________________________
                                                 (Officer)

                                       A-2EXHIBIT 10.1

                           AMBAC ASSURANCE CORPORATION

                                       and

                              LEHMAN BROTHERS INC.

                            INDEMNIFICATION AGREEMENT

                    GREENPOINT HOME EQUITY LOAN TRUST 2003-1

                             Dated as of May 9, 2003

<PAGE>

                                TABLE OF CONTENTS

      (This Table of Contents is for convenience of reference only and shall not
be deemed to be part of this  Indemnification  Agreement.  All capitalized terms
used in this Indemnification  Agreement and not otherwise defined shall have the
meanings set forth in Article I of this Indemnification Agreement.)

                                                                            Page
                                                                            ----

Section 1.    Defined Terms....................................................1
Section 2.    Other Definitional Provisions....................................2
Section 3.    Representations and Warranties of the Underwriter................2
Section 4.    Representations and Warranties of the Insurer....................2
Section 5.    Indemnification..................................................3
Section 6.    Amendments, Etc..................................................5
Section 7.    Notices..........................................................5
Section 8.    Severability.....................................................6
Section 9.    Governing Law....................................................6
Section 10.   Counterparts.....................................................6
Section 11.   Headings.........................................................6

                                       i
<PAGE>

      INDEMNIFICATION  AGREEMENT  dated as of May 9, 2003 (the  "Indemnification
Agreement"),  by and between AMBAC ASSURANCE CORPORATION, as Insurer, and LEHMAN
BROTHERS INC. (the "Underwriter").

      Section 1. DEFINED TERMS.  Unless the context clearly requires  otherwise,
all  capitalized  terms used but not defined  herein  shall have the  respective
meanings assigned to them in Annex A to the Indenture,  the Insurance  Agreement
or the Policy.  For purposes of this  Indemnification  Agreement,  the following
terms shall have the following meanings:

      "INSURANCE  AGREEMENT" means the Insurance and Indemnity Agreement (as may
be amended, modified or supplemented from time to time) dated as of May 19, 2003
by and  among  GreenPoint  Mortgage  Securities  Inc.,  as  Sponsor,  GreenPoint
Mortgage Funding, Inc., as Servicer, the Insurer, the Issuer, and the Trustee.

      "INSURER" means Ambac Assurance Corporation,  or any successor thereto, as
issuer of the Policy.

      "INSURER INFORMATION" has the meaning given such term in Section 4.

      "ISSUER" means GreenPoint Home Equity Loan Trust 2003-1.

      "MATERIAL  ADVERSE  CHANGE"  means,  in respect of any Person,  a material
adverse change in (i) the business,  financial condition,  results of operations
or properties of such Person on a consolidated  basis with its  subsidiaries  or
(ii) the  ability of such  Person to perform  its  obligations  under any of the
Company Documents.

      "Notes" means the GreenPoint  Home Equity Loan Trust Class A Variable Rate
Asset-Backed  Notes,  substantially  in the form set  forth in  Exhibit A to the
Indenture.

      "OFFERING DOCUMENT" means the Prospectus Supplement, dated May 9, 2003, in
respect of the Notes,  and any  amendment or supplement  thereto,  and any other
offering  document in respect of the Notes  prepared  by the Sponsor  that makes
reference to the Policy.

      "INDENTURE"  means the  Indenture,  dated as of May 1, 2003 by and between
the Issuer and the Indenture  Trustee,  relating to the  GreenPoint  Home Equity
Loan Trust 2003-1,  Class A Variable Rate Asset-Backed  Notes, Series 2003-1, as
may be amended, modified or supplemented from time to time as set forth therein.

      "SECURITIES ACT" means the Securities Act of 1933,  including,  unless the
context otherwise  requires,  the rules and regulations  thereunder,  as amended
from time to time.

      "SECURITIES  EXCHANGE  ACT"  means the  Securities  Exchange  Act of 1934,
including,  unless the context  otherwise  requires,  the rules and  regulations
thereunder, as amended from time to time.

      "UNDERWRITER" means Lehman Brothers Inc.

      "UNDERWRITER INFORMATION" has the meaning given such term in Section 3.
<PAGE>

      Section 2. OTHER DEFINITIONAL PROVISIONS. The words "hereof," "herein" and
"hereunder"  and  words of  similar  import  when  used in this  Indemnification
Agreement  shall refer to this  Indemnification  Agreement as a whole and not to
any  particular  provision  of  this  Indemnification  Agreement,  and  Section,
subsection,   Schedule  and  Exhibit  references  are  to  this  Indemnification
Agreement unless otherwise specified. The meanings given to terms defined herein
shall be equally applicable to both the singular and plural forms of such terms.
The words "include" and "including" shall be deemed to be followed by the phrase
"without limitation."

      Section  3.  REPRESENTATIONS  AND  WARRANTIES  OF  THE  UNDERWRITER.   The
Underwriter represents and warrants as of the Closing Date as follows:

            (a)  COMPLIANCE  WITH  LAWS.  The  Underwriter  will  comply  in all
      material  respects with all legal  requirements  in connection with offers
      and sales of the Notes and will make such  offers  and sales in the manner
      to be provided in the Offering Document.

            (b) OFFERING  DOCUMENT.  The Underwriter will not use, or distribute
      to other  broker-dealers for use, any Offering Document in connection with
      the offer and sale of the Notes  unless such  Offering  Document  includes
      such  information  relating  to the Insurer as has been  furnished  by the
      Insurer for inclusion therein and has been approved by the Insurer.

            (c)   UNDERWRITER   INFORMATION.   All  material   provided  by  the
      Underwriter  for inclusion in the Offering  Document (as revised from time
      to  time),  is  true  and  correct  in all  material  respects,  it  being
      understood  and agreed  that the only such  information  furnished  by the
      Underwriter  consists  of the  following  information  (collectively,  the
      "Underwriter  Information"):  the information  contained under the heading
      "Method of  Distribution"  relating  to the  Underwriter  in the  Offering
      Document.

      Section 4.  REPRESENTATIONS  AND  WARRANTIES  OF THE INSURER.  The Insurer
represents and warrants to the Underwriter as follows:

            (a) ORGANIZATION AND LICENSING.  The Insurer is a duly organized and
      licensed  and validly  existing  Wisconsin  stock  insurance  company duly
      qualified to conduct an insurance business in the State of New York.

            (b)  CORPORATE  POWER.  The  Insurer  has the  corporate  power  and
      authority to issue the Policy and execute this  Indemnification  Agreement
      and to perform all of its obligations hereunder and thereunder.

            (c) AUTHORIZATION;  APPROVALS.  Proceedings legally required for the
      issuance of the Policy and the execution, delivery and performance of this
      Indemnification  Agreement  have  been  taken and all  material  licenses,
      orders,  consents or other authorizations or approvals of any governmental
      boards or bodies  legally  required for the  enforceability  of the Policy
      have  been  obtained  or are not  material  to the  enforceability  of the
      Policy.

            (d)   ENFORCEABILITY.    The   Policy,   when   issued,   and   this
      Indemnification  Agreement will each constitute a legal, valid and binding
      obligation  of the  Insurer,

                                       2
<PAGE>

      enforceable  in  accordance   with  its  terms,   subject  to  insolvency,
      reorganization,  moratorium, receivership and other similar laws affecting
      creditors'  rights  generally  and by  general  principles  of equity  and
      subject to principles  of public policy  limiting the right to enforce the
      indemnification  provisions contained therein and herein,  insofar as such
      provisions relate to indemnification for liabilities arising under federal
      securities laws.

            (e) FINANCIAL INFORMATION.  The consolidated financial statements of
      the Insurer and its  subsidiaries as of December 31, 2002 and December 31,
      2001 and for each of the years in the three year period ended December 31,
      2002, prepared in accordance with accounting principles generally accepted
      in the United  States of America,  included  in the Annual  Report on Form
      10-K of Ambac Financial  Group,  Inc. (which was filed with the Securities
      and Exchange  Commission (the "Commission") on March 28, 2003;  Commission
      File No.  1-10777)  and the  Current  Reports  on Form 8-K filed  with the
      Commission on January 24, 2003, February 28, 2003 and March 4, 2003, March
      20,  2003,  March 26,  2003,  March 31, 2003 and April 21,  2003,  as they
      relate to the Insurer, which are incorporated by reference in the Offering
      Document,  fairly present in all material respects the financial condition
      of the  Insurer  as of such  dates  and for the  periods  covered  by such
      statements in accordance  with generally  accepted  accounting  principles
      consistently applied.  Since December 31, 2002, there has been no Material
      Adverse  Change with  respect to  financial  condition of the Insurer that
      would affect its ability to perform its obligations under the Policy.

            (f) INSURER INFORMATION. The information in the Offering Document as
      of the date hereof  under the caption  "THE  INSURER AND THE POLICY"  (the
      "Insurer  Information")  is true and correct in all material  respects and
      does not contain any untrue statement of a material fact.

            (g) RATING.  The Insurer is not aware of any facts that if disclosed
      to Moody's or S&P would be reasonably expected to result in a downgrade of
      the rating of the  financial  strength  rating of the Insurer by either of
      such Rating Agencies.

            (h) NO  LITIGATION.  There are no  actions,  suits,  proceedings  or
      investigations  pending  or,  to  the  best  of the  Insurer's  knowledge,
      threatened  against  it at law or in equity  or  before  or by any  court,
      governmental  agency,  board or commission  or any  arbitrator  which,  if
      decided  adversely,  would  result in a Material  Adverse  Change or would
      materially  and  adversely  affect its ability to perform its  obligations
      under the Policy,  this  Indemnification  Agreement or the  Insurance  and
      Indemnity Agreement.

            (i)  SECURITIES  ACT   REGISTRATION.   The  Policy  is  exempt  from
      registration under the Securities Act.

      Section 5. INDEMNIFICATION.

            (a) The Underwriter hereby agrees to pay, and to protect,  indemnify
      and hold harmless, the Insurer and its officers, directors,  shareholders,
      employees, agents and each Person, if any, who controls the Insurer within
      the meaning of either  Section 15 of the  Securities  Act or Section 20 of
      the Securities Exchange Act from and against, any and all

                                       3
<PAGE>

      claims,  losses.   liabilities  (including  penalties),   actions,  suits,
      judgments,  demands, damages, costs or expenses (including reasonable fees
      and expenses of attorneys,  consultants and auditors and reasonable  costs
      of investigations) of any nature arising out of or by reason of any untrue
      statement  of a material  fact or an  omission  to state a  material  fact
      necessary  in  order  to make  the  statements  therein  in  light  of the
      circumstances  in which they were made not  misleading,  contained  in the
      Underwriter  Information  or a breach  of any of the  representations  and
      warranties of the Underwriter contained in Section 3.

            (b) The Insurer  agrees to pay, and to protect,  indemnify  and hold
      harmless,   the  Underwriter  and  its  respective  officers,   directors,
      shareholders, employees, agents and each Person, if any, who controls such
      Underwriter  within the meaning of either Section 15 of the Securities Act
      or Section 20 of the Securities Exchange Act from and against, any and all
      claims,  losses,   liabilities  (including  penalties),   actions,  suits,
      judgments,  demands, damages, costs or expenses (including reasonable fees
      and expenses of attorneys,  consultants and auditors and reasonable  costs
      of investigations) of any nature arising out of or by reason of any untrue
      statement  of a material  fact or an  omission  to state a  material  fact
      necessary  in  order  to make  the  statements  therein  in  light  of the
      circumstances  in which they were made not  misleading,  contained  in the
      Insurer  Information  or a  breach  of  any  of  the  representations  and
      warranties of the Insurer contained in Section 4.

            (c)  If  any  action  or  proceeding   (including  any  governmental
      investigation)   shall  be  brought  or   asserted   against   any  Person
      (individually,  an "Indemnified Party" and, collectively, the "Indemnified
      Parties") in respect of which the indemnity  provided in this Section 5(a)
      or (b)  may be  sought  from  the  Underwriter,  on the one  hand,  or the
      Insurer, on the other (each, an "Indemnifying Party") hereunder, each such
      Indemnified Party shall promptly notify the Indemnifying Party in writing,
      and the Indemnifying Party shall assume the defense thereof, including the
      employment  of  counsel  satisfactory  to the  Indemnified  Party  and the
      payment of all  expenses.  The  Indemnified  Party shall have the right to
      employ  separate  counsel  in any such  action and to  participate  in the
      defense  thereof  at the  expense  of  the  Indemnified  Party;  PROVIDED,
      HOWEVER,  that the fees and expenses of such separate  counsel shall be at
      the expense of the Indemnifying  Party if (i) the  Indemnifying  Party has
      agreed to pay such fees and expenses,  (ii) the  Indemnifying  Party shall
      have failed to assume the defense of such action or proceeding  and employ
      counsel  reasonably  satisfactory  to the  Indemnified  Party  in any such
      action or  proceeding  or (iii) the named  parties  to any such  action or
      proceeding  (including any impleaded parties) include both the Indemnified
      Party and the  Indemnifying  Party,  and the Indemnified  Party shall have
      been  advised  by counsel  that  there may be one or more  legal  defenses
      available to it which are different from or additional to those  available
      to the  Indemnifying  Party  (in  which  case,  if the  Indemnified  Party
      notifies  the  Indemnifying  Party in  writing  that it  elects  to employ
      separate   counsel  at  the  expense  of  the   Indemnifying   Party,  the
      Indemnifying  Party shall not have the right to assume the defense of such
      action  or  proceeding  on  behalf  of such  Indemnified  Party,  it being
      understood,  however, that the Indemnifying Party shall not, in connection
      with any one such  action or  proceeding  or  separate  but  substantially
      similar or related actions or proceedings in the same jurisdiction arising
      out of the same general  allegations or  circumstances,  be liable

                                       4
<PAGE>

      for the  reasonable  fees and expenses of more than one  separate  firm of
      attorneys  at any time for the  Indemnified  Parties,  which firm shall be
      designated in writing by the Indemnified  Parry).  The Indemnifying  Party
      shall not be liable for any  settlement  of any such action or  proceeding
      effected  without  its  written  consent  to  the  extent  that  any  such
      settlement shall be prejudicial to the Indemnifying Party, but, if settled
      with  its  written  consent,  or if  there  is a  final  judgment  for the
      plaintiff  in any such  action or  proceeding  with  respect  to which the
      Indemnifying  Party shall have  received  notice in  accordance  with this
      subsection  (c), the  Indemnifying  Party agrees to indemnify and hold the
      Indemnified  Parties  harmless  from and against any loss or  liability by
      reason of such settlement or judgment.

            (d)  To  provide  for  just  and  equitable   contribution   if  the
      indemnification  provided by the  Indemnifying  Party is  determined to be
      unavailable or insufficient to hold harmless any Indemnified  Party (other
      than due to application of this Section),  each  Indemnifying  Party shall
      contribute to the losses incurred by the Indemnified Party on the basis of
      the relative  fault of the  Indemnifying  Party,  on the one hand, and the
      Indemnified Party, on the other hand PROVIDED,  that the Underwriter shall
      not be liable  for any  amount  in  excess of (i) the  excess of the sales
      prices of the Notes to the public  over the prices  paid  therefor  by the
      Underwriter  over  (ii) the  aggregate  amount  of any  damages  which the
      Underwriter  has otherwise  been required to pay in respect of the same or
      any substantially similar claim.

                  The  relative  fault of each  Indemnifying  Party,  on the one
      hand, and each  Indemnified  Party,  on the other,  shall be determined by
      reference to, among other things, whether the breach of, or alleged breach
      of, any of its  representations  and  warranties  set forth was within the
      control  of, the  Indemnifying  Party or the  Indemnified  Party,  and the
      parties relative intent, knowledge,  access to information and opportunity
      to correct or prevent such breach.

                  No person guilty of fraudulent  misrepresentation  (within the
      meaning of Section  11(f) of the  Securities  Act)  shall be  entitled  to
      contribution  from  any  person  who was  not  guilty  of such  fraudulent
      misrepresentation.

      Section 6. AMENDMENTS, ETC. This Indemnification Agreement may be amended,
modified,  supplemented  or  terminated  only by written  instrument  or written
instruments  signed by the parties  hereto.

      Section 7. NOTICES.  All demands,  notices and other  communications to be
given hereunder shall be in writing (except as otherwise  specifically  provided
herein)  and shall be mailed by  registered  mail or  personally  delivered  and
telecopied to the recipient as follows:

             (a)   To the Insurer:

                   Ambac Assurance Corporation
                   One State Street Plaza
                   New York, New York 10004

                                       5
<PAGE>

                   Attention: Structured Finance Department--MBS
                   Telecopy No.: 212-363-1459
                   Confirmation: 212-668-0340

             (b)   To the Underwriter:

                   Lehman Brothers Inc.
                   745 Seventh Avenue, 7th Floor
                   New York, NY 10019
                   Tel: (212) 526-7000
                   Fax: (212) 526-7415

      A party may specify an  additional  or  different  address or addresses by
writing mailed or delivered to the other parties as aforesaid.  All such notices
and other communications shall be effective upon receipt.

      Section  8.  SEVERABILITY.  In  the  event  that  any  provision  of  this
Indemnification Agreement shall be held invalid or unenforceable by any court of
competent  jurisdiction,  the parties  hereto agree that such holding  shall not
invalidate  or render  unenforceable  any other  provision  hereof.  The parties
hereto  further  agree that the holding by any court of  competent  jurisdiction
that any remedy  pursued by any party  hereto is  unavailable  or  unenforceable
shall not affect in any way the ability of such party to pursue any other remedy
available to it.

      Section 9. GOVERNING LAW. This Indemnification Agreement shall be governed
by and construed in accordance with the laws of the State of New York.

      Section 10. COUNTERPARTS. The Indemnification Agreement may be executed in
counterparts by the parties hereto,  and all such counterparts  shall constitute
one and the same instrument.

      Section 11.  HEADINGS.  The headings of Sections and the Table of Contents
contained in this  Indemnification  Agreement are provided for convenience only.
They form no part of this  Indemnification  Agreement  and shall not  affect its
construction or interpretation.

                                       6
<PAGE>

      IN WITNESS WHEREOF,  the parties hereto have executed this Indemnification
Agreement, all as of the day and year first above mentioned.

                                          AMBAC ASSURANCE CORPORATION,
                                            as Insurer

                                          By: /s/ Jeff Nabi
                                              ----------------------------------
                                              Name: Jeff Nabi
                                              Title: First Vice President

                                          LEHMAN BROTHERS INC.,
                                            as Underwriter

                                          By: /s/ Mathew Lewis
                                              ----------------------------------
                                              Name: Mathew Lewis
                                              Title: Senior Vice President

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