Document:

EXECUTION COPY

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                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                             BANKERS TRUST COMPANY,

                                     Trustee

                               SERIES SUPPLEMENT,

                           Dated as of April 1, 2000,

                                       TO

                                STANDARD TERMS OF

                         POOLING AND SERVICING AGREEMENT

                          dated as of December 1, 1999

                 Mortgage Asset-Backed Pass-Through Certificates

                                 Series 2000-QS5

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<PAGE>

<TABLE>
<CAPTION>

<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................3
             Section 1.01.  Definitions.....................................................3
             Section 1.02.  Use of Words and Phrases.......................................11

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........12

             Section 2.01.  Conveyance of Mortgage Loans.  (See Section 2.01 of the
                                    Standard Terms)........................................12

             Section 2.02.  Acceptance by Trustee.  (See Section 2.02 of the Standard
                                    Terms).................................................12

             Section 2.03.  Representations, Warranties and Covenants of the Master
                                    Servicer and the Company...............................12

             Section 2.04.  Representations and Warranties of Sellers. (See Section 2.04
                                    of the Standard Terms).................................15

             Section 2.05.  Execution and Authentication of Certificates...................15

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................16

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................17

             Section 4.01.  Certificate Account.  (See Section 4.01 of the Standard
                                    Terms).................................................17

             Section 4.02.  Distributions..................................................17

             Section 4.03.  Statements to Certificateholders.  (See Section 4.03 of the
                               Standard Terms and Exhibit Three attached hereto)...........25

             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).....................................25

             Section 4.05.   Allocation of Realized Losses.................................25

             Section 4.06.    Reports of Foreclosures and Abandonment of Mortgaged
                                 Property (See Section 4.06 of the Standard Terms).........26

             Section 4.07.    Optional Purchase of Defaulted Mortgage Loans.  (See
                                      Section 4.07 of the Standard Terms)..................26

             Section 4.08.    Surety Bond. (See Section 4.08 of the Standard Terms)........26

Article V         THE CERTIFICATES.........................................................27

Article VI        THE COMPANY AND THE MASTER SERVICER......................................28

Article VII       DEFAULT..................................................................29

Article VIII      CONCERNING THE TRUSTEE...................................................30

Article IX        TERMINATION..............................................................31

Article X         REMIC PROVISIONS.........................................................32

             Section 10.01.  REMIC Administration.  (See Section 10.01 of the Standard Terms)32

             Section 10.02.   Master Servicer; REMIC Administrator and Trustee Indemnification.  (See
                    Section 10.02 of the Standard Terms)...................................32

             Section 10.03.   Designation of REMIC.........................................32

             Section 10.04.  Compliance with Withholding Requirements......................32

Article XI        MISCELLANEOUS PROVISIONS.................................................33

             Section 11.01   Amendment.  (See Section 11.01 of the Standard Terms).........33

             Section 11.02.  Recordation of Agreement;  Counterparts.  (See Section
                                 11.02 of the Standard Terms)..............................33

             Section 11.03.  Limitation on Rights of Certificateholders.  (See Section
                                 11.03  of the Standard Terms).............................33

             Section 11.04.   Governing Laws.  (See Section 11.04 of the Standard
                                  Terms)...................................................33

             Section 11.05.    Notices.....................................................33

             Section 11.06.    Required Notices to Rating Agency and Subservicer.
                                   (See Section 11.06 of the Standard Terms)...............34

             Section 11.07.     Severability of Provisions. (See Section 11.07 of the
                                    Standard Terms)........................................34

             Section 11.08.     Supplemental Provisions for Resecuritization.
                                    (See Section 11.08 of the Standard Terms)..............34

             Section 11.09.      Allocation of Voting Rights...............................34

</TABLE>

<PAGE>

                                    EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement Dated as of December 1, 1999

<PAGE>

                               2

        This is a Series  Supplement,  dated as of April 1,  2000  (the  "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of December 1, 1999 and  attached as Exhibit Four hereto (the  "Standard  Terms"
and, together with this Series Supplement, the "Pooling and Servicing Agreement"
or  "Agreement"),  among  RESIDENTIAL  ACCREDIT  LOANS,  INC.,  as  the  company
(together with its permitted successors and assigns, the "Company"), RESIDENTIAL
FUNDING CORPORATION,  as master servicer (together with its permitted successors
and assigns,  the "Master  Servicer"),  and BANKERS  TRUST  COMPANY,  as Trustee
(together with its permitted successors and assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

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

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

<PAGE>

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

<TABLE>
<CAPTION>

                               Aggregate
                               Initial                                         Standard &
                              Certificate                                        Poor's/
               Pass-Through    Principal                        Maturity       ------------     Minimum
 Designation      Rate         Balance       Features1            Date            Fitch      Denominations2
                                      -
<S>               <C>       <C>              <C>             <C>                 <C>           <C>
Class A-1         7.75%     $92,675,000.00    Senior/PAC     April 25, 2030      AAA/AAA       $25,000.00
Class A-2         7.75%     $74,478,000.00    Senior/TAC/    April 25, 2030      AAA/AAA       $25,000.00
                                               Accretion
                                               Directed

Class A-3         7.75%     $10,750,000.00      Senior       April 25, 2030      AAA/AAA       $25,000.00
Class A-4         7.75%     $21,700,000.00   Senior/Lockout                      AAA/AAA       $25,000.00
Class A-5         7.75%      $1,075,000.00   Senior/Accrual/CAprili25, 2030      AAA/AAA       $25,000.00
Class A-P         0.00%        $145,114.60     Principal     April 25, 2030      AAAr/AAA      $25,000.00
                                              Only/Senior

Class A-V       Variable             $0.00     Variable      April 25, 2030      AAAr/AAA    4
               Rate3                         Strip/Senior
Class R           7.75%            $100.00   Residual/Senior April 25, 2030      AAA/AAA     5
Class M-1         7.75%                        Mezzanine     April 25, 2030       NA/AA        $25,000.00
                            $8,141,800.00

Class M-2         7.75%     $2,822,400.00      Mezzanine     April 25, 2030        NA/A       $250,000.00
Class M-3         7.75%     $2,388,200.00      Mezzanine     April 25, 2030       NA/BBB      $250,000.00
Class B-1         7.75%     $1,411,200.00     Subordinate    April 25, 2030       NA/BB       $250,000.00
Class B-2         7.75%       $651,400.00     Subordinate    April 25, 2030        NA/B       $250,000.00
Class B-3         7.75%       $868,514.12     Subordinate    April 25, 2030       NA/NA       $250,000.00
</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 1.0085%.

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

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

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $217,106,728.72.

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

<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: The earlier to occur of (i) the Distribution
Date on which the Certificate  Principal  Balance of the Class A-2  Certificates
has been reduced to zero and (ii) the Credit Support Depletion Date.

        Accrual Certificates:  Any of the Class A-5 Certificates.

        Accrual Distribution Amount: With respect to any Distribution Date on or
prior to the  Accretion  Termination  Date, an amount equal to the amount of the
Accrued Certificate  Interest on the Class A-5 Certificates that is added to the
Certificate  Principal  Balance  thereof on such  Distribution  Date pursuant to
Section 4.02(h).

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

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

<PAGE>

               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 "Bankers Trust Company, as trustee, in trust for the registered holders
of  Residential  Accredit  Loans,  Inc.,  Mortgage   Asset-Backed   Pass-Through
Certificates, Series 2000-QS5" and which must be an Eligible Account.

        Certificate Policy:  None.

        Class A  Certificate:  Any one of the Class A-1,  Class A-2,  Class A-3,
Class  A-4,  Class A-5,  Class A-V or Class A-P  Certificates,  executed  by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed to the Standard Terms as Exhibit A.

        Class R Certificate: Any one of the Class R 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:  April 28, 2000.

     Corporate Trust Office: The principal office of the Trustee at which at any
particular  time its corporate  trust  business  with respect to this  Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument  is  located at 1761 East St.  Andrew  Place,  Santa Ana,  California
92705-4934, Attention: Residential Funding Corporation Series 2000-QS5.

        Cut-off Date: April 1, 2000.

        Discount Net Mortgage Rate: 7.75% per annum.

<PAGE>

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

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

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

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

        Initial Monthly Payment Fund: $21,522,  representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on May 1,  2000,  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 the such Class of  Subordinate  Certificates
divided by the aggregate Stated  Principal  Balance of all the Mortgage Loans as
of the Cut-off Date as follows:

<PAGE>

        Class M-1: 3.75%            Class B-1: 0.65%
        Class M-2: 1.30%            Class B-2: 0.30%
        Class M-3: 1.10%            Class B-3: 0.40%

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

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

        Lockout  Percentage:  For any  Distribution  Date occurring prior to the
Distribution  Date in May  2005  will  be 0%,  and  for  any  Distribution  Date
thereafter  will be as follows:  30% for any  Distribution  Date on or after May
2005 and prior to May 2006; 40% for any  Distribution  Date on or after May 2006
and prior to May 2007;  60% for any  Distribution  Date on or after May 2007 and
prior to May 2008; 80% for any Distribution  Date on or after May 2008 and prior
to May 2009; and 100% for any Distribution Date thereafter.

     Maturity Date: April 25, 2030, 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 street address of the Mortgaged Property (or, with respect
                  to a  Cooperative  Loan,  the related  Cooperative  Apartment)
                  including state and zip code ("ADDRESS");

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

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

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

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

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

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

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

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

<PAGE>

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

(xii)             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

(xiii)            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 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 1.0085% 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.

        Planned  Principal  Balance:  With respect to the Class A-1 Certificates
and any  Distribution  Date, the amount set forth in the  Prospectus  Supplement
dated April 25,  2000 in the table  entitled  "Planned  Principal  Balances  and
Targeted  Principal  Balances,"  under the column  entitled  "Class A-1  Planned
Principal Balances."

        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 4.0% per annum of the then  outstanding  principal
balance of the  related  Mortgage  Loans in the first  month of the life of such
Mortgage  Loans and an additional  1.090909% per annum in each month  thereafter
until the twelfth  month,  and  beginning in the twelfth month and in each month
thereafter during the life of the Mortgage Loans, a constant  prepayment rate of
16.0% per annum.

<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 May
               2005  (unless the  Certificate  Principal  Balances of the Senior
               Certificates  (other than the Class A-P Certificates),  have been
               reduced to zero), 0%.

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

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

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

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

<PAGE>

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

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

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

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

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$2,171,067  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the outstanding  principal  balance
of the  Mortgage  Loan in the  Trust  Fund  which  has the  largest  outstanding
principal   balance  on  the  Distribution   Date  immediately   preceding  such
anniversary,  (ii) the product of 1.00% multiplied by the outstanding  principal
balance of all Mortgage Loans on the  Distribution  Date  immediately  preceding
such anniversary and (iii) the aggregate  outstanding  principal  balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single
five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate  principal  balance as of such  anniversary and (B) the greater of (i)
the product of 0.50%  multiplied  by the  outstanding  principal  balance of all
Mortgage Loans on the Distribution  Date immediately  preceding such anniversary
multiplied  by a  fraction,  the  numerator  of which is equal to the  aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of all of the Mortgage  Loans secured by Mortgaged  Properties  located in
the State of California divided by the aggregate  outstanding  principal balance
(as of the  immediately  preceding  Distribution  Date)  of all of the  Mortgage
Loans,  expressed  as a  percentage,  and the  denominator  of which is equal to
23.01%  (which  percentage  is  equal to the  percentage  of  Mortgage  Loans by
aggregate principal balance initially secured by Mortgaged Properties located in
the State of California) and (ii) the aggregate  outstanding  principal  balance
(as of the immediately preceding Distribution Date) of the largest Mortgage Loan
secured by a Mortgaged  Property (or, with respect to a  Cooperative  Loan,  the
related Cooperative Apartment) located in the State of California.

<PAGE>

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

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the  aggregate  of the  amounts  calculated  (without  giving  effect to the
related Senior  Percentages) for such  Distribution  Date under clauses (1), (2)
and (3) of Section 4.02(a)(ii)(Y)(A); (ii) such Class's pro rata share, based on
the Certificate Principal Balance of each Class of Subordinate Certificates then
outstanding,    of   the    principal    collections    described   in   Section
4.02(a)(ii)(Y)(B)(b)   (without   giving   effect  to  the  Senior   Accelerated
Distribution  Percentage)  to the  extent  such  collections  are not  otherwise
distributed  to the Senior  Certificates;  (iii) the  product of (x) the related
Prepayment  Distribution  Percentage  and (y)  the  aggregate  of all  Principal
Prepayments in Full and Curtailments  received in the related  Prepayment Period
(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) with  respect to the Class of  Subordinate  Certificates
with the Lowest  Priority,  any  Excess  Subordinate  Principal  Amount for such
Distribution   Date;   provided,   however,   that  the  Subordinate   Principal
Distribution   Amount  for  any  Class  of  Subordinate   Certificates   on  any
Distribution Date shall in no event exceed the outstanding Certificate Principal
Balance of such Class of Certificates immediately prior to such date.

        Targeted Principal  Balance:  With respect to the Class A-2 Certificates
and any  Distribution  Date, the amount set forth in the  Prospectus  Supplement
dated April 25,  2000 in the table  entitled  "Planned  Principal  Balances  and
Targeted  Principal  Balances,"  under the column  entitled  "Class A-2 Targeted
Principal Balances."

        Uncertificated Class A-V REMIC Regular Interests or Uncertificated REMIC
Regular  Interests:   The  1,511  uncertificated  partial  undivided  beneficial
ownership  interests in the Trust Fund,  numbered  sequentially from 1 to 1,511,
each relating to a 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.

<PAGE>

Section 1.02.  Use of Words and Phrases.

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

<PAGE>

                                   Article II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

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

(iv) To the best of the Company's knowledge,  except with respect to twenty-four
     Mortgage Loans representing  approximately 1.3% of the Mortgage Loans, each
     Mortgage Loan with a  Loan-to-Value  Ratio at  origination in excess of 80%
     will be insured by a Primary  Insurance Policy covering at least 30% of the
     principal  balance of the Mortgage Loan at origination if the Loan-to-Value
     Ratio is between  95.00%  and  90.01%,  at least 25% of the  balance if the
     Loan-to-Value  Ratio is  between  90.00% and 85.01% and at least 12% of the
     balance if the  Loan-to-Value  Ratio is between  85.00% and 80.01%.  To the
     best of the Company's  knowledge,  each such Primary Insurance Policy is in
     full  force  and  effect  and  the  Trustee  is  entitled  to the  benefits
     thereunder;

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

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

<PAGE>

(vii)   If  the  improvements  securing  a  Mortgage  Loan  are  in a  federally
        designated  special  flood  hazard area,  flood  insurance in the amount
        required under the Program Guide covers the related  Mortgaged  Property
        (either by coverage  under the  federal  flood  insurance  program or by
        coverage by private insurers);

(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 54.03% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  14.18% of the Mortgage  Loans by
        aggregate  Stated  Principal   Balance  as  of  the  Cut-off  Date  were
        underwritten under a no-stated income program,  and approximately  3.08%
        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  25.06% 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) One of the Mortgage  Loans,  representing  0.1% 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;

(xiv)   One of the  Mortgage  Loans,  representing  approximately  0.12%  of the
        Mortgage Loans by aggregate Stated  Principal  Balance as of the Cut-off
        Date 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);

(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;

<PAGE>

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

(xvii) One  of the  Mortgage  Loans  contains  in the  related  Mortgage  File a
     Destroyed Mortgage Note;

(xviii) Not more than 0.4% 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
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.

<PAGE>

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

Section 2.05.  Execution and Authentication of Certificates.

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

<PAGE>

                                  Article III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

                     (See Article III of the Standard Terms)

<PAGE>
                                   Article IV

                         PAYMENTS TO CERTIFICATEHOLDERS

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

Section 4.02.  Distributions.

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

                         (X)  to  the  Class  A-2   Certificates,   the  Accrual
                    Distribution Amount; and

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

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

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

          (2) the Stated  Principal  Balance of any  Mortgage  Loan  repurchased
     during the related Prepayment Period (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 related  Prepayment  Period (other than the
     related  Discount  Fraction of such Stated  Principal  Balance or shortfall
     with respect to each Discount Mortgage Loan); and

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

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

<PAGE>

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

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

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

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

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

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

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

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

<PAGE>

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

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

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

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

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

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

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

<PAGE>

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

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

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

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

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

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

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

                    (B) the related Discount  Fraction of the principal  portion
               of all  unscheduled  collections  on each Discount  Mortgage Loan
               received during the preceding  calendar month (other than amounts

<PAGE>

               received in connection with a Cash Liquidation or REO Disposition
               of a Discount  Mortgage  Loan  described  in clause  (C)  below),
               including  Principal   Prepayments  in  Full,   Curtailments  and
               repurchases  (including deemed  repurchases under Section 3.07(b)
               of the  Standard  Terms) of Discount  Mortgage  Loans (or, in the
               case of a substitution  of a Deleted  Mortgage Loan, the Discount
               Fraction  of  the  amount  of  any  shortfall  deposited  in  the
               Custodial Account in connection with such substitution);

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

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

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

     (ii) second,  the Accrual  Distribution  Amount shall be distributed to the
Class A-2 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero; and

     (iii) third, the Senior Principal  Distribution Amount shall be distributed
as follows:

                    (A) first, to the Class A-4 Certificates in reduction of the
               Certificate  Principal  Balance  thereof,  an amount equal to the
               Lockout  Percentage of the Class A-4 Certificates' pro rata share
               (based on the Certificate  Principal  Balance thereof relative to
               the   Certificate   Principal   Balance  of  all  of  the  Senior
               Certificates  (other  than the  Class A-P  Certificates))  of the
               Senior Principal Distribution Amount; and

                      (B)   second,   the   balance  of  the  Senior   Principal
               Distribution  Amount  remaining after the  distribution,  if any,
               described  in  clause  (iii)(A)  above  shall be  distributed  as
               follows:

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

                      (2)   second,  to the  Class A-1  Certificates,  until the
                            Certificate   Principal  Balance  thereof  has  been
                            reduced to the  Planned  Principal  Balance for such
                            Distribution Date;
<PAGE>

                      (3)   third,  to the  Class  A-2  Certificates,  until the
                            Certificate   Principal  Balance  thereof  has  been
                            reduced to the Targeted  Principal  Balance for such
                            Distribution Date;

                    (4)  fourth,  to  the  Class  A-5  Certificates,  until  the
                         Certificate  Principal Balance thereof has been reduced
                         to zero;

                      (5)   fifth, to the Class A-2 Certificates (without regard
                            to  the   Targeted   Principal   Balance   for  such
                            Distribution Date), until the Certificate  Principal
                            Balance thereof has been reduced zero;

                      (6)   sixth, to the Class A-1 Certificates (without regard
                            to  the   Planned   Principal   Balance   for   such
                            Distribution Date), until the Certificate  Principal
                            Balance thereof has been reduced zero;

                    (7)  seventh,  to the  Class  A-3  Certificates,  until  the
                         Certificate  Principal Balance thereof has been reduced
                         to zero; and

                      (8)   eighth,  to the  Class A-4  Certificates,  until the
                            Certificate   Principal  Balance  thereof  has  been
                            reduced to zero.

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

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

(e) In addition to the  foregoing  distributions,  with  respect to any Mortgage
Loan that was previously the subject of a Cash Liquidation or an REO Disposition
that resulted in a Realized Loss, in the event that within two years of the date
on which such Realized Loss was determined to have occurred the Master  Servicer
receives  amounts,  which the Master Servicer  reasonably  believes to represent
subsequent recoveries (net of any related liquidation  expenses),  or determines
that it holds surplus amounts previously  reserved to cover estimated  expenses,
specifically  related to such  Mortgage  Loan  (including,  but not  limited to,
recoveries in respect of the  representations and warranties made by the related
Seller pursuant to the applicable Seller's Agreement), the Master Servicer shall
distribute  such amounts to the  applicable  Certificateholders  of the Class or
Classes  to which  such  Realized  Loss was  allocated  (with the  amounts to be
distributed  allocated  among  such  Classes  in the  same  proportions  as such
Realized   Loss  was   allocated),   and   within   each   such   Class  to  the
Certificateholders  of record as of the Record Date  immediately  preceding  the

<PAGE>

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

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

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

<PAGE>

(h) On each Distribution Date preceding the Accretion  Termination Date, Accrued
Certificate  Interest  on the  Class  A-5  Certificates  will  be  added  to the
Certificate Principal Balance of the Class A-5 Certificates and such amount will
thereafter  accrue  interest  at a rate of 7.75%  per  annum.  On the  Accretion
Termination Date, the Accrued Certificate Interest on the Class A-5 Certificates
for such date will be payable to the holders of the Class A-2  Certificates as a
distribution of principal until the  Certificate  Principal  Balance thereof has
been reduced to zero, any such amount will be added to the Certificate Principal
Balance  of the Class A-5  Certificates,  and any  remaining  amount of  Accrued
Certificate  Interest will be paid to the holders of the Class A-5  Certificates
as a distribution of interest and will not be added to the Certificate Principal
Balance thereof;  provided,  however,  if the Accretion  Termination Date is the
Credit Support Depletion Date, the entire amount of Accrued Certificate Interest
for such date will be payable to the holders of the Class A-5  Certificates as a
distribution  of  interest  and will not be added to the  Certificate  Principal
Balance thereof.

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

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

     Section 4.05. Allocation of Realized Losses.

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

<PAGE>

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 the Certificate  Principal Balance of the Accrual Certificates for purposes
this Section 4.05 shall be the lesser of (a) the Certificate  Principal  Balance
of the Accrual  Certificates  as of the Cut-off  Date,  and (b) the  Certificate
Principal  Balance of the Accrual  Certificates as of the date of determination.
Any  allocation  of the  principal  portion of Realized  Losses (other than Debt
Service  Reductions) to the Subordinate  Certificates  then outstanding with the
Lowest  Priority  shall be made by operation of the  definition of  "Certificate
Principal  Balance"  and by  operation  of the  provisions  of Section  4.02(a).
Allocations  of the  interest  portions  of  Realized  Losses  shall  be made in
proportion to the amount of Accrued Certificate Interest and by operation of the
definition of "Accrued Certificate  Interest" and by operation of the provisions
of  Section  4.02(a).  Allocations  of the  principal  portion  of Debt  Service
Reductions shall be made by operation of the provisions of Section 4.02(a).  All
Realized  Losses  and all  other  losses  allocated  to a Class of  Certificates
hereunder will be allocated  among the  Certificates of such Class in proportion
to the Percentage  Interests evidenced thereby;  provided that if any Subclasses
of the Class A-V Certificates have been issued pursuant to Section 5.01(c), such
Realized Losses and other losses allocated to the Class A-V  Certificates  shall
be allocated  among such  Subclasses in proportion to the respective  amounts of
Accrued  Certificate  Interest payable on such Distribution Date that would have
resulted absent such reductions.

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

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

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

<PAGE>

                                    Article V

                                THE CERTIFICATES

                      (See Article V of the Standard Terms)

<PAGE>

                                   Article VI

                       THE COMPANY AND THE MASTER SERVICER

                     (See Article VI of the Standard Terms)

<PAGE>

                                  Article VII

                                     DEFAULT

                     (See Article VII of the Standard Terms)

<PAGE>

                                  Article VIII

                             CONCERNING THE TRUSTEE

                    (See Article VIII of the Standard Terms)

<PAGE>

                                   Article IX

                                   TERMINATION

                     (See Article IX of the Standard Terms)

<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 but  excluding  the Initial
Monthly Payment Fund) as a REMIC for federal income tax purposes.

        The Class A-1,  Class A-2,  Class A-3,  Class A-4, Class A-5, 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. 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.

<PAGE>

                                   Article XI

                            MISCELLANEOUS PROVISIONS

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

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

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

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

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

---------------------------------- --------------------------------------------
            Recipient                                         Address

---------------------------------- --------------------------------------------
---------------------------------- --------------------------------------------
Company                            8400 Normandale Lake Boulevard

                    Suite 600, Minneapolis, Minnesota 55437,

                                   Attention:  President

---------------------------------- --------------------------------------------
---------------------------------- --------------------------------------------
Master Servicer                    10 Universal City Plaza, Suite 2100
                                   --------------------------------------------
                                   Universal City, California 91608,
                  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 2000-QS5

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

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

---------------------------------- --------------------------------------------
---------------------------------- --------------------------------------------
Fitch IBCA, Inc.                   One State Street Plaza
                                   New York, N.Y. 10004

---------------------------------- --------------------------------------------
<PAGE>

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

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

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

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

     Section 11.09. Allocation of Voting Rights.

               98.0%  of all of the  Voting  Rights  shall  be  allocated  among
Holders  of  Certificates,  other  than the Class A-V  Certificates  and Class R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their respective Certificates;  1% of all Voting Rights shall be allocated among
the Holders of the Class A-V  Certificates in accordance  with their  respective
Percentage  Interests,  and 1% of all Voting Rights shall be allocated among the
Holders  of the  Class  R  Certificates  in  accordance  with  their  respective
Percentage Interests.

<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:
                                                 Name:   Stephen Hynes
                                                 Title:  Vice President

Attest: ____________________
      Name:
      Title: Vice President

                                            RESIDENTIAL FUNDING CORPORATION
[Seal]

                                            By:
                                                 Name:  Randy Van Zee

                                 Title: Director

Attest:____________________
      Name: Stephen Hynes
      Title: Director

                                            BANKERS TRUST COMPANY,
                                   as Trustee

[Seal]

                                            By:
                                                 Name:
                                                 Title:

Attest:____________________
      Name:
      Title:

<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 28th day of April,  2000 before me, a notary public in and
for said State,  personally  appeared  Stephen  Hynes,  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.

-------------------------------------------------------------------------------
                                  Notary Public

[Notarial Seal]

<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 28th day of April,  2000 before me, a notary public in and
for said State,  personally appeared Randy Van Zee, known to me to be a Director
of Residential  Funding  Corporation,  one of the corporations that executed the
within  instrument,  and also known to me to be the person  who  executed  it on
behalf  of  said  corporation,  and  acknowledged  to me that  such  corporation
executed the within instrument.

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

-------------------------------------------------------------------------------
                                  Notary Public

[Notarial Seal]

<PAGE>

STATE OF

                                  )
                                  ) ss.:
COUNTY OF                         )
               On the 28th day of April,  2000 before me, a notary public in and
for said  State,  personally  appeared  _______________,  known to me to be a[n]
_________________  of Bankers Trust  Company,  the New York banking  corporation
that executed the within  instrument,  and also known to me to be the person who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

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

-------------------------------------------------------------------------------
                                  Notary Public

[Notarial Seal]

<PAGE>

                                   Exhibit ONE

                             MORTGAGE LOAN SCHEDULE

1

  RUN ON     : 04/20/00           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 12.52.37           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : 2000-QS5                                       CUTOFF : 04/01/00
  POOL       : 0004438
             :
             :
  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
  ----------------------------------------------------------------------------

      1862556                              .2500
       99,517.68                           .0300
            7.5000                         .0000
            7.2500                         .0000
            7.2200                         .0000
            7.2200                         .0000

      1939988                              .2500
      501,431.75                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.7500                         .2950

      1949534                              .2500
      132,427.61                           .0300
            7.7500                         .0000
            7.5000                         .0000
            7.4700                         .0000
            7.4700                         .0000

      1951793                              .2500
       35,889.63                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      1953971                              .2500
       69,967.34                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.7500                        1.6700

      1954775                              .2500
      186,977.61                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.7500                         .0450
1

      1954784                              .2500
      204,300.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.7500                        1.0450

      1956387                              .2500
       51,882.07                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1958171                              .2500
      118,138.40                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      1959221                              .2500
      130,320.67                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1959506                              .2500
      107,860.97                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1960286                              .2500
       59,860.40                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      1960402                              .2500
       58,500.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1960963                              .2500
       86,321.16                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950
1

      1960969                              .2500
       86,321.16                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1961823                              .2500
      117,700.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      1961840                              .2500
       55,771.82                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.7500                        1.2950

      1962177                              .2500
      161,505.78                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.7500                         .2950

      1962355                              .2500
       83,954.12                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      1962803                              .2500
      399,488.11                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.7500                         .1700

      1962820                              .2500
      133,577.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      1963039                              .2500
      223,392.74                           .0300
            8.0000                         .0000
            7.7500                         .0000
            7.7200                         .0000
            7.7200                         .0000
1

      1963515                              .2500
      184,678.34                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      1963980                              .2500
      164,909.87                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      1964061                              .2500
      144,684.48                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1964320                              .2500
       30,486.14                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1964638                              .2500
      149,859.47                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.7500                        1.6700

      1964643                              .2500
       62,636.42                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.7500                        1.2950

      1965153                              .2500
       78,328.46                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1965473                              .2500
       73,532.84                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950
1

      1965638                              .2500
      238,991.40                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.7500                         .1700

      1965957                              .2500
      129,386.03                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      1965984                              .2500
      424,180.69                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      1966385                              .2500
       65,450.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.7500                         .4200

      1966606                              .2500
      141,300.00                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            7.7500                        1.5450

      1966759                              .2500
       63,535.25                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.7500                        1.6700

      1966834                              .2500
      143,785.82                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1967292                              .2500
      125,797.31                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.7500                        1.0450
1

      1967548                              .2500
      147,768.04                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.7500                        1.1700

      1967702                              .2500
      423,843.49                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1967725                              .2500
       28,292.06                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.7500                        1.2950

      1967786                              .2500
      358,753.59                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.7500                         .5450

      1967814                              .2500
       49,925.62                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1968367                              .2500
      111,518.49                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1968458                              .2500
       66,357.65                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.7500                         .1700

      1968496                              .2500
       49,976.67                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.7500                        1.6700
1

      1968625                              .2500
      116,942.45                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1968932                              .2500
      111,830.44                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.7500                         .2950

      1969047                              .2500
      111,550.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      1969413                              .2500
      368,573.85                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      1969417                              .2500
      166,412.53                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1969443                              .2500
       85,821.63                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1969458                              .2500
      109,999.55                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1969459                              .2500
      116,233.09                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700
1

      1969466                              .2500
       60,268.74                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.7500                        1.1700

      1969595                              .2500
      236,550.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1969596                              .2500
      175,000.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.7500                        1.0450

      1969650                              .2500
       86,210.82                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1969782                              .2500
       43,160.58                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1970296                              .2500
       46,149.02                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1970297                              .2500
       29,486.60                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1970463                              .2500
       85,421.98                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950
1

      1970489                              .2500
      172,170.61                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.7500                        1.1700

      1970547                              .2500
       63,927.98                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1970697                              .2500
       62,969.81                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            7.7500                        1.5450

      1970726                              .2500
       98,055.43                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1970729                              .2500
      139,762.81                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1970948                              .2500
      259,854.24                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1971005                              .2500
       66,119.95                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1971016                              .2500
       81,960.71                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            7.7500                        1.5450
1

      1971181                              .2500
       68,000.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1971197                              .2500
       49,472.96                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      1971200                              .2500
      129,921.24                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.7500                         .4200

      1971202                              .2500
       49,474.34                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.7500                        1.1700

      1971264                              .2500
       85,500.00                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1971284                              .2500
       85,500.00                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1971288                              .2500
       85,500.00                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1971295                              .2500
       85,500.00                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950
1

      1971320                              .2500
      170,700.00                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            7.7500                        1.5450

      1971345                              .2500
       76,465.24                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      1971452                              .2500
       26,138.44                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         .0000
            7.7500                        1.9200

      1971526                              .2500
      126,479.05                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1971730                              .2500
      122,339.79                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1971807                              .2500
      103,891.76                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.7500                        1.1700

      1971829                              .2500
      154,300.00                           .0800
           10.1250                         .0000
            9.8750                         .0000
            9.7950                         .0000
            7.7500                        2.0450

      1971833                              .2500
       40,480.59                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            7.7500                        1.5450
1

      1971929                              .2500
       80,863.46                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      1971936                              .2500
       68,546.27                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1971940                              .2500
      174,891.22                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.7500                         .2950

      1971950                              .2500
      220,397.12                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.7500                        1.6700

      1971982                              .2500
       53,974.80                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.7500                        1.6700

      1971984                              .2500
       61,471.31                           .0800
            9.7500                         .0000
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1

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1

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1

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      1972892                              .2500
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      1972897                              .2500
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      1972904                              .2500
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1

      1972911                              .2500
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      1973030                              .2500
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      1973059                              .2500
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      1973071                              .2500
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      1973081                              .2500
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1

      1973132                              .2500
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      1973197                              .2500
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      1973265                              .2500
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      1973294                              .2500
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1

      1973302                              .2500
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      1973309                              .2500
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      1973314                              .2500
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      1973318                              .2500
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      1973320                              .2500
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      1973344                              .2500
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      1973384                              .2500
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      1973408                              .2500
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1

      1973500                              .2500
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      1973519                              .2500
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      1973567                              .2500
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      1973571                              .2500
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      1973626                              .2500
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      1973630                              .2500
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      1973675                              .2500
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      1973694                              .2500
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1

      1973719                              .2500
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      1973722                              .2500
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      1973732                              .2500
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      1973739                              .2500
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      1973742                              .2500
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      1973750                              .2500
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      1973753                              .2500
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      1973756                              .2500
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1

      1973760                              .2500
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      1973778                              .2500
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      1973780                              .2500
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      1973813                              .2500
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      1973885                              .2500
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      1973893                              .2500
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1

      1973902                              .2500
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      1973907                              .2500
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      1973921                              .2500
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      1973925                              .2500
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1

      1973940                              .2500
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1

      1973962                              .2500
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1

      1973978                              .2500
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1

      1974010                              .2500
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      1974020                              .2500
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1

      1974033                              .2500
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1

      1974054                              .2500
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      1974067                              .2500
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      1974076                              .2500
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      1974078                              .2500
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      1974079                              .2500
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      1974083                              .2500
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      1974085                              .2500
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      1974260                              .2500
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      1974262                              .2500
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      1974266                              .2500
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      1974314                              .2500
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      1974374                              .2500
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      1974414                              .2500
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      1974428                              .2500
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      1974439                              .2500
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      1974440                              .2500
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      1974447                              .2500
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      1974453                              .2500
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      1974460                              .2500
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      1974470                              .2500
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      1974476                              .2500
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      1974500                              .2500
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      1974512                              .2500
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      1974515                              .2500
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      1974576                              .2500
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      1974579                              .2500
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      1974591                              .2500
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      1974601                              .2500
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      1974605                              .2500
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      1974662                              .2500
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      1974704                              .2500
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      1974707                              .2500
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      1974713                              .2500
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      1974732                              .2500
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      1974736                              .2500
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      1974740                              .2500
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      1974755                              .2500
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      1974762                              .2500
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      1974764                              .2500
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      1974799                              .2500
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      1974827                              .2500
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      1974838                              .2500
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      1974988                              .2500
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      1975021                              .2500
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      1975024                              .2500
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      1975025                              .2500
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      1975028                              .2500
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      1975070                              .2500
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      1975089                              .2500
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      1975108                              .2500
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      1975211                              .2500
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      1975241                              .2500
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      1975257                              .2500
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      1975265                              .2500
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      1975267                              .2500
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      1975273                              .2500
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      1975274                              .2500
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      1975295                              .2500
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      1975296                              .2500
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      1975302                              .2500
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      1975308                              .2500
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      1975330                              .2500
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      1975410                              .2500
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      1975412                              .2500
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      1975413                              .2500
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      1975470                              .2500
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      1975474                              .2500
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      1975480                              .2500
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      1975481                              .2500
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      1975484                              .2500
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      1975486                              .2500
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      1975507                              .2500
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      1975512                              .2500
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      1975596                              .2500
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      1975633                              .2500
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      1975644                              .2500
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      1975679                              .2500
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      1975687                              .2500
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      1975736                              .2500
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      1975765                              .2500
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      1975784                              .2500
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      1975801                              .2500
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      1975808                              .2500
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      1975816                              .2500
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      1975835                              .2500
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1

      1975848                              .2500
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      1975851                              .2500
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      1975864                              .2500
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      1975883                              .2500
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      1975891                              .2500
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      1975895                              .2500
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      1975897                              .2500
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      1975899                              .2500
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1

      1975906                              .2500
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      1975909                              .2500
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      1975912                              .2500
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      1975915                              .2500
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      1975916                              .2500
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      1975923                              .2500
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      1975927                              .2500
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      1975932                              .2500
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1

      1975934                              .2500
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      1975945                              .2500
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      1975966                              .2500
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      1975969                              .2500
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      1975970                              .2500
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      1975972                              .2500
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      1975977                              .2500
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      1975978                              .2500
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1

      1975989                              .2500
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      1975993                              .2500
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      1975995                              .2500
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      1975996                              .2500
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      1976005                              .2500
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      1976006                              .2500
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      1976010                              .2500
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      1976017                              .2500
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1

      1976028                              .2500
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      1976043                              .2500
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      1976104                              .2500
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      1976164                              .2500
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      1976166                              .2500
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      1977817                              .2500
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      1977991                              .2500
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      1978109                              .2500
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      1978140                              .2500
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      1978171                              .2500
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      1978178                              .2500
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1

      1978217                              .2500
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      1978231                              .2500
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      1978246                              .2500
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      1978249                              .2500
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      1978251                              .2500
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      1978252                              .2500
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      1978287                              .2500
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1

      1978365                              .2500
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1

      1978427                              .2500
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      1978550                              .2500
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1

      1978829                              .2500
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1

      1978894                              .2500
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1

      1979001                              .2500
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      1979021                              .2500
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1

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1

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1

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1

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1

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1

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1

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1

      3240920                              .2500
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1

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1

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1

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1

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1

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1

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1

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1

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1

      3251126                              .2500
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1

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1

      3252850                              .2500
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      3252889                              .2500
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      3256307                              .2500
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1

      3256594                              .2500
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1

      3256615                              .2500
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1

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1

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1

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1

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1

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1

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1

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1

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1

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1

      3275432                              .2500
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1

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      3276206                              .2500
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      3276207                              .2500
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      3276209                              .2500
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1

      3276210                              .2500
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      3276211                              .2500
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      3276212                              .2500
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      3276213                              .2500
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      3276214                              .2500
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      3276215                              .2500
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1

      3276218                              .2500
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      3276219                              .2500
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      3276225                              .2500
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1

      3276227                              .2500
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      3276231                              .2500
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      3276232                              .2500
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      3276234                              .2500
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1

      3276235                              .2500
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1

      3276243                              .2500
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      3276245                              .2500
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1

      3276251                              .2500
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1

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1

      3278261                              .2500
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1

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1

      3280674                              .2500
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1

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1

      3284500                              .2500
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      3286321                              .2500
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1

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      3287403                              .2500
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      3287404                              .2500
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      3287408                              .2500
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      3287409                              .2500
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      3287411                              .2500
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1

      3287412                              .2500
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      3287415                              .2500
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      3287421                              .2500
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      3287425                              .2500
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      3288304                              .2500
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      3290697                              .2500
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1

      3290705                              .2500
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      3290710                              .2500
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      3290712                              .2500
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      3290713                              .2500
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      3290714                              .2500
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      3290715                              .2500
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      3290716                              .2500
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1

      3290718                              .2500
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      3290721                              .2500
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      3290723                              .2500
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      3290725                              .2500
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      3290727                              .2500
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      3290730                              .2500
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      3290732                              .2500
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      3290733                              .2500
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1

      3290734                              .2500
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      3290735                              .2500
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      3290736                              .2500
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      3290738                              .2500
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      3290739                              .2500
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      3290943                              .2500
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      3291707                              .2500
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      3292630                              .2500
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1

      3294837                              .2500
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      3294838                              .2500
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      3294843                              .2500
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      3294844                              .2500
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      3294846                              .2500
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      3294848                              .2500
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      3294891                              .2500
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      3294893                              .2500
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1

      3294898                              .2500
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      3294902                              .2500
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      3294912                              .2500
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      3294914                              .2500
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      3294918                              .2500
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      3294922                              .2500
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      3294926                              .2500
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      3294927                              .2500
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1

      3294929                              .2500
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      3294930                              .2500
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      3294932                              .2500
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      3294933                              .2500
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      3294934                              .2500
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      3294935                              .2500
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      3294936                              .2500
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      3294937                              .2500
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1

      3294938                              .2500
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      3294939                              .2500
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      3294940                              .2500
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      3294941                              .2500
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      3294942                              .2500
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      3294949                              .2500
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      3294951                              .2500
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1

      3294963                              .2500
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      3294965                              .2500
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      3294970                              .2500
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      3294971                              .2500
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      3294973                              .2500
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      3294977                              .2500
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      3294978                              .2500
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1

      3294980                              .2500
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1

      3295012                              .2500
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1

      3298077                              .2500
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1

      3298092                              .2500
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1

      3298913                              .2500
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      3299595                              .2500
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      3301655                              .2500
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            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.7500                        1.6700

      3332887                              .2500
      144,000.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.7500                        1.6700
1

      3332888                              .2500
       67,500.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      3332889                              .2500
      118,000.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.7500                        1.2950

      3332890                              .2500
      144,000.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.7500                        1.6700

      3332893                              .2500
       76,800.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.7500                        1.0450

      3332902                              .2500
      137,350.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.7500                        1.0450

      3332903                              .2500
      118,700.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.7500                        1.6700

      3333938                              .2500
       54,000.00                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
            7.7500                        1.7950

      3335014                              .2500
      112,800.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200
1

      3335868                              .2500
      203,900.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.7500                        1.0450

      3336466                              .2500
      196,000.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.7500                        1.1700

      3337809                              .2500
      192,650.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.7500                        1.2950

      3338284                              .2500
      123,800.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.7500                        1.1700

      3338557                              .2500
      246,861.52                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      3338609                              .2500
      106,400.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      3338856                              .2500
       99,866.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      3339644                              .2500
      310,500.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200
1

      3343970                              .2500
      250,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.7500                         .4200

  TOTAL NUMBER OF LOANS:     1511
  TOTAL BALANCE........:        217,106,728.72

1

  RUN ON     : 04/20/00            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 12.52.37            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : 2000-QS5             FIXED SUMMARY REPORT      CUTOFF : 04/01/00
  POOL       : 0004438
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  RFC NET RATE                          8.8319            6.8750     10.3750
  NET MTG RATE(INVSTR RATE)             8.7533            6.8450     10.2950
  POST STRIP RATE                       7.7448            6.8450      7.7500
  SUB SERV FEE                           .2508             .2500       .5000
  MSTR SERV FEE                          .0786             .0300       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                 1.0085             .0000      2.5450

  TOTAL NUMBER OF LOANS:  1511
  TOTAL BALANCE........:     217,106,728.72

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

  RUN ON     : 04/20/00           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 12.52.37          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : 2000-QS5                                       CUTOFF : 04/01/00
  POOL       : 0004438
             :
             :
  POOL STATUS: F

  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ADDRESS                          ORIG RATE     ORIGINAL P+I     LTV
  ADDRESS LINE 2                   CURR NET      CURRENT P+I      VALUE
  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 #
  ______________________________________________________________________________

    1862556          229/G02             F          100,500.00         ZZ
                                         360         99,517.68          1
    332 WEST 160 SOUTH                 7.500            702.72         78
                                       7.250            702.72      130,000.00
    PIMA             AZ   85543          2            04/26/99         00
    0431355882                           05           06/01/99          0
    16518052                             O            05/01/29
    0

    1939988          560/560             F          504,000.00         ZZ
                                         360        501,431.75          1
    3811 MERIDIAN ROAD                 8.375          3,830.77         80
                                       8.125          3,830.77      630,000.00
    OKEMOS           MI   48864          1            07/20/99         00
    122319106                            05           09/01/99          0
    122319106                            O            08/01/29
    0

    1949534          L98/G02             F          133,000.00         ZZ
                                         360        132,427.61          2
    1067 & 1069 N 5TH STREET           7.750            952.83         45
                                       7.500            952.83      297,000.00
    SAN JOSE         CA   95112          5            09/23/99         00
    0431893064                           05           11/01/99          0
    X                                    O            10/01/29
    0

    1951793          E45/G02             F           36,000.00         ZZ
                                         360         35,889.63          1
    616 WEST LIBERTY STREET            8.750            283.21         80
                                       8.500            283.21       45,000.00
    SWAINSBORO       GA   30401          5            10/25/99         00
    0431592302                           05           12/01/99          0
1

    58524                                O            11/01/29
    0

    1953971          Q54/G02             F           70,000.00         ZZ
                                         360         69,967.34          3
    254 PRESIDENT STREET               9.750            601.41          9
                                       9.500            601.41      800,000.00
    BROOKLYN         NY   11231          5            02/04/00         00
    0431825827                           07           04/01/00          0
    CUSIMANO                             N            03/01/30
    0

    1954775          S62/G02             F          187,100.00         ZZ
                                         360        186,977.61          1
    XXX 239TH AVENUE                   8.125          1,389.21         80
                                       7.875          1,389.21      233,900.00
    ZIMMERMAN        MN   55398          1            02/25/00         00
    0431876960                           05           04/01/00          0
    15468                                O            03/01/30
    0

    1954784          N94/G02             F          204,300.00         ZZ
                                         360        204,300.00          1
    178 MAIN STREET                    9.125          1,662.25         90
                                       8.875          1,662.25      227,000.00
    WEST HARWICH     MA   02671          1            03/24/00         11
    0431935956                           05           05/01/00         25
    1954784                              O            04/01/30
    0

    1956387          P58/G02             F           52,000.00         ZZ
                                         360         51,882.07          1
    110 BEECHNUT COURT                 8.875            413.74         80
                                       8.625            413.74       65,000.00
    LUMBERTON        NJ   08060          1            11/16/99         00
    0431651736                           03           01/01/00          0
    002990010571                         O            12/01/29
    0

    1958171          964/G02             F          118,400.00         ZZ
                                         360        118,138.40          1
    992 TAM O'SHANTER                  9.000            952.67         80
                                       8.750            952.67      148,000.00
    LAS VEGAS        NV   89109          5            11/24/99         00
    0431914779                           09           01/01/00          0
    68393                                N            12/01/29
    0

1

    1959221          H49/G02             F          130,500.00         ZZ
                                         360        130,320.67          2
    1980-1984 YOSEMITE STREET          9.875          1,133.19         90
                                       9.625          1,133.19      145,000.00
    AURORA           CO   80220          1            01/03/00         01
    0431904598                           05           02/01/00         25
    317398306                            N            01/01/30
    0

    1959506          L04/G02             F          107,910.00         ZZ
                                         360        107,860.97          1
    2497 GRAY STREET                   9.875            937.04         90
                                       9.625            937.04      119,900.00
    EDGEWATER        CO   80214          1            02/18/00         10
    0431863646                           05           04/01/00         25
    NELSON                               N            03/01/30
    0

    1960286          H93/G02             F           60,000.00         ZZ
                                         360         59,860.40          1
    1819 BROOKLINE COURT               8.750            472.02         84
                                       8.500            472.02       72,000.00
    JEFFERSON CITY   TN   37760          2            11/24/99         04
    0431780154                           09           01/01/00         12
    9981120                              O            12/01/29
    0

    1960402          G26/G02             F           58,500.00         ZZ
                                         360         58,500.00          1
    912 ARMSTRONG AVENUE UNIT 1-2      9.500            491.90         90
                                       9.250            491.90       65,000.00
    STATEN ISLAND    NY   10308          1            03/13/00         10
    0431927763                           01           05/01/00         25
    2856AMO                              N            04/01/30
    0

    1960963          196/G02             F           86,400.00         ZZ
                                         360         86,321.16          3
    519 TEXAS NE                       9.875            750.26         90
                                       9.625            750.26       96,000.00
    ALBUQUERQUE      NM   87108          1            01/14/00         01
    0431872969                           05           03/01/00         25
    1357989                              N            02/01/30
    0

    1960969          196/G02             F           86,400.00         ZZ
                                         360         86,321.16          3
    515 TEXAS NE                       9.875            750.26         90
                                       9.625            750.26       96,000.00
1

    ALBUQUERQUE      NM   87108          1            01/14/00         01
    0431866441                           05           03/01/00         25
    1357987                              N            02/01/30
    0

    1961823          G09/G02             F          117,700.00         ZZ
                                         360        117,700.00          1
    1302 CARR AVE                      8.750            925.95         64
                                       8.500            925.95      185,000.00
    MEMPHIS          TN   38104          2            03/27/00         00
    0431947787                           05           05/01/00          0
    RHODES                               O            04/01/30
    0

    1961840          P01/G02             F           55,800.00         ZZ
                                         360         55,771.82          2
    1479-1481 RUGBY ROAD               9.375            464.12         90
                                       9.125            464.12       62,000.00
    SCHENECTADY      NY   12308          1            03/01/00         04
    0431884071                           05           04/01/00         25
    MUSCO                                N            03/01/30
    0

    1962177          B28/G02             F          162,000.00         ZZ
                                         360        161,505.78          1
    5417 IMPERIAL COURT                8.375          1,231.32         86
                                       8.125          1,231.32      190,000.00
    NORTHEAST ALBUQ  NM   87111          2            11/29/99         11
    0431732213                           05           01/01/00         25
    05991577B                            O            12/01/29
    0

    1962355          T39/G02             F           84,000.00         ZZ
                                         360         83,954.12          3
    4518 19TH AVENUE SOUTHEAST         9.000            675.88         68
                                       8.750            675.88      125,000.00
    LACEY            WA   98503          5            02/17/00         00
    0431898923                           05           04/01/00          0
    990619                               O            03/01/30
    0

    1962803          N24/G02             F          400,000.00         ZZ
                                         360        399,488.11          1
    1473 EAST 250 NORTH                8.250          3,005.07         28
                                       8.000          3,005.07    1,450,000.00
    BOUNTIFUL        UT   84010          5            01/10/00         00
    0431846773                           05           03/01/00          0
    1962803                              O            02/01/30
    0
1

    1962820          683/G02             F          133,650.00         ZZ
                                         360        133,577.00          1
    137 HIGHLAND STREET                9.000          1,075.38         90
                                       8.750          1,075.38      148,500.00
    HUDSON           NH   03051          1            02/11/00         14
    0431874734                           05           04/01/00         25
    018176                               O            03/01/30
    0

    1963039          B35/G02             F          224,000.00         ZZ
                                         360        223,392.74          1
    929 MANDERIN ISLE                  8.000          1,643.64         80
                                       7.750          1,643.64      280,000.00
    FT LAUDERDALE    FL   33315          1            12/02/99         00
    0431751056                           05           01/01/00          0
    99004116                             O            12/01/29
    0

    1963515          G34/G02             F          185,000.00         ZZ
                                         360        184,678.34          1
    6333 EVERITT ROAD NORTHWEST        8.750          1,455.40         79
                                       8.500          1,455.40      235,000.00
    ALBUQUERQUE      NM   87120          2            12/08/99         00
    0431755537                           05           02/01/00          0
    88050390                             O            01/01/30
    0

    1963980          687/G02             F          165,000.00         ZZ
                                         360        164,909.87          1
    4800 MOUNTAIN POINT LANE           9.000          1,327.63         60
                                       8.750          1,327.63      275,000.00
    CHARLOTTE        NC   28212          1            02/10/00         00
    0431871268                           05           04/01/00          0
    0000                                 O            03/01/30
    0

    1964061          E86/G02             F          144,900.00         ZZ
                                         360        144,684.48          1
    27 HENDERSON PLACE                 9.500          1,218.40         90
                                       9.250          1,218.40      161,000.00
    BRENTWOOD        NY   11717          1            12/28/99         10
    0431754043                           05           02/01/00         25
    55999                                N            01/01/30
    0

    1964320          687/G02             F           30,500.00         ZZ
                                         360         30,486.14          1
1

    2438C EAST AVE                     9.875            264.85         90
                                       9.625            264.85       33,900.00
    ROCHESTER        NY   14610          1            02/24/00         10
    0431891431                           01           04/01/00         25
    3Q1489                               O            03/01/30
    0

    1964638          S61/G02             F          150,000.00         ZZ
                                         360        149,859.47          1
    LOT 5 OLD TURNPIKE ROAD            9.750          1,288.73         90
                                       9.500          1,288.73      167,691.00
    OAKHAM           MA   01068          5            02/05/00         10
    0431904127                           05           03/07/00         25
    NC0020001                            N            02/07/30
    0

    1964643          N46/G02             F           62,700.00         ZZ
                                         360         62,636.42          1
    19325 SOUTH MAIN STREET            9.375            521.51         90
                                       9.125            521.51       69,707.00
    CORNELIUS        NC   28031          1            02/01/00         10
    0431851690                           05           03/01/00         25
    4503413                              O            02/01/30
    0

    1965153          P38/G02             F           78,400.00         ZZ
                                         360         78,328.46          4
    1552 WEST MCDOWELL ROAD            9.875            680.79         80
                                       9.625            680.79       98,000.00
    PHOENIX          AZ   85007          1            01/28/00         00
    0431860634                           05           03/01/00          0
    0DC003                               N            02/01/30
    0

    1965473          P38/G02             F           73,600.00         ZZ
                                         360         73,532.84          4
    1546 WEST MCDOWELL ROAD            9.875            639.11         80
                                       9.625            639.11       92,000.00
    PHOENIX          AZ   85007          1            01/28/00         00
    0431923432                           05           03/01/00          0
    0DC004                               N            02/01/30
    0

    1965638          738/G02             F          239,500.00         ZZ
                                         360        238,991.40          1
    1347 S EDGEWATER DRIVE             8.250          1,799.29         34
                                       8.000          1,799.29      716,000.00
    CHARLESTON       SC   29407          5            01/18/00         00
    0431802420                           05           03/01/00          0
1

    5298688                              O            02/01/30
    0

    1965957          964/G02             F          129,600.00         ZZ
                                         360        129,386.03          4
    200 NORTH 14TH STREET              9.000          1,042.79         80
                                       8.750          1,042.79      162,000.00
    LAS VEGAS        NV   89101          1            12/29/99         00
    0431777887                           05           02/01/00          0
    69085                                N            01/01/30
    0

    1965984          F28/G02             F          425,500.00         ZZ
                                         360        424,180.69          4
    79 KIRKLAND STREET                 9.000          3,423.67         59
                                       8.750          3,423.67      725,500.00
    CAMBRIDGE        MA   02138          1            11/30/99         00
    0431774777                           05           01/01/00          0
    5232939                              O            12/01/29
    0

    1966385          962/G02             F           65,450.00         ZZ
                                         360         65,450.00          1
    75 CUSTER DRIVE                    8.500            503.26         85
                                       8.250            503.26       77,000.00
    LINCOLN          ND   58504          5            03/07/00         04
    0431918119                           05           05/01/00         25
    1966385                              O            04/01/30
    0

    1966606          L55/G02             F          141,300.00         ZZ
                                         360        141,300.00          2
    520 BEACH 66TH STREET              9.625          1,201.04         90
                                       9.375          1,201.04      157,000.00
    ARVERNE          NY   11692          1            03/21/00         10
    0431924018                           05           05/01/00         25
    396069                               N            04/01/30
    0

    1966759          P34/G02             F           63,900.00         ZZ
                                         360         63,535.25          4
    112-116 COWDEN STREET              9.750            549.00         90
                                       9.500            549.00       71,000.00
    CENTRAL FALLS    RI   02863          2            01/31/00         01
    0431899228                           05           03/01/00         25
    61326                                N            02/01/30
    0

1

    1966834          K15/G02             F          144,000.00         ZZ
                                         360        143,785.82          4
    1320 DESERET AVENUE                9.500          1,210.83         80
                                       9.250          1,210.83      180,000.00
    BARSTOW          CA   92311          1            12/14/99         00
    0431895267                           05           02/01/00          0
    3006380                              N            01/01/30
    0

    1967292          163/G02             F          126,000.00         ZZ
                                         360        125,797.31          4
    113 119 RIVER STREET               9.125          1,025.18         70
                                       8.875          1,025.18      180,000.00
    DORCHESTER       MA   02126          5            12/17/99         00
    0431803444                           05           02/01/00          0
    1000140293                           N            01/01/30
    0

    1967548          286/286             F          148,000.00         ZZ
                                         360        147,768.04          4
    10807 NORTH 15TH LANE              9.250          1,217.56         80
                                       9.000          1,217.56      185,000.00
    PHOENIX          AZ   85029          2            12/21/99         00
    09693879                             09           02/01/00          0
    09693879                             N            01/01/30
    0

    1967702          286/286             F          425,000.00         ZZ
                                         360        423,843.49          1
    526 CHINO CHINO CANYON ROAD        8.875          3,381.49         48
                                       8.625          3,381.49      900,000.00
    PALM SPRINGS     CA   92262          5            11/02/99         00
    08939966                             05           01/01/00          0
    08939966                             O            12/01/29
    0

    1967725          286/286             F           28,350.00         ZZ
                                         360         28,292.06          2
    235 BLAKE STREET                   9.375            235.80         90
                                       9.125            235.80       31,500.00
    LEWISTON         ME   04240          1            11/10/99         10
    08926834                             05           01/01/00         25
    08926834                             N            12/01/29
    0

    1967786          286/286             F          360,000.00         ZZ
                                         360        358,753.59          1
    10330 LOCKWOOD DRIVE               8.625          2,800.04         38
                                       8.375          2,800.04      960,000.00
1

    CUPERTINO        CA   95014          1            11/30/99         00
    09687332                             05           02/01/00          0
    09687332                             N            01/01/30
    0

    1967814          286/286             F           50,000.00         ZZ
                                         360         49,925.62          3
    4076 4078 & 4080 IOWA STREET       9.500            420.43         21
                                       9.250            420.43      240,000.00
    SAN DIEGO        CA   92104          5            12/28/99         00
    09695222                             05           02/01/00          0
    09695222                             N            01/01/30
    0

    1968367          225/225             F          111,900.00         ZZ
                                         360        111,518.49          1
    255 8TH STREET UNIT 4R             8.875            890.33         80
                                       8.625            890.33      139,900.00
    JERSEY CITY      NJ   07302          1            11/03/99         00
    7159977                              01           12/01/99          0
    7159977                              O            11/01/29
    0

    1968458          K15/G02             F           66,400.00         ZZ
                                         360         66,357.65          1
    527 NW 36TH TERRACE                8.250            498.85         80
                                       8.000            498.85       83,000.00
    GAINESVILLE      FL   32607          1            02/15/00         00
    0431905918                           05           04/01/00          0
    3012944                              N            03/01/30
    0

    1968496          416/G02             F           50,000.00         ZZ
                                         360         49,976.67          1
    2944 IMPRESSIONS DRIVE             9.750            429.58         47
                                       9.500            429.58      108,260.00
    LAKE IN THE HIL  IL   60102          1            02/24/00         00
    0431881374                           09           04/01/00          0
    642142                               O            03/01/30
    0

    1968625          313/G02             F          117,000.00         ZZ
                                         360        116,942.45          1
    3506 N ELDER LANE                  9.500            983.80         67
                                       9.250            983.80      177,000.00
    FRANKLIN PARK    IL   60131          1            02/29/00         00
    0431896216                           05           04/01/00          0
    0006831507                           O            03/01/30
    0
1

    1968932          R13/R13             F          111,900.00         ZZ
                                         360        111,830.44          1
    10508 59TH DR NE                   8.375            850.53         80
                                       8.125            850.53      140,000.00
    MARYSVILLE       WA   98271          1            02/11/00         00
    0431878834                           05           04/01/00          0
    0000                                 O            03/01/30
    0

    1969047          B49/G02             F          111,550.00         ZZ
                                         360        111,550.00          1
    1060 OPAL STREET #102              8.750            877.57         80
                                       8.500            877.57      139,450.00
    BROOMFIELD       CO   80020          1            03/15/00         00
    0431908284                           09           05/01/00          0
    0390655                              O            04/01/30
    0

    1969413          B93/G02             F          369,000.00         ZZ
                                         360        368,573.85          1
    12775 N 58TH AVENUE                8.750          2,902.93         90
                                       8.500          2,902.93      410,000.00
    GLENDALE         AZ   85304          2            01/26/00         01
    0431822394                           03           03/01/00         25
    1000019024                           O            02/01/30
    0

    1969417          E47/G02             F          166,600.00         ZZ
                                         360        166,412.53          1
    7 ELK PATH                         8.875          1,325.54         70
                                       8.625          1,325.54      238,000.00
    MANITOU SPRINGS  CO   80829          5            01/27/00         00
    0431816149                           05           03/01/00          0
    DEN13708                             N            02/01/30
    0

    1969443          K15/G02             F           85,900.00         ZZ
                                         360         85,821.63          1
    3722 ROBINSON ROAD                 9.875            745.91         90
                                       9.625            745.91       95,500.00
    NEWTON           NC   28658          5            01/21/00         10
    0431818061                           05           03/01/00         12
    017405300882                         O            02/01/30
    0

    1969458          K15/G02             F          110,100.00         ZZ
                                         360        109,999.55          1
1

    290 WEST PORTLAND AVENUE           9.875            956.05         95
                                       9.625            956.05      116,000.00
    FRESNO           CA   93711          5            01/26/00         10
    0431824952                           05           03/01/00         30
    038305300568                         O            02/01/30
    0

    1969459          K15/G02             F          116,300.00         ZZ
                                         360        116,233.09          1
    48 FOCH ST                         8.750            914.93         85
                                       8.500            914.93      137,000.00
    MANCHESTER       NH   03102          5            01/28/00         23
    0431823012                           05           04/01/00          0
    03340005301143                       O            03/01/30
    0

    1969466          742/G02             F           60,300.00         ZZ
                                         360         60,268.74          2
    457 HUDSON AVENUE                  9.250            496.07         90
                                       9.000            496.07       67,000.00
    ALBANY           NY   12203          1            02/28/00         14
    0431901396                           05           04/01/00         25
    6017487                              N            03/01/30
    0

    1969595          M65/G02             F          236,550.00         ZZ
                                         360        236,550.00          4
    1550 BRYANT AVENUE                 9.500          1,989.04         95
                                       9.250          1,989.04      249,000.00
    BRONX            NY   10460          1            03/14/00         01
    0431913235                           05           05/01/00         30
    2419                                 O            04/01/30
    0

    1969596          N66/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
    PLAYHOUSE LANE                     9.125          1,423.86         67
                                       8.875          1,423.86      262,000.00
    DORSET           VT   05251          1            03/10/00         00
    0431893262                           05           05/01/00          0
    00M0013                              O            04/01/30
    0

    1969650          683/G02             F           86,250.00         ZZ
                                         360         86,210.82          2
    90-91 HAROLD STREET                9.875            748.95         75
                                       9.625            748.95      115,600.00
    MANCHESTER       NH   03104          1            02/18/00         00
    0431914845                           05           04/01/00          0
1

    018228                               N            03/01/30
    0

    1969782          N11/G02             F           43,200.00         ZZ
                                         360         43,160.58          1
    765 COLLEGE STREET                 9.875            375.13         80
                                       9.625            375.13       54,000.00
    BLOUNTSVILLE     AL   35031          5            02/18/00         00
    0431890508                           05           03/18/00          0
    BROOKS                               N            02/18/30
    0

    1970296          227/G02             F           46,170.00         ZZ
                                         360         46,149.02          3
    1210 18TH STREET                   9.875            400.92         90
                                       9.625            400.92       51,300.00
    BAY CITY         MI   48708          1            02/25/00         14
    0431884873                           05           04/01/00         25
    1862779                              N            03/01/30
    0

    1970297          687/G02             F           29,500.00         ZZ
                                         360         29,486.60          1
    5705 80TH STREET NORTH             9.875            256.16         80
    UNIT 207                           9.625            256.16       36,900.00
    SAINT PETERSBUR  FL   33709          1            02/22/00         00
    0431891423                           01           04/01/00          0
    1270058                              O            03/01/30
    0

    1970463          286/286             F           85,500.00         ZZ
                                         360         85,421.98          3
    64-66 HANMER STREET                9.875            742.44         95
                                       9.625            742.44       90,000.00
    EAST HARTFORD    CT   06108          1            01/10/00         14
    8933552                              05           03/01/00         30
    8933552                              O            02/01/30
    0

    1970489          286/286             F          172,350.00         ZZ
                                         360        172,170.61          4
    114 HOWARD DRIVE                   9.250          1,417.88         77
                                       9.000          1,417.88      225,000.00
    CHARLOTTESVILLE  VA   22901          1            01/27/00         00
    08939604                             05           03/01/00          0
    08939604                             N            02/01/30
    0

1

    1970547          286/286             F           64,000.00         ZZ
                                         360         63,927.98          1
    1175 SARATOGA AVENUE               8.875            509.21         59
                                       8.625            509.21      109,900.00
    VENTURA          CA   93003          1            01/12/00         00
    9697042                              01           03/01/00          0
    9697042                              N            02/01/30
    0

    1970697          227/G02             F           63,000.00         ZZ
                                         360         62,969.81          1
    838 MAIN SAIL COURT                9.625            535.50         65
                                       9.375            535.50       98,000.00
    GARDEN CITY      SC   29576          2            02/28/00         00
    0431898881                           03           04/01/00          0
    1775285                              N            03/01/30
    0

    1970726          N94/G02             F           98,100.00         ZZ
                                         360         98,055.43          4
    36-38 SPRINGFIELD STREET           9.875            851.85         90
                                       9.625            851.85      109,000.00
    LAWRENCE         MA   01843          1            02/29/00         01
    0431888692                           05           04/01/00         25
    1970726                              O            03/01/30
    0

    1970729          K15/G02             F          140,000.00         ZZ
                                         360        139,762.81          1
    7808 VISTA MONTAN DRIVE            8.875          1,113.90         56
                                       8.625          1,113.90      250,000.00
    SAN ANTONIO      TX   78256          5            12/23/99         00
    0431840032                           05           02/01/00          0
    3006357                              O            01/01/30
    0

    1970948          H76/G02             F          260,000.00         ZZ
                                         360        259,854.24          1
    1 TURNBERRY DRIVE                  8.875          2,068.68         80
                                       8.625          2,068.68      325,000.00
    CUMBERLAND       ME   04021          5            02/24/00         00
    0431888239                           05           04/01/00          0
    COOK                                 O            03/01/30
    0

    1971005          J74/G02             F           66,150.00         ZZ
                                         360         66,119.95          2
    695 CURTIS DRIVE                   9.875            574.41         90
                                       9.625            574.41       73,500.00
1

    OPA LOCKA        FL   33054          1            02/08/00         11
    0431846682                           05           04/01/00         25
    000023W                              N            03/01/30
    0

    1971016          S05/G02             F           82,000.00         ZZ
                                         360         81,960.71          1
    6142 IROQUOIS ROAD                 9.625            697.00         37
                                       9.375            697.00      225,000.00
    WESTMINSTER      CA   92683          5            02/22/00         00
    0431875277                           05           04/01/00          0
    M0800203000                          O            03/01/30
    0

    1971181          S54/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
    202 EAST MAIN STREET               9.500            571.78         80
                                       9.250            571.78       85,000.00
    PITTSBORO        IN   46167          5            03/10/00         00
    0431921881                           05           05/01/00          0
    AGAL                                 O            04/01/30
    0

    1971197          229/G02             F           49,500.00         ZZ
                                         360         49,472.96          1
    26 MISSION WOOD WAY                9.000            398.29         90
                                       8.750            398.29       55,000.00
    REISTERSTOWN     MD   21136          1            02/18/00         12
    0431889633                           01           04/01/00         25
    17253808                             N            03/01/30
    0

    1971200          253/253             F          130,000.00         ZZ
                                         360        129,921.24          1
    2410 BUGTUSSIE ROAD                8.500            999.59         79
                                       8.250            999.59      165,000.00
    WEST             TX   76691          2            02/23/00         00
    949068                               05           04/01/00          0
    949068                               O            03/01/30
    0

    1971202          742/G02             F           49,500.00         ZZ
                                         360         49,474.34          2
    545 WASHINGTON AVENUE              9.250            407.22         90
                                       9.000            407.22       55,000.00
    ALBANY           NY   12205          1            02/28/00         14
    0431897321                           05           04/01/00         25
    6022719                              N            03/01/30
    0
1

    1971264          758/G02             F           85,500.00         ZZ
                                         360         85,500.00          4
    2711 EVERGREEN CIRCLE              9.875            742.44         90
                                       9.625            742.44       95,000.00
    BRYAN            TX   77801          1            03/01/00         11
    0431898808                           05           05/01/00         25
    23184                                N            04/01/30
    0

    1971284          758/G02             F           85,500.00         ZZ
                                         360         85,500.00          4
    2709 EVERGREEN CIRCLE              9.875            742.44         90
                                       9.625            742.44       95,000.00
    BRYAN            TX   77801          1            03/01/00         11
    0431912955                           05           05/01/00         25
    999999999                            N            04/01/30
    0

    1971288          758/G02             F           85,500.00         ZZ
                                         360         85,500.00          4
    2708 EVERGREEN CIRCLE              9.875            742.44         90
                                       9.625            742.44       95,000.00
    BRYAN            TX   77801          1            03/01/00         04
    0431912948                           05           05/01/00         25
    99999999                             N            04/01/30
    0

    1971295          758/G02             F           85,500.00         ZZ
                                         360         85,500.00          4
    2710 EVERGREEN CIRCLE              9.875            742.44         90
                                       9.625            742.44       95,000.00
    BRYAN            TX   77801          1            03/01/00         01
    0431898774                           05           05/01/00         25
    23185                                N            04/01/30
    0

    1971320          G81/G02             F          170,700.00         ZZ
                                         360        170,700.00          4
    6973 INDIAN CREEK DR               9.625          1,450.93         90
                                       9.375          1,450.93      189,700.00
    MIAMI BEACH      FL   33141          1            03/03/00         14
    0431904804                           05           05/01/00         25
    200001003                            N            04/01/30
    0

    1971345          K15/G02             F           76,500.00         ZZ
                                         360         76,465.24          1
1

    250 WINCHESTER DR                  9.875            664.29         86
                                       9.625            664.29       89,500.00
    MT WASHINGTON    KY   40047          5            02/09/00         10
    0431846591                           05           04/01/00         25
    019005300644                         O            03/01/30
    0

    1971452          H49/G02             F           26,150.00         ZZ
                                         360         26,138.44          1
    1009 CENTRAL AVENUE               10.000            229.48         90
                                       9.750            229.48       29,100.00
    CHESTER          PA   19013          1            02/24/00         11
    0431930262                           05           04/01/00         25
    31712312                             N            03/01/30
    0

    1971526          A68/G02             F          126,550.00         ZZ
                                         360        126,479.05          1
    5702 GREEN HOLLOW LANE             8.875          1,006.89         90
                                       8.625          1,006.89      140,662.00
    THE COLONY       TX   75056          1            02/11/00         04
    0431849033                           05           04/01/00         25
    LALANI                               O            03/01/30
    0

    1971730          M81/G02             F          122,400.00         ZZ
                                         360        122,339.79          3
    1645 EVANS DRIVE                   9.500          1,029.21         90
                                       9.250          1,029.21      136,000.00
    ATLANTA          GA   30314          1            02/29/00         12
    0431913193                           05           04/01/00         25
    1971730                              N            03/01/30
    0

    1971807          742/G02             F          104,000.00         ZZ
                                         360        103,891.76          1
    1964 BROADWAY                      9.250            855.58         80
                                       9.000            855.58      130,000.00
    DARIEN CENTER    NY   14040          1            01/31/00         00
    0431851385                           05           03/01/00          0
    6005169                              O            02/01/30
    0

    1971829          624/G02             F          154,300.00         ZZ
                                         360        154,300.00          1
    1908 NE RAINBOW DRIVE             10.125          1,368.37         80
                                       9.875          1,368.37      192,899.00
    RIDGEFIELD       WA   98642          5            03/02/00         00
    0431893098                           27           05/01/00          0
1

    81700100313F                         O            04/01/30
    0

    1971833          A33/G02             F           40,500.00         ZZ
                                         360         40,480.59          3
    120 WEST 5TH STREET                9.625            344.25         90
                                       9.375            344.25       45,000.00
    ANDERSON         IN   46016          1            02/11/00         10
    0431873900                           05           04/01/00         25
    034083705                            N            03/01/30
    0

    1971929          001/G02             F           80,910.00         ZZ
                                         360         80,863.46          3
    24 UNION STREET                    8.750            636.51         90
                                       8.500            636.51       89,900.00
    SOMERSWORTH      NH   03878          1            02/29/00         04
    0431903046                           05           04/01/00         25
    1538957                              N            03/01/30
    0

    1971936          A38/G02             F           68,580.00         ZZ
                                         360         68,546.27          2
    604 MCQUEARY                       9.500            576.66         90
                                       9.250            576.66       76,200.00
    ARLINGTON        TX   76012          1            02/28/00         14
    0431898899                           05           04/01/00         25
    1240226                              N            03/01/30
    0

    1971940          H76/G02             F          175,000.00         ZZ
                                         360        174,891.22          1
    43 BACK ROAD                       8.375          1,330.13         77
                                       8.125          1,330.13      230,000.00
    DANVILLE         NH   03819          5            03/01/00         00
    0431883545                           05           04/01/00          0
    KIMBALL                              O            03/01/30
    0

    1971950          Q46/G02             F          220,500.00         ZZ
                                         360        220,397.12          4
    2407 GOLDEN VALLEY ROAD            9.750          1,894.44         90
                                       9.500          1,894.44      245,000.00
    MINNEAPOLIS      MN   55411          1            02/24/00         12
    0431904366                           05           04/01/00         25
    1971950                              N            03/01/30
    0

1

    1971982          P34/G02             F           54,000.00         ZZ
                                         360         53,974.80          3
    61 SUTTON STREET                   9.750            463.95         58
                                       9.500            463.95       94,000.00
    PROVIDENCE       RI   02909          2            02/25/00         00
    0431899962                           05           04/01/00          0
    61345                                N            03/01/30
    0

    1971984          P34/G02             F           61,500.00         ZZ
                                         360         61,471.31          3
    73 AMERICA STREET                  9.750            528.38         76
                                       9.500            528.38       81,300.00
    PROVIDENCE       RI   02909          2            02/25/00         00
    0431904770                           05           04/01/00          0
    61344                                N            03/01/30
    0

    1972011          S20/G02             F           60,300.00         ZZ
                                         360         60,270.34          1
    91 DOWNING STREET                  9.500            507.04         90
                                       9.250            507.04       67,000.00
    COLUMBIA         SC   29209          1            02/11/00         14
    0431876101                           05           04/01/00         25
    1215                                 N            03/01/30
    0

    1972066          K15/G02             F          265,500.00         ZZ
                                         360        264,682.00          1
    1200 WESTERN AVENUE                8.625          2,065.03         90
                                       8.375          2,065.03      295,000.00
    GLENDALE         CA   91201          1            01/03/00         11
    0431875236                           05           03/01/00         25
    3007288                              O            02/01/30
    0

    1972072          K15/G02             F           64,300.00         ZZ
                                         360         64,270.00          1
    38 BROWN STREET                    9.750            552.44         90
                                       9.500            552.44       72,000.00
    ALBION           NY   14411          5            02/11/00         10
    0431855626                           05           04/01/00         25
    007205300727                         O            03/01/30
    0

    1972082          K15/G02             F           70,100.00         ZZ
                                         360         70,068.99          1
    34 E 23RD STREET                  10.000            615.18         90
                                       9.750            615.18       78,000.00
1

    EDMOND           OK   73013          5            02/10/00         10
    0431854538                           05           04/01/00         25
    032605300452                         O            03/01/30
    0

    1972130          K15/G02             F          176,300.00         ZZ
                                         360        176,219.90          1
    118 BRAYMAN HOLLOW ROAD            9.875          1,530.90         95
                                       9.625          1,530.90      186,000.00
    POMFRET          CT   06259          5            02/07/00         10
    0431886548                           05           04/01/00         25
    037905300642                         O            03/01/30
    0

    1972134          K15/G02             F          116,700.00         ZZ
                                         360        116,646.98          1
    4129 WEST MAIN STREET              9.875          1,013.36         94
                                       9.625          1,013.36      125,000.00
    BATAVIA          NY   14020          5            02/15/00         10
    0431855451                           05           04/01/00         30
    029505300543                         O            03/01/30
    0

    1972419          964/G02             F          276,250.00         ZZ
                                         360        276,102.99          1
    222 SIERRA VIEW DRIVE              9.125          2,247.66         85
                                       8.875          2,247.66      325,000.00
    COLFAX           CA   95713          1            01/31/00         04
    0431870716                           05           04/01/00         12
    69333                                O            03/01/30
    0

    1972424          637/G02             F           55,800.00         ZZ
                                         360         55,746.33          2
    39-43 SE 12TH STREET               9.625            474.29         90
                                       9.375            474.29       62,000.00
    DANIA            FL   33004          1            01/21/00         04
    0431860360                           05           03/01/00         25
    0019061712                           N            02/01/30
    0

    1972430          K15/G02             F           58,950.00         ZZ
                                         360         58,923.92          2
    1002 NORTH 28TH STREET            10.000            517.33         90
                                       9.750            517.33       65,500.00
    PHOENIX          AZ   85008          1            02/09/00         01
    0431860303                           05           04/01/00         25
    3012073                              N            03/01/30
    0
1

    1972535          S07/G02             F          237,510.00         ZZ
                                         360        237,402.09          4
    1475-1477 OSCEOLA STREET           9.875          2,062.42         90
                                       9.625          2,062.42      263,900.00
    DENVER           CO   80204          1            02/28/00         14
    0431919034                           05           04/01/00         25
    1972535                              N            03/01/30
    0

    1972540          Q85/G02             F          360,000.00         ZZ
                                         360        359,798.18          3
    508 2ND STREET SE                  8.875          2,864.32         80
                                       8.625          2,864.32      450,000.00
    WASHINGTON       DC   20003          1            02/29/00         00
    0431887447                           07           04/01/00          0
    1972540                              O            03/01/30
    0

    1972549          K45/G02             F           69,750.00         ZZ
                                         360         69,750.00          4
    502 NORTH 11TH STREET              9.875            605.67         90
                                       9.625            605.67       77,500.00
    PHOENIX          AZ   85006          1            03/03/00         01
    0431902543                           05           05/01/00         25
    MARQUEZ                              N            04/01/30
    0

    1972565          P79/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
    5900 COLLINS AVENUE UNIT 406       9.250            863.81         70
                                       9.000            863.81      150,000.00
    MIAMI BEACH      FL   33140          1            03/13/00         00
    0431926468                           06           05/01/00          0
    1972565                              O            04/01/30
    0

    1972647          665/G02             F          350,000.00         ZZ
                                         360        349,635.72          1
    1365 PICO AVENUE                   9.250          2,879.36         35
                                       9.000          2,879.36    1,000,000.00
    PACIFIC GROVE    CA   93950          5            01/14/00         00
    0431864354                           05           03/01/00          0
    0001235949                           O            02/01/30
    0

    1972678          K15/G02             F           83,700.00         ZZ
                                         360         83,612.88          1
1

    1681 LAUREL CREEK CIRCLE           9.250            688.58         90
                                       9.000            688.58       93,000.00
    LITHONIA         GA   30058          1            01/25/00         01
    0431866243                           05           03/01/00         25
    3011059                              N            02/01/30
    0

    1972693          K15/G02             F          209,000.00         ZZ
                                         360        208,885.84          1
    3024 HYDE STREET                   9.000          1,681.66         95
                                       8.750          1,681.66      220,000.00
    OAKLAND          CA   94601          5            02/11/00         01
    0431865948                           05           04/01/00         30
    3011711                              O            03/01/30
    0

    1972755          H49/G02             F           63,000.00         ZZ
                                         360         63,000.00          4
    1156 TALLOW TREE                  10.125            558.70         90
                                       9.875            558.70       70,000.00
    HARVEY           LA   70058          1            03/10/00         12
    0431921824                           05           05/01/00         25
    318454501                            N            04/01/30
    0

    1972756          A46/G02             F           40,500.00         ZZ
                                         360         40,481.10          1
    3721 WINDS WEST COURT              9.750            347.96         90
                                       9.500            347.96       45,000.00
    OKLAHOMA CITY    OK   73179          1            02/17/00         01
    0431865815                           05           04/01/00         25
    0926720                              N            03/01/30
    0

    1972772          E23/G02             F           97,200.00         ZZ
                                         360         97,145.50          2
    2225 & 2231 EAST 117TH STREET      8.875            773.37         90
                                       8.625            773.37      108,000.00
    LOS ANGELES      CA   90059          1            02/18/00         04
    0431865849                           05           04/01/00         25
    50508197                             N            03/01/30
    0

    1972780          M65/G02             F          229,500.00         ZZ
                                         360        229,500.00          2
    1847 MULINER AVENUE                8.875          1,826.01         90
                                       8.625          1,826.01      255,000.00
    BRONX            NY   10462          1            03/16/00         12
    0431919828                           05           05/01/00         25
1

    2428                                 O            04/01/30
    0

    1972829          K81/G02             F          105,000.00         ZZ
                                         360        104,941.13          1
    1711 18TH AVENUE NE                8.875            835.43         79
                                       8.625            835.43      133,406.00
    NAPLES           FL   34120          2            02/16/00         00
    0431896109                           05           04/01/00          0
    2500124                              O            03/01/30
    0

    1972884          Q14/G02             F           32,000.00         ZZ
                                         360         31,985.85          1
    6737 BELLEFONTAINE                10.000            280.82         80
                                       9.750            280.82       40,000.00
    KANSAS CITY      MO   64132          1            03/02/00         00
    0431915115                           05           04/02/00          0
    0000373                              N            03/02/30
    0

    1972888          Q14/G02             F           36,800.00         ZZ
                                         360         36,783.72          1
    4021 EAST 68TH STREET             10.000            322.95         80
                                       9.750            322.95       46,000.00
    KANSAS CITY      MO   64132          1            03/02/00         00
    0431892116                           05           04/02/00          0
    0000374                              N            03/02/30
    0

    1972892          Q14/G02             F           44,000.00         ZZ
                                         360         43,980.54          1
    3321 EAST 60TH STREET             10.000            386.13         80
                                       9.750            386.13       55,000.00
    KANSAS CITY      MO   64130          1            03/02/00         00
    0431892108                           05           04/02/00          0
    0000375                              N            03/02/30
    0

    1972897          Q14/G02             F           31,200.00         ZZ
                                         360         31,186.20          1
    3601 BENTON BOULEVARD             10.000            273.80         80
                                       9.750            273.80       39,000.00
    KANSAS CITY      MO   64128          1            03/02/00         00
    0431915131                           05           04/02/00          0
    0000376                              N            03/02/30
    0

1

    1972904          P79/G02             F          135,000.00         ZZ
                                         360        135,000.00          2
    3537-39 SW 25 STREET               8.875          1,074.12         75
                                       8.625          1,074.12      180,000.00
    MIAMI            FL   33133          1            03/07/00         00
    0431898360                           05           05/01/00          0
    1972904                              O            04/01/30
    0

    1972911          Q49/G02             F           93,600.00         ZZ
                                         360         93,600.00          1
    3113 BUCKINGHAM                    8.750            736.36         80
                                       8.500            736.36      118,000.00
    BERKLEY          MI   48072          2            03/02/00         00
    0431892397                           05           05/01/00          0
    1307                                 O            04/01/30
    0

    1972965          637/G02             F          210,000.00         ZZ
                                         360        209,882.26          1
    5616 ROCKEFELLER AVENUE            8.875          1,670.86         70
                                       8.625          1,670.86      303,000.00
    EVERETT          WA   98203          5            02/02/00         00
    0431866904                           05           04/01/00          0
    0017887548                           O            03/01/30
    0

    1972991          637/G02             F           62,550.00         ZZ
                                         360         62,518.41          1
    2600 BELLEFONTAINE #D 26           9.375            520.26         90
                                       9.125            520.26       69,500.00
    HOUSTON          TX   77025          1            02/04/00         11
    0431867480                           01           04/01/00         25
    017629247                            O            03/01/30
    0

    1973030          420/G02             F          158,400.00         ZZ
                                         360        158,311.19          1
    1640 JAMES STREET                  8.875          1,260.31         80
                                       8.625          1,260.31      198,000.00
    UKIAH            CA   95482          1            02/07/00         00
    0431869924                           05           04/01/00          0
    0000442657                           O            03/01/30
    0

    1973058          H37/G02             F           65,250.00         ZZ
                                         360         65,250.00          1
    150 PARKER ROAD                    8.875            519.16         90
                                       8.625            519.16       72,500.00
1

    WENTWORTH TWP.(  NC   27288          1            03/20/00         01
    0431931443                           05           05/01/00         25
    00225398                             N            04/01/30
    0

    1973059          T44/G02             F          125,000.00         ZZ
                                         360        124,926.20          1
    7984 RANCHO DESTINO ROAD           8.625            972.24         44
                                       8.375            972.24      290,000.00
    LAS VEGAS        NV   89123          5            02/15/00         00
    0431872134                           05           04/01/00          0
    9999999999                           O            03/01/30
    0

    1973071          Q11/G02             F           68,400.00         ZZ
                                         360         68,332.43          1
    6711 W KENDALL DRIVE #505          9.500            575.15         90
                                       9.250            575.15       76,000.00
    PINECREST        FL   33156          1            01/24/00         01
    0431870435                           01           03/01/00         25
    9912002901                           N            02/01/30
    0

    1973081          Q14/G02             F           64,300.00         ZZ
                                         360         64,263.95          1
    4847 NORTH 79TH DRIVE              8.875            511.60         85
                                       8.625            511.60       76,100.00
    PHOENIX          AZ   85033          5            02/29/00         01
    0431896190                           05           04/01/00         12
    0000352                              O            03/01/30
    0

    1973132          624/G02             F          196,000.00         ZZ
                                         360        195,890.12          2
    415 ERNA AVENUE #A & B             8.875          1,559.46         80
                                       8.625          1,559.46      245,000.00
    LA HABRA         CA   90631          2            02/09/00         00
    0431870351                           05           04/01/00          0
    34073290803F                         O            03/01/30
    0

    1973188          637/G02             F           68,600.00         ZZ
                                         360         68,522.78          1
    4371 SYMCO AVENUE                  8.875            545.82         70
                                       8.625            545.82       98,000.00
    NORTH PORT       FL   34286          1            01/28/00         00
    0431871888                           03           03/01/00          0
    0019159342                           O            02/01/30
    0
1

    1973197          637/G02             F          127,000.00         ZZ
                                         360        126,845.58          1
    2005 ESTATE COURT                  8.500            976.52         80
                                       8.250            976.52      160,000.00
    WOODSTOCK        GA   30188          2            01/27/00         00
    0431870302                           05           03/01/00          0
    0012063350                           O            02/01/30
    0

    1973238          R86/G02             F           35,600.00         ZZ
                                         360         35,545.65          1
    3525 WEST MCKINLEY STREET          8.000            261.22         80
                                       7.750            261.22       44,500.00
    PHOENIX          AZ   85009          1            02/29/00         00
    0431892447                           05           04/01/00          0
    000191                               N            03/01/30
    0

    1973257          R59/G02             F           64,741.00         ZZ
                                         360         64,659.32          1
    1506 S KEELER AVE                  8.375            492.08         79
                                       8.125            492.08       82,000.00
    CHICAGO          IL   60623          5            01/31/00         00
    0431889658                           05           03/04/00          0
    16592                                O            02/04/30
    0

    1973259          931/G02             F           33,750.00         ZZ
                                         360         33,750.00          1
    237 HIGHPATH ROAD                  9.875            293.07         90
                                       9.625            293.07       37,500.00
    WINDSOR          CT   06095          1            03/13/00         14
    0431921063                           01           05/01/00         25
    048980                               O            04/01/30
    0

    1973265          T08/G02             F           65,250.00         ZZ
                                         360         65,213.42          1
    366 WINCHESTER PLACE               8.875            519.16         75
                                       8.625            519.16       87,000.00
    LONGWOOD         FL   32779          1            02/11/00         00
    0431871169                           09           04/01/00          0
    11015596                             O            03/01/30
    0

    1973294          K15/G02             F          287,250.00         ZZ
                                         360        287,084.73          1
1

    1165 BELLINGHAM DRIVE              8.750          2,259.80         75
                                       8.500          2,259.80      383,000.00
    SAN JOSE         CA   95121          5            02/14/00         00
    0431871680                           05           04/01/00          0
    3008863                              O            03/01/30
    0

    1973302          K15/G02             F           57,500.00         T
                                         360         57,467.76          1
    429 SOUTH 113TH WAY                8.875            457.50         64
                                       8.625            457.50       90,000.00
    APACHE JUNCTION  AZ   85220          1            02/02/00         00
    0431880566                           05           04/01/00          0
    3013053                              O            03/01/30
    0

    1973309          K15/G02             F          105,400.00         ZZ
                                         360        105,353.37          1
    2104 13TH STREET                  10.000            924.96         95
                                       9.750            924.96      111,000.00
    MOLINE           IL   61265          5            02/22/00         10
    0431877570                           05           04/01/00         25
    029405300582                         O            03/01/30
    0

    1973314          K15/G02             F          151,800.00         ZZ
                                         360        151,723.34          1
    12 GLENWOOD DRIVE                  9.375          1,262.60         95
                                       9.125          1,262.60      160,000.00
    EAST HAMPTON     CT   06424          5            02/16/00         10
    0431872746                           05           04/01/00         30
    037905300679                         O            03/01/30
    0

    1973318          K15/G02             F          224,900.00         ZZ
                                         360        224,797.82          1
    18 STANTON HALL DRIVE              9.875          1,952.92         90
                                       9.625          1,952.92      250,000.00
    DESTREHAN        LA   70047          1            02/11/00         10
    0431872738                           05           04/01/00         25
    000305300480                         O            03/01/30
    0

    1973320          H93/G02             F          114,300.00         ZZ
                                         360        114,248.07          4
    2366 LASANTAVILLE                  9.875            992.52         90
                                       9.625            992.52      127,000.00
    CINCINNATI       OH   45237          1            02/09/00         04
    0431873637                           05           04/01/00         25
1

    9984992                              N            03/01/30
    0

    1973344          R61/G02             F           71,060.00         ZZ
                                         360         71,021.18          1
    1100 COLORADO BLVD #305            9.000            571.77         95
                                       8.750            571.77       74,800.00
    DENVER           CO   80206          1            02/22/00         04
    0431872654                           01           04/01/00         30
    11960                                O            03/01/30
    0

    1973384          L20/G02             F           78,650.00         ZZ
                                         360         78,614.26          3
    771 22ND STREET                    9.875            682.96         65
                                       9.625            682.96      121,000.00
    OGDEN            UT   84401          5            02/14/00         00
    0431899376                           05           04/01/00          0
    441026                               N            03/01/30
    0

    1973408          M76/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    6957 E CALLE CANIS                 9.625            679.99         80
                                       9.375            679.99      100,000.00
    TUCSON           AZ   85710          1            03/09/00         00
    0431913417                           05           05/01/00          0
    000537                               N            04/01/30
    0

    1973500          M18/G02             F           42,300.00         ZZ
                                         360         42,300.00          2
    1117 W HAYS                        8.500            325.25         90
                                       8.250            325.25       47,000.00
    BANNING          CA   92220          1            03/02/00         04
    0431931336                           05           05/01/00         25
    980100767                            N            04/01/30
    0

    1973519          N20/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
    5500 WEST LILAC DRIVE              9.000            506.91         90
                                       8.750            506.91       70,000.00
    WEST JORDAN      UT   84084          1            03/10/00         12
    0431919315                           07           05/01/00         25
    KENNINGTON                           N            04/01/30
    0

1

    1973567          950/G02             F           65,000.00         ZZ
                                         360         64,966.30          1
    7528 30TH AVENUE SOUTHWEST         9.250            534.74         39
                                       9.000            534.74      170,000.00
    SEATTLE          WA   98126          5            02/10/00         00
    0431875590                           05           04/01/00          0
    500000125016                         O            03/01/30
    0

    1973571          573/G02             F          220,500.00         ZZ
                                         360        220,394.36          4
    8635 DENVER AVENUE                 9.625          1,874.23         90
                                       9.375          1,874.23      245,000.00
    LOS ANGELES      CA   90044          1            02/10/00         14
    0431875293                           05           04/01/00         25
    5700058                              N            03/01/30
    0

    1973626          A33/G02             F           18,900.00         ZZ
                                         360         18,900.00          1
    4509 COLONIAL STREET               9.875            164.12         90
                                       9.625            164.12       21,000.00
    FORT WAYNE       IN   46806          1            03/09/00         10
    0431917608                           05           05/01/00         25
    009085189                            N            04/01/30
    0

    1973630          H76/G02             F          194,000.00         ZZ
                                         360        194,000.00          2
    186-20 104TH AVENUE                9.625          1,648.98         80
                                       9.375          1,648.98      244,000.00
    QUEENS           NY   11412          5            03/06/00         00
    0431901073                           05           05/01/00          0
    2000337432                           O            04/01/30
    0

    1973675          E11/G02             F          180,750.00         ZZ
                                         360        180,653.81          4
    8005 WASHBURN CIRCLE               9.125          1,470.64         75
                                       8.875          1,470.64      241,000.00
    BLOOMINGTON      MN   55431          5            02/23/00         00
    0431897578                           05           04/01/00          0
    0003001020525                        N            03/01/30
    0

    1973694          N24/G02             F           96,000.00         ZZ
                                         360         95,943.32          1
    2808 EAST HAYSTACK ROAD            8.625            746.68         14
                                       8.375            746.68      690,000.00
1

    CASTLE ROCK      CO   80104          5            02/21/00         00
    0431884865                           05           04/01/00          0
    0394861                              O            03/01/30
    0

    1973719          637/G02             F          202,500.00         ZZ
                                         360        202,397.73          1
    849 SCHUMAN PLACE                  9.375          1,684.30         75
                                       9.125          1,684.30      270,000.00
    BALDWIN          NY   11510          5            02/04/00         00
    0431877588                           05           04/01/00          0
    0018766600                           O            03/01/30
    0

    1973722          P63/G02             F          181,000.00         ZZ
                                         360        181,000.00          1
    741 232ND STREET                   8.625          1,407.80         78
                                       8.375          1,407.80      235,000.00
    BRONX            NY   10466          2            03/08/00         00
    0431908946                           05           05/01/00          0
    1973722                              O            04/01/30
    0

    1973732          313/G02             F           49,650.00         ZZ
                                         360         49,650.00          1
    461 WEST HOLMES AVENUE             8.250            373.01         95
                                       8.000            373.01       52,300.00
    MESA             AZ   85210          1            03/08/00         04
    0431915412                           01           05/01/00         30
    0006902993                           O            04/01/30
    0

    1973739          163/G02             F          128,000.00         ZZ
                                         360        127,747.10          1
    53 UPPER HIGHLANDS                 8.125            950.40         80
                                       7.875            950.40      160,000.00
    DOVER            VT   05356          2            12/22/99         00
    0431877315                           05           02/01/00          0
    1000156515                           O            01/01/30
    0

    1973742          K15/G02             F          101,600.00         ZZ
                                         360        101,540.02          1
    364 WEST MAIN ROAD                 8.625            790.23         79
                                       8.375            790.23      130,000.00
    FREDONIA         NY   14063          5            02/24/00         00
    0431878024                           05           04/01/00          0
    023605300894                         O            03/01/30
    0
1

    1973750          G52/G02             F           60,000.00         ZZ
                                         360         59,972.01          1
    1514 E MURIEL DRIVE                9.750            515.49         75
                                       9.500            515.49       80,000.00
    PHOENIX          AZ   85022          1            02/23/00         00
    0431884428                           03           04/01/00          0
    98507069                             O            03/01/30
    0

    1973753          K15/G02             F           95,400.00         ZZ
                                         360         95,356.66          1
    15 YORKSHIRE STREET                9.875            828.40         87
                                       9.625            828.40      110,000.00
    PROVIDENCE       RI   02908          5            02/24/00         10
    0431878073                           05           04/01/00         17
    029705300519                         O            03/01/30
    0

    1973756          K15/G02             F           79,300.00         ZZ
                                         360         79,263.97          1
    2040 CLINT LOWE ROAD               9.875            688.60         87
                                       9.625            688.60       92,000.00
    CROSSVILLE       TN   38555          5            02/21/00         10
    0431878222                           05           04/01/00         12
    003805300952                         O            03/01/30
    0

    1973760          K15/G02             F          133,900.00         ZZ
                                         360        133,818.88          1
    20804 SCAPPOOSE-VERNONIA HWY       8.500          1,029.58         77
                                       8.250          1,029.58      175,000.00
    VERNONIA         OR   97064          5            02/23/00         00
    0431878149                           05           04/01/00          0
    021305300165                         O            03/01/30
    0

    1973778          E46/G02             F          343,700.00         ZZ
                                         360        343,526.44          1
    1965 POTTS POINT ROAD              9.375          2,858.72         70
                                       9.125          2,858.72      491,000.00
    HUNTINGTOWN      MD   20639          5            02/09/00         00
    0431878040                           05           04/01/00          0
    40808                                O            03/01/30
    0

    1973780          L86/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
1

    16901 LYNN STREET #104             8.750          1,180.05         75
                                       8.500          1,180.05      200,000.00
    HUNTINGTON BEAC  CA   92649          1            03/08/00         00
    0431922368                           01           05/01/00          0
    41800877                             O            04/01/30
    0

    1973813          G18/G02             F          149,400.00         ZZ
                                         360        149,326.51          4
    3813 RESTWOOD ROAD                 9.500          1,256.24         90
                                       9.250          1,256.24      166,000.00
    LEXINGTON        MN   55014          1            02/28/00         01
    0431888007                           05           04/01/00         25
    07RH00000200                         N            03/01/30
    0

    1973831          F36/G02             F           79,800.00         ZZ
                                         360         79,755.27          1
    7313 197TH STREET COURT EAST       8.875            634.92         70
                                       8.625            634.92      114,000.00
    SPANAWAY         WA   98387          5            02/07/00         00
    0431895952                           05           04/01/00          0
    06502979                             N            03/01/30
    0

    1973854          Q69/G02             F          119,200.00         ZZ
                                         360        119,131.42          1
    6806 RUSTLING OAKS TRAIL           8.750            937.75         80
                                       8.500            937.75      150,000.00
    AUSTIN           TX   78759          1            02/29/00         00
    0431884568                           05           04/01/00          0
    0001010                              O            03/01/30
    0

    1973885          624/G02             F           53,500.00         ZZ
                                         360         53,472.27          1
    29280 ALVA ROAD                    9.250            440.13         50
                                       9.000            440.13      107,000.00
    NUEVO            CA   92567          5            02/16/00         00
    0431879675                           05           04/01/00          0
    34073200073                          N            03/01/30
    0

    1973893          K15/G02             F          215,500.00         ZZ
                                         360        215,382.29          1
    10435 MILWOOD AVENUE               9.000          1,733.96         90
                                       8.750          1,733.96      239,500.00
    CHATSWORTH       CA   91311          1            02/01/00         14
    0431878610                           05           04/01/00         25
1

    3010416                              O            03/01/30
    0

    1973902          K15/G02             F           68,000.00         ZZ
                                         360         67,961.88          1
    9425 S CALLE VAUO NAWI             8.875            541.04         60
                                       8.625            541.04      115,000.00
    TEMPE            AZ   85283          5            02/17/00         00
    0431879113                           05           04/01/00          0
    3011393                              O            03/01/30
    0

    1973907          K15/G02             F          103,300.00         ZZ
                                         360        103,251.80          1
    302 SOUTH 1ST STREET               9.750            887.51         94
                                       9.500            887.51      110,000.00
    PONCHATOULA      LA   70454          5            02/23/00         10
    0431884667                           05           04/01/00         25
    009005300923                         O            03/01/30
    0

    1973921          025/025             F          108,000.00         ZZ
                                         360        107,699.66          1
    8556 INDIAN SUMMER TRAIL          10.625            998.03         90
                                      10.375            998.03      120,000.00
    HARRISBURG       NC   28075          1            08/13/99         96
    20766572                             03           10/01/99          0
    20766572                             N            09/01/29
    0

    1973925          025/025             F          105,250.00         ZZ
                                         360        104,907.48          1
    8653 WEST ADAM AVENUE              9.125            856.35         80
                                       8.875            856.35      131,570.00
    PEORIA           AZ   85382          1            09/10/99         00
    20766812                             03           11/01/99          0
    20766812                             O            10/01/29
    0

    1973934          624/G02             F           76,300.00         ZZ
                                         360         76,254.96          1
    2375 KERMESITE COURT               8.625            593.45         50
                                       8.375            593.45      153,540.00
    LOVELAND         CO   80537          1            02/16/00         00
    0431879881                           03           04/01/00          0
    73013800053                          N            03/01/30
    0

1

    1973935          025/025             F          193,000.00         ZZ
                                         360        192,140.23          1
    5041 NW 97TH DRIVE                 9.125          1,570.31         78
                                       8.875          1,570.31      250,000.00
    CORAL SPRINGS    FL   33076          2            12/06/99         00
    0021840426                           05           01/01/00          0
    0021840426                           O            12/01/29
    0

    1973936          025/025             F          267,500.00         ZZ
                                         360        265,308.74          1
    2375 REBEL ROAD                    8.250          2,009.64         85
                                       8.000          2,009.64      315,000.00
    CUMMING          GA   30041          5            03/23/99         23
    MW990186                             05           05/01/99          0
    MW990186                             O            04/01/29
    0

    1973939          025/025             F           63,350.00         ZZ
                                         360         61,838.09          1
    805 WALTHOUR ROAD                  7.250            432.16         75
                                       7.000            432.16       84,500.00
    SAVANNAH         GA   31410          2            02/12/98         00
    472118                               05           04/01/98          0
    472118                               O            03/01/28
    0

    1973940          S22/G02             F           63,900.00         ZZ
                                         360         63,870.97          2
    6112 BUTLER AVE                    9.875            554.87         90
                                       9.625            554.87       71,000.00
    CLEVELAND        OH   44127          1            02/24/00         12
    0431892439                           05           04/01/00         25
    201078P                              N            03/01/30
    0

    1973946          025/025             F           50,000.00         ZZ
                                         360         49,915.29          1
    6531 CALYPSO DRIVE                 8.875            397.82         59
                                       8.625            397.82       84,900.00
    ORLANDO          FL   32809          1            12/15/99         00
    0021988019                           05           02/01/00          0
    0021988019                           O            01/01/30
    0

    1973948          M74/G02             F          153,000.00         ZZ
                                         360        152,928.62          4
    701 S 20 AVENUE                    9.750          1,314.51         90
                                       9.500          1,314.51      170,000.00
1

    HOLLYWOOD        FL   33020          1            02/28/00         10
    0431881184                           05           04/01/00         30
    000237WB                             O            03/01/30
    0

    1973950          P16/G02             F          123,300.00         ZZ
                                         360        123,242.47          1
    261 FERNDALE COURT                 9.750          1,059.34         90
                                       9.500          1,059.34      137,000.00
    REDLANDS         CA   92374          5            02/11/00         11
    0431879972                           05           04/01/00         25
    50005410                             O            03/01/30
    0

    1973955          025/025             F          116,350.00         ZZ
                                         360        115,624.79          1
    13497 SW 23RD STREET               8.000            853.74         80
                                       7.750            853.74      145,490.00
    MIRAMAR          FL   33027          1            06/28/99         00
    0001093202                           03           08/01/99          0
    0001093202                           O            07/01/29
    0

    1973957          025/025             F          232,000.00         ZZ
                                         360        231,672.63          1
    3312 BRENTWOOD COURT               9.750          1,993.24         80
                                       9.500          1,993.24      290,000.00
    PUNTA GORDA      FL   33950          1            12/15/99         00
    0020306932                           05           02/01/00          0
    0020306932                           O            01/01/30
    0

    1973959          025/025             F          227,000.00         ZZ
                                         360        222,940.23          1
    5087 WINDMILL LAKE DRIVE           7.500          1,587.22         64
                                       7.250          1,587.22      360,000.00
    EVANS            GA   30809          5            05/22/98         00
    128791                               03           07/01/98          0
    128791                               O            06/01/28
    0

    1973961          R19/G02             F          111,850.00         ZZ
                                         360        111,850.00          1
    1 RIVERVIEW BLVD BLDG 4 APT104     9.500            940.49         70
                                       9.250            940.49      159,800.00
    METHUEN          MA   01844          1            03/28/00         00
    0431946128                           01           05/01/00          0
    1973961                              O            04/01/30
    0
1

    1973962          025/025             F           88,000.00         ZZ
                                         360         87,749.64          1
    102 MARGO LANE                     8.875            700.17         78
                                       8.625            700.17      113,000.00
    LONGWOOD         FL   32750          1            10/15/99         00
    0021922232                           05           12/01/99          0
    0021922232                           O            11/01/29
    0

    1973963          025/025             F          183,200.00         ZZ
                                         349        182,685.17          1
    9015 30TH STREET EAST              9.375          1,532.62         80
                                       9.125          1,532.62      229,000.00
    PARRISH          FL   34219          1            10/29/99         96
    447991                               03           12/01/99          0
    447991                               O            12/01/28
    0

    1973967          025/025             F           80,100.00         ZZ
                                         360         79,890.30          1
    193 BAYSIDE DRIVE                  9.000            644.50         61
                                       8.750            644.50      132,500.00
    PALM COAST       FL   32137          2            11/10/99         00
    0021618285                           03           01/01/00          0
    0021618285                           O            12/01/29
    0

    1973969          025/025             F          103,550.00         ZZ
                                         360        103,338.35          1
    5107 ROCKY RUN                     9.375            861.28         72
                                       9.125            861.28      144,000.00
    STONE MOUNTAIN   GA   30088          5            11/12/99         00
    0020105664                           05           01/01/00          0
    0020105664                           N            12/01/29
    0

    1973972          025/025             F          168,000.00         ZZ
                                         360        167,534.22          1
    10705 WREN RIDGE ROAD              9.000          1,351.77         80
                                       8.750          1,351.77      210,000.00
    ALPHARETTA       GA   30022          1            10/28/99         00
    0021017579                           03           12/01/99          0
    0021017579                           O            11/01/29
    0

    1973973          025/025             F           60,000.00         ZZ
                                         360         59,143.10          1
1

    7843 NILE RIVER ROAD               7.875            435.04         41
                                       7.625            435.04      146,600.00
    WEST PALM BEACH  FL   33411          1            08/07/98         00
    0001769520                           09           10/01/98          0
    0001769520                           O            09/01/28
    0

    1973974          025/025             F           95,000.00         ZZ
                                         360         92,914.85          1
    1770 LOCH LOMOND TRAIL             8.375            722.07         61
                                       8.125            722.07      158,000.00
    ATLANTA          GA   30331          5            09/29/99         00
    0020110169                           05           12/01/99          0
    0020110169                           O            11/01/29
    0

    1973976          025/025             F           95,000.00         ZZ
                                         360         94,810.85          1
    4176 WAIKIKI DRIVE                 9.500            798.81         74
                                       9.250            798.81      129,000.00
    SARASOTA         FL   34241          1            11/08/99         00
    0020803201                           03           01/01/00          0
    0020803201                           O            12/01/29
    0

    1973978          Q83/G02             F           59,200.00         ZZ
                                         360         59,167.66          1
    3910 CARRIE AVENUE                 9.000            476.34         80
                                       8.750            476.34       74,000.00
    CINCINNATI       OH   45211          1            02/29/00         00
    0431889609                           05           04/01/00          0
    0020346                              N            03/01/30
    0

    1973982          025/025             F          107,200.00         ZZ
                                         240        105,688.37          1
    3055 WISTER CIRCLE                 8.750            947.34         80
                                       8.500            947.34      134,000.00
    VALRICO          FL   33594          1            12/09/99         00
    0021558028                           03           02/01/00          0
    0021558028                           O            01/01/20
    0

    1973987          025/025             F           82,800.00         ZZ
                                         360         82,401.51          1
    3199 HIGHLAND DRIVE                9.250            681.18         90
                                       9.000            681.18       92,000.00
    SMYRNA           GA   30080          1            06/30/99         96
    85198                                05           08/01/99          0
1

    85198                                N            07/01/29
    0

    1973988          025/025             F           87,400.00         ZZ
                                         360         87,223.29          1
    1233 KASSANDRA DR                 10.500            799.48         95
                                      10.250            799.48       92,000.00
    MARIETTA         GA   30067          1            10/18/99         96
    0021777909                           05           12/01/99          0
    0021777909                           N            11/01/29
    0

    1973991          025/025             F          128,900.00         ZZ
                                         360        128,586.24          1
    508 LITTLE EAGLE COURT             9.625          1,095.64         80
                                       9.375          1,095.64      161,137.00
    VALRICO          FL   33594          1            10/29/99         00
    0020815254                           03           12/01/99          0
    0020815254                           O            11/01/29
    0

    1973995          025/025             F           70,500.00         ZZ
                                         360         70,000.27          1
    1848 LOMA LINDA STREET             7.875            511.17         75
                                       7.625            511.17       94,000.00
    SARASOTA         FL   34239          5            05/19/99         00
    173315                               05           07/01/99          0
    173315                               O            06/01/29
    0

    1974001          M47/G02             F          107,100.00         ZZ
                                         360        107,041.50          1
    75 BELLE MAISON AVENUE             9.000            861.75         90
                                       8.750            861.75      119,000.00
    LAS VEGAS        NV   89123          1            02/22/00         04
    0431889526                           03           04/01/00         25
    0393769                              N            03/01/30
    0

    1974003          025/025             F           95,400.00         ZZ
                                         360         95,097.48          1
    772 CEDAR FARMS DRIVE              9.250            784.83         90
                                       9.000            784.83      106,000.00
    LAWRENCEVILLE    GA   30043          1            09/23/99         96
    9024910259                           05           11/01/99          0
    9024910259                           N            10/01/29
    0

1

    1974010          025/025             F          100,000.00         ZZ
                                         300         99,120.74          1
    4217 HWY 431 SOUTH                 8.625            813.67         74
                                       8.375            813.67      135,500.00
    EUFAULA          AL   36027          5            06/25/99         00
    0021759139                           05           08/01/99          0
    0021759139                           O            07/01/24
    0

    1974017          025/025             F           64,250.00         ZZ
                                         360         63,066.94          1
    8087 DEVONSHIRE DRIVE             10.500            587.72         94
                                      10.250            587.72       69,000.00
    JONESBORO        GA   30238          1            09/28/99         96
    0021775358                           05           11/01/99          0
    0021775358                           N            10/01/29
    0

    1974020          025/025             F          110,700.00         ZZ
                                         360        110,210.57          1
    6872 HWY 127 SOUTH                10.500          1,012.62         86
                                      10.250          1,012.62      130,000.00
    CROSSVILLE       TN   38555          1            09/08/99         96
    0021766647                           05           11/01/99          0
    0021766647                           O            10/01/29
    0

    1974022          025/025             F          150,000.00         ZZ
                                         360        148,894.42          1
    3047 LENOX ROAD #1108              7.125          1,010.58         60
                                       6.875          1,010.58      253,300.00
    ATLANTA          GA   30324          1            06/15/99         00
    0001916030                           01           08/01/99          0
    0001916030                           O            07/01/29
    0

    1974026          025/025             F          129,900.00         ZZ
                                         360        129,365.28          1
    1170 SAINT FRANCIS PLACE           8.750          1,021.92         80
                                       8.500          1,021.92      164,000.00
    APOPKA           FL   32712          1            08/19/99         23
    0009204884                           03           10/01/99          0
    0009204884                           O            09/01/29
    0

    1974027          025/025             F           70,000.00         ZZ
                                         240         69,688.17          1
    331 E. 50TH STREET                 9.125            635.45         57
                                       8.875            635.45      124,000.00
1

    SAVANNAH         GA   31405          5            12/20/99         00
    0020273884                           05           02/01/00          0
    0020273884                           N            01/01/20
    0

    1974028          025/025             F          124,000.00         ZZ
                                         360        123,053.38          1
    5036 SOUTHERN TRACE DRIVE          7.500            867.03         57
                                       7.250            867.03      218,900.00
    GAINESVILLE      GA   30504          1            05/28/99         00
    788073                               05           07/01/99          0
    788073                               O            06/01/29
    0

    1974029          025/025             F          108,000.00         ZZ
                                         360        107,708.24          1
    4915 BONITO DRIVE                  9.125            878.72         80
                                       8.875            878.72      135,000.00
    NEW PORT RICHEY  FL   34652          1            10/04/99         00
    0020855391                           03           12/01/99          0
    0020855391                           O            11/01/29
    0

    1974033          025/025             F          100,000.00         ZZ
                                         360         99,413.64          1
    4215 WINDING WILLOW DRIVE          8.000            733.76         43
                                       7.750            733.76      233,750.00
    TAMPA            FL   33624          1            07/30/99         00
    0020795142                           03           09/01/99          0
    0020795142                           O            08/01/29
    0

    1974034          025/025             F          650,000.00         ZZ
                                         360        648,197.41          1
    80 CLUB COURT                      9.000          5,230.05         60
                                       8.750          5,230.05    1,100,000.00
    ALPHARETTA       GA   30005          2            11/01/99         00
    0004649448                           03           12/01/99          0
    0004649448                           O            11/01/29
    0

    1974037          025/025             F           67,217.00         ZZ
                                         240         66,620.68          1
    7831 CHADWICK DRIVE                9.250            615.62         80
                                       9.000            615.62       84,022.00
    NEW PORT RICHEY  FL   34654          1            09/30/99         00
    0021580667                           03           11/01/99          0
    0021580667                           O            10/01/19
    0
1

    1974043          025/025             F           76,000.00         ZZ
                                         360         75,730.65          1
    757 AUSTIN SPRINGS RD              8.750            597.89         80
                                       8.500            597.89       95,000.00
    JOHNSON CITY     TN   37601          1            09/23/99         00
    0021815311                           05           11/01/99          0
    0021815311                           O            10/01/29
    0

    1974046          025/025             F           50,000.00         ZZ
                                         360         49,688.37          1
    841 N HOLLYWOOD CIRCLE             8.125            371.25         73
                                       7.875            371.25       68,715.00
    CRYSTAL RIVER    FL   34429          1            06/30/99         00
    0009833021                           05           08/01/99          0
    0009833021                           O            07/01/29
    0

    1974047          025/025             F           93,250.00         ZZ
                                         360         93,083.64          1
    15267 CRICKET LANE                 8.625            725.29         75
                                       8.375            725.29      125,000.00
    FT MYERS         FL   33919          1            01/07/00         00
    0021841853                           03           02/01/00          0
    0021841853                           O            01/01/30
    0

    1974049          025/025             F          187,500.00         ZZ
                                         360        187,182.33          1
    254 HABERSHAM HOLLOW LANE          8.875          1,491.83         75
                                       8.625          1,491.83      250,000.00
    CLARKESVILLE     GA   30523          5            12/17/99         00
    0021023205                           05           02/01/00          0
    0021023205                           O            01/01/30
    0

    1974053          025/025             F           77,700.00         ZZ
                                         360         72,262.94          1
    17812 OAKMONT RIDGE CIRCLE         9.250            639.22         61
                                       9.000            639.22      128,725.00
    FT MYERS         FL   33912          1            08/16/99         00
    20766481                             03           10/01/99          0
    20766481                             O            09/01/29
    0

    1974054          025/025             F           95,500.00         ZZ
                                         360         95,365.26          1
1

    1710 INDIANA AVENUE                9.750            820.49         69
                                       9.500            820.49      138,500.00
    PALM HARBOR      FL   34683          1            12/10/99         00
    0020804157                           05           02/01/00          0
    0020804157                           O            01/01/30
    0

    1974055          025/025             F           99,000.00         ZZ
                                         360         98,724.69          1
    11619 BOWSBY COURT                10.625            914.86         90
                                      10.375            914.86      110,000.00
    CHARLOTTE        NC   28215          1            08/13/99         96
    20766580                             05           10/01/99          0
    20766580                             N            09/01/29
    0

    1974062          025/025             F           66,000.00         ZZ
                                         360         65,797.25          1
    628 MILLER CIRCLE                  8.500            507.48         53
                                       8.250            507.48      126,000.00
    SEYMOUR          TN   37865          1            10/29/99         00
    0020597662                           05           12/01/99          0
    0020597662                           O            11/01/29
    0

    1974065          025/025             F          120,000.00         ZZ
                                         360        119,785.92          1
    7833 SW 103RD LOOP                 8.625            933.35         69
                                       8.375            933.35      176,210.00
    OCALA            FL   34476          1            12/02/99         00
    0009226325                           05           02/01/00          0
    0009226325                           O            01/01/30
    0

    1974067          025/025             F          121,500.00         ZZ
                                         360        121,143.66          1
    9 PIONEER TRAIL                    9.625          1,032.74         90
                                       9.375          1,032.74      135,000.00
    MARIETTA         GA   30068          1            09/22/99         96
    0021032685                           05           11/01/99          0
    0021032685                           N            10/01/29
    0

    1974076          025/025             F          274,500.00         ZZ
                                         360        273,898.76          1
    3710 TRAILS END WAY               10.125          2,434.33         90
                                       9.875          2,434.33      305,000.00
    LONGWOOD         FL   32779          1            10/29/99         96
    0021839907                           05           12/01/99          0
1

    0021839907                           O            11/01/29
    0

    1974078          M66/G02             F          100,000.00         ZZ
                                         360         99,948.15          4
    129 EAST 13TH AVENUE               9.250            822.68         80
                                       9.000            822.68      125,000.00
    NORTH WILDWOOD   NJ   08260          1            02/25/00         00
    0431878958                           05           04/01/00          0
    135564                               O            03/01/30
    0

    1974079          025/025             F          100,000.00         ZZ
                                         360         99,773.27          1
    5119 VICTORIA COVE                 8.875            795.64         50
                                       8.625            795.64      200,000.00
    BRENTWOOD        TN   37027          1            11/04/99         00
    002149836                            05           01/01/00          0
    002149836                            O            12/01/29
    0

    1974083          025/025             F           90,000.00         ZZ
                                         360         89,675.41          2
    550 HOLT AVENUE                    8.625            700.01         60
                                       8.375            700.01      150,000.00
    WINTER PARK      FL   32789          1            09/24/99         00
    0021917968                           05           11/01/99          0
    0021917968                           O            10/01/29
    0

    1974085          025/025             F          106,400.00         ZZ
                                         360        106,005.55          1
    672 OLD NORCROSS TUCKER ROAD       8.500            818.12         80
                                       8.250            818.12      133,000.00
    TUCKER           GA   30084          1            09/29/99         00
    0020067716                           05           11/01/99          0
    0020067716                           O            10/01/29
    0

    1974114          025/025             F          144,000.00         ZZ
                                         360        142,787.00          1
    2781 NE 14 AVENUE                  7.500          1,006.87         80
                                       7.250          1,006.87      180,000.00
    WILTON MANORS    FL   33334          2            04/30/99         00
    936981                               05           06/01/99          0
    936981                               O            05/01/29
    0

1

    1974199          A26/G02             F          175,300.00         ZZ
                                         360        175,193.80          1
    871 SUMNER RANCH ROAD              8.500          1,347.91         89
                                       8.250          1,347.91      199,000.00
    HENDERSON        NV   89012          1            02/24/00         04
    0431882489                           05           04/01/00         25
    30982S                               O            03/01/30
    0

    1974213          E40/G02             F           78,480.00         ZZ
                                         360         78,444.35          2
    37-39 AGAWAM STREET                9.875            681.48         90
                                       9.625            681.48       87,200.00
    LOWELL           MA   01852          1            03/01/00         04
    0431881580                           05           04/01/00         25
    545000060                            N            03/01/30
    0

    1974260          964/G02             F          347,500.00         T
                                         360        347,310.19          1
    10 RUTH'S ROAD                     9.000          2,796.06         59
                                       8.750          2,796.06      595,000.00
    CRESTED BUTTE    CO   81224          2            02/22/00         00
    0431883693                           05           04/01/00          0
    70204                                O            03/01/30
    0

    1974261          A33/G02             F          132,800.00         ZZ
                                         360        132,727.46          1
    467 PARAGON DRIVE                  9.000          1,068.54         80
                                       8.750          1,068.54      166,000.00
    TROY             MI   48078          1            02/29/00         00
    0431882695                           05           04/01/00          0
    H0983085603                          O            03/01/30
    0

    1974262          665/G02             F           92,000.00         ZZ
                                         360         91,888.14          1
    595 WEST DIVISION AVENUE           8.500            707.40         80
                                       8.250            707.40      115,000.00
    HERMISTON        OR   97838          1            01/26/00         00
    0431881978                           05           03/01/00          0
    0001236146                           O            02/01/30
    0

    1974266          253/253             F          106,200.00         ZZ
                                         360        106,151.75          4
    10302 BROWNIE DRIVE                9.875            922.19         90
                                       9.625            922.19      118,000.00
1

    AUSTIN           TX   78753          1            02/16/00         14
    948917                               05           04/01/00         25
    948917                               N            03/01/30
    0

    1974269          665/G02             F           75,750.00         ZZ
                                         360         75,705.27          1
    26242 BUCKHORN RIDGE ROAD          8.625            589.18         75
                                       8.375            589.18      101,000.00
    PIONEER          CA   95666          5            02/08/00         00
    0431881671                           05           04/01/00          0
    0001236719                           O            03/01/30
    0

    1974287          N46/G02             F          175,200.00         ZZ
                                         360        175,106.77          1
    5312 GROOMETOWN ROAD               9.125          1,425.48         80
                                       8.875          1,425.48      219,000.00
    GREENSBORO       NC   27407          5            02/22/00         00
    0431883354                           05           04/01/00          0
    510725                               O            03/01/30
    0

    1974289          K45/G02             F           19,950.00         ZZ
                                         360         19,950.00          1
    6901 WEST MONTEROSA #1245          9.875            173.24         95
                                       9.625            173.24       21,000.00
    PHOENIX          AZ   85033          1            03/09/00         01
    0431930544                           09           05/01/00         35
    GOMAN                                O            04/01/30
    0

    1974314          758/G02             F           70,200.00         ZZ
                                         360         70,200.00          1
    2414 PECAN RIDGE                   9.000            564.85         90
                                       8.750            564.85       78,000.00
    BRYAN            TX   77802          1            03/06/00         11
    0431917426                           05           05/01/00         25
    0397190                              N            04/01/30
    0

    1974333          S06/G02             F           40,350.00         ZZ
                                         360         40,331.67          1
    3100 SOUTH FEDERAL BLVD #313       9.875            350.38         86
                                       9.625            350.38       47,000.00
    DENVER           CO   80236          1            02/25/00         04
    0431891522                           01           04/01/00         30
    009104563                            O            03/01/30
    0
1

    1974374          M18/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
    2613 WALNUT AVENUE                 9.375            898.29         80
                                       9.125            898.29      135,000.00
    CARMICHAEL       CA   95608          5            03/02/00         00
    0431934876                           05           05/01/00          0
    XXXX                                 O            04/01/30
    0

    1974414          M66/G02             F          258,000.00         ZZ
                                         360        257,873.09          1
    12 FLORENCE AVENUE                 9.500          2,169.41         64
                                       9.250          2,169.41      407,000.00
    CRESSKILL        NJ   07626          5            02/14/00         00
    0431881861                           05           04/01/00          0
    135056                               O            03/01/30
    0

    1974428          F32/G02             F           48,750.00         ZZ
                                         360         48,726.02          1
    21 ECHOTA ROAD                     9.500            409.92         65
                                       9.250            409.92       75,000.00
    CARTERSVILLE     GA   30121          5            02/28/00         00
    0431885151                           05           04/01/00          0
    406114256                            N            03/01/30
    0

    1974439          Q99/G02             F          111,000.00         ZZ
                                         360        110,932.76          1
    1157 TUCKERTOWN                    8.500            853.49         52
                                       8.250            853.49      215,000.00
    SOUTH KINGSTOWN  RI   02879          5            03/10/00         00
    0431910744                           05           04/15/00          0
    BARROWS                              O            03/15/30
    0

    1974440          964/G02             F          168,700.00         ZZ
                                         360        168,610.22          1
    705 NORTHROP AVENUE                9.125          1,372.60         90
                                       8.875          1,372.60      187,500.00
    LAS VEGAS        NV   89119          1            02/24/00         12
    0431889096                           05           04/01/00         25
    71303                                N            03/01/30
    0

    1974447          940/G02             F          250,500.00         T
                                         360        250,373.49          1
1

    8132 B CAMINO DEL SOL              9.375          2,083.54         60
                                       9.125          2,083.54      417,500.00
    LA JOLLA         CA   92037          1            02/24/00         00
    0431885607                           01           04/01/00          0
    CP5036                               O            03/01/30
    0

    1974453          Q48/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
    16 MOUNT RUN                       9.000          1,013.82         72
                                       8.750          1,013.82      176,000.00
    TINTON FALLS     NJ   07753          2            03/13/00         00
    0431906460                           05           05/01/00          0
    TOMAINO                              O            04/01/30
    0

    1974460          M05/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
    18 CLEARVIEW DRIVE                 9.125            366.14         90
                                       8.875            366.14       50,000.00
    MASTIC BEACH     NY   11951          1            03/17/00         11
    0431936145                           05           05/01/00         25
    SANTORO                              N            04/01/30
    0

    1974470          964/G02             F          205,000.00         ZZ
                                         360        204,882.05          1
    730 EAST CALIFORNIA STREET         8.750          1,612.74         60
                                       8.500          1,612.74      345,000.00
    JACKSONVILLE     OR   97530          1            02/14/00         00
    0431889476                           05           04/01/00          0
    71231                                O            03/01/30
    0

    1974476          144/144             F          196,000.00         ZZ
                                         360        195,881.26          1
    LOT 1 JANSEN ROAD                  8.500          1,507.07         77
                                       8.250          1,507.07      257,000.00
    PINE BUSH        NY   12566          2            02/29/00         00
    14064730S                            05           04/01/00          0
    14064730S                            O            03/01/30
    0

    1974500          H47/G02             F          152,800.00         ZZ
                                         360        152,714.33          1
    12524 VILLAGE PINES LANE           8.875          1,215.75         80
                                       8.625          1,215.75      191,000.00
    RALEIGH          NC   27614          1            02/29/00         00
    0431891456                           03           04/01/00          0
1

    220605532                            O            03/01/30
    0

    1974512          G81/G02             F           78,750.00         ZZ
                                         360         78,750.00          2
    544 SW 7TH STREET                  9.875            683.82         90
                                       9.625            683.82       87,500.00
    MIAMI            FL   33130          1            03/01/00         10
    0431884949                           02           05/01/00         25
    022002016                            N            04/01/30
    0

    1974515          G81/G02             F           78,750.00         ZZ
                                         360         78,750.00          2
    542 SW 7TH STREET                  9.875            683.82         90
                                       9.625            683.82       87,500.00
    MIAMI            FL   33130          1            03/01/00         14
    0431884980                           05           05/01/00         25
    022002015                            N            04/01/30
    0

    1974576          J40/G02             F           90,000.00         ZZ
                                         360         89,689.87          1
    240 SWEET TREE ROAD                8.500            692.02         75
                                       8.250            692.02      120,000.00
    BROXTON          GA   31519          2            01/21/00         00
    0431884907                           05           03/01/00          0
    7662288                              O            02/01/30
    0

    1974579          405/405             F          166,500.00         ZZ
                                         360        166,406.66          1
    9409 WILLIAM KIRK LN               8.875          1,324.75         90
                                       8.625          1,324.75      185,000.00
    BURKE            VA   22015          1            02/16/00         10
    16484784                             03           04/01/00         25
    16484784                             O            03/01/30
    0

    1974591          N94/G02             F           99,000.00         ZZ
                                         360         98,955.02          1
    34 SPRUCE STREET                   9.875            859.67         90
                                       9.625            859.67      110,000.00
    NORTH ATTLEBORO  MA   02760          1            02/29/00         11
    0431908003                           05           04/01/00         30
    0395319                              N            03/01/30
    0

1

    1974601          L48/G02             F           81,000.00         ZZ
                                         360         80,961.20          4
    631-633 COIT AVENUE NE             9.625            688.49         90
                                       9.375            688.49       90,000.00
    GRAND RAPIDS     MI   49503          1            02/28/00         10
    0431885573                           05           04/01/00         25
    85273                                N            03/01/30
    0

    1974605          T33/G02             F          227,050.00         ZZ
                                         360        227,050.00          1
    10618 INDIANWOODS DRIVE            9.875          1,971.59         95
                                       9.625          1,971.59      239,000.00
    CINCINNATI       OH   45242          1            03/11/00         04
    0431925932                           05           05/01/00         30
    20003069                             O            04/01/30
    0

    1974662          F44/G02             F           93,750.00         T
                                         360         93,703.88          1
    3750 PINEBROOK CIRCLE UNIT 508     9.500            788.31         75
                                       9.250            788.31      125,000.00
    BRADENTON        FL   34209          5            02/18/00         00
    0431884857                           08           04/01/00          0
    212825                               O            03/01/30
    0

    1974704          637/G02             F           59,600.00         ZZ
                                         360         59,567.44          1
    144 WEST WAY DRIVE                 9.000            479.56         80
                                       8.750            479.56       74,500.00
    ALLEN            TX   75002          1            02/08/00         00
    0431886589                           05           04/01/00          0
    0019032283                           O            03/01/30
    0

    1974707          665/G02             F          292,000.00         ZZ
                                         360        291,653.96          1
    691 DONALD DRIVE                   8.625          2,271.15         80
                                       8.375          2,271.15      365,000.00
    HOLLISTER        CA   95023          1            01/21/00         00
    0431892470                           03           03/01/00          0
    0001236469                           O            02/01/30
    0

    1974713          665/G02             F          218,000.00         ZZ
                                         360        217,721.02          3
    5635 PICKERING AVENUE              8.250          1,637.76         80
                                       8.000          1,637.76      272,500.00
1

    WHITTIER         CA   90601          1            01/31/00         00
    0431892504                           05           03/01/00          0
    0001235897                           O            02/01/30
    0

    1974732          665/G02             F           86,250.00         ZZ
                                         360         86,169.19          1
    327 EAST ACACIA STREET             9.750            741.02         75
                                       9.500            741.02      115,000.00
    STOCKTON         CA   95376          1            01/14/00         00
    0431892702                           05           03/01/00          0
    9901235154                           N            02/01/30
    0

    1974736          637/G02             F           23,150.00         ZZ
                                         360         23,139.48          1
    11 PINE STREET                     9.875            201.03         90
                                       9.625            201.03       25,773.00
    BUCKSPORT        ME   04416          1            02/18/00         01
    0431904077                           05           04/01/00         30
    0020415626                           O            03/01/30
    0

    1974740          A52/G02             F          174,000.00         ZZ
                                         360        174,000.00          1
    340 EMERALD LAKE DRIVE             9.000          1,400.04         53
                                       8.750          1,400.04      330,000.00
    FAYETTEVILLE     GA   30215          2            03/01/00         00
    0431901339                           03           05/01/00          0
    0396586                              O            04/01/30
    0

    1974755          637/G02             F          127,000.00         ZZ
                                         360        126,930.63          1
    59 MOUNTAIN STREET                 9.000          1,021.87         67
                                       8.750          1,021.87      191,000.00
    CAMDEN           ME   04843          5            02/15/00         00
    0431885854                           05           04/01/00          0
    0020415659                           O            03/01/30
    0

    1974762          163/G02             F          650,000.00         ZZ
                                         360        649,663.03          1
    576 GRANDVIEW DRIVE                9.250          5,347.39         71
                                       9.000          5,347.39      920,000.00
    SUNRISE BEACH    MO   65079          5            02/04/00         00
    0431885938                           03           04/01/00          0
    0217273717                           O            03/01/30
    0
1

    1974764          163/G02             F          151,500.00         ZZ
                                         360        151,408.22          1
    2969 FRANKEL WAY                   8.500          1,164.90         69
                                       8.250          1,164.90      221,000.00
    SAN DIEGO        CA   92111          5            02/10/00         00
    0431887405                           05           04/01/00          0
    1417289168                           O            03/01/30
    0

    1974799          637/G02             F           83,000.00         ZZ
                                         360         82,952.24          1
    938 WEST CAMPUS DRIVE              8.750            652.97         49
                                       8.500            652.97      170,000.00
    PHOENIX          AZ   85013          5            02/16/00         00
    0431887595                           05           04/01/00          0
    0016355968                           O            03/01/30
    0

    1974827          637/G02             F          365,000.00         ZZ
                                         360        364,815.67          1
    94 BROWN ROAD                      9.375          3,035.89         48
                                       9.125          3,035.89      776,000.00
    HARVARD          MA   01451          5            02/10/00         00
    0431885813                           05           04/01/00          0
    0018809715                           O            03/01/30
    0

    1974838          N46/G02             F           80,000.00         ZZ
                                         360         79,959.60          1
    8126 HAYNE BOULEVARD               9.375            665.40         80
                                       9.125            665.40      100,000.00
    NEW ORLEANS      LA   70126          1            02/25/00         00
    0431890359                           05           04/01/00          0
    CREGUT                               O            03/01/30
    0

    1974988          K45/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
    346 EAST MEDLOCK DRIVE             8.875          1,273.03         80
                                       8.625          1,273.03      200,000.00
    PHOENIX          AZ   85012          1            03/10/00         00
    0431923697                           05           05/01/00          0
    15249                                O            04/01/30
    0

    1975021          A48/G02             F          239,750.00         ZZ
                                         360        239,619.05          1
1

    493 TOWER HILL AVENUE              9.000          1,929.08         80
                                       8.750          1,929.08      299,839.00
    SAN JOSE         CA   95136          1            02/25/00         00
    0431887652                           01           04/01/00          0
    8111003320                           O            03/01/30
    0

    1975024          964/G02             F          320,000.00         ZZ
                                         360        319,825.21          1
    727 PEARL STREET                   9.000          2,574.79         80
                                       8.750          2,574.79      400,000.00
    BOULDER          CO   80302          1            02/29/00         00
    0431920354                           03           04/01/00          0
    67867                                O            03/01/30
    0

    1975025          K15/G02             F           56,800.00         ZZ
                                         360         56,740.88          1
    22462 LUNA WAY                     9.250            467.28         80
                                       9.000            467.28       71,000.00
    YARNELL          AZ   85363          1            01/27/00         00
    0431898568                           05           03/01/00          0
    3011424                              O            02/01/30
    0

    1975028          G81/G02             F          220,000.00         ZZ
                                         360        219,897.36          1
    19901 E COUNTRY CLUB DR  #2408     9.750          1,890.14         90
                                       9.500          1,890.14      245,900.00
    AVENTURA         FL   33180          1            03/02/00         14
    0431901503                           08           04/01/00         30
    022002041                            N            03/01/30
    0

    1975070          H76/G02             F          229,000.00         ZZ
                                         240        229,000.00          1
    1 ALLISON DRIVE                    8.375          1,969.24         51
                                       8.125          1,969.24      450,000.00
    BURLINGTON       MA   01803          2            03/14/00         00
    0431919646                           05           05/01/00          0
    200340604                            O            04/01/20
    0

    1975089          664/G02             F           50,000.00         ZZ
                                         360         49,976.67          2
    1272 FIR STREET S                  9.750            429.58         40
                                       9.500            429.58      127,500.00
    SALEM            OR   97302          5            02/22/00         00
    0431897818                           05           04/01/00          0
1

    3346731                              O            03/01/30
    0

    1975108          P76/G02             F          162,837.00         ZZ
                                         360        162,738.35          1
    1405 ROLLING HILL LANE             8.500          1,252.08         75
                                       8.250          1,252.08      217,116.00
    CELINA           TX   75009          1            02/24/00         00
    0431890672                           05           04/01/00          0
    STALLCUP                             O            03/01/30
    0

    1975211          593/G02             F          108,000.00         ZZ
                                         360        107,944.01          1
    1766 WEST 150 NORTH                9.250            888.49         90
                                       9.000            888.49      120,000.00
    WEST POINT       UT   84015          1            02/25/00         12
    0431889765                           05           04/01/00         25
    007653066                            N            03/01/30
    0

    1975241          T44/G02             F           94,400.00         ZZ
                                         360         94,357.11          1
    46 HELEN                           9.875            819.72         80
                                       9.625            819.72      118,000.00
    OXFORD           MI   48371          1            02/28/00         00
    0431893114                           05           04/01/00          0
    8944644                              N            03/01/30
    0

    1975257          624/G02             F          160,400.00         ZZ
                                         360        160,400.00          1
    21612 LOST RIVER DRIVE             9.375          1,334.13         80
                                       9.125          1,334.13      200,500.00
    DIAMOND BAR      CA   91765          1            03/01/00         00
    0431891571                           05           05/01/00          0
    35300200253                          N            04/01/30
    0

    1975265          B98/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
    8968 LA DONA COURT                 8.875          1,312.82         57
                                       8.625          1,312.82      291,000.00
    FOUNTAIN VALLEY  CA   92708          2            03/02/00         00
    0431904093                           03           05/01/00          0
    002024                               O            04/01/30
    0

1

    1975267          K15/G02             F          198,250.00         ZZ
                                         360        198,144.50          1
    1260 BELLINGHAM DRIVE              9.125          1,613.03         65
                                       8.875          1,613.03      305,000.00
    SAN JOSE         CA   95121          5            02/14/00         00
    0431898709                           05           04/01/00          0
    3009731                              N            03/01/30
    0

    1975273          K15/G02             F          120,000.00         ZZ
                                         360        119,932.73          1
    9200 BELL RIDGE DRIVE              8.875            954.77         62
                                       8.625            954.77      195,000.00
    PENSACOLA        FL   32526          4            02/15/00         00
    0431900042                           03           04/01/00          0
    3010321                              O            03/01/30
    0

    1975274          144/144             F          165,000.00         ZZ
                                         360        164,912.20          1
    16 HOUGHTON BOULEVARD              9.125          1,342.49         57
    P.O. BOX 711                       8.875          1,342.49      290,000.00
    STONEY BROOK     NY   11790          2            02/16/00         00
    160628834                            05           04/01/00          0
    160628834                            N            03/01/30
    0

    1975295          573/G02             F          131,850.00         ZZ
                                         360        131,776.08          1
    31400 PASEO GOLETA                 8.875          1,049.06         90
                                       8.625          1,049.06      146,500.00
    TEMECULA         CA   92592          1            02/24/00         04
    0431890417                           05           04/01/00         25
    5900101                              N            03/01/30
    0

    1975296          P63/G02             F          288,000.00         ZZ
                                         360        288,000.00          4
    223-225 VANDERBILT AVENUE          9.875          2,500.84         90
                                       9.625          2,500.84      320,000.00
    STATEN ISLAND    NY   10304          1            03/22/00         10
    0431928837                           05           05/01/00         25
    1975296                              N            04/01/30
    0

    1975302          163/G02             F          145,600.00         ZZ
                                         360        145,524.51          1
    271 N COUNTRY CLUB BLVD            9.250          1,197.82         80
                                       9.000          1,197.82      182,000.00
1

    BOCA RATON       FL   33487          1            02/24/00         00
    0431890714                           05           04/01/00          0
    217282817                            O            03/01/30
    0

    1975308          N24/G02             F          506,250.00         ZZ
                                         360        506,250.00          1
    5521 SOUTH LAKE GULCH ROAD         8.875          4,027.95         75
                                       8.625          4,027.95      675,000.00
    CASTLE ROCK      CO   80104          4            03/13/00         00
    0431915842                           05           05/01/00          0
    MEYERS                               O            04/01/30
    0

    1975330          E38/G02             F          280,000.00         ZZ
                                         360        279,734.69          1
    2096 EAST ORANGE GROVE BOULEVA     8.625          2,177.81         80
                                       8.375          2,177.81      350,000.00
    PASADENA         CA   91104          1            02/25/00         00
    0431897420                           05           04/01/00          0
    995410                               O            03/01/30
    0

    1975410          K15/G02             F          175,500.00         ZZ
                                         360        175,406.60          1
    375 S 24TH STREET                  9.125          1,427.93         65
                                       8.875          1,427.93      270,000.00
    SAN JOSE         CA   95116          5            02/14/00         00
    0431898592                           05           04/01/00          0
    3009734                              N            03/01/30
    0

    1975412          H19/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
    1724 SOUTH 165 WEST                8.375          1,337.73         45
                                       8.125          1,337.73      395,000.00
    ODEM             UT   84058          5            02/29/00         00
    0431899723                           05           05/01/00          0
    0002151470                           O            04/01/30
    0

    1975413          K15/G02             F           53,100.00         ZZ
                                         360         53,047.57          1
    964 JETT STREET N W                9.500            446.49         90
                                       9.250            446.49       59,000.00
    ATLANTA          GA   30314          1            02/02/00         04
    0431898576                           05           03/01/00         25
    3012978                              N            02/01/30
    0
1

    1975470          B28/G02             F          104,000.00         ZZ
                                         360        103,946.08          1
    1830 WEST 50TH AVENUE              9.250            855.59         80
                                       9.000            855.59      130,000.00
    DENVER           CO   80221          5            02/23/00         00
    0431900570                           05           04/01/00          0
    0001250036                           O            03/01/30
    0

    1975474          E23/G02             F          180,000.00         ZZ
                                         360        179,918.22          1
    6723 EAST GRANDVIEW DRIVE          9.875          1,563.03         88
                                       9.625          1,563.03      205,000.00
    SCOTTSDALE       AZ   85254          2            02/16/00         14
    0431900224                           03           04/01/00         25
    40503817                             O            03/01/30
    0

    1975480          K15/G02             F           60,600.00         ZZ
                                         360         60,571.73          1
    BOX 320 PAINT CREEK ROAD           9.750            520.65         80
                                       9.500            520.65       76,000.00
    PAX              WV   25904          5            02/24/00         00
    0431898972                           05           04/01/00          0
    038105300648                         O            03/01/30
    0

    1975481          664/G02             F          256,500.00         ZZ
                                         360        256,380.32          2
    311 JACKSON STREET                 9.750          2,203.74         90
                                       9.500          2,203.74      285,000.00
    DUNDEE           IL   60118          1            02/29/00         11
    0431892579                           05           04/01/00         25
    0003370517                           N            03/01/30
    0

    1975484          K15/G02             F           65,900.00         ZZ
                                         360         65,871.61          1
    620 FLORENCE AVENUE               10.125            584.42         95
                                       9.875            584.42       70,000.00
    SABINA           OH   45169          5            02/25/00         10
    0431898931                           05           04/01/00         30
    029005300792                         O            03/01/30
    0

    1975486          K15/G02             F          255,000.00         ZZ
                                         360        255,000.00          1
1

    78716 HWY 25                       9.125          2,074.76         85
                                       8.875          2,074.76      300,000.00
    FOLSOM           LA   70437          5            02/28/00         10
    0431898915                           05           05/01/00         12
    009005300878                         O            04/01/30
    0

    1975507          U05/G02             F          243,000.00         ZZ
                                         360        242,577.53          2
    27424 & 27426 TYRRELL AVENUE       8.750          1,911.68         90
                                       8.500          1,911.68      270,000.00
    HAYWARD          CA   94544          1            12/09/99         10
    0431914142                           05           02/01/00         25
    3004843                              N            01/01/30
    0

    1975512          163/G02             F           31,500.00         ZZ
                                         360         31,484.51          1
    624 WINDY HILL DRIVE               9.500            264.87         70
                                       9.250            264.87       45,000.00
    GASTONIA         NC   28052          1            02/16/00         00
    0431892942                           05           04/01/00          0
    0217262561                           N            03/01/30
    0

    1975596          N11/G02             F           41,500.00         ZZ
                                         360         41,479.59          1
    30 SHADOW TRACE LANE               9.500            348.95         80
                                       9.250            348.95       52,000.00
    ANNISTON         AL   36201          5            03/22/00         00
    0431933944                           05           04/27/00          0
    TERRY                                O            03/27/30
    0

    1975633          E38/G02             F          141,520.00         ZZ
                                         360        141,448.54          1
    7564 JELLISON COURT                9.375          1,177.09         80
                                       9.125          1,177.09      176,900.00
    ARVADA           CO   80005          1            02/29/00         00
    0431896521                           05           04/01/00          0
    994845                               O            03/01/30
    0

    1975644          825/G02             F          282,400.00         ZZ
                                         360        282,241.68          1
    0142 HIGHPOINT DRIVE               8.875          2,246.90         80
                                       8.625          2,246.90      355,000.00
    BRECKENRIDGE     CO   80424          1            02/25/00         00
    0431893254                           05           04/01/00          0
1

    01500                                O            03/01/30
    0

    1975679          F88/G02             F          225,600.00         ZZ
                                         360        225,600.00          1
    1462 WEST LAUREL AVENUE            9.000          1,815.23         80
                                       8.750          1,815.23      282,000.00
    CHANDLER         AZ   85225          4            03/03/00         00
    0431902618                           03           05/01/00          0
    60002179                             O            04/01/30
    0

    1975687          G52/G02             F          168,000.00         ZZ
                                         360        167,903.34          1
    3962 KIANI STREET                  8.750          1,321.66         74
                                       8.500          1,321.66      230,000.00
    LAWAI            HI   96765          1            02/28/00         00
    0431910447                           05           04/01/00          0
    92500668                             O            03/01/30
    0

    1975736          T44/G02             F          145,600.00         ZZ
                                         360        145,600.00          1
    356 LERNER                         9.875          1,264.32         80
                                       9.625          1,264.32      182,000.00
    CLAWSON          MI   48017          5            03/31/00         00
    0431958446                           05           05/01/00          0
    999                                  N            04/01/30
    0

    1975765          A75/G02             F           62,000.00         ZZ
                                         360         62,000.00          1
    142 WEST CENTRAL AVENUE            9.000            498.87         38
                                       8.750            498.87      165,000.00
    MAYWOOD          NJ   07607          5            03/03/00         00
    0431913987                           05           05/01/00          0
    1000030492                           O            04/01/30
    0

    1975784          T08/G02             F           68,000.00         ZZ
                                         360         67,965.66          1
    3072 NW 20TH STREET                9.375            565.59         80
                                       9.125            565.59       85,000.00
    FT. LAUDERDALE   FL   33311          1            02/29/00         00
    0431897834                           05           04/01/00          0
    13200393                             N            03/01/30
    0

1

    1975801          637/G02             F          470,400.00         ZZ
                                         360        470,162.45          1
    291 OAKLAND STREET                 9.375          3,912.55         80
                                       9.125          3,912.55      588,000.00
    WELLESLEY        MA   02481          5            02/24/00         00
    0431897180                           05           04/01/00          0
    0018812297                           O            03/01/30
    0

    1975808          637/G02             F           80,000.00         ZZ
                                         360         79,959.60          3
    2950 SEMMES STREET                 9.375            665.40         80
                                       9.125            665.40      100,000.00
    EAST POINT       GA   30344          1            02/24/00         00
    0431897115                           05           04/01/00          0
    0012067849                           N            03/01/30
    0

    1975816          637/G02             F          116,500.00         ZZ
                                         360        116,436.36          1
    1007 BURKETT STREET                9.000            937.39         90
                                       8.750            937.39      130,000.00
    TAYLOR           TX   76574          1            02/28/00         14
    0431897479                           05           04/01/00         30
    0018282467                           N            03/01/30
    0

    1975835          637/G02             F          138,000.00         T
                                         360        137,930.31          1
    28750 ZION DRIVE                   9.375          1,147.82         50
                                       9.125          1,147.82      276,500.00
    LAKE ARROWHEAD   CA   92352          5            02/23/00         00
    0431907526                           05           04/01/00          0
    0018192484                           O            03/01/30
    0

    1975848          637/G02             F           96,000.00         ZZ
                                         360         95,950.23          1
    10613 NORTH 45TH DRIVE             9.250            789.77         80
                                       9.000            789.77      120,000.00
    PHOENIX          AZ   85304          5            02/24/00         00
    0431922863                           05           04/01/00          0
    0017360496                           O            03/01/30
    0

    1975851          637/G02             F           25,000.00         ZZ
                                         360         24,985.98          1
    3033 E DEVONSHIRE AVE #3020        8.875            198.92         60
                                       8.625            198.92       42,000.00
1

    PHOENIX          AZ   85016          1            02/24/00         00
    0431897388                           01           04/01/00          0
    0020021481                           N            03/01/30
    0

    1975864          964/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
    25375 CREEKSIDE DRIVE              8.750          1,652.07         54
                                       8.500          1,652.07      391,000.00
    PIONEER          CA   95666          5            02/29/00         00
    0431898949                           05           05/01/00          0
    70613                                O            04/01/30
    0

    1975883          420/G02             F          151,850.00         ZZ
                                         360        151,850.00          1
    1135 QUAIL VALLEY RUN              9.125          1,235.51         83
                                       8.875          1,235.51      183,000.00
    OAKLEY           CA   94561          1            03/01/00         11
    0431898410                           05           05/01/00         20
    0000441485                           N            04/01/30
    0

    1975891          369/G02             F          162,000.00         ZZ
                                         360        161,899.31          1
    4 MARIE DRIVE                      8.375          1,231.32         68
                                       8.125          1,231.32      239,900.00
    LITITZ           PA   17543          1            02/28/00         00
    0431907369                           05           04/01/00          0
    0071910590                           O            03/01/30
    0

    1975895          163/G02             F           70,000.00         ZZ
                                         360         69,960.76          1
    16301 NW 21 STREET                 8.875            556.95         54
                                       8.625            556.95      130,000.00
    PEMBROKE PINES   FL   33028          1            02/14/00         00
    0431933407                           03           04/01/00          0
    7717271687                           O            03/01/30
    0

    1975897          369/G02             F          320,150.00         ZZ
                                         360        319,992.52          1
    11245 RARITAN STREET               9.500          2,692.00         95
                                       9.250          2,692.00      337,000.00
    WESTMINSTER      CO   80234          1            02/16/00         01
    0431907302                           05           04/01/00         30
    0071997852                           O            03/01/30
    0
1

    1975899          163/G02             F           91,000.00         ZZ
                                         360         90,950.29          2
    3044 & 3046 TREMONT STREET         9.000            732.21         36
                                       8.750            732.21      257,000.00
    BERKELEY         CA   94703          5            02/14/00         00
    0431898725                           05           04/01/00          0
    717285547                            N            03/01/30
    0

    1975906          369/G02             F          196,650.00         ZZ
                                         360        196,450.60          2
    8023 8025 NW 15TH AVENUE           9.375          1,635.64         90
                                       9.125          1,635.64      218,500.00
    SEATTLE          WA   98117          1            01/12/00         12
    0431910751                           05           03/01/00         25
    0071954663                           N            02/01/30
    0

    1975909          369/G02             F          105,000.00         ZZ
                                         360        104,881.83          1
    3691 LOWER HONOAPIILANI ROAD       8.875            835.43         84
    #208                               8.625            835.43      125,000.00
    LAHAINA          HI   96761          1            01/13/00         11
    0431907120                           01           03/01/00         12
    0071946230                           O            02/01/30
    0

    1975912          369/G02             F           96,900.00         T
                                         360         96,799.13          1
    685 SONOMA LANE                    9.250            797.18         75
                                       9.000            797.18      129,500.00
    HIGH POINT       NC   27265          5            01/12/00         00
    0431907336                           07           03/01/00          0
    0071599138                           O            02/01/30
    0

    1975915          369/G02             F           79,000.00         ZZ
                                         360         78,923.99          1
    10329 E MILFORD COURT              9.625            671.50         90
                                       9.375            671.50       88,000.00
    INDIANAPOLIS     IN   46235          1            01/12/00         14
    0431910835                           05           03/01/00         25
    0071945406                           N            02/01/30
    0

    1975916          369/G02             F           84,500.00         ZZ
                                         360         84,420.82          1
1

    13 BAIRD STREET                    9.750            725.99         63
    RR 1 BOX 13                        9.500            725.99      135,000.00
    HARVEYS LAKE     PA   18618          5            01/20/00         00
    0431907344                           05           03/01/00          0
    0071979645                           O            02/01/30
    0

    1975923          369/G02             F          193,500.00         ZZ
                                         360        193,226.94          4
    11305-11309 E 17TH AVENUE          9.750          1,662.47         90
                                       9.500          1,662.47      215,000.00
    AURORA           CO   80010          1            12/30/99         12
    0431927300                           05           02/01/00         25
    0071838973                           N            01/01/30
    0

    1975927          K15/G02             F           64,500.00         ZZ
                                         360         64,500.00          1
    401 WHITAKER ROAD                 10.250            577.99         95
                                      10.000            577.99       68,000.00
    SHELBYVILLE      TN   37160          5            03/02/00         10
    0431898618                           05           05/01/00         30
    003805300976                         O            04/01/30
    0

    1975932          K15/G02             F           55,900.00         ZZ
                                         360         55,873.92          2
    2817-19 BIENVILLE STREET           9.750            480.27         80
                                       9.500            480.27       70,000.00
    NEW ORLEANS      LA   70119          5            02/21/00         00
    0431898667                           05           04/01/00          0
    000405300608                         O            03/01/30
    0

    1975934          369/G02             F          164,700.00         ZZ
                                         360        164,625.16          1
    1587 LUCELL AVENUE                 9.875          1,430.18         90
                                       9.625          1,430.18      183,000.00
    STONE MOUNTAIN   GA   30087          1            02/09/00         12
    0431907351                           05           04/01/00         25
    0072013303                           N            03/01/30
    0

    1975945          369/G02             F           72,000.00         ZZ
                                         360         71,932.53          1
    1401 SHADY PINE TERRACE            9.750            618.60         90
                                       9.500            618.60       80,000.00
    ELLENWOOD        GA   30294          1            01/12/00         10
    0431910850                           05           03/01/00         25
1

    0071965776                           N            02/01/30
    0

    1975966          T44/G02             F           37,500.00         ZZ
                                         360         37,500.00          1
    304 REGENT STREET                  9.125            305.11         75
                                       8.875            305.11       50,000.00
    LANSING          MI   48912          5            03/09/00         00
    0431901404                           05           05/01/00          0
    0397493                              O            04/01/30
    0

    1975969          P16/G02             F           36,550.00         ZZ
                                         360         36,530.55          1
    3711 PRESCOTT AVENUE               9.125            297.38         85
                                       8.875            297.38       43,000.00
    YUCCA VALLEY     CA   92284          2            02/18/00         01
    0431899715                           05           04/01/00         20
    50005562                             O            03/01/30
    0

    1975970          Q64/G02             F          120,000.00         ZZ
                                         360        119,937.79          1
    1945 HIBISCUS STREET               9.250            987.21         75
                                       9.000            987.21      160,000.00
    SARASOTA         FL   34239          1            02/24/00         00
    0431911767                           05           04/01/00          0
    7201010069                           N            03/01/30
    0

    1975972          964/G02             F          208,950.00         ZZ
                                         360        208,832.86          1
    2130 ROCKWELL DRIVE                8.875          1,662.50         65
                                       8.625          1,662.50      321,510.00
    DAVIS            CA   95616          1            02/24/00         00
    0431899582                           05           04/01/00          0
    71087                                O            03/01/30
    0

    1975977          T44/G02             F           32,400.00         ZZ
                                         360         32,400.00          1
    125 EAST LINCOLN STREET            9.875            281.34         90
                                       9.625            281.34       36,000.00
    CARDINGTON       OH   43315          1            03/09/00         14
    0431900984                           05           05/01/00         25
    397336                               N            04/01/30
    0

1

    1975978          883/G02             F           85,350.00         ZZ
                                         360         85,350.00          1
    1125 STILLWATER DRIVE              9.875            741.14         80
                                       9.625            741.14      106,720.00
    DELAND           FL   32720          2            03/08/00         00
    0431901008                           03           05/01/00          0
    05008455                             O            04/01/30
    0

    1975989          H19/G02             F          148,500.00         ZZ
                                         360        148,500.00          4
    1936 CINDYSUE STREET               9.875          1,289.50         90
                                       9.625          1,289.50      165,000.00
    LAS VEGAS        NV   89106          1            03/03/00         12
    0431910538                           05           05/01/00         25
    0002174100                           N            04/01/30
    0

    1975993          H19/G02             F          148,500.00         ZZ
                                         360        148,500.00          4
    1909 ALWILL STREET                 9.875          1,289.50         90
                                       9.625          1,289.50      165,000.00
    LAS VEGAS        NV   89106          1            03/03/00         12
    0431900380                           05           05/01/00         25
    0002174225                           N            04/01/30
    0

    1975995          K15/G02             F          109,800.00         ZZ
                                         360        109,750.11          1
    5143-05 ROSWELL ROAD               9.875            953.45         90
                                       9.625            953.45      122,000.00
    ATLANTA          GA   30342          1            02/24/00         04
    0431910512                           01           04/01/00         25
    3010442                              N            03/01/30
    0

    1975996          H22/G02             F          268,000.00         ZZ
                                         360        268,000.00          3
    32-75 46TH STREET                  9.500          2,253.49         72
                                       9.250          2,253.49      375,000.00
    ASTORIA          NY   11103          5            03/17/00         00
    0431927912                           07           05/01/00          0
    0002019                              O            04/01/30
    0

    1976005          K15/G02             F          147,000.00         ZZ
                                         360        146,919.70          1
    136 PEACHTREE MEMORIAL DRIVE       9.000          1,182.80         75
    RHODE IS #9                        8.750          1,182.80      196,000.00
1

    ATLANTA          GA   30309          5            02/01/00         00
    0431907435                           01           04/01/00          0
    3012656                              O            03/01/30
    0

    1976006          369/G02             F          108,000.00         ZZ
                                         360        107,948.26          1
    1575 LUCELLE AVENUE                9.625            917.99         90
                                       9.375            917.99      120,000.00
    STONE MOUNTAIN   GA   30087          1            02/02/00         14
    0431911031                           05           04/01/00         25
    0072003213                           O            03/01/30
    0

    1976010          964/G02             F          136,800.00         ZZ
                                         360        136,725.28          1
    2071 EUCLID AVENUE                 9.000          1,100.72         80
                                       8.750          1,100.72      171,000.00
    CAMARILLO        CA   93010          1            02/28/00         00
    0431902972                           01           04/01/00          0
    70896                                O            03/01/30
    0

    1976017          964/G02             F           87,500.00         ZZ
                                         360         87,500.00          1
    742 WEST HOWARD AVENUE             9.250            719.84         70
                                       9.000            719.84      125,000.00
    VISALIA          CA   93277          2            03/06/00         00
    0431900315                           05           05/01/00          0
    71048                                N            04/01/30
    0

    1976028          665/G02             F          124,000.00         ZZ
                                         360        123,934.02          1
    1709 CLIFTON WAY                   9.125          1,008.90         80
                                       8.875          1,008.90      155,000.00
    ATLANTA          GA   30316          5            02/10/00         00
    0431901263                           05           04/01/00          0
    0001235955                           N            03/01/30
    0

    1976043          B60/G02             F          178,500.00         ZZ
                                         360        178,418.91          1
    16096 SUNSCAPE COURT               9.875          1,550.00         85
                                       9.625          1,550.00      210,000.00
    CHINO HILLS      CA   91709          5            02/10/00         01
    0431902535                           01           04/01/00         12
    283739                               O            03/01/30
    0
1

    1976104          E62/G02             F          354,400.00         ZZ
                                         360        354,234.66          1
    569 CRESTHILL AVENUE NE            9.750          3,044.84         74
                                       9.500          3,044.84      480,000.00
    ATLANTA          GA   30306          2            02/16/00         00
    0431920891                           05           04/01/00          0
    108586                               O            03/01/30
    0

    1976164          163/G02             F           49,500.00         ZZ
                                         360         49,473.66          1
    6173 BRAUN ST                      9.125            402.75         80
                                       8.875            402.75       61,900.00
    ENGLEWOOD        FL   34224          1            02/28/00         00
    0431905439                           05           04/01/00          0
    0217286016                           O            03/01/30
    0

    1976166          664/G02             F          129,190.00         ZZ
                                         360        129,117.58          1
    8817 CORRAN FERRY DRIVE            8.875          1,027.89         90
                                       8.625          1,027.89      143,790.00
    AUSTIN           TX   78749          1            02/29/00         11
    0431905280                           05           04/01/00         25
    0003367273                           O            03/01/30
    0

    1976168          K15/G02             F           52,250.00         ZZ
                                         360         52,223.61          3
    2028-30 CORNING AVENUE             9.375            434.59         95
                                       9.125            434.59       55,000.00
    CLEVELAND        OH   44109          1            02/11/00         11
    0431911130                           05           04/01/00         30
    3007469                              O            03/01/30
    0

    1976171          637/G02             F          108,900.00         ZZ
                                         360        108,849.19          1
    569 RENAISSANCE AVENUE             9.750            935.62         74
                                       9.500            935.62      148,900.00
    MELBOURNE        FL   32940          1            02/29/00         00
    0431907005                           09           04/01/00          0
    0019161694                           N            03/01/30
    0

    1976176          K15/G02             F          248,350.00         ZZ
                                         360        248,224.58          1
1

    1776 E SIERRA MADRE COURT          9.375          2,065.65         90
                                       9.125          2,065.65      275,965.00
    GILBERT          AZ   85296          1            02/15/00         01
    0431911320                           03           04/01/00         25
    3010280                              O            03/01/30
    0

    1976177          253/253             F          119,900.00         T
                                         360        119,900.00          1
    3938 E WESCOTT DR                  9.250            986.39         75
                                       9.000            986.39      159,900.00
    PHOENIX          AZ   85050          1            03/07/00         00
    949927                               03           05/01/00          0
    949927                               O            04/01/30
    0

    1976185          K15/G02             F          146,000.00         ZZ
                                         360        145,928.18          1
    3 N 244 MCNAIR AVENUE              9.500          1,227.65         90
                                       9.250          1,227.65      163,000.00
    ADDISON          IL   60101          5            02/16/00         11
    0431912229                           05           04/01/00         25
    3016480                              O            03/01/30
    0

    1976191          K15/G02             F          210,300.00         ZZ
                                         360        210,169.29          2
    1981 NORTH LEVEN AVENUE            8.375          1,598.43         80
                                       8.125          1,598.43      262,900.00
    CAMARILLO        CA   93010          1            02/07/00         00
    0431910827                           05           04/01/00          0
    3010942                              O            03/01/30
    0

    1976196          637/G02             F           54,000.00         ZZ
                                         360         53,974.80          1
    497 MCWILLIAMS ROAD SE             9.750            463.95         90
                                       9.500            463.95       60,000.00
    ATLANTA          GA   30315          1            02/29/00         10
    0431905298                           05           04/01/00         25
    0012067922                           N            03/01/30
    0

    1976208          637/G02             F           62,900.00         ZZ
                                         360         62,869.06          1
    5309 VAN RIPPER STREET             9.500            528.90         85
                                       9.250            528.90       74,000.00
    GILLETTE         WY   82718          5            02/22/00         12
    0431907849                           05           04/01/00         12
1

    12497467                             O            03/01/30
    0

    1976219          624/G02             F          145,000.00         ZZ
                                         240        144,775.91          1
    135 GROOVER STREET                 8.750          1,281.38         72
                                       8.500          1,281.38      203,000.00
    LYONS            CO   80540          5            03/02/00         00
    0431907427                           05           04/01/00          0
    73014100093                          O            03/01/20
    0

    1976235          R86/G02             F          189,000.00         ZZ
                                         360        189,000.00          1
    10591 EAST MISSION LANE            9.875          1,641.18         90
                                       9.625          1,641.18      210,000.00
    SCOTTSDALE       AZ   85258          1            03/20/00         14
    0431936996                           03           05/01/00         30
    000390                               N            04/01/30
    0

    1976236          356/G02             F          273,600.00         ZZ
                                         360        273,600.00          3
    37124 OAK STREET                   9.500          2,300.58         80
                                       9.250          2,300.58      342,000.00
    NEWARK           CA   94560          1            02/29/00         00
    0431926229                           05           05/01/00          0
    2046                                 N            04/01/30
    0

    1976256          665/G02             F          276,000.00         ZZ
                                         360        275,841.21          3
    1145 HAMILTON AVENUE               8.750          2,171.29         80
                                       8.500          2,171.29      345,000.00
    SEASIDE          CA   93955          1            02/15/00         00
    0431908086                           05           04/01/00          0
    0001236383                           N            03/01/30
    0

    1976294          K15/G02             F           61,400.00         ZZ
                                         360         61,400.00          2
    13920 BALDWIN AVENUE               9.750            527.52         80
                                       9.500            527.52       77,500.00
    EAST CLEVELAND   OH   44112          2            03/09/00         00
    0431912526                           05           05/01/00          0
    028605300827                         O            04/01/30
    0

1

    1976352          196/G02             F          107,200.00         ZZ
                                         360        107,069.64          1
    5323 MILLER AVENUE                 8.500            824.28         80
                                       8.250            824.28      134,000.00
    DALLAS           TX   75206          1            01/14/00         00
    0431907088                           05           03/01/00          0
    1360175                              O            02/01/30
    0

    1976368          R51/G02             F          296,000.00         ZZ
                                         360        296,000.00          1
    2132 KENMORE AVENUE                9.250          2,435.12         79
                                       9.000          2,435.12      377,500.00
    CHARLOTTE        NC   28204          5            03/22/00         00
    0431931716                           05           05/01/00          0
    73532                                O            04/01/30
    0

    1976381          H19/G02             F          180,900.00         ZZ
                                         360        180,900.00          4
    365-367 FLYNN AVENUE               9.000          1,455.57         90
                                       8.750          1,455.57      201,000.00
    BURLINGTON       VT   05401          1            03/24/00         10
    0431944396                           05           05/01/00         25
    0010012714                           N            04/01/30
    0

    1976384          R35/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
    1914 STANTON COURT                 9.625          1,699.98         66
                                       9.375          1,699.98      305,000.00
    ARLINGTON HEIGH  IL   60004          1            03/03/00         00
    0431908029                           01           05/01/00          0
    6177083                              O            04/01/30
    0

    1976387          H93/G02             F           63,000.00         ZZ
                                         360         62,971.38          2
    3629-3631 W 120TH STREET           9.875            547.06         90
                                       9.625            547.06       70,000.00
    CLEVELAND        OH   44111          1            02/07/00         12
    0431913664                           03           04/01/00         25
    1000000830                           N            03/01/30
    0

    1976400          E47/G02             F           65,000.00         ZZ
                                         360         65,000.00          1
    5001 MARMOL DRIVE                  8.875            517.17         23
                                       8.625            517.17      285,000.00
1

    WOODLAND HILLS   CA   91364          5            03/07/00         00
    0431932714                           05           05/01/00          0
    LAG12170                             O            04/01/30
    0

    1976404          K15/G02             F           80,700.00         ZZ
                                         360         80,700.00          1
    154 LINCOLN ROAD                   9.375            671.22         85
                                       9.125            671.22       95,000.00
    WHITE BLUFF      TN   37187          5            03/10/00         10
    0431914985                           05           05/01/00         12
    003805301052                         O            04/01/30
    0

    1976408          K15/G02             F           41,700.00         ZZ
                                         360         41,700.00          1
    616 N 11TH STREET                 10.125            369.81         76
                                       9.875            369.81       55,000.00
    HERRIN           IL   62948          5            03/08/00         00
    0431914878                           05           05/01/00          0
    022705300666                         O            04/01/30
    0

    1976433          F44/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
    1410 MAPLE AVENUE                  8.250            931.58         80
                                       8.000            931.58      155,000.00
    OCEAN TWP        NJ   07712          2            03/03/00         00
    0431926518                           05           05/01/00          0
    212506                               O            04/01/30
    0

    1976445          A80/G02             F           71,910.00         ZZ
                                         360         71,910.00          1
    9225 SW 87 AVENUE UNIT A4          9.875            624.43         90
                                       9.625            624.43       79,900.00
    MIAMI            FL   33176          1            03/13/00         01
    0431914258                           01           05/01/00         25
    0017502                              N            04/01/30
    0

    1976475          F36/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
    1918 S YAKIMA AVENUE               9.125          1,269.27         80
                                       8.875          1,269.27      195,000.00
    TACOMA           WA   98405          5            03/07/00         00
    0431910108                           05           05/01/00          0
    06400913                             O            04/01/30
    0
1

    1976530          L47/G02             F          111,000.00         ZZ
                                         360        110,934.46          1
    830 AIRPORT ROAD                   8.625            863.35         80
                                       8.375            863.35      140,000.00
    BETHEL           PA   19507          2            02/25/00         00
    0431911064                           05           04/01/00          0
    0020018339                           O            03/01/30
    0

    1976579          163/G02             F           39,200.00         ZZ
                                         360         39,180.72          1
    615 NORTH WELDON STREET            9.500            329.61         70
                                       9.250            329.61       56,000.00
    GASTONIA         NC   28052          2            02/16/00         00
    0431912310                           05           04/01/00          0
    0217245152                           N            03/01/30
    0

    1976582          E84/G02             F          288,000.00         T
                                         360        287,838.54          1
    14715 SLALOM WAY                   8.875          2,291.46         80
                                       8.625          2,291.46      360,000.00
    TRUCKEE          CA   96161          1            02/16/00         00
    0431915420                           03           04/01/00          0
    75592000                             O            03/01/30
    0

    1976589          163/G02             F          350,000.00         ZZ
                                         360        349,798.63          1
    201 CHAPEL HILL ROAD               8.750          2,753.45         47
                                       8.500          2,753.45      750,000.00
    MIDDLETOWN       NJ   07701          2            02/22/00         00
    0431912070                           05           04/01/00          0
    1000152844                           O            03/01/30
    0

    1976594          K15/G02             F          300,000.00         ZZ
                                         360        299,844.47          1
    1024 NORTH CONSTELLATION WAY       9.250          2,468.03         76
                                       9.000          2,468.03      398,000.00
    GILBERT          AZ   85234          1            02/28/00         00
    0431917921                           05           04/01/00          0
    3014050                              O            03/01/30
    0

    1976612          964/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
1

    11741 ARNO ROAD                    8.625          1,182.24         87
                                       8.375          1,182.24      175,000.00
    WILTON           CA   95693          2            03/08/00         04
    0431915362                           05           05/01/00         25
    70900                                O            04/01/30
    0

    1976621          637/G02             F           83,600.00         ZZ
                                         360         83,556.66          1
    214 PERRY STREET                   9.250            687.76         80
                                       9.000            687.76      104,500.00
    MOUNT SHASTA     CA   96067          1            02/25/00         00
    0431921022                           05           04/01/00          0
    0016956872                           O            03/01/30
    0

    1976624          461/461             F          289,200.00         ZZ
                                         360        289,046.10          1
    25432 SEA BLUFFS DRIVE #301        9.125          2,353.03         80
                                       8.875          2,353.03      361,605.00
    DANA POINT       CA   92629          1            02/02/00         00
    9023222383                           01           04/01/00          0
    9023222383                           O            03/01/30
    0

    1976626          637/G02             F           97,200.00         ZZ
                                         360         97,149.61          2
    7487 FIELD ROAD                    9.250            799.64         90
                                       9.000            799.64      108,000.00
    FT MYERS         FL   33912          1            03/01/00         04
    0431921030                           05           04/01/00         25
    0019067917                           O            03/01/30
    0

    1976635          M46/G02             F           94,850.00         ZZ
                                         360         94,796.82          1
    16414 GREAT FOREST                 8.875            754.67         80
                                       8.625            754.67      118,590.00
    HUMBLE           TX   77396          1            02/28/00         00
    0431917541                           03           04/01/00          0
    95059                                O            03/01/30
    0

    1976637          637/G02             F           42,650.00         ZZ
                                         360         42,630.62          1
    3722 GOLDEN HILLS DRIVE            9.875            370.35         78
                                       9.625            370.35       55,000.00
    DALLAS           TX   75241          2            03/01/00         00
    0431933605                           05           04/01/00          0
1

    0019030071                           N            03/01/30
    0

    1976640          025/025             F           48,750.00         ZZ
                                         360         48,469.50          1
    RT 10 BOX 148X BLOUNTSTOWN HWY     8.375            370.54         75
                                       8.125            370.54       65,000.00
    TALLAHASSEE      FL   32310          5            06/25/99         00
    0003682721                           05           08/01/99          0
    0003682721                           N            07/01/29
    0

    1976647          637/G02             F           94,500.00         ZZ
                                         360         94,500.00          1
    2 SOUTH EMERSON STREET             9.500            794.61         90
                                       9.250            794.61      105,000.00
    WENATCHEE        WA   98801          1            03/01/00         04
    0431912583                           05           05/01/00         25
    0015366784                           O            04/01/30
    0

    1976648          H93/G02             F           54,625.00         ZZ
                                         360         54,600.18          1
    325 DONNA DRIVE                    9.875            474.34         95
                                       9.625            474.34       57,500.00
    TYLER            TX   75702          1            02/28/00         04
    0431911817                           05           04/01/00         30
    108310190                            O            03/01/30
    0

    1976652          637/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
    318 WEST IVANHOE STREET            8.875          1,527.64         80
                                       8.625          1,527.64      240,000.00
    GILBERT          AZ   85233          1            03/01/00         00
    0431912799                           03           05/01/00          0
    0020021028                           O            04/01/30
    0

    1976660          664/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
    2809 WEST ROAD                     9.125            716.00         63
                                       8.875            716.00      140,000.00
    WOODSTOCK        IL   60098          5            02/29/00         00
    0431912260                           05           05/01/00          0
    3365335                              O            04/01/30
    0

1

    1976672          025/025             F          180,000.00         ZZ
                                         360        179,499.11          1
    4 HOBSON COURT                     9.875          1,563.03         90
                                       9.625          1,563.03      200,000.00
    COLUMBUS         GA   31907          1            09/10/99         23
    0020210019                           05           11/01/99          0
    0020210019                           O            10/01/29
    0

    1976684          461/461             F          267,000.00         ZZ
                                         360        266,850.31          1
    2704 TIBURON AVENUE                8.875          2,124.38         79
                                       8.625          2,124.38      340,000.00
    CARLSBAD         CA   92008          2            02/02/00         00
    9023212277                           05           04/01/00          0
    9023212277                           O            03/01/30
    0

    1976707          461/461             F          124,800.00         ZZ
                                         360        124,730.03          1
    5802 OLIVE AVENUE                  8.875            992.97         80
                                       8.625            992.97      156,000.00
    RIALTO           CA   92377          5            02/09/00         00
    9023226541                           05           04/01/00          0
    9023226541                           O            03/01/30
    0

    1976708          H58/G02             F          116,250.00         ZZ
                                         360        116,189.73          1
    1897 RIVERVIEW STREET              9.250            956.36         75
                                       9.000            956.36      155,000.00
    EUGENE           OR   97403          5            02/22/00         00
    0431929538                           05           04/01/00          0
    45772                                O            03/01/30
    0

    1976714          Q99/G02             F          168,000.00         ZZ
                                         360        167,921.62          1
    3 PURITAN ROAD                     9.750          1,443.38         80
                                       9.500          1,443.38      211,000.00
    SALEM            MA   01970          2            03/14/00         00
    0431919778                           05           04/20/00          0
    HAWRYLUK                             O            03/20/30
    0

    1976722          M07/G02             F           97,500.00         ZZ
                                         360         97,500.00          1
    1895 COLOMA STREET                 9.000            784.51         75
                                       8.750            784.51      130,000.00
1

    SAN BERNARDINO   CA   92354          1            03/10/00         00
    0431919661                           05           05/01/00          0
    ACC91203                             N            04/01/30
    0

    1976727          461/461             F          220,000.00         ZZ
                                         360        219,870.11          1
    664 NORTH WOODLAWN DRIVE           8.625          1,711.14         84
                                       8.375          1,711.14      265,000.00
    THOUSAND OAKS    CA   91360          2            02/22/00         10
    9023183825                           09           04/01/00         12
    9023183825                           O            03/01/30
    0

    1976728          461/461             F           33,750.00         ZZ
                                         360         33,734.25          1
    2848 TEXAS AVENUE                  9.750            289.97         75
                                       9.500            289.97       45,000.00
    ST LOUIS         MO   63118          1            02/28/00         00
    9023255730                           05           04/01/00          0
    9023255730                           N            03/01/30
    0

    1976730          461/461             F           57,600.00         ZZ
                                         360         57,568.53          1
    3161 EAST LIBERTY AVENUE           9.000            463.47         90
                                       8.750            463.47       64,000.00
    FRESNO           CA   93702          2            02/24/00         10
    9023252000                           05           04/01/00         25
    9023252000                           O            03/01/30
    0

    1976735          461/461             F           34,125.00         ZZ
                                         360         34,109.08          1
    7725 VERMONT AVENUE                9.750            293.19         75
                                       9.500            293.19       45,500.00
    ST LOUIS         MO   63111          1            02/28/00         00
    9023255797                           05           04/01/00          0
    9023255797                           N            03/01/30
    0

    1976738          461/461             F          440,000.00         ZZ
                                         360        439,777.80          1
    5204 MEDINA ROAD                   9.375          3,659.70         77
                                       9.125          3,659.70      575,000.00
    WOODLAND HILLS   CA   91364          5            01/31/00         00
    9023214554                           05           04/01/00          0
    9023214554                           O            03/01/30
    0
1

    1976740          461/461             F          188,000.00         ZZ
                                         360        187,912.28          1
    20340 MARILLA ST                   9.750          1,615.22         80
                                       9.500          1,615.22      237,000.00
    CHATSWORTH       CA   91311          5            02/14/00         00
    9023212020                           05           04/01/00          0
    9023212020                           O            03/01/30
    0

    1976758          F96/G02             F          190,400.00         ZZ
                                         360        190,296.00          1
    226 RAYMOND STREET                 9.000          1,532.00         80
                                       8.750          1,532.00      238,000.00
    HASBROUCK HEIGH  NJ   07604          2            02/29/00         00
    0431921691                           05           04/01/00          0
    0001179                              O            03/01/30
    0

    1976799          Q01/G02             F          238,013.00         ZZ
                                         360        237,907.48          1
    8201 OLD DEER TRAIL                9.990          2,086.98         90
                                       9.740          2,086.98      265,000.00
    RALEIGH          NC   27615          5            02/25/00         01
    0431913045                           05           04/01/00         25
    17101016                             O            03/01/30
    0

    1976810          637/G02             F          110,400.00         ZZ
                                         360        110,400.00          3
    4285 WEST REGENCY AVENUE           9.250            908.24         80
    #101 102 103                       9.000            908.24      138,000.00
    FRESNO           CA   93722          1            03/07/00         00
    0431921717                           05           05/01/00          0
    0013964184                           N            04/01/30
    0

    1976814          709/G02             F          264,000.00         ZZ
                                         360        264,000.00          1
    440 W SCHULTE ROAD                 8.625          2,053.37         80
                                       8.375          2,053.37      330,000.00
    TRACY            CA   95376          5            03/01/00         00
    0431920180                           05           05/01/00          0
    390849                               O            04/01/30
    0

    1976816          163/G02             F           57,600.00         ZZ
                                         360         57,567.70          1
1

    805 STEVENS AVENUE                 8.875            458.30         80
                                       8.625            458.30       72,000.00
    PORTLAND         ME   04103          1            02/23/00         00
    0431918382                           05           04/01/00          0
    1000187731                           N            03/01/30
    0

    1976823          964/G02             F          159,200.00         ZZ
                                         360        159,200.00          1
    3064 SILENT WIND WAY               9.375          1,324.15         80
                                       9.125          1,324.15      199,000.00
    HENDERSON        NV   89052          1            03/10/00         00
    0431920370                           03           05/01/00          0
    72100                                O            04/01/30
    0

    1976825          163/G02             F           71,250.00         T
                                         360         71,250.00          1
    3541 NE OCEAN BLVD #1              8.875            566.90         73
                                       8.625            566.90       98,000.00
    JENSEN BEACH     FL   34957          1            03/01/00         00
    0431924687                           01           05/01/00          0
    7717292170                           O            04/01/30
    0

    1976830          163/G02             F          348,000.00         ZZ
                                         360        348,000.00          1
    424 EAST 1325 NORTH                8.625          2,706.71         80
                                       8.375          2,706.71      435,000.00
    OREM             UT   84097          1            03/07/00         00
    0431919695                           05           05/01/00          0
    6517318769                           O            04/01/30
    0

    1976831          637/G02             F          138,400.00         ZZ
                                         360        138,400.00          1
    888 SOUTH WESTWOOD ST              8.875          1,101.18         80
                                       8.625          1,101.18      173,000.00
    PORTERVILLE      CA   93257          1            03/01/00         00
    0431917558                           05           05/01/00          0
    0013964754                           O            04/01/30
    0

    1976838          637/G02             F          125,600.00         ZZ
                                         360        125,529.59          1
    11085 SW 83RD AVENUE               8.875            999.33         75
                                       8.625            999.33      167,500.00
    TIGARD           OR   97223          1            02/18/00         00
    0431926245                           05           04/01/00          0
1

    0020015749                           O            03/01/30
    0

    1976839          K15/G02             F          224,800.00         ZZ
                                         360        224,670.67          1
    22341 LULL STREET                  8.750          1,768.50         85
                                       8.500          1,768.50      264,500.00
    CANOGA PARK ARE  CA   91304          1            02/28/00         11
    0431922228                           05           04/01/00         12
    3015492                              O            03/01/30
    0

    1976846          K15/G02             F           93,750.00         ZZ
                                         360         93,698.80          1
    8637 EL SOBRANTE WAY               9.000            754.33         75
                                       8.750            754.33      125,000.00
    ORANGEVALE       CA   95662          1            02/08/00         00
    0431920818                           05           04/01/00          0
    3012871                              O            03/01/30
    0

    1976847          637/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    2818 SE 52ND AVENUE                8.875            636.52         65
                                       8.625            636.52      124,500.00
    PORTLAND         OR   97206          5            03/01/00         00
    0431917251                           05           05/01/00          0
    9616780                              O            04/01/30
    0

    1976848          K15/G02             F           63,450.00         ZZ
                                         360         63,419.60          1
    260 WEST LAKE AVENUE NW            9.625            539.32         90
                                       9.375            539.32       70,500.00
    ATLANTA          GA   30314          1            02/09/00         01
    0431924349                           05           04/01/00         25
    3014804                              N            03/01/30
    0

    1976856          P63/G02             F          173,700.00         ZZ
                                         360        173,700.00          4
    229 EAST 5TH STREET                9.750          1,492.35         90
                                       9.500          1,492.35      193,000.00
    LAKEWOOD         NJ   08701          1            03/31/00         11
    0431947407                           05           05/01/00         25
    1976856                              N            04/01/30
    0

1

    1976867          M76/G02             F          109,600.00         ZZ
                                         360        109,600.00          1
    2227 E 6TH STREET                  8.875            872.03         80
                                       8.625            872.03      137,000.00
    TUCSON           AZ   85719          1            03/29/00         00
    0431946433                           05           05/01/00          0
    1976867                              O            04/01/30
    0

    1976880          K15/G02             F           42,500.00         ZZ
                                         360         42,477.39          1
    117 S  6TH AVENUE                  9.125            345.79         90
                                       8.875            345.79       47,250.00
    COATESVILLE      PA   19320          1            02/11/00         11
    0431922632                           05           04/01/00         25
    3015096                              N            03/01/30
    0

    1976883          163/G02             F          315,200.00         ZZ
                                         360        315,023.30          1
    16895 CECIL PLACE                  8.875          2,507.87         80
                                       8.625          2,507.87      394,000.00
    RIVERSIDE        CA   92504          1            02/18/00         00
    0431917798                           05           04/01/00          0
    1417289911                           O            03/01/30
    0

    1977031          J73/G02             F           97,200.00         ZZ
                                         360         97,200.00          1
    4865 CYPRESS WOODS DR #2108        9.750            835.10         80
                                       9.500            835.10      121,900.00
    ORLANDO          FL   32811          1            03/14/00         00
    0431924778                           01           05/01/00          0
    K9908007                             O            04/01/30
    0

    1977066          H87/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
    696 N LEWIS ST                     9.250          1,316.29         80
                                       9.000          1,316.29      200,000.00
    LINDENHURST      NY   11757          1            03/23/00         00
    0431935790                           05           05/01/00          0
    NY00021401ST                         O            04/01/30
    0

    1977068          Q76/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
    8640 WEST WELDON AVENUE            9.750            652.96         80
                                       9.500            652.96       95,000.00
1

    PHOENIX          AZ   85037          2            03/23/00         00
    0431946102                           05           05/01/00          0
    20003011                             O            04/01/30
    0

    1977070          B49/G02             F          103,200.00         ZZ
                                         360        103,200.00          1
    2602 TIMBERWOOD DRIVE #41          8.750            811.88         80
                                       8.500            811.88      129,000.00
    FORT COLLINS     CO   80528          1            03/24/00         00
    0431932789                           09           05/01/00          0
    0398738                              N            04/01/30
    0

    1977077          196/196             F          638,000.00         ZZ
                                         360        638,000.00          1
    20 LA VISTA WAY                    8.750          5,019.15         80
                                       8.500          5,019.15      797,500.00
    DANVILLE         CA   94506          1            03/09/00         00
    1360769                              03           05/01/00          0
    1360769                              O            04/01/30
    0

    1977086          637/G02             F           73,650.00         ZZ
                                         360         73,650.00          3
    636 SUMMER STREET                  9.500            619.29         90
                                       9.250            619.29       81,885.00
    MANCHESTER       NH   03103          1            03/07/00         01
    0431938141                           05           05/01/00         25
    0016656522                           N            04/01/30
    0

    1977093          K15/G02             F          161,600.00         ZZ
                                         360        161,516.23          1
    500 SUTTER STREET                  9.250          1,329.44         80
                                       9.000          1,329.44      202,000.00
    FOLSOM           CA   95630          1            02/23/00         00
    0431927581                           05           04/01/00          0
    3016395                              N            03/01/30
    0

    1977104          624/G02             F          101,500.00         ZZ
                                         360        101,500.00          2
    1638-1640 SE 6TH AVENUE            9.625            862.74         70
                                       9.375            862.74      145,000.00
    CAMAS            WA   98607          2            03/09/00         00
    0431920016                           05           05/01/00          0
    81700100533                          N            04/01/30
    0
1

    1977112          G51/G02             F           49,500.00         ZZ
                                         360         49,500.00          2
    36 LAKEVIEW AVENUE                10.125            438.98         90
                                       9.875            438.98       55,000.00
    ORCHARD PARK     NY   14127          1            03/15/00         04
    0431928688                           05           05/01/00         25
    0396147                              N            04/01/30
    0

    1977121          183/G02             F           27,000.00         ZZ
                                         360         26,987.73          1
    7221 LEAVENWORTH ROAD              9.875            234.46         43
                                       9.625            234.46       63,000.00
    KANSAS CITY      KS   66109          5            03/08/00         00
    0431919059                           05           04/08/00          0
    800340644                            N            03/08/30
    0

    1977175          M65/G02             F          192,850.00         ZZ
                                         360        192,850.00          2
    266 MAYWOOD AVENUE                 9.500          1,621.59         95
                                       9.250          1,621.59      203,000.00
    MAYWOOD          NJ   07607          1            03/28/00         01
    0431941657                           05           05/01/00         30
    RODRIGUEZ                            O            04/01/30
    0

    1977177          Q59/G02             F          355,500.00         ZZ
                                         360        355,500.00          2
    838 & 840 S ST ANDREWS PLACE       8.875          2,828.52         90
                                       8.625          2,828.52      395,000.00
    LOS ANGELES      CA   90005          1            03/07/00         11
    0431941749                           05           05/01/00         25
    00200785                             O            04/01/30
    0

    1977179          A06/G02             F           76,500.00         ZZ
                                         360         76,454.83          1
    556 E WOODLAND                     8.625            595.01         67
                                       8.375            595.01      115,000.00
    FERNDALE         MI   48220          2            02/25/00         00
    0431929942                           05           04/01/00          0
    001000010004507                      N            03/01/30
    0

    1977194          K15/G02             F          101,100.00         ZZ
                                         360        101,100.00          1
1

    402 W YOAKUM ST                    9.875            877.90         95
                                       9.625            877.90      106,500.00
    CHAFFEE          MO   63740          5            03/10/00         10
    0431931849                           05           05/01/00         30
    022705300634                         O            04/01/30
    0

    1977201          K15/G02             F           83,900.00         ZZ
                                         360         83,900.00          1
    78720 HWY 25                       9.125            682.64         63
                                       8.875            682.64      135,000.00
    FOLSOM           LA   70437          2            03/14/00         00
    0431928902                           05           05/01/00          0
    009005300899                         N            04/01/30
    0

    1977273          K15/G02             F          204,200.00         ZZ
                                         360        204,096.88          1
    2540 AUDUBON LANE                  9.375          1,698.43         90
                                       9.125          1,698.43      226,900.00
    HAMPTON COVE     AL   35763          1            03/01/00         04
    0431927631                           03           04/01/00         25
    3011975                              O            03/01/30
    0

    1977322          M29/G02             F          175,920.00         ZZ
                                         360        175,920.00          1
    12341 EAST CEDAR CIRCLE            9.500          1,479.23         80
                                       9.250          1,479.23      219,900.00
    AURORA           CO   80012          1            03/20/00         00
    0431921857                           05           05/01/00          0
    000287CH                             O            04/01/30
    0

    1977331          637/G02             F           60,600.00         ZZ
                                         360         60,600.00          1
    610 WEST PRINCESS ANNE R           9.000            487.61         94
                                       8.750            487.61       65,000.00
    NORFOLK          VA   23517          2            03/08/00         14
    0431923309                           01           05/01/00         30
    0019161223                           O            04/01/30
    0

    1977343          T44/G02             F          131,947.00         ZZ
                                         360        131,809.65          1
    1306 STRINGER ROAD                 9.250          1,085.50         71
                                       9.000          1,085.50      186,900.00
    BELTON           SC   29627          2            01/13/00         00
    0431931971                           05           03/01/00          0
1

    4758990                              O            02/01/30
    0

    1977358          665/G02             F           89,000.00         ZZ
                                         360         88,948.80          1
    5376 BLUE MOUNTAIN ROAD            8.750            700.16         65
                                       8.500            700.16      138,000.00
    RAILROAD FLAT    CA   95248          5            02/16/00         00
    0431922400                           05           04/01/00          0
    9901234847                           O            03/01/30
    0

    1977360          K15/G02             F          469,000.00         ZZ
                                         360        468,750.41          1
    4834 BLAGDEN AVENUE                9.125          3,815.94         89
                                       8.875          3,815.94      530,000.00
    WASHINGTON       DC   20011          2            02/18/00         12
    0431929728                           05           04/01/00         25
    3015228                              O            03/01/30
    0

    1977364          455/G02             F           96,300.00         ZZ
                                         360         96,300.00          1
    2545 WALTON WAY                   10.125            854.02         90
                                       9.875            854.02      107,000.00
    MARIETTA         GA   30060          1            03/21/00         01
    0431947977                           05           05/01/00         25
    09000299                             N            04/01/30
    0

    1977368          K15/G02             F           99,000.00         ZZ
                                         360         98,950.01          1
    700 AVONDALE ROAD UNIT PH-1        9.375            823.43         90
                                       9.125            823.43      110,000.00
    NETHER PROVINCE  PA   19086          1            02/23/00         10
    0431928092                           08           04/01/00         25
    3014891                              N            03/01/30
    0

    1977374          K15/G02             F          220,450.00         ZZ
                                         360        220,338.68          4
    2710 2712 2714 2716 C STREET       9.375          1,833.59         90
                                       9.125          1,833.59      245,000.00
    SAN DIEGO        CA   92102          1            02/23/00         10
    0431939107                           05           04/01/00         25
    3013475                              N            03/01/30
    0

1

    1977379          K15/G02             F          182,000.00         ZZ
                                         360        181,903.15          1
    8251 NORTH APPLEGATE ROAD          9.125          1,480.81         80
                                       8.875          1,480.81      227,500.00
    GRANTS PASS      OR   97527          5            02/23/00         00
    0431952779                           05           04/01/00          0
    3018154                              O            03/01/30
    0

    1977382          K15/G02             F          100,000.00         ZZ
                                         360         99,943.94          1
    3625 PERRYDALE ROAD                8.875            795.64         50
                                       8.625            795.64      200,000.00
    DALLAS           OR   97338          5            02/11/00         00
    0431928191                           05           04/01/00          0
    3012945                              O            03/01/30
    0

    1977416          H58/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
    2208 DOVER AVENUE                  9.000            724.16         63
                                       8.750            724.16      145,000.00
    SAN PABLO        CA   94806          5            03/06/00         00
    0431940394                           05           05/01/00          0
    45748                                O            04/01/30
    0

    1977464          962/G02             F           44,650.00         ZZ
                                         360         44,650.00          1
    1100 E BURDICK EXPRESSWAY          9.875            387.72         95
                                       9.625            387.72       47,000.00
    MINOT            ND   58701          1            03/31/00         04
    0431949270                           05           05/01/00         30
    1977464                              O            04/01/30
    0

    1977517          883/G02             F           66,400.00         ZZ
                                         360         66,400.00          1
    4029 SAXON DRIVE                   8.875            528.31         80
                                       8.625            528.31       83,000.00
    NEW SMYRNA BEAC  FL   32169          1            03/15/00         00
    0431928993                           09           05/01/00          0
    05010342                             O            04/01/30
    0

    1977519          737/G02             F           41,850.00         ZZ
                                         360         41,850.00          1
    1510 NORTH STREET                  9.875            363.41         90
                                       9.625            363.41       46,500.00
1

    RACINE           WI   53402          1            03/13/00         12
    0431926294                           05           05/01/00         25
    963489                               N            04/01/30
    0

    1977522          896/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
    329 HIGHWAY 81 WEST                9.250            414.63         90
                                       9.000            414.63       56,000.00
    MCDONOUGH        GA   30253          1            03/14/00         10
    0431926443                           05           05/01/00         25
    20285                                N            04/01/30
    0

    1977526          T44/G02             F           95,000.00         ZZ
                                         360         95,000.00          1
    27221 OAKFLAT DRIVE                9.500            798.81         49
                                       9.250            798.81      197,000.00
    TEHACHAPI        CA   93561          2            03/06/00         00
    0431926203                           03           05/01/00          0
    8945594                              N            04/01/30
    0

    1977530          E23/G02             F          213,300.00         ZZ
                                         360        213,300.00          1
    7070 HARVEST LANE                  8.500          1,640.09         90
                                       8.250          1,640.09      237,040.00
    RIVERSIDE        CA   92506          1            03/15/00         04
    0431954338                           05           05/01/00         25
    50508398                             O            04/01/30
    0

    1977531          K15/G02             F           99,000.00         ZZ
                                         360         98,950.01          1
    700 AVONDALE ROAD UNIT PH 1        9.375            823.43         90
                                       9.125            823.43      110,000.00
    NETHER PROVINCE  PA   19086          1            02/23/00         12
    0431930007                           01           04/01/00         25
    3014893                              N            03/01/30
    0

    1977537          E66/E66             F          260,000.00         ZZ
                                         360        259,547.95          1
    6500 HORESMAN TRAIL                8.750          2,045.42         72
                                       8.500          2,045.42      364,000.00
    SUMMERFIELD      NC   27368          2            01/05/00         00
    600536138                            03           02/01/00          0
    600536138                            O            01/01/30
    0
1

    1977540          005/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
    4558 15TH AVENUE NORTH             9.500            639.05         80
                                       9.250            639.05       95,000.00
    SAINT PETERSBUR  FL   33713          1            03/31/00         00
    0431956150                           05           05/01/00          0
    003011080466                         O            04/01/30
    0

    1977545          828/G02             F           71,550.00         ZZ
                                         360         71,550.00          1
    2026 QUAIL VALLEY EAST DRIVE       9.625            608.17         90
                                       9.375            608.17       79,500.00
    MISSOURI CITY    TX   77459          1            03/28/00         11
    0431952571                           05           05/01/00         25
    00001345                             N            04/01/30
    0

    1977558          H17/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
    1759 N CENTRAL AVENUE              8.750            531.02         80
                                       8.500            531.02       84,400.00
    FLAGLER BEACH    FL   32136          1            03/17/00         00
    0431925569                           09           05/01/00          0
    003035C                              O            04/01/30
    0

    1977564          K15/G02             F           92,700.00         ZZ
                                         360         92,653.19          1
    700 AVONDALE ROAD UNIT 5J          9.375            771.03         90
                                       9.125            771.03      103,000.00
    NETHER PROVINCE  PA   19086          1            02/23/00         11
    0431929819                           08           04/01/00         25
    3014894                              N            03/01/30
    0

    1977567          K15/G02             F           49,500.00         ZZ
                                         360         49,500.00          1
    798 HUMPHRIES STREET SW            9.875            429.83         90
                                       9.625            429.83       55,000.00
    ATLANTA          GA   30310          1            03/08/00         04
    0431958693                           05           05/01/00         25
    3019815                              N            04/01/30
    0

    1977569          K15/G02             F          141,300.00         ZZ
                                         360        141,232.30          4
1

    229 W 300 NORTH                    9.625          1,201.04         90
                                       9.375          1,201.04      157,000.00
    SALT LAKE CITY   UT   84103          1            02/25/00         01
    0431959709                           05           04/01/00         25
    3020144                              N            03/01/30
    0

    1977573          K15/G02             F          202,500.00         ZZ
                                         360        202,397.74          1
    22 MOUNTAINVIEW TRAIL              9.375          1,684.29         90
                                       9.125          1,684.29      225,000.00
    CHADDS FORD      PA   19317          1            02/29/00         01
    0431930049                           05           04/01/00         25
    3019968                              O            03/01/30
    0

    1977574          K15/G02             F          228,000.00         ZZ
                                         360        227,884.86          4
    220 A,B,C,D WEST MARQUITA          9.375          1,896.39         80
                                       9.125          1,896.39      285,000.00
    SAN CLEMENTE     CA   92672          1            02/24/00         00
    0431959485                           05           04/01/00          0
    3019373                              N            03/01/30
    0

    1977580          E65/G02             F           25,650.00         ZZ
                                         360         25,650.00          1
    217 W AUSTIN                       9.875            222.73         89
                                       9.625            222.73       29,000.00
    FLINT            MI   48505          1            03/10/00         01
    0431930874                           05           05/01/00         25
    228233                               N            04/01/30
    0

    1977582          K15/G02             F           89,550.00         ZZ
                                         360         89,509.31          1
    18 ROCKCRESS DRIVE                 9.875            777.61         90
                                       9.625            777.61       99,510.00
    DELRAN           NJ   08075          1            02/25/00         01
    0431929496                           09           04/01/00         25
    3019952                              N            03/01/30
    0

    1977585          K15/G02             F          249,660.00         ZZ
                                         360        249,530.57          1
    337 K STREET                       9.250          2,053.89         90
                                       9.000          2,053.89      277,400.00
    SOUTH BOSTON     MA   02127          1            02/29/00         10
    0431929231                           07           04/01/00         25
1

    3019816                              O            03/01/30
    0

    1977586          E65/G02             F           25,200.00         ZZ
                                         360         25,200.00          1
    242 HOLBROOK                       9.875            218.82         90
                                       9.625            218.82       28,000.00
    FLINT            MI   48505          1            03/10/00         01
    0431932706                           05           05/01/00         25
    228231                               N            04/01/30
    0

    1977592          E65/G02             F           17,100.00         ZZ
                                         360         17,100.00          1
    213 W BALTIMORE                    9.875            148.49         90
                                       9.625            148.49       19,000.00
    FLINT            MI   48505          1            03/10/00         01
    0431930619                           05           05/01/00         25
    228232                               O            04/01/30
    0

    1977596          E65/G02             F           23,400.00         ZZ
                                         360         23,400.00          1
    301 W AUSTIN                       9.875            203.19         90
                                       9.625            203.19       26,000.00
    FLINT            MI   48505          1            03/10/00         01
    0431930742                           05           05/01/00         25
    228230                               N            04/01/30
    0

    1977599          F32/G02             F           51,500.00         ZZ
                                         360         51,500.00          1
    310-J WINDING RIVER DRIVE          9.625            437.74         90
                                       9.375            437.74       57,270.00
    DUNWOODY         GA   30350          1            03/17/00         12
    0431927516                           01           05/01/00         25
    406138594                            N            04/01/30
    0

    1977601          E38/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
    3101 WILLOW STREET                 8.625            583.34         60
                                       8.375            583.34      126,000.00
    ANCHORAGE        AK   99517          5            03/17/00         00
    0431924604                           05           05/01/00          0
    994593                               O            04/01/30
    0

1

    1977605          E47/G02             F          252,000.00         BB
                                         360        252,000.00          1
    2708 VIA MONTAZUMA                 9.875          2,188.24         80
                                       9.625          2,188.24      315,000.00
    SAN CLEMENTE     CA   92672          1            03/03/00         00
    0431946094                           05           05/01/00          0
    LAG12221                             O            04/01/30
    0

    1977626          K15/G02             F          232,000.00         ZZ
                                         360        232,000.00          1
    4412 HIDDEN VALLEY COURT NE        9.125          1,887.63         80
                                       8.875          1,887.63      290,000.00
    ALBUQUERQUE      NM   87111          5            03/02/00         00
    0431959634                           05           05/01/00          0
    3020654                              O            04/01/30
    0

    1977628          K15/G02             F           42,000.00         ZZ
                                         360         42,000.00          1
    RT 1 BOX 117B                     10.125            372.47         80
                                       9.875            372.47       52,700.00
    ATHENS           LA   71003          5            03/17/00         00
    0431933142                           05           05/01/00          0
    008405302008                         O            04/01/30
    0

    1977630          K15/G02             F           91,700.00         ZZ
                                         360         91,652.46          2
    3226 CLOVERHURST DRIVE             9.250            754.39         90
                                       9.000            754.39      102,000.00
    EAST POINT       GA   30344          1            03/02/00         04
    0431933431                           05           04/01/00         25
    3019205                              N            03/01/30
    0

    1977631          A50/A50             F           51,200.00         ZZ
                                         360         51,200.00          1
    2219C HIGHWAY 280 EAST             9.750            439.89         95
                                       9.500            439.89       53,900.00
    LESLIE           GA   31764          1            03/31/00         01
    701256                               05           05/01/00         30
    701256                               O            04/01/30
    0

    1977632          K15/G02             F           87,400.00         ZZ
                                         360         87,400.00          1
    3086 MARGARET                      9.375            726.95         85
                                       9.125            726.95      103,000.00
1

    AUBURN HILLS     MI   48326          5            03/17/00         27
    0431933167                           05           05/01/00         12
    035805300830                         O            04/01/30
    0

    1977644          G52/G02             F          106,650.00         ZZ
                                         360        106,650.00          1
    1785 AWA A PLACE                   8.875            848.56         90
                                       8.625            848.56      118,500.00
    KAPAA            HI   96746          1            03/02/00         11
    0431928746                           05           05/01/00         25
    92500680                             O            04/01/30
    0

    1977645          A33/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
    5123 EAST NORTH STREET             9.875            547.06         90
                                       9.625            547.06       70,000.00
    INDIANAPOLIS     IN   46219          1            03/17/00         11
    0431934496                           05           05/01/00         25
    029085950                            N            04/01/30
    0

    1977649          E47/G02             F          198,800.00         ZZ
                                         360        198,800.00          1
    7744 TRIPLE BEND DRIVE             8.500          1,528.60         80
                                       8.250          1,528.60      248,500.00
    CHINA GROVE      TX   78263          2            03/09/00         00
    0431941152                           05           05/01/00          0
    SAT10994                             O            04/01/30
    0

    1977652          637/G02             F          117,200.00         ZZ
                                         360        117,200.00          1
    1505 SOUTH DECATUR STREET          9.125            953.58         80
                                       8.875            953.58      146,500.00
    DENVER           CO   80219          1            03/10/00         00
    0431929082                           05           05/01/00          0
    0014994305                           O            04/01/30
    0

    1977653          E11/G02             F           93,350.00         ZZ
                                         360         93,350.00          1
    122 HARRISON AVENUE                9.375            776.44         90
                                       9.125            776.44      103,750.00
    HOPKINS          MN   55343          1            03/22/00         04
    0431930387                           05           05/01/00         25
    2120693                              N            04/01/30
    0
1

    1977655          K15/G02             F           77,350.00         ZZ
                                         360         77,350.00          1
    19 COTTON GIN ROAD                 9.250            636.34         70
                                       9.000            636.34      110,500.00
    KYLE             TX   78640          5            03/02/00         00
    0431940311                           05           05/01/00          0
    3021240                              O            04/01/30
    0

    1977659          637/G02             F           97,000.00         ZZ
                                         360         97,000.00          1
    513 HIBISCUS AVENUE                9.500            815.63         90
                                       9.250            815.63      107,900.00
    LEHIGH ACRES     FL   33936          1            03/09/00         04
    0431930429                           05           05/01/00         25
    0019070457                           O            04/01/30
    0

    1977664          664/G02             F           69,300.00         ZZ
                                         360         69,300.00          1
    6706 W FRIENDLY AVNEUE UNIT 1K     9.250            570.12         90
                                       9.000            570.12       77,000.00
    GREENSBORO       NC   27410          1            03/15/00         11
    0431928563                           01           05/01/00         17
    0003331485                           O            04/01/30
    0

    1977676          637/G02             F           45,050.00         ZZ
                                         360         45,050.00          1
    2521 UTICA DRIVE                   9.750            387.05         85
                                       9.500            387.05       53,000.00
    DALLAS           TX   75227          1            03/10/00         11
    0431927383                           05           05/01/00         12
    0019036748                           O            04/01/30
    0

    1977688          K15/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
    1428 SOUND FOREST DRIVE            8.750          1,101.38         79
                                       8.500          1,101.38      177,300.00
    GULF BREEZE      FL   32561          2            03/07/00         00
    0431959097                           05           05/01/00          0
    3021647                              O            04/01/30
    0

    1977696          M66/G02             F          112,000.00         ZZ
                                         360        112,000.00          3
1

    432 2ND STREET                     9.875            972.56         87
                                       9.625            972.56      129,000.00
    JERSEY CITY      NJ   07302          1            03/16/00         01
    0431929504                           05           05/01/00         20
    136583                               N            04/01/30
    0

    1977697          A50/A50             F           79,500.00         ZZ
                                         360         79,500.00          1
    7840 EDGEWATER DRIVE               8.625            618.34         76
                                       8.375            618.34      105,000.00
    COLUMBUS         GA   31904          5            03/20/00         00
    701286                               05           05/01/00          0
    701286                               O            04/01/30
    0

    1977698          B49/G02             F          173,700.00         ZZ
                                         360        173,700.00          1
    1061 BEAVER CREEK BLVD #R304       9.000          1,397.63         90
                                       8.750          1,397.63      193,000.00
    AVON             CO   81620          1            03/30/00         10
    0431947803                           01           05/01/00         30
    22602932                             O            04/01/30
    0

    1977715          R86/G02             F          103,500.00         ZZ
                                         360        103,500.00          4
    6707 WEST MYRTLE AVENUE            9.750            889.22         90
                                       9.500            889.22      115,000.00
    GLENDALE         AZ   85303          1            03/27/00         10
    0431947381                           05           05/01/00         25
    000322                               N            04/01/30
    0

    1977725          S22/G02             F          208,000.00         ZZ
                                         360        207,886.38          1
    180 MONICA COURT                   9.000          1,673.62         80
                                       8.750          1,673.62      260,000.00
    LAKE MARY        FL   32746          1            02/25/00         00
    0431929355                           05           04/01/00          0
    201087P                              N            03/01/30
    0

    1977763          E38/G02             F          304,000.00         ZZ
                                         360        304,000.00          1
    1771 GLENCOE ROAD                  8.750          2,391.57         80
                                       8.500          2,391.57      380,000.00
    WINTER PARK      FL   32789          1            03/17/00         00
    0431930312                           05           05/01/00          0
1

    995535                               O            04/01/30
    0

    1977775          A50/A50             F           96,444.00         ZZ
                                         360         96,382.50          1
    108 OLD POND DRIVE                 8.250            724.55         80
                                       8.000            724.55      120,556.00
    KINGSLAND        GA   31548          1            02/22/00         00
    128617                               03           04/01/00          0
    128617                               O            03/01/30
    0

    1977776          A50/A50             F           76,500.00         ZZ
                                         360         76,463.35          2
    1319 1321 FULLER ROAD              9.625            650.24         90
                                       9.375            650.24       85,000.00
    TALLAHASSEE      FL   32303          1            02/29/00         04
    128764                               03           04/01/00         25
    128764                               N            03/01/30
    0

    1977779          737/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
    290 EDGEWOOD ROAD                  9.750          1,202.82         69
                                       9.500          1,202.82      205,000.00
    GUYTON           GA   31312          4            03/15/00         00
    0431934629                           05           05/01/00          0
    2000569                              O            04/01/30
    0

    1977815          T44/G02             F           81,900.00         ZZ
                                         360         81,900.00          1
    7745 ROSEMARY                      9.875            711.18         90
                                       9.625            711.18       91,000.00
    DEARBORN HEIGHT  MI   48127          1            03/21/00         04
    0431930924                           05           05/01/00         25
    8954411                              N            04/01/30
    0

    1977817          T44/G02             F          130,500.00         ZZ
                                         360        130,500.00          1
    5031 OAKWOOD                       9.875          1,133.19         90
                                       9.625          1,133.19      145,000.00
    ORTONVILLE       MI   48462          1            03/21/00         04
    0431935220                           05           05/01/00         25
    8958211                              N            04/01/30
    0

1

    1977829          025/025             F           71,900.00         ZZ
                                         360         71,715.18          1
    758 BUFORD STREET                 10.250            644.30         90
                                      10.000            644.30       79,900.00
    SMYRNA           TN   37167          1            09/15/99         11
    0021725239                           05           11/01/99         25
    0021725239                           N            10/01/29
    0

    1977832          Q69/G02             F           63,000.00         ZZ
                                         360         63,000.00          2
    2501 & 2503 ALDEN AVENUE           9.750            541.27         90
                                       9.500            541.27       70,000.00
    DALLAS           TX   75211          1            03/21/00         04
    0431938026                           05           05/01/00         25
    0003002                              N            04/01/30
    0

    1977840          E11/G02             F          162,000.00         ZZ
                                         360        162,000.00          1
    822 SE 7TH STREET                  9.375          1,347.43         90
                                       9.125          1,347.43      180,000.00
    MINNEAPOLIS      MN   55414          1            03/15/00         12
    0431929165                           05           05/01/00         25
    0396256                              N            04/01/30
    0

    1977858          M96/G02             F           50,490.00         ZZ
                                         240         50,490.00          2
    841 MC REYNOLDS ST NW              9.875            483.07         90
                                       9.625            483.07       56,100.00
    GRAND RAPIDS     MI   49504          1            03/23/00         10
    0431932599                           05           05/01/00         25
    200000213                            N            04/01/20
    0

    1977874          700/G02             F          143,100.00         ZZ
                                         360        143,100.00          1
    13788 BOSTON COURT                 8.750          1,125.77         90
                                       8.500          1,125.77      159,000.00
    FONTANA          CA   92336          1            03/20/00         10
    0431931088                           03           05/01/00         25
    00250321                             O            04/01/30
    0

    1977895          P58/G02             F           22,000.00         ZZ
                                         360         22,000.00          1
    113 FEDERAL COURT                  8.625            171.12         53
                                       8.375            171.12       42,000.00
1

    ABSECON          NJ   08201          1            03/18/00         00
    0431935568                           01           05/01/00          0
    002000000601                         O            04/01/30
    0

    1977939          E84/G02             F          123,750.00         T
                                         360        123,750.00          1
    3543 SOUTH OCEAN BOULEVAR          9.625          1,051.86         75
    APT 115                            9.375          1,051.86      165,000.00
    PALM BEACH       FL   33480          1            03/17/00         00
    0431951979                           09           05/01/00          0
    15500245                             O            04/01/30
    0

    1977991          183/G02             F          180,000.00         ZZ
                                         360        179,918.22          1
    208 SUMMITT CIRCLE                 9.875          1,563.03         86
                                       9.625          1,563.03      210,000.00
    SHELBURNE        VT   05482          5            03/17/00         23
    0431930510                           05           04/22/00          0
    800364267                            O            03/22/30
    0

    1978048          025/025             F           43,200.00         ZZ
                                         360         43,120.51          1
    3935 LONGHORN DRIVE                9.875            375.13         80
                                       9.625            375.13       54,000.00
    SARASOTA         FL   34233          1            11/30/99         00
    0021327911                           05           01/01/00          0
    0021327911                           O            12/01/29
    0

    1978076          U05/G02             F           99,000.00         ZZ
                                         360         98,888.59          1
    842 PLEASURE ROAD                  8.875            787.69         90
                                       8.625            787.69      110,000.00
    LANCASTER        PA   17601          5            01/31/00         12
    0431959113                           05           03/01/00         25
    3009417                              O            02/01/30
    0

    1978078          A33/G02             F           48,600.00         ZZ
                                         360         48,600.00          3
    1316 EAST 7TH STREET               9.875            422.02         89
                                       9.625            422.02       55,000.00
    ANDERSON         IN   46012          1            03/17/00         11
    0431933902                           05           05/01/00         25
    034084495                            N            04/01/30
    0
1

    1978090          L04/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
    2130 SOUTH UNIVERSITY BLVD         9.875          1,875.63         80
                                       9.625          1,875.63      270,000.00
    DENVER           CO   80210          1            03/27/00         00
    0431932052                           05           05/01/00          0
    6699540017                           N            04/01/30
    0

    1978094          U05/G02             F          121,500.00         ZZ
                                         360        121,435.35          1
    2908 LARKIN ROAD                   9.125            988.56         90
                                       8.875            988.56      135,000.00
    UPPER CHICHESTE  PA   19061          1            02/25/00         04
    0431940170                           05           04/01/00         25
    3012242                              O            03/01/30
    0

    1978097          K15/G02             F          114,300.00         ZZ
                                         360        114,300.00          1
    3603 13TH STREET NW                9.875            992.52         90
                                       9.625            992.52      127,000.00
    WASHINGTON       DC   20010          1            03/06/00         04
    0431934256                           07           05/01/00         25
    3014025                              N            04/01/30
    0

    1978102          U05/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
    1415 OCEAN AVENUE                  9.375          1,330.80         80
                                       9.125          1,330.80      200,000.00
    POINT PLEASANT   NJ   08742          5            03/03/00         00
    0431938489                           05           05/01/00          0
    3019818                              O            04/01/30
    0

    1978109          B28/G02             F           49,400.00         ZZ
                                         360         49,400.00          1
    96 WEST WINDSOR DRIVE              9.875            428.97         95
                                       9.625            428.97       52,000.00
    LITTLE ROCK      AR   72209          1            03/10/00         11
    0431938463                           05           05/01/00         30
    0001310047                           O            04/01/30
    0

    1978113          A48/G02             F          251,250.00         ZZ
                                         360        251,250.00          1
1

    4806 11TH AVE                      9.375          2,089.77         75
                                       9.125          2,089.77      335,000.00
    BROOKLYN         NY   11219          1            03/20/00         00
    0431934132                           07           05/01/00          0
    2200402046                           O            04/01/30
    0

    1978122          665/G02             F          283,600.00         ZZ
                                         360        283,600.00          1
    3447 QUARRY PARK DRIVE             8.875          2,256.45         65
                                       8.625          2,256.45      440,000.00
    SAN JOSE         CA   95136          2            03/10/00         00
    0431933761                           03           05/01/00          0
    0001237168                           O            04/01/30
    0

    1978123          Q01/G02             F          130,500.00         ZZ
                                         360        130,500.00          4
    1100 EAST CEDAR STREET #M-P        9.875          1,133.19         90
                                       9.625          1,133.19      145,000.00
    POCATELLO        ID   83201          1            03/03/00         01
    0431931344                           05           05/01/00         25
    17715016                             O            04/01/30
    0

    1978140          B28/G02             F          145,600.00         ZZ
                                         360        145,600.00          4
    491 EAST 2650 NORTH                9.875          1,264.32         80
                                       9.625          1,264.32      182,000.00
    OGDEN            UT   84414          1            03/03/00         00
    0431937101                           05           05/01/00          0
    2080001                              N            04/01/30
    0

    1978164          069/G02             F          171,000.00         ZZ
                                         360        171,000.00          4
    1224 WEST 111TH STREET             9.875          1,484.88         90
                                       9.625          1,484.88      190,000.00
    LOS ANGELES      CA   90044          1            03/20/00         01
    0431934603                           05           05/01/00         25
    22188036801                          N            04/01/30
    0

    1978168          163/G02             F           50,000.00         ZZ
                                         360         48,747.33          1
    201 FRIES                          8.875            397.82         73
                                       8.625            397.82       69,000.00
    TONAWANDA        NY   14150          1            01/31/00         00
    0431937879                           05           03/01/00          0
1

    1000162476                           O            02/01/30
    0

    1978171          926/926             F          208,500.00         T
                                         360        208,500.00          1
    28 BRADLEY BEACH ROAD              9.125          1,696.43         75
                                       8.875          1,696.43      278,000.00
    HILTON HEAD ISL  SC   29928          1            03/16/00         00
    163018850                            05           05/01/00          0
    163018850                            O            04/01/30
    0

    1978178          L47/G02             F           57,600.00         ZZ
                                         360         57,600.00          1
    1536 MYRTLE AVE                    9.500            484.33         80
                                       9.250            484.33       72,000.00
    COLUMBUS         OH   43211          1            03/22/00         00
    0431934066                           05           05/01/00          0
    0020018387                           N            04/01/30
    0

    1978179          163/G02             F          252,000.00         ZZ
                                         360        252,000.00          1
    82 OLD HARBOR STREET               9.625          2,141.97         80
                                       9.375          2,141.97      315,000.00
    SOUTH BOSTON     MA   02127          1            03/08/00         00
    0431934215                           05           05/01/00          0
    190001630                            O            04/01/30
    0

    1978183          163/G02             F           55,800.00         ZZ
                                         360         55,800.00          1
    2707 LORAINE                       9.750            479.41         90
                                       9.500            479.41       62,000.00
    RACINE           WI   53404          1            03/03/00         04
    0431934975                           05           05/01/00         25
    3917306004                           N            04/01/30
    0

    1978192          183/G02             F           63,000.00         ZZ
                                         360         62,971.38          2
    18248 SANTA ROSA                   9.875            547.06         70
                                       9.625            547.06       90,000.00
    DETROIT          MI   48221          1            03/22/00         00
    0431935287                           05           04/22/00          0
    800373781                            O            03/22/30
    0

1

    1978194          K15/G02             F           90,000.00         ZZ
                                         360         90,000.00          2
    11016 LANGTON AVENUE               9.375            748.57         85
                                       9.125            748.57      106,000.00
    GARFIELD HEIGHT  OH   44125          5            03/21/00         10
    0431940709                           05           05/01/00         25
    028605300946                         O            04/01/30
    0

    1978201          K15/G02             F           98,900.00         ZZ
                                         360         98,900.00          1
    31 RIVERPARK CIRCLE                9.500            831.60         83
                                       9.250            831.60      120,000.00
    SAINT ALBANS     WV   25177          5            03/21/00         27
    0431941186                           05           05/01/00         12
    038105300702                         O            04/01/30
    0

    1978205          163/G02             F           81,630.00         ZZ
                                         360         81,592.91          1
    50 GREENHOUSE ROAD UNIT 9C         9.875            708.84         90
                                       9.625            708.84       90,700.00
    BRIDGEPORT       CT   06606          1            02/18/00         04
    0431935246                           01           04/01/00         25
    1000204407                           O            03/01/30
    0

    1978206          369/G02             F           61,200.00         ZZ
                                         360         61,200.00          1
    7065 MORTWOOD AVENUE               9.750            525.81         90
                                       9.500            525.81       68,000.00
    INDIANAPOLIS     IN   46241          1            03/21/00         14
    0431934199                           05           05/01/00         25
    0072014657                           N            04/01/30
    0

    1978217          665/G02             F          328,000.00         ZZ
                                         360        328,000.00          1
    23620 CLOVER TRAIL                 8.375          2,493.04         80
                                       8.125          2,493.04      410,000.00
    CALABASAS        CA   91302          1            03/14/00         00
    0431934926                           05           05/01/00          0
    0001237308                           O            04/01/30
    0

    1978220          369/G02             F           30,000.00         ZZ
                                         360         30,000.00          1
    95-009 WAIKALANI DRIVE A 306       9.000            241.39         80
                                       8.750            241.39       37,500.00
1

    MILILANI         HI   96789          1            03/15/00         00
    0431935196                           01           05/01/00          0
    0071850705                           N            04/01/30
    0

    1978222          664/G02             F           36,800.00         ZZ
                                         360         36,800.00          1
    2914 KINGS CHAPEL ROAD             9.000            296.11         80
                                       8.750            296.11       46,000.00
    FALLS CHURCH     VA   22042          1            03/13/00         00
    0431936293                           01           05/01/00          0
    0003332715                           O            04/01/30
    0

    1978230          P01/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
    111 SMITH ROAD                     9.250            888.49         80
                                       9.000            888.49      135,000.00
    MECHANICVILLE    NY   12118          1            03/21/00         00
    0431933787                           05           05/01/00          0
    0396942                              O            04/01/30
    0

    1978231          B93/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
    9290 EAST LAKESHORE DRIVE          9.250            863.81         68
                                       9.000            863.81      156,000.00
    PRESCOTT VALLEY  AZ   86314          5            03/16/00         00
    0431935451                           05           05/01/00          0
    1000046004                           O            04/01/30
    0

    1978246          964/G02             F           59,600.00         ZZ
                                         360         59,600.00          1
    205 WEST 8TH STREET                9.000            479.56         72
                                       8.750            479.56       83,000.00
    PRINEVILLE       OR   97754          2            03/13/00         00
    0431933969                           05           05/01/00          0
    71754                                O            04/01/30
    0

    1978249          665/G02             F          215,000.00         ZZ
                                         360        215,000.00          1
    1515 26TH AVENUE                   9.125          1,749.31         44
                                       8.875          1,749.31      495,000.00
    SAN FRANCISCO    CA   94122          5            03/14/00         00
    0431937671                           05           05/01/00          0
    0001237269                           O            04/01/30
    0
1

    1978251          B90/G02             F          418,300.00         ZZ
                                         360        418,300.00          1
    2701 STEARMAN ST                   9.000          3,365.74         75
                                       8.750          3,365.74      560,000.00
    POPLAR GROVE     IL   61065          4            03/10/00         00
    0431943620                           05           05/01/00          0
    901420921                            O            04/01/30
    0

    1978252          665/G02             F           50,000.00         T
                                         360         50,000.00          1
    198 CHABLIS WAY                    9.625            424.99         22
                                       9.375            424.99      238,000.00
    CLOVERDALE       CA   95425          1            03/14/00         00
    0431934959                           05           05/01/00          0
    0001237270                           O            04/01/30
    0

    1978255          G92/G02             F          280,000.00         ZZ
                                         360        279,838.91          1
    5865 SOUTHWIND DRIVE               8.750          2,202.76         80
                                       8.500          2,202.76      350,000.00
    SAN JOSE         CA   95138          1            02/09/00         00
    0431943422                           05           04/01/00          0
    TOKHI                                O            03/01/30
    0

    1978256          A52/G02             F          310,000.00         ZZ
                                         360        310,000.00          1
    2223 LASALLE DRIVE                 8.875          2,466.50         80
                                       8.625          2,466.50      387,500.00
    MARIETTA         GA   30068          1            03/28/00         00
    0431935345                           05           05/01/00          0
    0399403                              O            04/01/30
    0

    1978260          811/G02             F          265,500.00         ZZ
                                         360        265,500.00          1
    3 HENRY STREET UNIT 77             9.375          2,208.29         90
                                       9.125          2,208.29      295,000.00
    CAMBRIDGE        MA   02139          1            03/23/00         19
    0431939057                           01           05/01/00         25
    FM80039492                           O            04/01/30
    0

    1978262          B57/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
1

    7838 FENWICK STREET                9.125            732.27         67
                                       8.875            732.27      135,000.00
    LOS ANGELES      CA   91040          2            03/22/00         00
    0431936210                           01           05/01/00          0
    2010975                              N            04/01/30
    0

    1978263          356/G02             F          396,900.00         T
                                         360        396,900.00          1
    14658 SWISS LANE                   9.000          3,193.55         70
                                       8.750          3,193.55      567,000.00
    TRUCKEE          CA   96161          1            03/24/00         00
    0431945955                           03           05/01/00          0
    2810323                              O            04/01/30
    0

    1978283          A50/A50             F           53,000.00         ZZ
                                         360         52,973.23          1
    116 A AND B BRENTWOOD              9.375            440.83         64
                                       9.125            440.83       83,500.00
    CRESTVIEW        FL   32539          5            02/21/00         00
    18MYERS                              03           04/01/00          0
    18MYERS                              N            03/01/30
    0

    1978287          K15/G02             F          218,700.00         ZZ
                                         360        218,589.55          1
    263 NW 70 STREET                   9.375          1,819.04         90
                                       9.125          1,819.04      243,000.00
    BOCA RATON       FL   33487          2            02/25/00         11
    0431935048                           03           04/01/00         25
    3013764                              O            03/01/30
    0

    1978365          624/G02             F           50,300.00         ZZ
                                         360         50,300.00          1
    1625 N MURRAY BLVD 124             9.250            413.81         80
                                       9.000            413.81       62,900.00
    COLORADO SPRING  CO   80915          1            03/31/00         00
    0431959774                           01           05/01/00          0
    73900300493F                         N            04/01/30
    0

    1978374          K56/G02             F          314,125.00         ZZ
                                         360        314,125.00          1
    61503 HILLRIDGE ROAD               9.125          2,555.82         80
                                       8.875          2,555.82      395,000.00
    BEND             OR   97702          2            03/21/00         00
    0431935402                           05           05/01/00          0
1

    1210017                              O            04/01/30
    0

    1978388          742/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
    212 RICHMOND AVENUE                9.625            382.50         70
                                       9.375            382.50       65,000.00
    BATAVIA          NY   14020          1            03/24/00         00
    0431941459                           05           05/01/00          0
    6023337                              N            04/01/30
    0

    1978389          H19/G02             F           99,750.00         ZZ
                                         360         99,750.00          1
    2232 ROXBURY ROAD                  8.875            793.66         95
                                       8.625            793.66      106,000.00
    ROXBURY          VT   05669          1            03/24/00         10
    0431935774                           05           05/01/00         30
    001011708                            O            04/01/30
    0

    1978390          742/G02             F           33,150.00         ZZ
                                         360         33,150.00          1
    31 SATTLER AVENUE                  9.500            278.74         65
                                       9.250            278.74       51,000.00
    BUFFALO          NY   14211          5            03/22/00         00
    0431939065                           05           05/01/00          0
    6019053                              N            04/01/30
    0

    1978391          Q64/G02             F          108,000.00         ZZ
                                         360        108,000.00          2
    1546 LELAND AVE                   10.000            947.78         90
                                       9.750            947.78      120,000.00
    BOROUGH OF BRON  NY   10462          1            03/06/00         23
    0431941095                           05           05/01/00          0
    5001018000                           O            04/01/30
    0

    1978421          J40/G02             F          117,000.00         ZZ
                                         360        117,000.00          1
    3565 IVEY LOG GAP ROAD             8.875            930.90         69
                                       8.625            930.90      172,000.00
    BLAIRSVILLE      GA   30512          2            03/10/00         00
    0431941731                           05           05/01/00          0
    392283                               O            04/01/30
    0

1

    1978425          P59/G02             F          256,050.00         ZZ
                                         360        256,050.00          1
    28690 CAPANO BAY COURT             9.375          2,129.70         90
                                       9.125          2,129.70      286,000.00
    MENIFEE          CA   92584          1            03/20/00         01
    0431941871                           05           05/01/00         25
    LA000001                             O            04/01/30
    0

    1978427          637/G02             F          143,900.00         ZZ
                                         360        143,900.00          3
    2322 BIJOU STREET WEST             9.000          1,157.86         90
                                       8.750          1,157.86      159,900.00
    COLORADO SPRING  CO   80904          1            03/17/00         01
    0431938885                           05           05/01/00         25
    0014996359                           N            04/01/30
    0

    1978431          637/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
    1220 N E 3RD STREET #104           9.500            538.15         80
                                       9.250            538.15       80,000.00
    FORT LAUDERDALE  FL   33301          5            03/13/00         00
    0431938703                           01           05/01/00          0
    0019075134                           O            04/01/30
    0

    1978473          286/286             F          321,000.00         ZZ
                                         360        320,837.89          1
    1523 SKYE COURT                    9.375          2,669.92         79
                                       9.125          2,669.92      411,000.00
    FLOSSMOOR        IL   60422          5            02/22/00         00
    9696175                              05           04/01/00          0
    9696175                              O            03/01/30
    0

    1978540          286/286             F          344,000.00         ZZ
                                         360        343,807.15          1
    45 SEAVIEW AVENUE                  8.875          2,737.02         80
                                       8.625          2,737.02      430,000.00
    MARBLEHEAD       MA   01945          5            02/18/00         00
    9705725                              05           04/01/00          0
    9705725                              O            03/01/30
    0

    1978541          286/286             F          255,600.00         ZZ
                                         360        255,460.38          1
    8861 SOUTH TUSCANY LANE            9.000          2,056.62         80
                                       8.750          2,056.62      319,500.00
1

    HIGHLANDS RANCH  CO   80126          1            02/25/00         00
    9705797                              03           04/01/00          0
    9705797                              O            03/01/30
    0

    1978543          286/286             F          172,000.00         ZZ
                                         360        171,903.57          1
    3236 WEST CAMERON PARK COURT       8.875          1,368.51         80
                                       8.625          1,368.51      215,000.00
    SOUTH JORDAN     UT   84095          1            02/24/00         00
    9708513                              05           04/01/00          0
    9708513                              O            03/01/30
    0

    1978546          286/286             F          111,600.00         ZZ
                                         360        111,530.64          1
    7525 ESCONDIDO AVENUE              8.375            848.24         80
                                       8.125            848.24      139,500.00
    OAK HILLS        CA   92345          1            02/03/00         00
    09697734                             05           04/01/00          0
    09697734                             O            03/01/30
    0

    1978548          286/286             F          332,000.00         ZZ
                                         360        331,793.64          1
    4525 WEST FOXY LANE                8.375          2,523.44         80
                                       8.125          2,523.44      420,000.00
    KUNA             ID   83634          5            02/17/00         00
    09698492                             05           04/01/00          0
    09698492                             O            03/01/30
    0

    1978550          286/286             F          284,000.00         ZZ
                                         360        283,818.90          1
    1672 VISTA SANTA FE PLACE          8.250          2,133.60         80
                                       8.000          2,133.60      355,000.00
    CHINO HILLS      CA   91709          2            02/01/00         00
    09698518                             05           04/01/00          0
    09698518                             O            03/01/30
    0

    1978552          286/286             F          127,900.00         ZZ
                                         360        127,740.46          1
    37520 VINEYARD KNOLL DRIVE         8.375            972.13         80
                                       8.125            972.13      159,900.00
    MURRIETA         CA   92562          1            01/26/00         00
    09701107                             03           03/01/00          0
    09701107                             O            02/01/30
    0
1

    1978554          286/286             F          340,000.00         ZZ
                                         360        339,809.39          1
    30912 CALLE MORAGA                 8.875          2,705.19         80
                                       8.625          2,705.19      425,000.00
    LAGUNA NIGUEL    CA   92677          1            02/11/00         00
    09704468                             03           04/01/00          0
    09704468                             O            03/01/30
    0

    1978641          967/G02             F           86,400.00         ZZ
                                         360         86,400.00          1
    13452 EAST 52ND DRIVE              9.125            702.98         80
                                       8.875            702.98      108,000.00
    YUMA             AZ   85367          2            03/01/00         00
    0431942945                           05           05/01/00          0
    4885117                              O            04/01/30
    0

    1978655          K15/G02             F          100,600.00         ZZ
                                         240        100,600.00          1
    519 NOAH AVENUE                    9.750            954.21         95
                                       9.500            954.21      106,000.00
    AKRON            OH   44320          5            03/24/00         10
    0431947514                           05           05/01/00         30
    028005300472                         O            04/01/20
    0

    1978662          K15/G02             F           39,000.00         ZZ
                                         360         39,000.00          1
    334 GEYER ST                      10.125            345.86         80
                                       9.875            345.86       49,000.00
    DAYTON           OH   45405          5            03/23/00         00
    0431950039                           05           05/01/00          0
    027805300375                         O            04/01/30
    0

    1978664          K15/G02             F           83,300.00         ZZ
                                         360         83,300.00          4
    10913 DOVE AVENUE                 10.125            738.72         85
                                       9.875            738.72       98,000.00
    CLEVELAND        OH   44105          5            03/24/00         10
    0431947464                           05           05/01/00         12
    028605301010                         O            04/01/30
    0

    1978670          L48/G02             F          142,400.00         ZZ
                                         360        142,400.00          1
1

    116 LAKE VIEW                      8.750          1,120.26         80
                                       8.500          1,120.26      178,000.00
    EAST JORDAN      MI   49727          1            03/29/00         00
    0431940303                           05           05/01/00          0
    85302                                O            04/01/30
    0

    1978671          A06/G02             F          164,450.00         ZZ
                                         360        164,450.00          1
    18540 LOHR ROAD                    9.125          1,338.02         65
                                       8.875          1,338.02      255,000.00
    BELLEVILLE       MI   48111          5            03/15/00         00
    0431940527                           05           05/01/00          0
    025000020001400                      O            04/01/30
    0

    1978678          623/623             F           61,500.00         ZZ
                                         360         61,500.00          1
    36 MORRY STREET                    9.500            517.12         85
                                       9.250            517.12       72,500.00
    HILLSDALE        MI   49242          1            03/10/00         10
    5247837                              05           05/01/00         12
    5247837                              O            04/01/30
    0

    1978682          K15/G02             F          151,900.00         ZZ
                                         360        151,900.00          1
    5471 KEIFER ROAD                   8.500          1,167.98         80
                                       8.250          1,167.98      190,000.00
    CANTON           OH   44706          5            03/27/00         00
    0431945799                           05           05/01/00          0
    036905300678                         O            04/01/30
    0

    1978683          K15/G02             F          128,200.00         ZZ
                                         360        128,200.00          1
    6457 GROSSE DRIVE                  9.625          1,089.69         95
                                       9.375          1,089.69      135,000.00
    BROOKPARK        OH   44142          5            03/27/00         27
    0431950559                           05           05/01/00         30
    028005300476                         O            04/01/30
    0

    1978749          F32/G02             F           78,000.00         ZZ
                                         360         78,000.00          4
    892 ALLENE AVENUE                  9.625            662.99         90
                                       9.375            662.99       86,700.00
    ATLANTA          GA   30310          1            03/22/00         12
    0431945500                           05           05/01/00         25
1

    406105676                            N            04/01/30
    0

    1978812          E45/G02             F           66,300.00         ZZ
                                         360         66,269.07          1
    300 PEACHTREE ST #2-0              9.750            569.62         79
                                       9.500            569.62       84,000.00
    ATLANTA          GA   30303          1            03/06/00         00
    0431944701                           06           04/01/00          0
    67504                                O            03/01/30
    0

    1978821          E45/G02             F          300,000.00         ZZ
                                         360        299,836.13          1
    22 WATERFRONT PARK CT              9.000          2,413.87         78
                                       8.750          2,413.87      386,480.00
    DAWSONVILLE      GA   30534          1            03/07/00         00
    0431951623                           03           04/01/00          0
    65028                                O            03/01/30
    0

    1978822          E45/G02             F          100,000.00         ZZ
                                         360        100,000.00          4
    904 CLEBURNE                       9.625            849.99         80
                                       9.375            849.99      125,000.00
    BRUNSWICK        GA   31520          1            03/16/00         00
    0431944073                           05           05/01/00          0
    63169                                N            04/01/30
    0

    1978829          T44/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
    27961 PREAKNESS DRIVE              9.250          1,069.48         65
                                       9.000          1,069.48      200,000.00
    TEHACHAPI        CA   93561          5            03/27/00         00
    0431948215                           05           05/01/00          0
    8970394                              O            04/01/30
    0

    1978832          A52/G02             F           73,800.00         ZZ
                                         360         73,800.00          1
    259 MASON DRIVE                    8.500            567.46         90
                                       8.250            567.46       82,000.00
    CANTON           GA   30115          1            03/31/00         11
    0431949536                           05           05/01/00         25
    0398867                              O            04/01/30
    0

1

    1978833          T44/G02             F          116,100.00         ZZ
                                         360        116,100.00          1
    280 CABIN LANE                     8.625            903.01         90
                                       8.375            903.01      129,000.00
    SELAH            WA   98942          1            03/27/00         04
    0431948884                           27           05/01/00         25
    201152977                            O            04/01/30
    0

    1978834          E45/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    37 SANDALWOOD CIRCLE               9.000            482.77         80
                                       8.750            482.77       75,000.00
    LAWRENCEVILLE    GA   30045          5            03/13/00         00
    0431950732                           01           05/01/00          0
    67706                                O            04/01/30
    0

    1978845          E45/G02             F          175,950.00         ZZ
                                         360        175,950.00          1
    1 CALLE ZANATE                     9.250          1,447.50         90
                                       9.000          1,447.50      195,500.00
    SANTE FE         NM   87505          1            03/15/00         11
    0431944214                           05           05/01/00         25
    67779                                O            04/01/30
    0

    1978850          624/G02             F          354,000.00         ZZ
                                         360        354,000.00          1
    2420 HOFFMAN LANE                  9.000          2,848.36         74
                                       8.750          2,848.36      480,000.00
    BYRON            CA   94514          5            03/23/00         00
    0431942622                           05           05/01/00          0
    31300100216                          O            04/01/30
    0

    1978852          637/G02             F           85,400.00         ZZ
                                         360         85,400.00          3
    30 HOLYOKE STREET                  9.500            718.09         90
                                       9.250            718.09       95,000.00
    BREWER           ME   04412          1            03/17/00         14
    0431943109                           05           05/01/00         25
    0018808956                           N            04/01/30
    0

    1978854          637/G02             F           68,800.00         ZZ
                                         360         68,800.00          1
    607 SE RIVERSIDE AVENUE            9.000            553.58         80
                                       8.750            553.58       86,500.00
1

    GRANTS PASS      OR   97526          2            03/14/00         00
    0431952811                           05           05/01/00          0
    0010300713                           O            04/01/30
    0

    1978855          225/225             F          495,000.00         ZZ
                                         360        494,700.13          1
    1643 SE 10 STREET                  8.500          3,806.12         90
                                       8.250          3,806.12      550,000.00
    DEERFIELD BEACH  FL   33441          1            03/01/00         14
    8789133                              05           04/01/00         25
    8789133                              O            03/01/30
    0

    1978859          637/G02             F          117,000.00         ZZ
                                         360        117,000.00          2
    115 SOUTH AGASSIZ STREET           8.375            889.29         75
                                       8.125            889.29      156,000.00
    FLAGSTAFF        AZ   86001          1            03/06/00         00
    0431944891                           05           05/01/00          0
    0020022117                           N            04/01/30
    0

    1978860          637/G02             F          268,950.00         ZZ
                                         360        268,950.00          1
    15023 EAST STAGHORN DRIVE          8.750          2,115.83         90
                                       8.500          2,115.83      298,854.00
    FOUNTAIN HILLS   AZ   85268          1            03/20/00         01
    0431943786                           03           05/01/00         25
    0016358236                           O            04/01/30
    0

    1978862          T44/G02             F          187,500.00         ZZ
                                         360        187,500.00          3
    9 MOUNT VERNON STREET              9.500          1,576.60         62
                                       9.250          1,576.60      307,000.00
    NEWPORT          RI   02840          5            03/24/00         00
    0431945484                           05           05/01/00          0
    0398952                              O            04/01/30
    0

    1978866          T44/G02             F           96,750.00         ZZ
                                         360         96,750.00          1
    2515 PADDOCK LANE                  9.750            831.23         90
                                       9.500            831.23      108,000.00
    LOUISVILLE       KY   40216          1            04/03/00         11
    0431945492                           05           05/01/00         25
    0399941                              O            04/01/30
    0
1

    1978873          E11/G02             F           26,600.00         ZZ
                                         360         26,600.00          1
    1528 N 22ND AVENUE                 9.250            218.83         70
                                       9.000            218.83       38,000.00
    MINNEAPOLIS      MN   55411          1            03/30/00         00
    0431959857                           05           05/01/00          0
    0003001021564                        N            04/01/30
    0

    1978874          T44/G02             F           39,600.00         ZZ
                                         360         39,600.00          2
    35 ELLWOOD                         9.875            343.87         90
                                       9.625            343.87       44,000.00
    PONTIAC          MI   48342          1            03/30/00         04
    0431944875                           07           05/01/00         25
    8967547                              N            04/01/30
    0

    1978883          N94/G02             F          137,600.00         ZZ
                                         360        137,600.00          3
    40 HARBOR STREET                   9.000          1,107.16         80
                                       8.750          1,107.16      172,000.00
    SALEM            MA   01970          5            03/25/00         00
    0431945989                           05           05/01/00          0
    20003076                             O            04/01/30
    0

    1978894          225/225             F          435,000.00         ZZ
                                         360        434,722.62          1
    32220 COUNTY ROAD 17               8.250          3,268.01         73
                                       8.000          3,268.01      600,000.00
    ELIZABETH        CO   80107          5            02/14/00         00
    7174802                              05           04/01/00          0
    7174802                              O            03/01/30
    0

    1978916          G92/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
    232 TRUCKEE LANE                   8.500          1,845.39         80
                                       8.250          1,845.39      300,000.00
    SAN JOSE         CA   95136          1            03/21/00         00
    0431953009                           01           05/01/00          0
    PUTHUFF                              O            04/01/30
    0

    1978942          665/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
1

    41 MARVEL COURT                    8.750          2,202.76         50
                                       8.500          2,202.76      560,000.00
    SAN FRANCISCO    CA   94121          1            03/02/00         00
    0431943299                           05           05/01/00          0
    0001236695                           O            04/01/30
    0

    1978949          966/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
    3802 SHELL DRIVE                   9.500            874.49         80
                                       9.250            874.49      130,000.00
    MIDLAND          TX   79707          1            03/07/00         00
    0431948595                           05           05/01/00          0
    30014669                             O            04/01/30
    0

    1978971          E11/G02             F          309,800.00         ZZ
                                         360        309,800.00          1
    684 TONKAWA ROAD                   9.125          2,520.63         80
                                       8.875          2,520.63      387,254.00
    ORONO            MN   55356          1            03/30/00         00
    0431947795                           05           05/01/00          0
    3001021289                           O            04/01/30
    0

    1978989          E53/G02             F          115,000.00         ZZ
                                         360        115,000.00          1
    2450 SW 142 PL                     9.500            966.98         77
                                       9.250            966.98      150,000.00
    MIAMI            FL   33175          5            03/30/00         00
    0431948108                           05           05/01/00          0
    0011109990                           N            04/01/30
    0

    1978997          964/G02             F          183,600.00         ZZ
                                         360        183,600.00          4
    2157-2163 NOMAD COURT SOUTHEAS     9.250          1,510.43         80
                                       9.000          1,510.43      229,500.00
    SALEM            OR   97306          1            03/22/00         00
    0431951383                           07           05/01/00          0
    72921                                N            04/01/30
    0

    1979000          F26/G02             F          239,200.00         ZZ
                                         360        239,200.00          1
    16109 158TH AVENUE NORTHEAST       8.250          1,797.03         80
                                       8.000          1,797.03      299,000.00
    WOODINVILLE      WA   98072          1            03/14/00         00
    0431950633                           05           05/01/00          0
1

    7142670808                           O            04/01/30
    0

    1979001          964/G02             F          340,000.00         ZZ
                                         360        340,000.00          2
    2353 & 2359 NORTHWEST HOYT ST      9.250          2,797.10         80
                                       9.000          2,797.10      425,000.00
    PORTLAND         OR   97210          1            03/02/00         00
    0431952720                           05           05/01/00          0
    70654                                O            04/01/30
    0

    1979006          E45/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
    2271 W LAKE HALL ROAD              9.250          1,316.28         34
                                       9.000          1,316.28      480,000.00
    TALLAHASSEE      FL   32308          5            03/08/00         00
    0431947936                           05           05/01/00          0
    000                                  O            04/01/30
    0

    1979016          637/G02             F           73,800.00         ZZ
                                         360         73,800.00          2
    6917 S PLEASANT VALLEY ROAD        8.875            587.19         90
                                       8.625            587.19       82,000.00
    AUSTIN           TX   78744          1            03/17/00         04
    0431945807                           05           05/01/00         25
    0018282079                           N            04/01/30
    0

    1979021          956/G02             F           40,000.00         ZZ
                                         360         39,980.33          1
    10715 BEXELY DRIVE                 9.500            336.34         80
                                       9.250            336.34       50,000.00
    HOUSTON          TX   77099          1            02/17/00         00
    0431950658                           03           04/01/00          0
    3210020057                           O            03/01/30
    0

    1979022          964/G02             F           68,800.00         ZZ
                                         360         68,800.00          1
    802 WEST FAIRMONT AVENUE           9.250            566.00         80
                                       9.000            566.00       86,000.00
    CLOVIS           CA   93612          5            03/24/00         00
    0431947118                           05           05/01/00          0
    73872                                N            04/01/30
    0

1

    1979023          637/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    9841 NW 18 PLACE                   8.375            608.06         56
                                       8.125            608.06      145,000.00
    PLANTATION       FL   33322          1            03/21/00         00
    0431945948                           05           05/01/00          0
    0019163039                           O            04/01/30
    0

    1979028          163/G02             F          136,710.00         ZZ
                                         360        136,425.90          2
    76 JESSIE AVENUE SOUTH             7.875            991.24         90
                                       7.625            991.24      151,900.00
    ATTLEBORO        MA   02703          1            12/22/99         04
    0431951029                           05           02/01/00         25
    0217191174                           N            01/01/30
    0

    1979029          637/G02             F           65,000.00         ZZ
                                         360         65,000.00          1
    203 WALKER ROAD                    9.000            523.00         42
                                       8.750            523.00      155,000.00
    CARROLLTON       GA   30117          5            03/13/00         00
    0431959394                           05           05/01/00          0
    9999999                              O            04/01/30
    0

    1979032          163/G02             F           97,600.00         ZZ
                                         360         97,600.00          1
    29 MEADOWVIEW LANE                 8.875            776.55         80
                                       8.625            776.55      122,000.00
    QUEENSBURY       NY   12804          1            03/20/00         00
    0431950971                           05           05/01/00          0
    1000158066                           O            04/01/30
    0

    1979095          637/G02             F           20,000.00         ZZ
                                         360         20,000.00          1
    607 E MESCALERO                    9.750            171.83         36
                                       9.500            171.83       57,000.00
    ROSWELL          NM   88201          5            03/20/00         00
    0431950336                           05           05/01/00          0
    0019036516                           N            04/01/30
    0

    1979101          E76/G02             F           93,150.00         ZZ
                                         360         93,150.00          2
    200 4TH STREET                     9.000            749.51         90
                                       8.750            749.51      103,500.00
1

    FAIRPLAY         CO   80440          1            03/24/00         10
    0431950773                           05           05/01/00         25
    99999999                             O            04/01/30
    0

    1979105          A35/G02             F          337,000.00         ZZ
                                         360        337,000.00          1
    47 EDWARDS LANE EAST               9.375          2,802.99         95
                                       9.125          2,802.99      355,000.00
    BLUE POINT       NY   11715          1            03/29/00         10
    0431951144                           05           05/01/00         30
    10457                                O            04/01/30
    0

    1979121          637/G02             F           28,800.00         ZZ
                                         360         28,800.00          1
    106 STARLIGHT TERRACE              9.875            250.09         80
                                       9.625            250.09       36,000.00
    SAN ANTONIO      TX   78233          1            03/17/00         00
    0431949924                           05           05/01/00          0
    0020829578                           N            04/01/30
    0

    1979123          637/G02             F          211,050.00         ZZ
                                         360        211,050.00          4
    1609  25TH STREET                  9.500          1,774.63         90
                                       9.250          1,774.63      234,500.00
    SACRAMENTO       CA   95816          1            03/15/00         10
    0431951987                           05           05/01/00         25
    0010885515                           N            04/01/30
    0

    1979124          Q73/G02             F          432,000.00         ZZ
                                         360        432,000.00          1
    580 PINE NEEDLE TRACE              9.250          3,553.96         90
                                       9.000          3,553.96      480,000.00
    GUNTERSVILLE     AL   35976          2            03/24/00         11
    0431950609                           05           05/01/00         25
    9115405                              O            04/01/30
    0

    1979126          637/G02             F           84,150.00         ZZ
                                         360         84,150.00          1
    1000 BRITTANY DRIVE                9.500            707.58         90
                                       9.250            707.58       93,500.00
    DENTON           TX   76201          1            03/21/00         11
    0431950401                           05           05/01/00         25
    0020833075                           O            04/01/30
    0
1

    1979354          134/G02             F           74,250.00         ZZ
                                         360         74,250.00          3
    212 E FULTON STREET                9.875            644.75         90
                                       9.625            644.75       82,500.00
    MICHIGAN CITY    IN   46360          1            03/23/00         11
    0431951458                           05           05/01/00         25
    10010494                             N            04/01/30
    0

    1979391          665/G02             F           75,724.00         ZZ
                                         360         75,724.00          1
    9118 MOUNTAIN FIELD DRIVE          8.625            588.97         80
                                       8.375            588.97       94,655.00
    SAN ANTONIO      TX   78240          1            03/29/00         00
    0431954015                           03           05/01/00          0
    0021237952                           O            04/01/30
    0

    1979403          665/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
    990 CAMBRIDGE WAY                  9.375            873.34         70
                                       9.125            873.34      150,000.00
    RENO             NV   89511          1            03/27/00         00
    0431955079                           05           05/01/00          0
    0001238115                           N            04/01/30
    0

    1979685          369/G02             F          153,300.00         ZZ
                                         360        153,300.00          1
    1412 W OCEAN VIEW AVENUE B         8.375          1,165.20         70
                                       8.125          1,165.20      221,000.00
    NORFOLK          VA   23503          1            03/13/00         00
    0431958933                           05           05/01/00          0
    0071948327                           N            04/01/30
    0

    1979707          637/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
    2401 S ATLANTIC AVE 106A           8.875            509.22         63
                                       8.625            509.22      102,000.00
    NEW SMYRNA       FL   32169          5            03/15/00         00
    0431954734                           01           05/01/00          0
    0019069889                           N            04/01/30
    0

    1979731          637/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
1

    3619 EAST FOXLAIR DRIVE            8.875            835.43         68
                                       8.625            835.43      155,000.00
    FLAGSTAFF        AZ   86004          1            03/02/00         00
    0431957463                           05           05/01/00          0
    0020020681                           N            04/01/30
    0

    1979748          637/G02             F          208,000.00         ZZ
                                         360        208,000.00          4
    60 MAUJER ST                       9.875          1,806.17         80
                                       9.625          1,806.17      260,000.00
    BROOKLYN         NY   11212          1            03/22/00         00
    0431959253                           07           05/01/00          0
    0013315593                           O            04/01/30
    0

    1979791          G81/G02             F           77,250.00         ZZ
                                         360         77,250.00          1
    1251 E GOLFVIEW DRIVE              8.750            607.73         75
                                       8.500            607.73      103,000.00
    PEMBROKE PINES   FL   33026          1            03/31/00         00
    0431959071                           09           05/01/00          0
    200003040                            O            04/01/30
    0

    2809218          E82/G02             F          129,400.00         ZZ
                                         360        128,570.01          2
    990-992 NORTH BOEHNING ST          8.375            983.53         90
                                       8.125            983.53      145,000.00
    INDIANAPOLIS     IN   46219          1            05/20/99         04
    0400201125                           05           07/01/99         25
    0400201125                           N            06/01/29
    0

    2899949          K08/G02             F          116,100.00         ZZ
                                         360        115,670.45          3
    11-13 GLOVER PLACE                 8.500            892.71         90
                                       8.250            892.71      129,000.00
    MIDDLETOWN       CT   06457          1            09/02/99         10
    0431935675                           05           11/01/99         25
    0411583784                           N            10/01/29
    0

    2948098          K15/G02             F           40,500.00         ZZ
                                         360         40,322.94          1
    407 EAST MAIN STREET               9.125            329.52         90
                                       8.875            329.52       45,000.00
    WILLIAMSTON      SC   29697          1            07/26/99         10
    0431578145                           05           09/01/99         25
1

    015705413508                         O            08/01/29
    0

    2958504          638/G02             F           31,960.00         ZZ
                                         360         31,858.63          2
    606 NORTH EAST STREET              9.250            262.93         80
                                       9.000            262.93       39,950.00
    ARLINGTON        TX   76011          1            10/05/99         00
    0431551076                           05           11/01/99          0
    08927395                             N            10/01/29
    0

    3106111          074/G02             F          310,000.00         ZZ
                                         360        309,259.97          1
    5801 E PRINCETON AVENUE            8.625          2,411.15         45
                                       8.375          2,411.15      699,950.00
    ENGLEWOOD        CO   80111          1            11/16/99         00
    0431835289                           03           01/01/00          0
    1579122808                           O            12/01/29
    0

    3109423          E22/G02             F           84,600.00         ZZ
                                         360         84,474.18          1
    443 WAYSIDE FARM ROAD              9.500            711.36         90
                                       9.250            711.36       94,000.00
    HAVANA           FL   32333          5            12/21/99         10
    0411722507                           27           02/01/00         25
    0411722507                           O            01/01/30
    0

    3110832          A78/G02             F          114,950.00         ZZ
                                         360        114,779.00          1
    2850 EAST AURORA AVENUE #110       9.500            966.57         95
                                       9.250            966.57      121,000.00
    BOULDER          CO   80303          1            12/17/99         14
    0431745546                           01           02/01/00         30
    50000137                             O            01/01/30
    0

    3117743          E86/G02             F          280,000.00         ZZ
                                         360        279,460.66          1
    2144 SIERRA WOOD DRIVE             8.250          2,103.55         80
                                       8.000          2,103.55      350,000.00
    SAN JOSE         CA   95132          5            12/21/99         00
    0431753730                           05           02/01/00          0
    51610104                             O            01/01/30
    0

1

    3126370          F28/G02             F          525,000.00         ZZ
                                         360        521,039.12          1
    8157 ZITOLA TERRACE                8.000          3,852.26         75
                                       7.750          3,852.26      700,000.00
    PLAYA DEL REY    CA   90293          5            08/27/99         00
    0431774181                           05           10/01/99          0
    5081443                              O            09/01/29
    0

    3126406          F28/G02             F          370,000.00         ZZ
                                         360        368,863.28          1
    6700 E MALCOMB DR                  8.500          2,844.98         47
                                       8.250          2,844.98      800,000.00
    PARADISE VALLEY  AZ   85253          5            10/27/99         00
    0431774702                           05           12/01/99          0
    5205277                              O            11/01/29
    0

    3141418          K15/G02             F          154,700.00         ZZ
                                         360        154,437.90          1
    22 FRANKLIN ST                     8.875          1,230.86         86
                                       8.625          1,230.86      180,000.00
    UNION            NJ   07088          5            12/21/99         10
    0431780071                           05           02/01/00         25
    011005300443                         O            01/01/30
    0

    3157532          637/G02             F           87,300.00         ZZ
                                         360         87,180.03          3
    242 NW 14TH STREET                 9.875            758.07         90
                                       9.625            758.07       97,000.00
    POMPANO BEACH    FL   33060          1            01/05/00         11
    0431792779                           05           02/01/00         25
    0019057298                           N            01/01/30
    0

    3168283          F42/G02             F          175,300.00         ZZ
                                         360        174,848.20          2
    40 LUDWIG LANE                     8.250          1,316.98         95
                                       8.000          1,316.98      184,550.00
    STATEN ISLAND    NY   10303          1            11/12/99         04
    0431808906                           05           01/01/00         30
    SI00075                              O            12/01/29
    0

    3169362          S48/429             F          360,000.00         ZZ
                                         360        359,374.07          1
    VIZCAINO AVE, 5NW FLANDERS WAY     8.750          2,832.13         55
                                       8.500          2,832.13      660,000.00
1

    CARMEL           CA   93923          1            12/03/99         00
    6253107061                           05           02/01/00          0
    6253107061                           O            01/01/30
    0

    3169365          S48/S48             F          393,000.00         ZZ
                                         360        385,098.25          1
    21 WEST LOS OLIVOS STREET          8.250          2,952.48         57
                                       8.000          2,952.48      693,000.00
    SANTA BARBARA    CA   93105          1            11/23/99         00
    6577258905                           05           02/01/00          0
    6577258905                           O            01/01/30
    0

    3171125          A06/G02             F          104,000.00         T
                                         360        103,882.95          1
    1419 S CROOKED LAKE ROAD           8.875            827.48         65
                                       8.625            827.48      160,000.00
    KALAMAZOO        MI   49009          2            01/19/00         00
    0431892199                           05           03/01/00          0
    010000010000681                      O            02/01/30
    0

    3173497          074/G02             F           59,850.00         ZZ
                                         360         59,782.65          4
    2912 S 11TH STREET                 8.875            476.19         95
                                       8.625            476.19       63,000.00
    MILWAUKEE        WI   53215          1            01/07/00         10
    0431835362                           05           03/01/00         30
    1671098359                           O            02/01/30
    0

    3173507          074/G02             F          131,400.00         ZZ
                                         360        131,255.90          4
    113 NE 5TH STREET                  9.000          1,057.28         90
                                       8.750          1,057.28      146,000.00
    POMPANO BEACH    FL   33060          1            01/04/00         11
    0431835438                           05           03/01/00         25
    1589403541                           N            02/01/30
    0

    3173508          074/G02             F          131,400.00         ZZ
                                         360        131,255.90          4
    107 NE 5TH STREET                  9.000          1,057.28         90
                                       8.750          1,057.28      146,000.00
    POMPANO BEACH    FL   33060          1            01/04/00         14
    0431835446                           05           03/01/00         25
    1589403530                           N            02/01/30
    0
1

    3173513          074/G02             F          150,000.00         ZZ
                                         360        149,839.75          4
    208 3RD AVENUE SW                  9.125          1,220.45         89
                                       8.875          1,220.45      170,000.00
    FOREST LAKE      MN   55025          1            01/13/00         11
    0431827278                           05           03/01/00         25
    1583265886                           N            02/01/30
    0

    3173514          074/G02             F          158,950.00         ZZ
                                         360        158,780.18          4
    220 3RD AVENUE SW                  9.125          1,293.27         85
                                       8.875          1,293.27      187,000.00
    FOREST LAKE      MN   55025          1            01/13/00         14
    0431827286                           05           03/01/00         20
    1583265875                           N            02/01/30
    0

    3173531          074/G02             F          101,700.00         ZZ
                                         360        101,585.53          4
    44 NORTH ARLINGTON                 8.875            809.18         90
                                       8.625            809.18      113,000.00
    AKRON            OH   44305          1            01/10/00         10
    0431835602                           05           03/01/00         25
    1581372230                           N            02/01/30
    0

    3173532          074/G02             F           72,000.00         ZZ
                                         360         71,887.14          4
    3451 E 117TH STREET                9.250            592.33         90
                                       9.000            592.33       80,000.00
    CLEVELAND        OH   44120          1            01/06/00         10
    0431835610                           05           02/01/00         25
    1581369541                           N            01/01/30
    0

    3173578          074/G02             F          320,000.00         ZZ
                                         360        319,457.83          1
    35890 SW ORCHID HILL               8.875          2,546.06         58
                                       8.625          2,546.06      554,400.00
    HILLSBORO        OR   97123          5            12/21/99         00
    0431835867                           05           02/01/00          0
    1395004660                           O            01/01/30
    0

    3173595          074/074             F          400,000.00         ZZ
                                         360        399,405.06          3
1

    4202 HIGHLAND AVENUE               9.500          3,363.42         89
                                       9.250          3,363.42      450,000.00
    BROOKLYN         NY   11224          1            12/23/99         14
    1111335468                           05           02/01/00         25
    1111335468                           O            01/01/30
    0

    3173596          074/074             F          236,250.00         ZZ
                                         360        235,977.17          3
    35-22 146TH STREET                 8.750          1,858.58         75
                                       8.500          1,858.58      315,000.00
    FLUSHING         NY   11354          1            01/07/00         00
    1111323232                           05           03/01/00          0
    1111323232                           N            02/01/30
    0

    3173951          K15/G02             F          115,000.00         ZZ
                                         360        114,870.58          1
    23444 VIEJAS GRADE                 8.875            914.99         44
                                       8.625            914.99      262,000.00
    DESCANSO         CA   91916          1            01/07/00         00
    0431812304                           05           03/01/00          0
    3008509                              O            02/01/30
    0

    3181471          286/286             F          153,000.00         ZZ
                                         360        152,682.03          1
    2216 SE 20 ST                      7.875          1,109.36         48
                                       7.625          1,109.36      323,000.00
    FORT LAUDERDALE  FL   33316          1            12/22/99         00
    0009439607                           05           02/01/00          0
    0009439607                           O            01/01/30
    0

    3184962          K08/G02             F           62,837.00         ZZ
                                         360         62,768.10          1
    7895 ANN ARBOR WAY                 9.000            505.60         79
                                       8.750            505.60       80,000.00
    SACRAMENTO       CA   95832          2            01/26/00         00
    0411809387                           05           03/01/00          0
    0411809387                           O            02/01/30
    0

    3188781          562/G02             F          296,600.00         ZZ
                                         360        296,283.12          2
    1642 MACE AVENUE                   9.125          2,413.24         85
                                       8.875          2,413.24      349,000.00
    BRONX            NY   10469          1            01/31/00         04
    0431934181                           05           03/01/00         25
1

    603548                               N            02/01/30
    0

    3193569          K08/G02             F          121,500.00         ZZ
                                         360        121,392.05          1
    6495 HAPPY CANYON ROAD, #3        10.000          1,066.25         90
                                       9.750          1,066.25      135,000.00
    DENVER           CO   80237          5            01/31/00         10
    0411797038                           01           03/01/00         25
    0411797038                           O            02/01/30
    0

    3194674          420/G02             F          297,000.00         ZZ
                                         360        296,837.77          4
    4016 KANSAS STREET                 9.000          2,389.73         90
                                       8.750          2,389.73      330,000.00
    OAKLAND          CA   94619          1            01/31/00         11
    0431839315                           05           04/01/00         25
    0000440750                           N            03/01/30
    0

    3194697          405/405             F          380,000.00         ZZ
                                         360        378,969.84          1
    86 SKYLINE CIRCLE                  8.000          2,788.31         75
                                       7.750          2,788.31      512,000.00
    SANTA BARBARA    CA   93109          5            11/19/99         00
    11383874                             05           01/01/00          0
    11383874                             O            12/01/29
    0

    3194791          K15/G02             F          156,750.00         ZZ
                                         360        156,582.53          4
    1244 WALL AVENUE                   9.125          1,275.37         95
                                       8.875          1,275.37      165,000.00
    SAN BERNARDINO   CA   92404          1            01/12/00         11
    0431850122                           05           03/01/00         30
    3008909                              O            02/01/30
    0

    3197239          K08/G02             F          104,400.00         ZZ
                                         360        104,353.82          1
    115 MOUNTAIN OAK DRIVE            10.000            916.18         90
                                       9.750            916.18      116,000.00
    WETUMPKA         AL   36093          5            02/02/00         04
    0411779069                           03           04/01/00         25
    0411779069                           O            03/01/30
    0

1

    3201205          T64/G02             F          325,000.00         ZZ
                                         360        324,817.80          1
    4743 EAST MOHAVE PLACE             8.875          2,585.85         54
                                       8.625          2,585.85      610,000.00
    PARADISE VALLEY  AZ   85253          5            02/07/00         00
    0431843135                           05           04/01/00          0
    391897                               O            03/01/30
    0

    3201583          286/286             F          202,500.00         ZZ
                                         360        202,289.23          2
    3 DRAGON CT                        9.250          1,665.92         90
                                       9.000          1,665.92      225,000.00
    WOBURN           MA   01801          5            01/24/00         11
    0009056740                           05           03/01/00         25
    0009056740                           O            02/01/30
    0

    3201584          286/286             F          181,000.00         ZZ
                                         360        180,749.97          1
    16 MESQUITE PLACE                  7.875          1,312.38         68
                                       7.625          1,312.38      268,000.00
    PALMYRA          VA   22963          4            01/12/00         00
    9387313                              03           03/01/00          0
    9387313                              O            02/01/30
    0

    3201621          286/286             F           62,100.00         ZZ
                                         360         62,041.81          4
    2009 MAURY AVE                     9.750            533.54         90
                                       9.500            533.54       69,000.00
    ST LOUIS         MO   63110          1            01/14/00         10
    0009983984                           05           03/01/00         25
    0009983984                           N            02/01/30
    0

    3202887          K08/G02             F          161,500.00         ZZ
                                         360        161,424.66          1
    3918 SHERWOOD BLVD                 9.750          1,387.53         95
                                       9.500          1,387.53      170,000.00
    DELRAY BEACH     FL   33445          5            02/04/00         14
    0411808017                           03           04/01/00         30
    0411808017                           O            03/01/30
    0

    3211202          K08/G02             F           41,800.00         ZZ
                                         360         41,777.75          2
    103-105 S. SUGAR CREEK BLVD        9.125            340.10         50
                                       8.875            340.10       84,000.00
1

    SUGAR CREEK      MO   64054          5            02/11/00         00
    0411761661                           05           04/01/00          0
    0411761661                           N            03/01/30
    0

    3213449          623/G02             F          356,250.00         ZZ
                                         360        355,399.56          1
    57375 POLE HOUSE LANE              8.625          2,770.88         75
                                       8.375          2,770.88      475,000.00
    SUNRIVER         OR   97707          5            11/24/99         00
    0431858224                           03           01/01/00          0
    6209713                              N            12/01/29
    0

    3215640          F34/G02             F           33,600.00         ZZ
                                         360         33,566.81          1
    132 ALGONQUIN STREET               9.500            282.53         80
                                       9.250            282.53       42,000.00
    PARK FOREST      IL   60466          1            02/01/00         00
    0431865179                           05           03/01/00          0
    0000002                              N            02/01/30
    0

    3216101          601/G02             F          114,000.00         ZZ
                                         360        113,857.78          1
    18 LA CANADA                       8.375            866.49         64
                                       8.125            866.49      180,000.00
    ARROYO SECO      NM   87514          2            01/31/00         00
    0431873413                           05           03/01/00          0
    60157302                             O            02/01/30
    0

    3217331          K08/G02             F          141,000.00         ZZ
                                         360        140,928.79          1
    3420 HENNEPIN AVENUE S             9.375          1,172.77         75
                                       9.125          1,172.77      188,000.00
    MINNEAPOLIS      MN   55408          5            02/10/00         00
    0411802713                           05           04/01/00          0
    0411802713                           O            03/01/30
    0

    3217341          K08/G02             F           86,000.00         ZZ
                                         360         85,957.70          1
    5211 SW 104 AVENUE                 9.500            723.13         64
                                       9.250            723.13      136,000.00
    MIAMI            FL   33165          1            02/15/00         00
    0411828718                           05           04/01/00          0
    0411828718                           O            03/01/30
    0
1

    3217343          K08/G02             F           56,000.00         ZZ
                                         360         55,974.55          4
    3248-50 CALIFORNIA AVENUE          9.875            486.28         80
                                       9.625            486.28       70,000.00
    ST LOUIS         MO   63118          1            02/15/00         00
    0411835606                           05           04/01/00          0
    0411835606                           N            03/01/30
    0

    3217781          196/G02             F          100,500.00         ZZ
                                         360        100,403.32          1
    431 SOUTH CENTRAL AVENUE           9.625            854.24         75
                                       9.375            854.24      134,000.00
    TRACY            CA   95376          1            01/20/00         00
    0431868645                           05           03/01/00          0
    1360420                              N            02/01/30
    0

    3217827          196/G02             F          168,000.00         ZZ
                                         360        167,850.72          1
    6208 SEDONA DRIVE NE              10.000          1,474.33         80
                                       9.750          1,474.33      210,000.00
    ALBUQUERQUE      NM   87111          2            01/21/00         00
    0431858398                           03           03/01/00          0
    1351051                              N            02/01/30
    0

    3217858          676/G02             F          201,700.00         ZZ
                                         360        201,571.38          1
    11 HAKU HALE PLACE                 8.250          1,515.31         75
                                       8.000          1,515.31      269,000.00
    LAHAINA          HI   96761          1            02/08/00         00
    0431874296                           03           04/01/00          0
    300100327445                         O            03/01/30
    0

    3217882          253/253             F           32,600.00         ZZ
                                         360         31,996.50          1
    1955 S IRVING ST                   9.125            265.25         29
                                       8.875            265.25      115,000.00
    DENVER           CO   80219          2            02/04/00         00
    949143                               05           03/01/00          0
    949143                               O            02/01/30
    0

    3217889          196/G02             F          168,000.00         ZZ
                                         360        167,850.72          1
1

    6212 SEDON DRIVE NE               10.000          1,474.33         80
                                       9.750          1,474.33      210,000.00
    ALBUQUERQUE      NM   87111          2            01/21/00         00
    0431858463                           03           03/01/00          0
    1351047                              N            02/01/30
    0

    3217961          196/G02             F           54,150.00         ZZ
                                         360         54,084.15          1
    9254 FOREST LANE                   8.500            416.37         92
    UNIT 101                           8.250            416.37       59,000.00
    DALLAS           TX   75023          1            01/25/00         10
    0431866565                           01           03/01/00         30
    1359326                              O            02/01/30
    0

    3218017          196/G02             F           60,000.00         ZZ
                                         360         59,943.77          1
    400 EAST BROADWAY STREET           9.750            515.50         80
                                       9.500            515.50       75,000.00
    GRANGER          TX   76530          1            01/19/00         00
    0431866631                           05           03/01/00          0
    1359083                              N            02/01/30
    0

    3218052          196/G02             F          215,000.00         ZZ
                                         360        214,798.56          1
    22534 LATONIA COURT                9.750          1,847.19         80
                                       9.500          1,847.19      272,000.00
    RICHTON PARK     IL   60471          2            01/28/00         00
    0431858182                           05           03/01/00          0
    1361520                              O            02/01/30
    0

    3218121          196/G02             F           60,000.00         ZZ
                                         360         59,973.45          1
    10731 SOUTH CHAMPLAIN AVENUE      10.000            526.55         80
                                       9.750            526.55       75,000.00
    CHICAGO          IL   60628          5            02/04/00         00
    0431858034                           07           04/01/00          0
    1358827                              N            03/01/30
    0

    3218252          196/G02             F           60,000.00         ZZ
                                         360         59,973.45          1
    10904 SOUTH STATE STREET          10.000            526.55         80
                                       9.750            526.55       75,000.00
    CHICAGO          IL   60628          5            02/04/00         00
    0431857895                           05           04/01/00          0
1

    1358828                              N            03/01/30
    0

    3218291          196/G02             F          120,000.00         ZZ
                                         360        119,868.41          1
    136 TOWER RIDGE ROAD NW            9.000            965.55         76
                                       8.750            965.55      159,000.00
    CARTERSVILLE     GA   30120          1            01/28/00         00
    0431858299                           05           03/01/00          0
    1359439                              O            02/01/30
    0

    3218386          196/G02             F          176,000.00         ZZ
                                         360        175,801.93          1
    525 AMIGOS ROAD                    8.875          1,400.34         80
                                       8.625          1,400.34      220,000.00
    RAMONA           CA   92065          5            01/24/00         00
    0431858315                           05           03/01/00          0
    1360793                              O            02/01/30
    0

    3218401          E84/G02             F           55,500.00         ZZ
                                         360         55,435.90          1
    15242 SCOTT PLACE                  8.750            436.62         59
                                       8.500            436.62       95,500.00
    LOXAHATCHEE      FL   33470          1            01/26/00         00
    0431855071                           05           03/01/00          0
    15500156                             O            02/01/30
    0

    3218432          E84/G02             F          204,650.00         ZZ
                                         360        204,458.27          1
    410 EAST 5TH STREET  UNIT 308      9.750          1,758.26         75
                                       9.500          1,758.26      272,900.00
    AUSTIN           TX   78701          1            01/21/00         00
    0431863232                           01           03/01/00          0
    32601116                             N            02/01/30
    0

    3218699          E84/G02             F           37,600.00         ZZ
                                         360         37,563.82          1
    863 GUSTAV AVENUE                  9.625            319.60         80
                                       9.375            319.60       47,000.00
    ST LOUIS         MO   63147          5            01/24/00         00
    0431854660                           05           03/01/00          0
    11901880                             N            02/01/30
    0

1

    3218968          E84/G02             F          279,950.00         ZZ
                                         360        279,754.42          1
    18226 SOUTHEAST 128TH STREET       8.500          2,152.57         80
                                       8.250          2,152.57      349,950.00
    RENTON           WA   98059          1            02/09/00         00
    0431875921                           05           04/01/00          0
    61101600                             O            03/01/30
    0

    3222636          E82/G02             F          307,350.00         ZZ
                                         360        307,177.70          1
    224 HICKORY LANE                   8.875          2,445.41         90
                                       8.625          2,445.41      341,500.00
    HADDONFIELD      NJ   08033          1            02/18/00         04
    0400252953                           05           04/01/00         25
    0400252953                           O            03/01/30
    0

    3225620          K08/G02             F          144,000.00         ZZ
                                         360        143,932.82          4
    3401 KENT STREET                   9.750          1,237.18         90
                                       9.500          1,237.18      160,000.00
    METAIRIE         LA   70006          1            02/17/00         01
    0411790124                           05           04/01/00         25
    0411790124                           N            03/01/30
    0

    3225625          K08/G02             F          166,500.00         ZZ
                                         360        166,422.32          1
    6520 EDGEWORTH DRIVE               9.750          1,430.49         90
                                       9.500          1,430.49      185,000.00
    ORLANDO          FL   32819          1            02/17/00         11
    0411814528                           03           04/01/00         25
    0411814528                           O            03/01/30
    0

    3225626          K08/G02             F           96,750.00         ZZ
                                         360         96,703.66          1
    443 EAST 169TH STREET              9.625            822.36         75
                                       9.375            822.36      129,000.00
    SOUTH HOLLAND    IL   60473          1            02/17/00         00
    0411815392                           05           04/01/00          0
    0411815392                           O            03/01/30
    0

    3226172          943/943             F          423,000.00         ZZ
                                         353        421,522.86          1
    1310 KILDARE CT                    8.125          3,155.51         90
                                       7.875          3,155.51      470,000.00
1

    SNELLVILLE       GA   30078          2            10/29/99         04
    9080042771                           05           12/01/99         25
    9080042771                           O            04/01/29
    0

    3226175          943/943             F          490,500.00         ZZ
                                         360        489,015.35          1
    17400 TARZANA STREET               8.250          3,684.97         90
                                       8.000          3,684.97      545,000.00
    LOS ANGELES      CA   91316          1            12/17/99         14
    9080046516                           05           02/01/00         25
    9080046516                           O            01/01/30
    0

    3226178          943/943             F          261,000.00         ZZ
                                         360        260,497.26          1
    433 WEST ALDINE AVENUE             8.250          1,960.81         90
    UNIT 14                            8.000          1,960.81      290,000.00
    CHICAGO          IL   60657          1            12/20/99         14
    9090097961                           01           02/01/00         25
    9090097961                           O            01/01/30
    0

    3226710          196/G02             F          130,000.00         ZZ
                                         360        129,857.45          1
    16415 COLISEUM DRIVE               9.000          1,046.01         69
                                       8.750          1,046.01      190,000.00
    BATON ROUGE      LA   70816          1            01/14/00         00
    0431869270                           05           03/01/00          0
    1358987                              O            02/01/30
    0

    3226716          196/G02             F           80,100.00         ZZ
                                         360         80,016.62          1
    4232 RIVERSIDE DRIVE               9.250            658.97         62
                                       9.000            658.97      130,000.00
    CRYSTAL LAKE     IL   60014          5            01/26/00         00
    0431864362                           03           03/01/00          0
    1360411                              O            02/01/30
    0

    3226845          196/G02             F          177,650.00         ZZ
                                         360        177,474.54          1
    2 AZUL LOOP                        9.500          1,493.78         80
                                       9.250          1,493.78      222,100.00
    SANTA FE         NM   87505          1            01/31/00         00
    0431869387                           03           03/01/00          0
    1361984                              O            02/01/30
    0
1

    3226905          196/G02             F          145,000.00         ZZ
                                         360        144,823.68          2
    1534 NORTH 36TH AVENUE             8.500          1,114.93         75
                                       8.250          1,114.93      195,000.00
    MELROSE PARK     IL   60160          5            01/07/00         00
    0431868694                           05           03/01/00          0
    1359293                              O            02/01/30
    0

    3226930          196/G02             F           45,000.00         ZZ
                                         360         44,956.70          1
    1211 RUSSWOOD ROAD                 9.625            382.50         90
                                       9.375            382.50       50,000.00
    MEMPHIS          TN   38122          1            01/14/00         10
    0431869361                           05           03/01/00         25
    1357512                              O            02/01/30
    0

    3226996          196/G02             F           53,250.00         ZZ
                                         360         53,198.77          2
    1889 91 WEST 65TH STREET           9.625            452.62         75
                                       9.375            452.62       71,000.00
    CLEVELAND        OH   44102          1            01/14/00         00
    0431868942                           05           03/01/00          0
    1360185                              N            02/01/30
    0

    3227064          196/G02             F           59,200.00         ZZ
                                         360         59,141.53          1
    9324 SOUTH MARQUETTE AVENUE        9.500            497.79         80
                                       9.250            497.79       74,000.00
    CHICAGO          IL   60617          1            01/19/00         00
    0431865781                           05           03/01/00          0
    1359361                              N            02/01/30
    0

    3227120          196/G02             F          216,000.00         ZZ
                                         360        215,744.02          1
    23155 MINERS ROAD                  8.625          1,680.03         80
                                       8.375          1,680.03      270,000.00
    PERRIS           CA   92570          5            01/19/00         00
    0431870765                           03           03/01/00          0
    1358791                              O            02/01/30
    0

    3227359          A06/G02             F          112,800.00         ZZ
                                         360        112,738.38          1
1

    1016 SMITH                         9.000            907.62         80
                                       8.750            907.62      141,000.00
    BIRMINGHAM       MI   48009          2            02/15/00         00
    0431901875                           05           04/01/00          0
    001000010003607                      N            03/01/30
    0

    3227378          736/G02             F          123,600.00         ZZ
                                         360        123,528.88          1
    5744 EAST CREEKSIDE AVENUE         8.750            972.37         80
                                       8.500            972.37      154,500.00
    ORANGE           CA   92689          1            02/03/00         00
    0431894591                           01           04/01/00          0
    0100275148                           O            03/01/30
    0

    3227448          196/G02             F          277,000.00         ZZ
                                         360        276,680.08          2
    4650-4652 SNEAD DRIVE              8.750          2,179.17         67
                                       8.500          2,179.17      415,000.00
    SANTA CLARA      CA   95054          5            01/25/00         00
    0431870799                           05           03/01/00          0
    1359809                              N            02/01/30
    0

    3227665          736/G02             F          225,700.00         ZZ
                                         360        225,559.71          1
    29401 MOUNT RICHMOND ROAD          8.375          1,715.49         74
                                       8.125          1,715.49      308,000.00
    GASTON           OR   97119          2            02/09/00         00
    0431893981                           05           04/01/00          0
    0100422260                           O            03/01/30
    0

    3227806          736/G02             F          344,800.00         ZZ
                                         360        344,634.81          1
    13610 GLENOAKS BOULEVARD           9.625          2,930.77         80
                                       9.375          2,930.77      431,000.00
    LOS ANGELES      CA   91342          1            02/08/00         00
    0431895127                           05           04/01/00          0
    0100396753                           O            03/01/30
    0

    3227856          736/G02             F          156,000.00         ZZ
                                         360        155,905.49          1
    1407 WALNUT STREET                 8.500          1,199.51         80
                                       8.250          1,199.51      195,000.00
    SAN GABRIEL      CA   91776          1            02/01/00         00
    0431894351                           05           04/01/00          0
1

    0100390939                           O            03/01/30
    0

    3227885          736/G02             F          110,400.00         ZZ
                                         360        110,265.75          1
    14711 SOUTH NORMANDIE AVENUE       8.500            848.89         80
    #7                                 8.250            848.89      138,000.00
    GARDENA          CA   90247          1            01/28/00         00
    0431894377                           01           03/01/00          0
    0100345446                           O            02/01/30
    0

    3227911          736/G02             F          171,900.00         ZZ
                                         360        171,803.62          2
    20523 POPLAR WAY                   8.875          1,367.72         80
                                       8.625          1,367.72      214,950.00
    LYNNWOOD         WA   98036          1            02/04/00         00
    0431894575                           05           04/01/00          0
    0100406743                           O            03/01/30
    0

    3227942          736/G02             F          110,300.00         ZZ
                                         360        110,239.75          1
    279 FLAME TREE PLACE               9.000            887.50         80
                                       8.750            887.50      137,900.00
    OCEANSIDE        CA   92057          1            02/09/00         00
    0431894658                           03           04/01/00          0
    0100409861                           O            03/01/30
    0

    3228103          736/G02             F           99,900.00         ZZ
                                         360         99,846.84          1
    3615 VISTA BELLA UNIT 8            9.125            812.82         80
                                       8.875            812.82      124,900.00
    OCEANSIDE        CA   92057          1            02/08/00         00
    0431894641                           09           04/01/00          0
    0100397660                           O            03/01/30
    0

    3228149          736/G02             F           82,000.00         ZZ
                                         360         81,951.59          1
    BOX 185 RR2 ROUTE 26               8.625            637.79         69
                                       8.375            637.79      120,000.00
    DAGSBORO         DE   19939          5            02/09/00         00
    0431875913                           05           04/01/00          0
    0100282342                           O            03/01/30
    0

1

    3228884          K08/G02             F          143,650.00         ZZ
                                         360        143,586.45          4
    7433 TIARA WAY                    10.000          1,260.63         90
                                       9.750          1,260.63      159,650.00
    CITRUS HEIGHTS   CA   95610          1            02/14/00         04
    0411787203                           05           04/01/00         25
    0411787203                           N            03/01/30
    0

    3228911          K08/G02             F           94,500.00         ZZ
                                         360         94,454.73          1
    8140 S. ARTESIAN                   9.625            803.24         90
                                       9.375            803.24      105,000.00
    CHICAGO          IL   60652          1            02/18/00         01
    0411829948                           05           04/01/00         25
    0411829948                           O            03/01/30
    0

    3229024          736/G02             F          135,000.00         ZZ
                                         360        134,737.50          1
    35513 REESE ROAD                   8.500          1,038.04         70
                                       8.250          1,038.04      195,000.00
    SULTAN           WA   98294          5            01/28/00         00
    0431895069                           05           03/01/00          0
    0100349968                           O            02/01/30
    0

    3229466          736/G02             F           85,600.00         ZZ
                                         360         85,549.46          1
    1489 GUSTAVO STREET UNIT C         8.625            665.79         80
                                       8.375            665.79      107,000.00
    EL CAJON         CA   92019          1            02/03/00         00
    0431894096                           01           04/01/00          0
    0100441971                           O            03/01/30
    0

    3229962          736/G02             F          120,800.00         ZZ
                                         360        120,742.13          1
    1714 SCHUBERT COURT                9.625          1,026.79         80
                                       9.375          1,026.79      151,000.00
    GLENDALE HEIGHT  IL   60139          1            02/08/00         00
    0431894864                           05           04/01/00          0
    0100453794                           O            03/01/30
    0

    3229976          736/G02             F           98,000.00         ZZ
                                         360         97,945.05          1
    24704 ALPINE ROAD                  8.875            779.74         54
                                       8.625            779.74      183,000.00
1

    MONROE           OR   97456          5            02/01/00         00
    0431894781                           05           04/01/00          0
    0100445360                           O            03/01/30
    0

    3230156          736/G02             F           92,800.00         ZZ
                                         360         92,746.61          1
    3849 BELLVIEW ROAD                 8.750            730.06         80
                                       8.500            730.06      116,000.00
    SCHECKSVILLE     PA   18078          2            01/29/00         00
    0431895119                           05           04/01/00          0
    0100384684                           O            03/01/30
    0

    3230298          196/G02             F           61,600.00         ZZ
                                         360         61,540.73          1
    18619 RIDGEDALE DRIVE              9.625            523.60         80
                                       9.375            523.60       77,000.00
    MADERA           CA   93638          1            01/18/00         00
    0431869155                           05           03/01/00          0
    1360778                              N            02/01/30
    0

    3230321          637/G02             F           54,200.00         ZZ
                                         360         54,174.03          1
    416 SIXTH STREET                   9.625            460.70         70
                                       9.375            460.70       77,500.00
    PHILIPSBURG      PA   16866          1            02/08/00         00
    0431892173                           05           04/01/00          0
    0014554273                           N            03/01/30
    0

    3230397          196/G02             F          142,500.00         ZZ
                                         360        142,355.50          1
    341 GREENS VIEW DRIVE              9.375          1,185.25         56
                                       9.125          1,185.25      257,500.00
    ALGONQUIN        IL   60102          1            01/28/00         00
    0431869163                           05           03/01/00          0
    1360680                              O            02/01/30
    0

    3230448          196/G02             F           46,800.00         ZZ
                                         360         46,751.29          1
    1116 NORTH MALLORY STREET          9.250            385.01         90
                                       9.000            385.01       52,000.00
    HAMPTON          VA   23663          1            01/10/00         10
    0431869098                           05           03/01/00         25
    1358596                              N            02/01/30
    0
1

    3230695          B42/G02             F           85,000.00         ZZ
                                         360         84,802.22          1
    5166 A KIPULU PLACE                8.750            668.70         49
                                       8.500            668.70      175,000.00
    LAHAINA          HI   96761          5            11/18/99         00
    0431876523                           03           01/01/00          0
    99H35606                             O            12/01/29
    0

    3230801          736/G02             F           83,900.00         ZZ
                                         360         83,800.57          1
    7890 EAST SPRING STREET #4B        8.625            652.57         80
                                       8.375            652.57      104,900.00
    LONG BEACH       CA   90815          1            01/31/00         00
    0431895051                           02           03/01/00          0
    0100416577                           O            02/01/30
    0

    3230937          736/G02             F          114,400.00         ZZ
                                         360        114,012.42          1
    8032 SOUTHEAST BOISE STREET        8.625            889.80         80
                                       8.375            889.80      143,000.00
    PORTLAND         OR   97206          5            01/31/00         00
    0431894120                           05           03/01/00          0
    0100384171                           O            02/01/30
    0

    3231004          736/G02             F           75,500.00         ZZ
                                         360         75,458.75          1
    2186 WEST 5100 SOUTH               9.000            607.50         80
                                       8.750            607.50       95,000.00
    ROY              UT   84067          1            02/10/00         00
    0431876093                           05           04/01/00          0
    0100466093                           O            03/01/30
    0

    3231162          736/G02             F          315,000.00         ZZ
                                         360        314,809.17          1
    5512 THUNDERBIRD LANE              8.500          2,422.08         52
                                       8.250          2,422.08      615,000.00
    SAN DIEGO        CA   92037          2            02/01/00         00
    0431894088                           05           04/01/00          0
    0100414580                           O            03/01/30
    0

    3232040          K08/G02             F           43,000.00         ZZ
                                         360         42,979.94          1
1

    5909 WINIFRED DRIVE                9.750            369.44         51
                                       9.500            369.44       85,000.00
    FORT WORTH       TX   76133          5            02/16/00         00
    0411782410                           05           04/01/00          0
    0411782410                           O            03/01/30
    0

    3232043          K08/G02             F          186,000.00         ZZ
                                         360        185,906.08          1
    806 MOORE ROAD                     9.375          1,547.05         62
                                       9.125          1,547.05      300,000.00
    MANSFIELD        TX   76063          5            02/15/00         00
    0411806557                           05           04/01/00          0
    0411806557                           O            03/01/30
    0

    3232044          K08/G02             F           66,400.00         ZZ
                                         360         66,366.47          1
    99 SAINT PHILLIP STREET            9.375            552.28         95
    UNIT #305                          9.125            552.28       69,900.00
    CHARLESTON       SC   29403          1            02/22/00         14
    0411807217                           01           04/01/00         30
    0411807217                           O            03/01/30
    0

    3232047          K08/G02             F          108,000.00         ZZ
                                         360        107,946.88          4
    1301 QUAIL CIRCLE                  9.500            908.12         90
                                       9.250            908.12      120,000.00
    KILLEEN          TX   76541          1            02/18/00         14
    0411813108                           05           04/01/00         25
    0411813108                           N            03/01/30
    0

    3232052          K08/G02             F           85,500.00         ZZ
                                         360         85,461.15          4
    215 FOREST AVENUE                  9.875            742.44         90
                                       9.625            742.44       95,000.00
    CINCINNATI       OH   45229          1            02/22/00         04
    0411821796                           05           04/01/00         25
    0411821796                           N            03/01/30
    0

    3232053          K08/G02             F           45,000.00         ZZ
                                         360         44,978.44          1
    1500 NW 66 TERR                    9.625            382.50         60
                                       9.375            382.50       75,000.00
    MARGATE          FL   33063          5            02/16/00         00
    0411821804                           05           04/01/00          0
1

    0411821804                           O            03/01/30
    0

    3232059          K08/G02             F          292,300.00         ZZ
                                         360        292,148.47          1
    521 SAN JUAN DRIVE                 9.250          2,404.68         65
                                       9.000          2,404.68      450,000.00
    CORAL GABLES     FL   33143          5            02/15/00         00
    0411825425                           05           04/01/00          0
    0411825425                           O            03/01/30
    0

    3232067          K08/G02             F          231,000.00         ZZ
                                         360        230,867.10          4
    1857 SOUTH 500 EAST  UNIT A-D      8.750          1,817.28         90
                                       8.500          1,817.28      256,700.00
    SALT LAKE CITY   UT   84105          1            02/22/00         01
    0411834476                           05           04/01/00         25
    0411834476                           N            03/01/30
    0

    3232201          736/G02             F          157,500.00         ZZ
                                         360        157,062.12          4
    471 FLORIDA AVENUE N W             7.875          1,141.99         90
                                       7.625          1,141.99      175,000.00
    WASHINGTON       DC   20001          1            12/01/99         10
    0431893817                           05           01/01/00         25
    100012707                            O            12/01/29
    0

    3232202          736/G02             F          199,550.00         ZZ
                                         360        199,325.43          1
    31525 STONEY CREEK DRIVE           8.875          1,587.71         80
                                       8.625          1,587.71      249,435.00
    LAKE ELSINORE    CA   92532          1            01/28/00         00
    0431894484                           05           03/01/00          0
    100060094                            O            02/01/30
    0

    3232203          736/G02             F          119,600.00         ZZ
                                         360        119,529.39          1
    1306 LOS LENTES                    8.625            930.24         80
                                       8.375            930.24      149,500.00
    LOS LUNAS        NM   87031          2            02/01/00         00
    0431894237                           05           04/01/00          0
    100252170                            O            03/01/30
    0

1

    3232204          736/G02             F          200,000.00         ZZ
                                         360        199,896.31          1
    10837 RAMPART  LANE                9.250          1,645.36         80
                                       9.000          1,645.36      250,000.00
    LITTLETON        CO   80125          1            02/04/00         00
    0431894617                           05           04/01/00          0
    100258805                            O            03/01/30
    0

    3232205          736/G02             F          169,000.00         ZZ
                                         360        168,902.76          1
    2505 CENTER ROAD                   8.750          1,329.53         49
                                       8.500          1,329.53      350,000.00
    NOVATO           CA   94947          5            02/03/00         00
    0431894203                           05           04/01/00          0
    100274042                            O            03/01/30
    0

    3232209          736/G02             F           98,400.00         ZZ
                                         360         98,348.98          1
    2703 TOPLEY AVENUE                 9.250            809.52         80
                                       9.000            809.52      123,000.00
    LAS CRUCES       NM   88005          2            02/04/00         00
    0431894799                           05           04/01/00          0
    100296623                            O            03/01/30
    0

    3232210          736/G02             F          194,520.00         ZZ
                                         360        194,246.50          1
    6850 STERLING DRIVE                9.250          1,600.27         80
                                       9.000          1,600.27      243,150.00
    SUWANEE          GA   30024          1            01/28/00         00
    0431895168                           03           03/01/00          0
    100343391                            O            02/01/30
    0

    3232213          736/G02             F          137,000.00         ZZ
                                         360        136,917.00          1
    902 DUNLIN FIELDS DRIVE            8.500          1,053.42         77
                                       8.250          1,053.42      180,000.00
    LAWRENCEVILLE    GA   30044          2            02/07/00         00
    0431894492                           03           04/01/00          0
    100350438                            O            03/01/30
    0

    3232214          736/G02             F          192,250.00         ZZ
                                         360        192,136.49          1
    16125 VASQUEZ WAY                  8.625          1,495.31         76
                                       8.375          1,495.31      255,000.00
1

    CANYON COUNTRY   CA   91351          1            02/02/00         00
    0431895143                           05           04/01/00          0
    100359686                            O            03/01/30
    0

    3232215          736/G02             F          223,200.00         ZZ
                                         360        222,942.22          1
    14018 YORK AVENUE                  8.750          1,755.92         80
                                       8.500          1,755.92      279,000.00
    POWAY            CA   92064          1            01/28/00         00
    0431894716                           05           03/01/00          0
    100361823                            O            02/01/30
    0

    3232216          736/G02             F          680,000.00         T
                                         360        679,214.67          1
    1271 PASEO LADERA                  8.750          5,349.57         80
                                       8.500          5,349.57      850,000.00
    ARROYO GRANDE    CA   93420          1            01/20/00         00
    0431894021                           05           03/01/00          0
    100362664                            O            02/01/30
    0

    3232217          736/G02             F          108,000.00         ZZ
                                         360        107,875.27          1
    2482 ZACHERY WOODS DRIVE           8.750            849.64         80
                                       8.500            849.64      135,000.00
    MARIETTA         GA   30064          1            01/31/00         00
    0431873157                           05           03/01/00          0
    100363258                            O            02/01/30
    0

    3232218          736/G02             F          241,600.00         ZZ
                                         360        241,313.67          1
    33 SHORECLIFF                      8.625          1,879.15         80
                                       8.375          1,879.15      302,000.00
    ALISO VIEJO ARE  CA   92656          5            01/24/00         00
    0431894633                           03           03/01/00          0
    100363811                            O            02/01/30
    0

    3232219          736/G02             F           70,000.00         ZZ
                                         360         69,959.72          1
    1498 OVERTON DRIVE                 8.750            550.70         67
                                       8.500            550.70      105,000.00
    MINERAL          VA   23117          5            02/02/00         00
    0431894955                           03           04/01/00          0
    100364132                            O            03/01/30
    0
1

    3232221          736/G02             F          100,000.00         ZZ
                                         360         99,890.33          1
    5 EVERGREEN LANE                   9.000            804.63         80
                                       8.750            804.63      125,000.00
    FESTUS           MO   63028          1            02/04/00         00
    0431894815                           03           03/01/00          0
    100368331                            O            02/01/30
    0

    3232222          736/G02             F           85,400.00         ZZ
                                         360         85,296.15          1
    780 GAILEEN WAY                    8.500            656.66         70
                                       8.250            656.66      122,000.00
    HARRISBURG       OR   97446          5            02/02/00         00
    0431875814                           05           03/01/00          0
    100372325                            O            02/01/30
    0

    3232223          736/G02             F          113,200.00         ZZ
                                         360        113,069.26          1
    9227 FLORENCE AVE UNIT 28          8.750            890.55         80
                                       8.500            890.55      141,500.00
    DOWNEY           CA   90240          1            01/12/00         00
    0431894294                           01           03/01/00          0
    100372549                            O            02/01/30
    0

    3232224          736/G02             F          137,000.00         ZZ
                                         360        136,921.18          1
    5645 EAST VAN DUSEN ROAD           8.750          1,077.78         78
                                       8.500          1,077.78      176,500.00
    HARRISON         ID   83833          2            02/04/00         00
    0431893858                           05           04/01/00          0
    100372572                            O            03/01/30
    0

    3232225          736/G02             F           85,000.00         ZZ
                                         360         84,949.81          1
    1248 U.S. HIGHWAY 46               8.625            661.13         57
                                       8.375            661.13      150,000.00
    GOODING          ID   83330          5            02/07/00         00
    0431895002                           05           04/01/00          0
    100376946                            O            03/01/30
    0

    3232226          736/G02             F          208,000.00         ZZ
                                         360        207,883.38          1
1

    212 FIRELIGHT COURT                8.875          1,654.95         80
                                       8.625          1,654.95      260,000.00
    SANTA ROSA       CA   95403          1            02/08/00         00
    0431894971                           03           04/01/00          0
    100377480                            O            03/01/30
    0

    3232227          736/G02             F           99,350.00         ZZ
                                         360         99,292.84          1
    12205 BISHOPSFORD DRIVE            8.750            781.59         80
                                       8.500            781.59      124,205.00
    TAMPA            FL   33626          1            02/08/00         00
    0431895135                           03           04/01/00          0
    100379627                            O            03/01/30
    0

    3232229          736/G02             F          120,000.00         ZZ
                                         360        119,861.40          1
    7661 HILLHAVEN COURT               8.750            944.05         80
                                       8.500            944.05      150,000.00
    ANTELOPE         CA   95843          1            01/27/00         00
    0431895010                           05           03/01/00          0
    100384395                            O            02/01/30
    0

    3232231          736/G02             F          523,600.00         ZZ
                                         360        523,266.11          1
    50 COLONY CROSSING                 8.250          3,933.64         80
                                       8.000          3,933.64      654,583.00
    EDGEWATER        MD   21037          2            02/04/00         00
    0431894427                           02           04/01/00          0
    100385715                            O            03/01/30
    0

    3232235          736/G02             F          105,000.00         ZZ
                                         360        104,875.57          1
    8940 11TH AVE SOUTH                8.625            816.68         79
                                       8.375            816.68      134,000.00
    BLOOMINGTON      MN   55420          2            02/01/00         00
    0431894450                           05           03/01/00          0
    100396860                            O            02/01/30
    0

    3232243          736/G02             F          125,000.00         ZZ
                                         360        124,928.08          1
    1938 VERDUGO KNOLLS DRIVE          8.750            983.38         27
                                       8.500            983.38      475,000.00
    GLENDALE         CA   91208          5            02/09/00         00
    0431894740                           05           04/01/00          0
1

    100418425                            O            03/01/30
    0

    3232244          736/G02             F          130,000.00         ZZ
                                         360        129,925.20          1
    3662 WEST 8070 SOUTH               8.750          1,022.72         76
                                       8.500          1,022.72      172,000.00
    WEST JORDAN      UT   84088          2            02/08/00         00
    0431894419                           05           04/01/00          0
    100421296                            O            03/01/30
    0

    3232246          736/G02             F          278,400.00         ZZ
                                         360        278,247.93          1
    3838 ALBATROSS STREET              9.000          2,240.07         68
                                       8.750          2,240.07      410,000.00
    SAN DIEGO        CA   92103          5            02/03/00         00
    0431893973                           05           04/01/00          0
    100424886                            O            03/01/30
    0

    3232248          736/G02             F          499,850.00         ZZ
                                         360        499,569.77          1
    540 PACIFIC ROAD                   8.875          3,977.04         80
                                       8.625          3,977.04      624,858.00
    CORONA           CA   91719          1            02/01/00         00
    0431894997                           05           04/01/00          0
    100427632                            O            03/01/30
    0

    3232249          736/G02             F          121,600.00         ZZ
                                         360        121,528.20          1
    12-A BENT TREE COURT               8.625            945.80         80
                                       8.375            945.80      152,000.00
    WATSONVILLE      CA   95076          1            02/03/00         00
    0431894625                           01           04/01/00          0
    100429190                            O            03/01/30
    0

    3232250          736/G02             F          148,000.00         ZZ
                                         360        147,837.69          1
    1307 WEST MORNING VISTA DRIVE      9.000          1,190.85         80
                                       8.750          1,190.85      185,000.00
    TAYLORSVILLE     UT   84123          2            02/02/00         00
    0431893866                           05           03/01/00          0
    100430719                            O            02/01/30
    0

1

    3232254          736/G02             F           50,000.00         ZZ
                                         360         49,969.71          1
    13164 LINCOLN WAY                  8.500            384.46         40
                                       8.250            384.46      127,000.00
    AUBURN           CA   95603          5            02/02/00         00
    0431894328                           05           04/01/00          0
    100441500                            O            03/01/30
    0

    3232258          736/G02             F          134,400.00         ZZ
                                         360        134,322.67          1
    107 DEL PRESIDENTE                 8.750          1,057.33         80
                                       8.500          1,057.33      170,000.00
    SAN CLEMENTE     CA   92672          1            02/07/00         00
    0431894153                           01           04/01/00          0
    100446897                            O            03/01/30
    0

    3232261          736/G02             F          215,950.00         ZZ
                                         360        215,825.76          1
    200 BRIGHTON DRIVE                 8.750          1,698.88         80
                                       8.500          1,698.88      269,950.00
    VALLEJO          CA   94591          1            02/03/00         00
    0431894062                           05           04/01/00          0
    100456011                            O            03/01/30
    0

    3232262          736/G02             F          176,900.00         ZZ
                                         360        176,790.04          1
    1615 WEST CRIS AVENUE              8.375          1,344.57         77
                                       8.125          1,344.57      230,000.00
    ANAHEIM          CA   92802          2            02/03/00         00
    0431894195                           05           04/01/00          0
    100460468                            O            03/01/30
    0

    3232263          736/G02             F          392,000.00         ZZ
                                         360        391,785.87          1
    45850 VIA VAQUERO ROAD             9.000          3,154.13         70
                                       8.750          3,154.13      560,000.00
    TEMECULA         CA   92590          5            02/03/00         00
    0431893825                           03           04/01/00          0
    100464072                            O            03/01/30
    0

    3232264          736/G02             F           65,000.00         ZZ
                                         360         64,960.62          1
    29057 PEBBLE BEACH DRIVE           8.500            499.80         60
                                       8.250            499.80      109,000.00
1

    SUN CITY         CA   92586          5            02/04/00         00
    0431894823                           05           04/01/00          0
    100465723                            O            03/01/30
    0

    3232266          736/G02             F          105,600.00         ZZ
                                         360        105,542.31          1
    11315 PARKGREEN LANE               9.000            849.69         80
                                       8.750            849.69      132,000.00
    GARDEN GROVE     CA   92843          1            02/08/00         00
    0431894518                           01           04/01/00          0
    100470079                            O            03/01/30
    0

    3232267          736/G02             F          196,000.00         ZZ
                                         360        195,890.11          1
    6555 W. 91ST. ST.                  8.875          1,559.47         80
                                       8.625          1,559.47      245,000.00
    OAK LAWN         IL   60453          2            02/07/00         00
    0431894005                           05           04/01/00          0
    100470673                            O            03/01/30
    0

    3232268          736/G02             F          128,000.00         ZZ
                                         360        127,924.42          1
    0094 ASPEN CIRCLE                  8.625            995.58         60
                                       8.375            995.58      215,000.00
    SOUTH FORK       CO   81154          2            02/09/00         00
    0431894922                           05           04/01/00          0
    100476431                            O            03/01/30
    0

    3232269          736/G02             F           75,500.00         ZZ
                                         360         75,457.67          2
    8646 SOUTH 60 EAST                 8.875            600.72         59
                                       8.625            600.72      129,000.00
    SANDY            UT   84070          5            02/09/00         00
    0431894989                           02           04/01/00          0
    100491588                            O            03/01/30
    0

    3232396          736/G02             F          120,000.00         ZZ
                                         360        119,932.72          1
    1515 MORAGA DRIVE                  8.875            954.78         80
                                       8.625            954.78      150,000.00
    SANTA ROSA       CA   95404          1            02/01/00         00
    0431894039                           05           04/01/00          0
    0100417294                           O            03/01/30
    0
1

    3232415          736/G02             F          100,000.00         ZZ
                                         360         99,939.41          1
    2206 VIRGIN WOOD SE                8.500            768.92         77
                                       8.250            768.92      130,000.00
    RIO RANCHO       NM   87124          2            02/03/00         00
    0431876176                           05           04/01/00          0
    0100449396                           O            03/01/30
    0

    3234279          637/G02             F          115,200.00         ZZ
                                         360        115,094.89          1
    575 SUNCOOK VALLEY HWY             9.875          1,000.34         90
                                       9.625          1,000.34      128,000.00
    EPSOM            NH   03234          1            02/01/00         01
    0431872191                           05           03/01/00         25
    0016660193                           N            02/01/30
    0

    3235395          K08/G02             F          102,750.00         ZZ
                                         360        102,703.32          4
    3107 6TH STREET NORTH              9.875            892.23         79
                                       9.625            892.23      131,000.00
    MINNEAPOLIS      MN   55411          2            02/23/00         00
    0411809346                           05           04/01/00          0
    0411809346                           N            03/01/30
    0

    3235400          K08/G02             F          158,000.00         ZZ
                                         360        157,913.70          1
    10 GOLD CREEK CROSSING             9.000          1,271.30         80
                                       8.750          1,271.30      198,000.00
    BLACK MOUNTAIN   NC   28711          2            02/17/00         00
    0411821895                           05           04/01/00          0
    0411821895                           O            03/01/30
    0

    3235412          K08/G02             F           83,500.00         ZZ
                                         360         83,456.72          1
    11505 KNOLLPARK DRIVE              9.250            686.93         63
                                       9.000            686.93      133,500.00
    AUSTIN           TX   78758          1            02/23/00         00
    0411840143                           05           04/01/00          0
    0411840143                           O            03/01/30
    0

    3235983          E82/G02             F           45,400.00         ZZ
                                         360         45,377.67          3
1

    140-142 LILAC STREET               9.500            381.75         88
                                       9.250            381.75       52,000.00
    SYRACUSE         NY   13208          1            02/28/00         04
    0400252441                           05           04/01/00         25
    0400252441                           N            03/01/30
    0

    3235989          E82/G02             F           84,100.00         ZZ
                                         360         84,051.61          1
    2100 PARKWAY AVENUE                8.750            661.62         80
                                       8.500            661.62      105,175.00
    SHAKOPEE         MN   55379          1            02/24/00         00
    0400182952                           01           04/01/00          0
    0400182952                           O            03/01/30
    0

    3236995          K88/G02             F          260,000.00         ZZ
                                         360        259,872.10          1
    16 LAURENCE COURT                  9.500          2,186.23         73
                                       9.250          2,186.23      359,000.00
    CLOSTER          NJ   07624          2            02/18/00         00
    0431872993                           05           04/01/00          0
    25049                                O            03/01/30
    0

    3237876          737/G02             F           31,500.00         ZZ
                                         360         31,500.00          2
    1558 - 1562 SOUTH 13TH STREET      9.875            273.53         90
                                       9.625            273.53       35,000.00
    MILWAUKEE        WI   53204          1            03/07/00         12
    0431922830                           05           05/01/00         25
    963476                               N            04/01/30
    0

    3238890          K08/G02             F           43,500.00         ZZ
                                         360         43,480.24          3
    1528 N. TACOMA ST                  9.875            377.73         75
                                       9.625            377.73       58,000.00
    INDIANAPOLIS     IN   46201          5            02/24/00         00
    0411831464                           05           04/01/00          0
    0411831464                           N            03/01/30
    0

    3239001          696/G02             F          280,000.00         ZZ
                                         360        279,830.37          1
    6186 TREYWOOD LANE                 8.500          2,152.96         71
                                       8.250          2,152.96      396,786.00
    MANASSAS         VA   20112          1            02/25/00         00
    0431873975                           03           04/01/00          0
1

    22399111                             O            03/01/30
    0

    3239061          E82/G02             F          660,000.00         ZZ
                                         360        659,675.36          3
    126 SOUTH OXFORD STREET            9.500          5,549.64         90
                                       9.250          5,549.64      735,000.00
    BROOKLYN         NY   11217          1            02/29/00         04
    0400255006                           05           04/01/00         25
    0400255006                           O            03/01/30
    0

    3240148          G52/G02             F          130,400.00         ZZ
                                         360        130,334.15          3
    907 EAST 7TH STREET                9.375          1,084.60         80
                                       9.125          1,084.60      163,000.00
    TUCSON           AZ   85719          2            02/11/00         00
    0431892363                           05           04/01/00          0
    95000213                             N            03/01/30
    0

    3240919          076/076             F           21,600.00         ZZ
                                         360         21,576.93          1
    12363 ABRAMS ROAD #534             9.125            175.74         90
                                       8.875            175.74       24,000.00
    DALLAS           TX   75243          1            01/27/00         12
    6770363                              01           03/01/00         25
    6770363                              N            02/01/30
    0

    3240920          076/076             F           21,600.00         ZZ
                                         360         21,576.93          1
    12363  ABRAMS ROAD UNIT #535       9.125            175.74         90
                                       8.875            175.74       24,000.00
    DALLAS           TX   75243          1            01/27/00         10
    6770364                              01           03/01/00         25
    6770364                              N            02/01/30
    0

    3240921          076/076             F           21,600.00         ZZ
                                         360         21,576.93          1
    12363 ABRAMS ROAD UNITE #633       9.125            175.74         90
                                       8.875            175.74       24,000.00
    DALLAS           TX   75243          1            01/27/00         12
    6770365                              01           03/01/00         25
    6770365                              N            02/01/30
    0

1

    3240922          076/076             F           21,600.00         ZZ
                                         360         21,576.93          1
    12363  ABRAMS RD #636              9.125            175.74         90
                                       8.875            175.74       24,000.00
    DALLAS           TX   75243          1            01/27/00         10
    6770366                              01           03/01/00         25
    6770366                              N            02/01/30
    0

    3240923          076/076             F           21,600.00         ZZ
                                         360         21,576.93          1
    12375 ABRAMS ROAD #724             9.125            175.74         90
                                       8.875            175.74       24,000.00
    DALLAS           TX   75243          1            01/27/00         12
    6770367                              01           03/01/00         25
    6770367                              N            02/01/30
    0

    3240924          076/076             F           56,000.00         ZZ
                                         360         55,936.96          1
    5341 BROOKFIELD CIRCLE             8.875            445.57         23
                                       8.625            445.57      251,542.00
    ROCKLIN          CA   95677          1            01/13/00         00
    8866276                              05           03/01/00          0
    8866276                              O            02/01/30
    0

    3240925          076/076             F           74,700.00         ZZ
                                         360         74,615.93          1
    31270 JOHN WALLACE ROAD            8.875            594.35         90
    UNIT 311                           8.625            594.35       83,000.00
    EVERGREEN        CO   80439          1            01/31/00         10
    9331307                              01           03/01/00         25
    9331307                              N            02/01/30
    0

    3240926          076/076             F          150,000.00         ZZ
                                         360        149,835.51          1
    78 MARSHALL STREET                 9.000          1,206.94         56
                                       8.750          1,206.94      270,000.00
    PAXTON           MA   01612          2            01/27/00         00
    9399025                              05           03/01/00          0
    9399025                              O            02/01/30
    0

    3240927          076/076             F          115,000.00         ZZ
                                         360        114,883.40          2
    26105   CANAL ROAD                 9.375            956.51         79
                                       9.125            956.51      146,000.00
1

    ORANGE BEACH     AL   36561          2            01/28/00         00
    9459755                              05           03/01/00          0
    9459755                              N            02/01/30
    0

    3240928          076/076             F          250,000.00         ZZ
                                         360        249,542.43          1
    1137  W BECK LANE                  8.500          1,922.28         80
                                       8.250          1,922.28      315,000.00
    PHOENIX          AZ   85023          5            12/23/99         00
    9533103                              05           02/01/00          0
    9533103                              O            01/01/30
    0

    3240929          076/076             F          210,000.00         ZZ
                                         360        209,581.01          1
    4283 AUTUMN RIDGE                  8.625          1,633.36         70
                                       8.375          1,633.36      300,000.00
    SAGINAW          MI   48603          1            01/21/00         00
    9647328                              05           03/01/00          0
    9647328                              O            02/01/30
    0

    3240931          076/076             F           75,400.00         ZZ
                                         360         75,298.57          1
    12 CHARLES CIRCLE                  9.375            627.14         65
                                       9.125            627.14      116,000.00
    HIGHGATE CENTER  VT   05459          5            01/31/00         00
    9987725                              05           03/01/00          0
    9987725                              N            02/01/30
    0

    3240932          076/076             F          129,600.00         ZZ
                                         360        129,468.59          2
    2 CHARLES CIRCLE                   9.375          1,077.95         80
                                       9.125          1,077.95      162,000.00
    HIGHGATE CENTER  VT   05459          2            01/31/00         00
    9987727                              05           03/01/00          0
    9987727                              N            02/01/30
    0

    3240933          076/076             F          216,400.00         ZZ
                                         360        216,150.09          1
    12 CONRAD COURT                    8.750          1,702.42         80
                                       8.500          1,702.42      270,525.00
    BAYVILLE         NJ   08721          1            01/20/00         00
    1743673                              03           03/01/00          0
    1743673                              O            02/01/30
    0
1

    3242096          K08/G02             F          274,400.00         ZZ
                                         360        274,246.17          1
    7 SCHAFF ROAD                      8.875          2,183.25         90
                                       8.625          2,183.25      304,900.00
    ALEXANDRIA TWP   NJ   08804          1            02/25/00         01
    0411793771                           05           04/01/00         25
    0411793771                           O            03/01/30
    0

    3242098          K08/G02             F          125,900.00         ZZ
                                         360        125,842.80          4
    1211-1217 SIMONTON AVENUE          9.875          1,093.25         90
                                       9.625          1,093.25      139,900.00
    MIAMISBURG       OH   45342          1            02/25/00         01
    0411798325                           05           04/01/00         25
    0411798325                           N            03/01/30
    0

    3242112          K08/G02             F          128,000.00         ZZ
                                         360        127,937.04          1
    2430 HEARST AVENUE                 9.500          1,076.29         53
                                       9.250          1,076.29      245,000.00
    OAKLAND          CA   94602          5            02/17/00         00
    0411823404                           05           04/01/00          0
    0411823404                           N            03/01/30
    0

    3242113          K08/G02             F           75,100.00         ZZ
                                         360         75,057.90          1
    108 CREEK COURT                    8.875            597.53         80
                                       8.625            597.53       93,900.00
    SMYRNA           TN   37167          1            02/25/00         00
    0411823982                           05           04/01/00          0
    0411823982                           O            03/01/30
    0

    3242119          K08/G02             F           50,000.00         ZZ
                                         360         49,973.39          1
    870 U.S. HIGHWAY 395 NORTH         9.125            406.82         38
                                       8.875            406.82      135,000.00
    CARSON CITY      NV   89704          5            02/17/00         00
    0411832777                           05           04/01/00          0
    0411832777                           O            03/01/30
    0

    3242120          K08/G02             F           55,000.00         ZZ
                                         360         54,973.66          1
1

    15 SAWMILL ROAD, UNIT # 15         9.625            467.49         87
                                       9.375            467.49       63,950.00
    BRICK            NJ   08723          1            02/25/00         04
    0411838295                           01           04/01/00         25
    0411838295                           N            03/01/30
    0

    3243171          A06/G02             F           67,200.00         ZZ
                                         360         67,169.46          2
    823 BEARD                          9.875            583.54         80
                                       9.625            583.54       84,000.00
    PORT HURON       MI   48060          5            02/25/00         00
    0431898634                           05           04/01/00          0
    1000010002090                        N            03/01/30
    0

    3243265          588/G02             F          170,000.00         ZZ
                                         360        168,380.32          1
    1223 RHEADS DRIVE                  8.750          1,337.39         90
                                       8.500          1,337.39      189,900.00
    MONTGOMERY TOWN  NJ   08502          1            09/29/99         04
    0431920792                           01           11/01/99         25
    1010184                              O            10/01/29
    0

    3243302          F42/G02             F          112,500.00         ZZ
                                         360        112,448.88          3
    133 MYRTLE AVENUE                  9.875            976.90         90
                                       9.625            976.90      125,000.00
    JERSEY CITY      NJ   07305          1            02/23/00         10
    0431880822                           05           04/01/00         25
    NJ02733                              N            03/01/30
    0

    3243611          074/G02             F          137,250.00         ZZ
                                         360        137,099.51          4
    10-12 KILBURN COURT                9.000          1,104.34         90
                                       8.750          1,104.34      152,500.00
    NEWPORT          RI   02840          1            01/24/00         01
    0431893387                           05           03/01/00         25
    1814093186                           N            02/01/30
    0

    3243612          074/G02             F          175,500.00         ZZ
                                         360        175,317.32          3
    323-327 ESSEX STREET               9.250          1,443.80         90
                                       9.000          1,443.80      196,000.00
    WHITMAN          MA   02382          1            01/28/00         01
    0431893395                           05           03/01/00         25
1

    1811100514                           O            02/01/30
    0

    3243613          074/G02             F           72,450.00         ZZ
                                         360         72,322.21          3
    108 ILLINOIS STREET                9.125            589.48         90
                                       8.875            589.48       80,500.00
    WORCESTER        MA   01603          1            01/19/00         01
    0431893403                           05           03/01/00         25
    1811099700                           N            02/01/30
    0

    3243615          074/G02             F           71,900.00         ZZ
                                         360         71,821.17          2
    1124-1126 ROGERS DRIVE             9.000            578.52         85
                                       8.750            578.52       85,000.00
    SPRINGFIELD      OH   45503          2            01/24/00         04
    0431893411                           05           03/01/00         25
    1620003049                           N            02/01/30
    0

    3243616          074/G02             F          330,000.00         ZZ
                                         360        329,665.41          1
    1551 COURTNEY AVENUE               9.375          2,744.77         75
                                       9.125          2,744.77      440,000.00
    LOS ANGELES      CA   90046          1            01/05/00         00
    0431893429                           05           03/01/00          0
    1596153070                           N            02/01/30
    0

    3243617          074/G02             F        1,000,000.00         ZZ
                                         360        999,012.34          1
    577 PERUGIA WAY                    9.500          8,408.55         31
                                       9.250          8,408.55    3,300,000.00
    LOS ANGELES      CA   90077          2            01/10/00         00
    0431893437                           05           03/01/00          0
    1596152838                           O            02/01/30
    0

    3243619          074/G02             F          521,600.00         ZZ
                                         360        521,329.59          1
    1927 LE FLORE DRIVE                9.250          4,291.08         80
                                       9.000          4,291.08      652,000.00
    LA HABRA HEIGHT  CA   90631          1            02/02/00         00
    0431893452                           05           04/01/00          0
    1595196270                           O            03/01/30
    0

1

    3243620          074/G02             F          361,300.00         ZZ
                                         360        360,849.28          1
    778 CALLE DE SOTO                  8.375          2,746.15         80
                                       8.125          2,746.15      451,653.00
    SAN MARCOS       CA   92069          1            01/12/00         00
    0431893460                           03           03/01/00          0
    1595191379                           O            02/01/30
    0

    3243621          074/G02             F          308,000.00         ZZ
                                         360        307,670.94          1
    20244 OCEAN KEY DRIVE              9.125          2,505.99         80
                                       8.875          2,505.99      385,000.00
    BOCA RATON       FL   33498          1            02/04/00         00
    0431893478                           03           03/01/00          0
    1589415223                           O            02/01/30
    0

    3243622          074/G02             F          131,100.00         ZZ
                                         360        130,970.52          4
    375 SW 19TH AVENUE                 9.500          1,102.36         95
                                       9.250          1,102.36      138,000.00
    MIAMI            FL   33135          1            01/21/00         14
    0431893486                           05           03/01/00         30
    1589413750                           O            02/01/30
    0

    3243623          074/G02             F           89,900.00         ZZ
                                         360         89,817.97          3
    300 SE 9TH AVENUE                  9.875            780.65         58
                                       9.625            780.65      156,000.00
    POMPANO BEACH    FL   33060          5            01/24/00         00
    0431893494                           05           03/01/00          0
    1589411572                           N            02/01/30
    0

    3243624          074/G02             F           45,000.00         ZZ
                                         360         44,948.03          1
    2225 NE 123RD STREET UNIT 205      8.750            354.02         90
                                       8.500            354.02       50,000.00
    NORTH MIAMI      FL   33181          1            01/21/00         14
    0431893502                           01           03/01/00         25
    1589410977                           N            02/01/30
    0

    3243627          074/074             F          112,500.00         ZZ
                                         360        112,376.62          3
    221 E 17TH AVENUE                  9.000            905.21         88
                                       8.750            905.21      128,750.00
1

    WILDWOOD         NJ   08260          1            01/28/00         14
    1587285149                           05           03/01/00         25
    1587285149                           N            02/01/30
    0

    3243631          074/G02             F          301,000.00         ZZ
                                         360        300,708.90          1
    14240 W BRAEMORE CLOSE             9.625          2,558.47         60
                                       9.375          2,558.47      510,000.00
    GREEN OAKS       IL   60048          2            01/28/00         00
    0431893510                           05           03/01/00          0
    1583265730                           O            02/01/30
    0

    3243632          074/G02             F          330,000.00         ZZ
                                         360        324,365.23          1
    1801 VOLLMER ROAD                  9.625          2,804.97         52
                                       9.375          2,804.97      635,000.00
    FLOSSMOOR        IL   60422          2            01/19/00         00
    0431893528                           05           03/01/00          0
    1583265729                           O            02/01/30
    0

    3243633          074/G02             F          459,950.00         ZZ
                                         360        459,519.06          1
    7528 ZANZIBAR LANE                 9.750          3,951.69         80
                                       9.500          3,951.69      574,949.00
    MAPLE GROVE      MN   55311          1            01/28/00         00
    0431893536                           05           03/01/00          0
    1583263790                           O            02/01/30
    0

    3243634          074/G02             F          430,000.00         ZZ
                                         360        429,597.13          1
    11136 TANGLEWOOD LN NORTH          9.750          3,694.37         80
                                       9.500          3,694.37      538,000.00
    CHAMPLIN         MN   55316          1            02/02/00         00
    0431893544                           05           03/01/00          0
    1583263778                           O            02/01/30
    0

    3243635          074/G02             F          357,000.00         ZZ
                                         360        356,665.52          1
    3380 HILLSIDE COURT                9.750          3,067.19         75
                                       9.500          3,067.19      476,000.00
    WOODRIDGE        IL   60517          2            01/24/00         00
    0431893551                           05           03/01/00          0
    1583248956                           O            02/01/30
    0
1

    3243636          074/G02             F           42,650.00         ZZ
                                         360         42,629.56          4
    1120 GORDON STREET                 9.625            362.53         88
                                       9.375            362.53       49,000.00
    TOLEDO           OH   43609          1            02/04/00         14
    0431893569                           05           04/01/00         25
    1581377641                           N            03/01/30
    0

    3243637          074/G02             F          112,400.00         ZZ
                                         360        112,294.69          4
    15220-15222 SARANAC ROAD           9.750            965.69         90
                                       9.500            965.69      124,900.00
    CLEVELAND        OH   44110          1            01/27/00         14
    0431893577                           05           03/01/00         25
    1581376456                           N            02/01/30
    0

    3243638          074/G02             F           22,500.00         ZZ
                                         360         22,477.77          1
    2044 RUGBY ROAD                    9.500            189.20         90
                                       9.250            189.20       25,000.00
    DAYTON           OH   45406          1            01/21/00         01
    0431893585                           05           03/01/00         25
    1581374213                           N            02/01/30
    0

    3243639          074/G02             F           54,000.00         ZZ
                                         360         53,946.67          2
    1731-1733 EUCLID AVENUE            9.500            454.06         90
                                       9.250            454.06       60,000.00
    LORAIN           OH   44052          1            01/09/00         01
    0431893593                           05           03/01/00         25
    1581373775                           N            02/01/30
    0

    3243640          074/G02             F           31,500.00         ZZ
                                         360         31,468.89          2
    695 BROWN STREET                   9.500            264.87         90
                                       9.250            264.87       35,000.00
    AKRON            OH   44311          1            01/31/00         10
    0431893601                           05           03/01/00         25
    1581373017                           N            02/01/30
    0

    3243642          074/G02             F           15,750.00         ZZ
                                         360         15,734.44          1
1

    20218 SYRACUSE                     9.500            132.44         90
                                       9.250            132.44       17,500.00
    DETROIT          MI   48234          1            01/28/00         14
    0431893627                           05           03/01/00         25
    1581372885                           N            02/01/30
    0

    3243645          074/G02             F           49,500.00         ZZ
                                         360         49,320.84          1
    626 W FRANKLIN STRE                9.375            411.72         90
                                       9.125            411.72       55,000.00
    ELKHART          IN   46516          1            08/10/99         14
    0431893643                           05           10/01/99         25
    1581328497                           N            09/01/29
    0

    3243646          074/G02             F           83,500.00         ZZ
                                         360         83,408.44          4
    33-35 HUDSON STREET                9.000            671.86         90
                                       8.750            671.86       93,000.00
    SAINT ALBANS     VT   05478          1            01/22/00         11
    0431893668                           05           03/01/00         25
    1580184085                           N            02/01/30
    0

    3243647          074/G02             F           49,500.00         ZZ
                                         360         49,445.72          1
    19 SUTHERLAND DRIVE                9.000            398.29         90
                                       8.750            398.29       55,000.00
    NEWNAN           GA   30263          1            01/19/00         11
    0431893684                           05           03/01/00         25
    1577296014                           N            02/01/30
    0

    3243648          074/G02             F          211,500.00         ZZ
                                         360        211,279.86          4
    1859 RUTHERFORD AVE                9.250          1,739.96         90
                                       9.000          1,739.96      235,000.00
    LOUISVILLE       KY   40205          1            01/19/00         14
    0431893692                           05           03/01/00         25
    1577294880                           N            02/01/30
    0

    3243649          074/G02             F          185,250.00         ZZ
                                         360        185,030.46          3
    2145 A-C ACRES COUNTRY WALKWAY     8.625          1,440.86         95
                                       8.375          1,440.86      195,000.00
    CONYERS          GA   30013          1            01/14/00         14
    0431893718                           05           03/01/00         30
1

    1577294700                           O            02/01/30
    0

    3243650          074/G02             F           40,500.00         ZZ
                                         360         40,455.57          1
    4701 FLAT SHOALS ROAD #1G          9.000            325.88         90
                                       8.750            325.88       45,000.00
    UNION CITY       GA   30291          1            01/19/00         14
    0431893726                           05           03/01/00         25
    1577293810                           N            02/01/30
    0

    3243651          074/G02             F          300,000.00         ZZ
                                         360        299,818.25          1
    8549 PRESTWICK DRIV                8.500          2,306.75         32
                                       8.250          2,306.75      950,000.00
    SAN DIEGO        CA   92037          1            02/04/00         00
    0431893734                           05           04/01/00          0
    1567297509                           O            03/01/30
    0

    3243652          074/G02             F          263,200.00         ZZ
                                         360        262,911.38          1
    28236 GLENMEADE WAY                9.000          2,117.77         80
                                       8.750          2,117.77      329,000.00
    ESCONDIDO        CA   92026          1            01/25/00         00
    0431893742                           03           03/01/00          0
    1567297010                           O            02/01/30
    0

    3243653          074/G02             F          300,000.00         ZZ
                                         360        299,616.08          1
    13645 GLENCLIFF WAY                8.250          2,253.80         42
                                       8.000          2,253.80      730,000.00
    SAN DIEGO        CA   92130          1            01/24/00         00
    0431893759                           03           03/01/00          0
    1567296426                           O            02/01/30
    0

    3243656          074/G02             F          333,000.00         ZZ
                                         360        332,696.16          1
    33733 NE 122ND STREET              9.875          2,891.61         70
                                       9.625          2,891.61      478,800.00
    CARNATION        WA   98014          5            01/21/00         00
    0431893775                           03           03/01/00          0
    1565267992                           O            02/01/30
    0

1

    3243657          074/G02             F          441,000.00         ZZ
                                         360        440,575.76          1
    44148 GLENDORA DRIV                9.625          3,748.46         78
                                       9.375          3,748.46      570,000.00
    FREMONT          CA   94539          2            01/14/00         00
    0431893783                           03           03/01/00          0
    1561465688                           O            02/01/30
    0

    3243659          074/G02             F          300,000.00         ZZ
                                         360        299,711.41          1
    1710 30TH AVENUE                   9.625          2,549.97         80
                                       9.375          2,549.97      375,000.00
    SAN FRANCISCO    CA   94122          1            01/27/00         00
    0431893791                           05           03/01/00          0
    1557045190                           O            02/01/30
    0

    3243660          074/G02             F          375,000.00         T
                                         360        374,629.62          1
    747 S GALENA STREET UNIT 303       9.500          3,153.21         75
                                       9.250          3,153.21      500,000.00
    ASPEN            CO   81611          1            01/20/00         00
    0431893809                           01           03/01/00          0
    1557044722                           O            02/01/30
    0

    3243661          074/G02             F          336,000.00         ZZ
                                         360        335,591.46          1
    8118 VINTAGE CREEK                 8.500          2,583.55         80
                                       8.250          2,583.55      420,000.00
    SPRING           TX   77379          1            01/19/00         00
    0431893841                           03           03/01/00          0
    1539048890                           O            02/01/30
    0

    3243664          074/G02             F          377,600.00         ZZ
                                         360        377,175.05          1
    4325 AVONDALE AVENUE               8.875          3,004.36         80
                                       8.625          3,004.36      472,000.00
    DALLAS           TX   75219          1            01/27/00         00
    0431893890                           05           03/01/00          0
    1524053422                           O            02/01/30
    0

    3243665          074/G02             F           61,200.00         ZZ
                                         360         61,104.08          3
    2329 10TH COURT S                  9.250            503.48         90
                                       9.000            503.48       68,000.00
1

    BIRMINGHAM       AL   35205          1            12/30/99         11
    0431893924                           05           02/01/00         25
    1511449759                           N            01/01/30
    0

    3243666          074/074             F          236,550.00         ZZ
                                         360        236,316.38          3
    892 WILLOUGHBY AVEN                9.500          1,989.04         95
                                       9.250          1,989.04      249,000.00
    BROOKLYN         NY   11221          1            01/20/00         12
    1503741198                           05           03/01/00         30
    1503741198                           O            02/01/30
    0

    3243668          074/074             F          236,550.00         ZZ
                                         360        236,316.38          3
    1062 CYPRESS AVENUE                9.500          1,989.04         95
                                       9.250          1,989.04      249,000.00
    RIDGEWOOD        NY   11385          1            01/13/00         11
    1503736653                           05           03/01/00         30
    1503736653                           O            02/01/30
    0

    3243669          074/074             F          256,500.00         ZZ
                                         360        256,253.26         10
    250 W 22ND STREET 2                9.625          2,180.22         89
                                       9.375          2,180.22      290,000.00
    NEW YORK         NY   10011          1            01/20/00         04
    1503729330                           11           03/01/00         25
    1503729330                           O            02/01/30
    0

    3243670          074/074             F          301,500.00         ZZ
                                         360        301,202.22          4
    3198 THIRD AVENUE                  9.500          2,535.18         90
                                       9.250          2,535.18      335,000.00
    BRONX            NY   10456          1            01/07/00         12
    1503676416                           05           03/01/00         25
    1503676416                           O            02/01/30
    0

    3243671          074/G02             F           54,000.00         ZZ
                                         360         53,968.12          2
    3826 BELL STREET                   8.625            420.01         90
                                       8.375            420.01       60,000.00
    KANSAS CITY      MO   64111          1            02/08/00         04
    0431894104                           05           04/01/00         25
    1456031268                           N            03/01/30
    0
1

    3243673          074/G02             F          200,000.00         ZZ
                                         360        199,774.93          4
    139 RUSSELL ROAD EX                8.875          1,591.29         80
                                       8.625          1,591.29      250,000.00
    FRAMINGHAM       MA   01701          1            01/19/00         00
    0431894146                           05           03/01/00          0
    1391082855                           O            02/01/30
    0

    3243674          074/G02             F           56,250.00         ZZ
                                         360         56,188.32          1
    7393 OVIS LANE                     9.000            452.60         90
                                       8.750            452.60       62,500.00
    RIVERDALE        GA   30274          1            02/04/00         10
    0431894187                           05           03/01/00         25
    1355006649                           N            02/01/30
    0

    3243675          074/G02             F          192,600.00         ZZ
                                         360        192,409.77          4
    130 MEADOWBROOK COURT              9.500          1,619.49         90
                                       9.250          1,619.49      214,000.00
    FAYETTEVILLE     GA   30215          1            01/31/00         01
    0431894229                           05           03/01/00         25
    1339005361                           N            02/01/30
    0

    3243676          074/G02             F          135,000.00         ZZ
                                         360        134,863.12          4
    706 JOLLY AVENUE 1-                9.375          1,122.86         90
                                       9.125          1,122.86      150,000.00
    CLARKSTON        GA   30021          1            02/04/00         14
    0431894278                           05           03/01/00         25
    1336008104                           N            02/01/30
    0

    3243677          074/G02             F          432,000.00         ZZ
                                         360        431,474.73          1
    207 MONTEGO INLET B                8.500          3,321.71         80
                                       8.250          3,321.71      540,000.00
    LONGWOOD         FL   32779          1            01/21/00         00
    0431894302                           03           03/01/00          0
    1331206450                           O            02/01/30
    0

    3243678          074/G02             F           45,000.00         ZZ
                                         360         44,954.36          1
1

    2914 NE 15TH STREET                9.375            374.29         90
                                       9.125            374.29       50,000.00
    GAINESVILLE      FL   32609          1            01/31/00         01
    0431894344                           05           03/01/00         25
    1322050066                           N            02/01/30
    0

    3243679          074/G02             F          131,840.00         ZZ
                                         360        131,687.73          4
    911-913 SW 15 TERRA                8.750          1,037.19         80
                                       8.500          1,037.19      164,800.00
    FORT LAUDERDALE  FL   33312          1            01/25/00         00
    0431894393                           05           03/01/00          0
    1302052841                           N            02/01/30
    0

    3243681          074/G02             F          260,000.00         ZZ
                                         360        259,842.49          1
    7345 DEER SPRINGS W                8.500          1,999.18         80
                                       8.250          1,999.18      325,000.00
    LAS VEGAS        NV   89131          5            02/02/00         00
    0431894443                           05           04/01/00          0
    1251219781                           O            03/01/30
    0

    3243682          074/G02             F          109,000.00         ZZ
                                         360        108,874.12          1
    1032 S KIHEI ROAD                  8.750            857.50         50
                                       8.500            857.50      220,000.00
    KIHEI            HI   96753          2            01/28/00         00
    0431894476                           08           03/01/00          0
    1233071408                           N            02/01/30
    0

    3243683          074/G02             F          352,900.00         ZZ
                                         360        352,436.75          1
    10996 E KAREN DRIVE                8.125          2,620.27         80
                                       7.875          2,620.27      441,163.00
    SCOTTSDALE       AZ   85259          1            01/10/00         00
    0431894526                           03           03/01/00          0
    1204030611                           O            02/01/30
    0

    3243684          074/G02             F           86,400.00         ZZ
                                         360         86,258.60          4
    3906 LANCASTER PK                  9.500            726.50         90
                                       9.250            726.50       96,000.00
    WILMINGTON       DE   19805          1            01/14/00         04
    0431894542                           05           03/01/00         25
1

    1181120070                           N            02/01/30
    0

    3243685          074/G02             F           42,750.00         ZZ
                                         360         42,695.29          4
    442 W MARKET STREET                8.250            321.17         95
                                       8.000            321.17       45,000.00
    YORK             PA   17404          1            02/04/00         04
    0431894567                           05           03/01/00         30
    1163006040                           O            02/01/30
    0

    3243687          074/074             F          272,000.00         ZZ
                                         360        271,677.67          1
    91 COUNTRY DRIVE                   8.625          2,115.59         80
                                       8.375          2,115.59      342,000.00
    PLAINVIEW        NY   11803          1            02/01/00         00
    1111347875                           05           03/01/00          0
    1111347875                           O            02/01/30
    0

    3243688          074/074             F          218,500.00         ZZ
                                         360        218,284.19          4
    14 N OCEAN AVENUE                  9.500          1,837.27         95
                                       9.250          1,837.27      230,000.00
    ISLIP            NY   11751          1            01/20/00         11
    1111347740                           05           03/01/00         30
    1111347740                           O            02/01/30
    0

    3243689          074/074             F          152,000.00         ZZ
                                         360        151,914.78          1
    37 BEDFORD AVENUE                  8.875          1,209.39         80
                                       8.625          1,209.39      190,000.00
    WESTBURY         NY   11590          1            02/07/00         00
    1111347332                           05           04/01/00          0
    1111347332                           O            03/01/30
    0

    3243690          074/074             F          270,000.00         ZZ
                                         360        269,718.96          1
    73-32 185TH STREET                 9.250          2,221.23         73
                                       9.000          2,221.23      370,000.00
    FLUSHING         NY   11366          1            01/14/00         00
    1111345257                           05           03/01/00          0
    1111345257                           O            02/01/30
    0

1

    3243691          074/074             F          313,500.00         ZZ
                                         360        313,098.79          2
    23-88 CRESCENT STREE               8.250          2,355.23         95
                                       8.000          2,355.23      330,000.00
    ASTORIA          NY   11105          1            01/19/00         04
    1111343193                           05           03/01/00         30
    1111343193                           O            02/01/30
    0

    3243692          074/074             F          375,000.00         ZZ
                                         360        374,577.98          1
    7 WATERSIDE EST                    8.875          2,983.67         75
                                       8.625          2,983.67      500,000.00
    WHITESTONE       NY   11357          1            01/26/00         00
    1111263436                           05           03/01/00          0
    1111263436                           O            02/01/30
    0

    3243693          074/074             F          313,600.00         ZZ
                                         360        313,208.80          1
    10 BRIARCROFT DRIVE                8.375          2,383.59         80
                                       8.125          2,383.59      392,000.00
    EAST HAMPTON     NY   11937          1            01/13/00         00
    1106298169                           05           03/01/00          0
    1106298169                           O            02/01/30
    0

    3245361          K08/G02             F          170,000.00         ZZ
                                         360        169,345.83          1
    57 HAWTHORNE STREET                9.500          1,429.45         66
                                       9.250          1,429.45      259,000.00
    WEYMOUTH         MA   02189          1            02/28/00         00
    0411817240                           05           04/01/00          0
    0411817240                           O            03/01/30
    0

    3245364          K08/G02             F           74,700.00         ZZ
                                         360         74,628.42          1
    5145 CRITTENDEN AVENUE             9.500            628.12         90
                                       9.250            628.12       83,000.00
    INDIANAPOLIS     IN   46205          2            02/23/00         01
    0411823578                           05           04/01/00         25
    0411823578                           O            03/01/30
    0

    3245380          K08/G02             F          148,500.00         ZZ
                                         360        148,432.53          4
    31-35 MAPLEDALE AVENUE             9.875          1,289.50         90
                                       9.625          1,289.50      165,000.00
1

    COVENTRY         RI   02816          1            02/28/00         04
    0411840192                           05           04/01/00         25
    0411840192                           N            03/01/30
    0

    3245383          K08/G02             F          139,350.00         ZZ
                                         360        139,284.99          1
    5252 NW 116TH AVENUE               9.750          1,197.23         90
                                       9.500          1,197.23      154,860.00
    CORAL SPRINGS    FL   33076          1            02/28/00         01
    0411843204                           03           04/01/00         25
    0411843204                           N            03/01/30
    0

    3245576          E82/G02             F           75,750.00         ZZ
                                         360         75,715.59          1
    28 HERITAGE LANE                   9.875            657.77         90
                                       9.625            657.77       84,200.00
    HAMBURG          NJ   07419          1            03/01/00         04
    0400258877                           01           04/01/00         25
    0400258877                           N            03/01/30
    0

    3246660          E86/G02             F          200,000.00         ZZ
                                         360        199,893.56          1
    32 MEADE AVENUE                    9.125          1,627.27         80
                                       8.875          1,627.27      250,000.00
    BETHPAGE         NY   11714          1            02/25/00         00
    0431880210                           05           04/01/00          0
    58304                                O            03/01/30
    0

    3246712          134/G02             F           68,000.00         ZZ
                                         360         67,967.42          1
    2345  2349 EMPRESS STREET          9.625            578.00         80
                                       9.375            578.00       85,000.00
    SACRAMENTO       CA   95815          5            02/14/00         00
    0431929744                           05           04/01/00          0
    10003671                             N            03/01/30
    0

    3251093          K08/G02             F          133,200.00         ZZ
                                         360        133,139.49          3
    12215,12217,12219 5TH STREET       9.875          1,156.64         90
                                       9.625          1,156.64      148,000.00
    YUCAIPA          CA   92399          1            02/17/00         04
    0411572597                           05           04/01/00         25
    0411572597                           N            03/01/30
    0
1

    3251098          K08/G02             F           94,000.00         E
                                         360         93,953.77          1
    8940 NW 53 COURT                   9.500            790.40         90
                                       9.250            790.40      104,477.00
    SUNRISE          FL   33351          1            02/29/00         01
    0411767320                           09           04/01/00         30
    0411767320                           N            03/01/30
    0

    3251102          K08/G02             F           23,850.00         ZZ
                                         360         23,839.45          1
    37 FLYNN DRIVE                    10.000            209.30         90
                                       9.750            209.30       26,500.00
    PENSACOLA        FL   32507          1            02/29/00         10
    0411792427                           05           04/01/00         25
    0411792427                           N            03/01/30
    0

    3251106          K08/G02             F           85,500.00         ZZ
                                         360         85,455.67          3
    1746 CHATHAM STREET                9.250            703.39         90
                                       9.000            703.39       95,000.00
    RACINE           WI   53402          1            02/29/00         10
    0411805559                           05           04/01/00         25
    0411805559                           N            03/01/30
    0

    3251107          K08/G02             F           63,300.00         ZZ
                                         360         63,266.31          1
    315 EAST 3RD STREET                9.125            515.03         84
                                       8.875            515.03       76,000.00
    DELTA            CO   81416          2            02/24/00         01
    0411805849                           05           04/01/00         12
    0411805849                           O            03/01/30
    0

    3251112          K08/G02             F          112,400.00         ZZ
                                         360        112,348.94          1
    127 17TH STREET CT                 9.875            976.02         90
                                       9.625            976.02      124,900.00
    SAUK RAPIDS      MN   56379          1            02/29/00         01
    0411815798                           05           04/01/00         25
    0411815798                           O            03/01/30
    0

    3251118          K08/G02             F           72,000.00         ZZ
                                         360         71,961.68          1
1

    4134 RENFREW COURT                 9.125            585.82         80
                                       8.875            585.82       90,000.00
    ATLANTA          GA   30331          5            02/29/00         00
    0411819535                           05           04/01/00          0
    0411819535                           N            03/01/30
    0

    3251120          K08/G02             F           59,600.00         ZZ
                                         360         59,568.28          1
    1177 FLAT SHOALS RD                9.125            484.93         80
                                       8.875            484.93       74,500.00
    COLLEGE PARK     GA   30349          5            02/29/00         00
    0411819600                           05           04/01/00          0
    0411819600                           N            03/01/30
    0

    3251121          K08/G02             F          324,000.00         ZZ
                                         360        323,848.84          4
    216 ARUNDEL STREET                 9.750          2,783.66         90
                                       9.500          2,783.66      360,000.00
    ST PAUL          MN   55102          1            02/29/00         01
    0411821838                           05           04/01/00         25
    0411821838                           N            03/01/30
    0

    3251122          K08/G02             F           78,400.00         ZZ
                                         360         78,362.44          1
    312 WESTVIEW DRIVE                 9.625            666.39         80
                                       9.375            666.39       98,000.00
    WHITE BLUFF      TN   37187          1            02/29/00         00
    0411822752                           05           04/01/00          0
    0411822752                           O            03/01/30
    0

    3251123          K08/G02             F          189,600.00         ZZ
                                         360        189,511.54          1
    105 ALGONQUIN TRAIL                9.750          1,628.96         80
    UNIT #124C                         9.500          1,628.96      237,000.00
    ASHLAND          MA   01721          1            02/29/00         00
    0411822802                           01           04/01/00          0
    0411822802                           O            03/01/30
    0

    3251126          K08/G02             F          208,000.00         ZZ
                                         360        207,905.50          3
    17 GEORGE STREET                   9.875          1,806.17         80
                                       9.625          1,806.17      260,000.00
    SOMERVILLE       MA   02145          1            02/29/00         00
    0411826431                           05           04/01/00          0
1

    0411826431                           N            03/01/30
    0

    3251128          K08/G02             F          196,100.00         ZZ
                                         360        196,006.06          4
    32550 SHIFTING SANDS TRAIL         9.625          1,666.83         90
                                       9.375          1,666.83      218,000.00
    CATHEDRAL CITY   CA   92234          1            02/23/00         01
    0411829005                           05           04/01/00         25
    0411829005                           N            03/01/30
    0

    3251129          K08/G02             F          150,000.00         ZZ
                                         360        149,913.70          1
    2284 CR 1560                       8.750          1,180.05         60
                                       8.500          1,180.05      250,000.00
    CHICO            TX   76431          5            02/24/00         00
    0411830169                           05           04/01/00          0
    0411830169                           O            03/01/30
    0

    3251137          K08/G02             F           21,750.00         ZZ
                                         360         21,739.58          1
    174 SCOTTSDALE SQUARE              9.625            184.87         75
                                       9.375            184.87       29,000.00
    WINTER PARK      FL   32792          1            02/29/00         00
    0411839145                           01           04/01/00          0
    0411839145                           N            03/01/30
    0

    3251139          K08/G02             F          133,600.00         ZZ
                                         360        133,525.10          1
    3428 SAULS ROAD                    8.875          1,062.98         80
                                       8.625          1,062.98      167,000.00
    AUBREY           TX   76227          5            02/24/00         00
    0411840655                           05           04/01/00          0
    0411840655                           O            03/01/30
    0

    3251142          K08/G02             F           34,000.00         ZZ
                                         360         33,982.84          1
    18847 CARDONI                      9.375            282.79         78
                                       9.125            282.79       44,000.00
    DETROIT          MI   48203          2            02/29/00         00
    0411842495                           05           04/01/00          0
    0411842495                           N            03/01/30
    0

1

    3251149          K08/G02             F           61,200.00         ZZ
                                         360         61,172.93          3
    145-147 MARATHON AVE              10.000            537.07         90
                                       9.750            537.07       68,000.00
    DAYTON           OH   45405          1            02/29/00         01
    0411849631                           05           04/01/00         25
    0411849631                           N            03/01/30
    0

    3251157          K08/G02             F          153,800.00         ZZ
                                         360        153,715.99          1
    708-10 DENNINGER ROAD              9.000          1,237.51         90
                                       8.750          1,237.51      171,000.00
    NORTH PLAINFIEL  NJ   07063          1            02/29/00         04
    0411853559                           05           04/01/00         25
    0411853559                           O            03/01/30
    0

    3251158          K08/G02             F          102,600.00         ZZ
                                         360        102,550.85          4
    6903 WENTWORTH DRIVE               9.625            872.09         90
                                       9.375            872.09      114,000.00
    AUSTIN           TX   78724          1            02/29/00         04
    0411855844                           05           04/01/00         25
    0411855844                           N            03/01/30
    0

    3251159          K08/G02             F          176,000.00         ZZ
                                         360        175,896.09          1
    144 WOOD DUCK COURT                8.625          1,368.91         80
                                       8.375          1,368.91      220,000.00
    REIDSVILLE       NC   27320          1            02/29/00         00
    0411857386                           05           04/01/00          0
    0411857386                           O            03/01/30
    0

    3251161          K08/G02             F          200,000.00         ZZ
                                         360        199,634.93          1
    2 PALMER DRIVE                     8.750          1,573.40         75
                                       8.500          1,573.40      269,199.00
    MOORESTOWN       NJ   08057          1            02/29/00         00
    0411864770                           01           04/01/00          0
    0411864770                           O            03/01/30
    0

    3252301          593/G02             F           87,500.00         ZZ
                                         360         87,450.95          1
    2307 CANAL ROAD                    8.875            696.19         39
                                       8.625            696.19      225,000.00
1

    SPARKS           NV   89434          2            02/14/00         00
    0431884576                           05           04/01/00          0
    0007601024                           O            03/01/30
    0

    3252609          286/286             F          128,200.00         ZZ
                                         360        128,122.33          1
    4301 RIVER CLOSE BLVD              8.500            985.75         80
                                       8.250            985.75      160,260.00
    VALRICO          FL   33594          1            02/09/00         00
    0000001367                           03           04/01/00          0
    0000001367                           O            03/01/30
    0

    3252610          286/286             F          574,900.00         ZZ
                                         360        573,874.41          1
    6410 OAKWOOD MANOR DR              8.625          4,471.52         80
                                       8.375          4,471.52      718,626.00
    CRYSTAL LAKE     IL   60012          1            12/21/99         00
    0000648145                           05           02/01/00          0
    0000648145                           O            01/01/30
    0

    3252611          286/286             F          500,000.00         ZZ
                                         360        498,960.91          1
    1199 HILLCREEK LN                  7.875          3,625.35         80
                                       7.625          3,625.35      630,000.00
    GATES MILLS      OH   44040          5            06/02/99         00
    0009552838                           05           02/01/00          0
    0009552838                           O            01/01/30
    0

    3252800          664/G02             F          130,500.00         ZZ
                                         360        130,440.71          3
    7642 SOUTH KINGSTON                9.875          1,133.20         90
                                       9.625          1,133.20      145,000.00
    CHICAGO          IL   60649          1            02/25/00         11
    0431897727                           05           04/01/00         25
    0003343258                           N            03/01/30
    0

    3252850          910/G02             F           68,500.00         ZZ
                                         360         68,467.19          1
    915 NW 3RD STREET                  9.625            582.24         79
                                       9.375            582.24       87,500.00
    FRUITLAND        ID   83619          2            02/28/00         00
    0431897719                           05           04/01/00          0
    1716129                              N            03/01/30
    0
1

    3252889          K30/G02             F          168,000.00         ZZ
                                         360        167,903.34          1
    1860 RACINE DRIVE                  8.750          1,321.66         80
                                       8.500          1,321.66      210,000.00
    LAS VEGAS        NV   89115          5            02/18/00         00
    0431884618                           03           04/01/00          0
    0069427                              O            03/01/30
    0

    3252926          637/G02             F           31,500.00         ZZ
                                         360         31,482.34          1
    845 AUGUSTA DRIVE 25               8.875            250.63         90
                                       8.625            250.63       35,000.00
    HOUSTON          TX   77057          1            02/16/00         10
    0431884360                           01           04/01/00         25
    0017630252                           O            03/01/30
    0

    3253551          637/G02             F          115,000.00         ZZ
                                         360        114,935.52          1
    156 RAINER CIRCLE                  8.875            915.00         79
                                       8.625            915.00      147,000.00
    VACAVILLE        CA   95687          1            02/09/00         00
    0431884030                           05           04/01/00          0
    0015359102                           O            03/01/30
    0

    3253554          F96/G02             F          224,000.00         ZZ
                                         360        223,903.52          3
    38 63RD STREET                    10.125          1,986.48         90
                                       9.875          1,986.48      249,000.00
    WEST NEW YORK    NJ   07093          1            02/11/00         10
    0431884493                           07           04/01/00         25
    0001225                              N            03/01/30
    0

    3256303          E82/G02             F          141,000.00         T
                                         360        140,728.79          1
    6 OLD SQUAW CIRCLE                 9.375          1,172.77         60
                                       9.125          1,172.77      235,000.00
    EDGARTOWN        MA   02539          1            03/03/00         00
    0400254074                           05           04/01/00          0
    0400254074                           O            03/01/30
    0

    3256307          E82/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
1

    16 ROBIN LAKE DRIVE                9.375          1,463.88         39
                                       9.125          1,463.88      452,500.00
    CHERRY HILL      NJ   08003          5            02/29/00         00
    0400251393                           05           05/01/00          0
    0400251393                           O            04/01/30
    0

    3256593          K08/G02             F          175,750.00         ZZ
                                         360        175,672.25          1
    9 DEER CREEK COURT                10.000          1,542.33         95
                                       9.750          1,542.33      185,000.00
    LAKE IN THE HIL  IL   60102          5            02/25/00         04
    0411794944                           05           04/01/00         30
    0411794944                           O            03/01/30
    0

    3256594          K08/G02             F          233,600.00         ZZ
                                         360        233,365.60          1
    1709 HUTCHINSON LANE               8.750          1,837.73         80
                                       8.500          1,837.73      292,000.00
    SILVER SPRING    MD   20906          1            03/01/00         00
    0411798978                           03           04/01/00          0
    0411798978                           O            03/01/30
    0

    3256597          K08/G02             F           44,000.00         ZZ
                                         360         43,977.19          1
    4809 42ND STREET                   9.250            361.98         80
                                       9.000            361.98       55,000.00
    LUBBOCK          TX   79414          2            02/29/00         00
    0411825458                           05           04/01/00          0
    0411825458                           N            03/01/30
    0

    3256601          K08/G02             F           50,100.00         ZZ
                                         360         50,071.91          1
    918 FOSTER STREET                  8.875            398.62         78
                                       8.625            398.62       65,000.00
    WEATHERFORD      TX   76086          5            02/24/00         00
    0411833759                           05           04/01/00          0
    0411833759                           O            03/01/30
    0

    3256603          K08/G02             F           65,700.00         ZZ
                                         360         65,670.15          1
    2819 FRONTIER AVENUE               9.875            570.51         90
                                       9.625            570.51       73,000.00
    ORANGE PARK      FL   32065          1            03/01/00         04
    0411836349                           03           04/01/00         25
1

    0411836349                           N            03/01/30
    0

    3256604          K08/G02             F           79,200.00         ZZ
                                         360         79,161.04          1
    707 34TH  STREET                   9.500            665.96         80
                                       9.250            665.96       99,000.00
    WEST PALM BEACH  FL   33407          1            03/01/00         00
    0411836703                           05           04/01/00          0
    0411836703                           N            03/01/30
    0

    3256606          K08/G02             F          272,000.00         ZZ
                                         360        271,847.52          1
    2113 LIME ROCK COURT               8.875          2,164.15         80
                                       8.625          2,164.15      340,000.00
    EL CAJON         CA   92019          1            02/24/00         00
    0411840416                           05           04/01/00          0
    0411840416                           O            03/01/30
    0

    3256609          K08/G02             F          141,300.00         ZZ
                                         360        141,226.75          1
    866 HIGHWAY #141                   9.250          1,162.44         90
                                       9.000          1,162.44      157,000.00
    WHITE SALMON     WA   98672          1            02/22/00         01
    0411843824                           05           04/01/00         25
    0411843824                           O            03/01/30
    0

    3256614          K08/G02             F          121,000.00         ZZ
                                         360        120,932.17          1
    2620 KEYSTONE AVENUE               8.875            962.73         80
                                       8.625            962.73      152,000.00
    RENO             NV   89509          1            02/28/00         00
    0411852486                           05           04/01/00          0
    0411852486                           O            03/01/30
    0

    3256615          K08/G02             F           90,750.00         ZZ
                                         360         90,707.66          1
    2615 E. NICHOLS CIRCLE             9.750            779.68         75
                                       9.500            779.68      121,000.00
    LITTLETON        CO   80122          1            02/29/00         00
    0411855323                           09           04/01/00          0
    0411855323                           O            03/01/30
    0

1

    3256975          B28/G02             F          167,500.00         ZZ
                                         360        167,410.86          1
    5214 BLACK BARK COURT              9.125          1,362.84         67
                                       8.875          1,362.84      250,000.00
    FORT COLLINS     CO   80525          1            02/25/00         00
    0431886340                           03           04/01/00          0
    0001190010                           O            03/01/30
    0

    3256983          253/253             F           63,900.00         ZZ
                                         360         63,869.38          1
    4104 BIRCHMAN                      9.625            543.15         90
                                       9.375            543.15       71,000.00
    FORT WORTH       TX   76107          1            02/25/00         19
    950036                               05           04/01/00         30
    950036                               N            03/01/30
    0

    3257048          F36/G02             F           72,000.00         ZZ
                                         360         71,962.67          1
    4102 220TH STREET EAST             9.250            592.33         75
                                       9.000            592.33       96,000.00
    SPANAWAY         WA   98387          1            02/18/00         00
    0431886324                           05           04/01/00          0
    06502969                             O            03/01/30
    0

    3259302          K08/G02             F           40,000.00         ZZ
                                         360         40,000.00          1
    214 ERIE ROAD                     10.000            351.03         22
                                       9.750            351.03      190,000.00
    WEST HEMPSTEAD   NY   11552          5            03/02/00         00
    0411810435                           05           05/01/00          0
    0411810435                           N            04/01/30
    0

    3259309          K08/G02             F          103,230.00         ZZ
                                         360        103,177.87          4
    12206 EAST LENORA DRIVE            9.375            858.61         90
                                       9.125            858.61      114,700.00
    SPOKANE          WA   99206          1            02/23/00         01
    0411837032                           05           04/01/00         25
    0411837032                           N            03/01/30
    0

    3259310          K08/G02             F          103,230.00         ZZ
                                         360        103,177.87          4
    3001 SOUTH WHIPPLE ROAD            9.375            858.61         90
                                       9.125            858.61      114,700.00
1

    SPOKANE          WA   99206          1            02/23/00         04
    0411837065                           05           04/01/00         25
    0411837065                           N            03/01/30
    0

    3259311          K08/G02             F          111,000.00         ZZ
                                         360        110,937.77          1
    191 W. TIENKEN RD.                 8.875            883.17         79
                                       8.625            883.17      141,000.00
    ROCHESTER HILLS  MI   48307          1            03/02/00         00
    0411845191                           05           04/01/00          0
    0411845191                           N            03/01/30
    0

    3259312          K08/G02             F           78,000.00         ZZ
                                         360         78,000.00          1
    3118 CLEMSON AVENUE                9.250            641.69         78
                                       9.000            641.69      100,000.00
    CHARLOTTE        NC   28205          2            03/02/00         00
    0411846538                           05           05/01/00          0
    0411846538                           N            04/01/30
    0

    3259313          K08/G02             F           49,600.00         ZZ
                                         360         49,600.00          1
    1512 NORTH ALLEN STREET            9.500            417.06         80
                                       9.250            417.06       62,000.00
    CHARLOTTE        NC   28205          2            03/02/00         00
    0411848526                           05           05/01/00          0
    0411848526                           N            04/01/30
    0

    3259315          K08/G02             F          103,050.00         ZZ
                                         360        102,999.31          2
    822 KING ALBERT                    9.500            866.50         90
                                       9.250            866.50      114,500.00
    AUSTIN           TX   78745          1            02/29/00         04
    0411854417                           05           04/01/00         25
    0411854417                           N            03/01/30
    0

    3259317          K08/G02             F           58,000.00         ZZ
                                         360         58,000.00          1
    5902 EBENEZER ROAD                 9.250            477.15         75
                                       9.000            477.15       78,000.00
    WHITE MARSH      MD   21162          1            03/02/00         00
    0411861099                           05           05/01/00          0
    0411861099                           O            04/01/30
    0
1

    3259318          K08/G02             F           70,550.00         ZZ
                                         360         70,517.95          4
    7911 SARITA                        9.875            612.62         85
                                       9.625            612.62       83,000.00
    HOUSTON          TX   77012          1            03/02/00         04
    0411862527                           05           04/01/00         12
    0411862527                           O            03/01/30
    0

    3260170          E82/G02             F          111,150.00         ZZ
                                         360        111,150.00          1
    344 WESTFIELD ROAD                 9.625            944.76         90
                                       9.375            944.76      123,500.00
    CHARLOTTESVILLE  VA   22901          1            03/06/00         04
    0400258455                           05           05/01/00         25
    0400258455                           N            04/01/30
    0

    3261187          498/G02             F           42,200.00         ZZ
                                         360         42,179.78          4
    3236 NEBRASKA AVENUE               9.625            358.70         90
                                       9.375            358.70       46,900.00
    ST LOUIS         MO   63118          1            02/29/00         12
    0431887603                           05           04/01/00         25
    24110744                             N            03/01/30
    0

    3262104          811/G02             F          112,800.00         ZZ
                                         360        112,735.10          1
    5222 OXFORD CREST DRIVE            8.750            887.40         79
                                       8.500            887.40      143,000.00
    JACKSONVILLE     FL   32258          1            02/29/00         00
    0431916832                           05           04/01/00          0
    FM80045206                           O            03/01/30
    0

    3262243          G51/G02             F          100,000.00         ZZ
                                         360         99,953.35          1
    708 N MTN ESTATES RD               9.750            859.15         71
                                       9.500            859.15      142,000.00
    FLORISSANT       CO   80816          1            02/28/00         00
    0431898139                           03           04/01/00          0
    395229                               N            03/01/30
    0

    3262960          K08/G02             F           58,500.00         ZZ
                                         360         58,474.12          3
1

    2703-2705 EVALINE                 10.000            513.38         90
                                       9.750            513.38       65,000.00
    HAMTRAMCK        MI   48212          1            03/03/00         04
    0411782071                           05           04/01/00         25
    0411782071                           N            03/01/30
    0

    3262961          K08/G02             F          324,000.00         ZZ
                                         360        323,840.63          4
    2806 NE 30TH STREET                9.500          2,724.37         80
                                       9.250          2,724.37      405,000.00
    FT LAUDERDALE    FL   33306          1            03/03/00         00
    0411804842                           05           04/01/00          0
    0411804842                           O            03/01/30
    0

    3262962          K08/G02             F          185,850.00         ZZ
                                         360        185,475.14          1
    6646 PARKSHADOW COURT NORTHEAS     8.625          1,445.52         80
                                       8.375          1,445.52      232,315.00
    KEIZER           OR   97303          1            02/28/00         00
    0411812688                           03           04/01/00          0
    0411812688                           O            03/01/30
    0

    3262964          K08/G02             F           94,400.00         ZZ
                                         360         94,345.68          1
    609 PARK RIDGE DRIVE               8.750            742.65         90
                                       8.500            742.65      104,900.00
    CLEBURNE         TX   76031          1            02/28/00         10
    0411817729                           05           04/01/00         25
    0411817729                           O            03/01/30
    0

    3262965          K08/G02             F           81,000.00         ZZ
                                         360         80,960.16          2
    601 RIVERVIEW BLVD                 9.500            681.09         90
                                       9.250            681.09       90,000.00
    DAYTONA BEACH    FL   32118          1            03/03/00         10
    0411821499                           05           04/01/00         25
    0411821499                           N            03/01/30
    0

    3262968          K08/G02             F          112,500.00         ZZ
                                         360        112,440.13          1
    4642 AUTUMN HARVEST                9.125            915.34         90
                                       8.875            915.34      125,000.00
    SHASTA LAKE      CA   96019          1            02/24/00         01
    0411825441                           05           04/01/00         25
1

    0411825441                           O            03/01/30
    0

    3262970          K08/G02             F          111,000.00         ZZ
                                         360        110,939.37          1
    9465 CR 2188 LILLY ROAD            9.000            893.13         75
                                       8.750            893.13      148,000.00
    WHITEHOUSE       TX   75791          5            02/28/00         00
    0411828627                           05           04/01/00          0
    0411828627                           O            03/01/30
    0

    3262972          K08/G02             F          224,000.00         ZZ
                                         360        223,877.65          4
    320 EAST 15TH STREET               9.000          1,802.35         80
                                       8.750          1,802.35      280,000.00
    OAKLAND          CA   94606          1            02/23/00         00
    0411831647                           05           04/01/00          0
    0411831647                           O            03/01/30
    0

    3262973          K08/G02             F           75,000.00         ZZ
                                         360         74,961.11          1
    31234 PANTHER DRIVE                9.250            617.01         64
                                       9.000            617.01      118,000.00
    BULVERDE         TX   78163          5            02/28/00         00
    0411833296                           05           04/01/00          0
    0411833296                           O            03/01/30
    0

    3262978          K08/G02             F          118,500.00         ZZ
                                         360        118,500.00          4
    257 MOUNT EVEREST                  9.750          1,018.10         84
                                       9.500          1,018.10      142,000.00
    FENTON           MO   63026          2            03/03/00         04
    0411836778                           05           05/01/00         20
    0411836778                           N            04/01/30
    0

    3262979          K08/G02             F          118,550.00         ZZ
                                         360        118,550.00          4
    249 MOUNT EVEREST                  9.750          1,018.53         84
                                       9.500          1,018.53      142,000.00
    FENTON           MO   63026          2            03/03/00         01
    0411836844                           05           05/01/00         20
    0411836844                           N            04/01/30
    0

1

    3262980          K08/G02             F          118,500.00         ZZ
                                         360        118,500.00          4
    247 MOUNT EVEREST                  9.750          1,018.10         84
                                       9.500          1,018.10      142,000.00
    FENTON           MO   63026          2            03/03/00         10
    0411836869                           05           05/01/00         20
    0411836869                           N            04/01/30
    0

    3262981          K08/G02             F          133,750.00         ZZ
                                         360        133,750.00          1
    9060 SUMMER GLEN LANE              9.250          1,100.33         75
                                       9.000          1,100.33      178,350.00
    DALLAS           TX   75243          1            03/03/00         00
    0411837206                           05           05/01/00          0
    0411837206                           O            04/01/30
    0

    3262982          K08/G02             F           44,500.00         ZZ
                                         360         44,477.53          1
    1253 24TH STREET                   9.375            370.13         84
                                       9.125            370.13       53,000.00
    GULFPORT         MS   39501          5            02/28/00         11
    0411841729                           05           04/01/00         12
    0411841729                           O            03/01/30
    0

    3262985          K08/G02             F          126,000.00         ZZ
                                         360        125,936.38          1
    2945 GREENVALLEY ROAD              9.375          1,048.00         78
                                       9.125          1,048.00      163,000.00
    BIRMINGHAM       AL   35243          5            02/28/00         00
    0411844483                           05           04/01/00          0
    0411844483                           O            03/01/30
    0

    3262987          K08/G02             F          118,750.00         ZZ
                                         360        118,691.59          1
    1024 CAMINO DE CHELLY              9.500            998.51         95
                                       9.250            998.51      125,500.00
    SANTA FE         NM   87501          5            02/24/00         10
    0411847676                           03           04/01/00         30
    0411847676                           O            03/01/30
    0

    3262988          K08/G02             F           92,000.00         ZZ
                                         360         91,949.75          1
    2605 WEST BOSTON STREET            9.000            740.25         80
                                       8.750            740.25      115,000.00
1

    BROKEN ARROW     OK   74012          1            03/03/00         00
    0411849789                           03           04/01/00          0
    0411849789                           O            03/01/30
    0

    3262991          K08/G02             F          110,500.00         ZZ
                                         360        110,298.56          1
    45 PARK ST                         9.375            919.08         85
                                       9.125            919.08      130,000.00
    OXFORD           MI   48371          1            03/03/00         01
    0411857246                           05           04/01/00         12
    0411857246                           O            03/01/30
    0

    3265363          A33/G02             F          164,000.00         ZZ
                                         360        163,247.08          1
    3968 HILLCREST                     9.125          1,334.36         68
                                       8.875          1,334.36      242,000.00
    HIGHLAND         MI   48356          1            02/28/00         00
    0431898287                           05           04/01/00          0
    015085177                            O            03/01/30
    0

    3266104          601/G02             F          124,200.00         ZZ
                                         360        124,107.18          1
    4389 SCHIRTZINGER ROAD             9.250          1,021.77         90
                                       9.000          1,021.77      138,000.00
    HILLIARD         OH   43026          1            02/25/00         11
    0431890870                           05           04/01/00         25
    60168234                             O            03/01/30
    0

    3266172          514/G02             F          625,000.00         ZZ
                                         360        623,429.78          1
    3177 WALTER TRAVIS DRIVE           8.375          4,750.45         70
                                       8.125          4,750.45      900,000.00
    SARASOTA         FL   34240          5            11/24/99         00
    0431914068                           03           01/01/00          0
    887275                               O            12/01/29
    0

    3266418          601/G02             F           76,500.00         ZZ
                                         360         76,455.98          1
    304 N 9TH ST                       8.750            601.83         85
                                       8.500            601.83       90,000.00
    ARTESIA          NM   88210          5            02/24/00         11
    0431889138                           05           04/01/00         12
    60165826                             O            03/01/30
    0
1

    3267012          K08/G02             F           60,500.00         ZZ
                                         360         60,466.95          1
    404 RICHMOND AVENUE                9.000            486.80         85
                                       8.750            486.80       71,200.00
    KNOXVILLE        TN   37921          1            03/06/00         01
    0411710114                           05           04/01/00         12
    0411710114                           O            03/01/30
    0

    3267014          K08/G02             F           75,000.00         ZZ
                                         240         74,885.91          1
    401 SOUTH SUMMIT                   8.875            668.78         85
                                       8.625            668.78       88,500.00
    GIRARD           KS   66743          5            03/01/00         10
    0411796204                           05           04/01/00         12
    0411796204                           O            03/01/20
    0

    3267019          K08/G02             F          116,000.00         ZZ
                                         360        115,934.97          1
    610 NORTH SCHOOL STREET            8.875            922.95         80
                                       8.625            922.95      145,000.00
    BOERNE           TX   78006          2            02/28/00         00
    0411830193                           05           04/01/00          0
    0411830193                           N            03/01/30
    0

    3267021          K08/G02             F          136,000.00         ZZ
                                         360        135,919.71          1
    934 ASH STREET                     8.625          1,057.79         80
                                       8.375          1,057.79      170,000.00
    BROCKTON         MA   02301          2            02/29/00         00
    0411841448                           05           04/01/00          0
    0411841448                           O            03/01/30
    0

    3267022          K08/G02             F          112,500.00         ZZ
                                         360        112,500.00          4
    5716 LIME ROAD                     9.875            976.89         90
                                       9.625            976.89      125,000.00
    WEST PALM BEACH  FL   33413          1            03/06/00         01
    0411842255                           05           05/01/00         25
    0411842255                           N            04/01/30
    0

    3267023          K08/G02             F           75,600.00         ZZ
                                         360         75,600.00          1
1

    212 TUMBLEBROOK STREET             9.750            649.52         90
                                       9.500            649.52       84,000.00
    SLIDELL          LA   70461          2            03/06/00         01
    0411844509                           05           05/01/00         25
    0411844509                           N            04/01/30
    0

    3267025          K08/G02             F           59,100.00         ZZ
                                         360         59,073.15          1
    138 SPICEWOOD CIRCLE W.            9.875            513.19         80
                                       9.625            513.19       74,000.00
    MIDDLEBURG       FL   32068          5            03/06/00         00
    0411846736                           05           04/01/00          0
    0411846736                           N            03/01/30
    0

    3267027          K08/G02             F          104,800.00         ZZ
                                         360        104,800.00          1
    1718 BUNCHE ROAD                   9.250            862.16         80
                                       9.000            862.16      131,000.00
    AUSTIN           TX   78721          5            02/29/00         00
    0411849011                           05           05/01/00          0
    0411849011                           O            04/01/30
    0

    3267032          K08/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
    4804 COTTONWOOD STREET UNIT#3      9.500            605.42         79
                                       9.250            605.42       92,000.00
    AUSTIN           TX   78744          5            03/01/00         00
    0411859978                           05           05/01/00          0
    0411859978                           O            04/01/30
    0

    3267216          E82/G02             F           34,200.00         ZZ
                                         360         34,200.00          1
    409 SCOTT AVENUE                   9.375            284.46         90
                                       9.125            284.46       38,000.00
    ROME             NY   13440          1            03/08/00         04
    0400244893                           05           05/01/00         25
    0400244893                           N            04/01/30
    0

    3267345          601/G02             F           43,000.00         ZZ
                                         360         42,976.51          1
    301 W RICHEY WY                    9.000            345.99         90
                                       8.750            345.99       48,000.00
    ARTESIA          NM   88210          5            02/24/00         11
    0431897594                           05           04/01/00         25
1

    60165800                             O            03/01/30
    0

    3267784          134/G02             F           26,000.00         ZZ
                                         360         25,986.87          1
    3516 KENBROOK COURT                9.375            216.26         80
                                       9.125            216.26       32,500.00
    KALAMAZOO        MI   49006          1            02/25/00         00
    0431890367                           01           04/01/00          0
    10004505                             N            03/01/30
    0

    3268234          134/G02             F           26,000.00         ZZ
                                         360         25,986.87          1
    3506 KENBROOK COURT                9.375            216.26         80
                                       9.125            216.26       32,500.00
    KALAMAZOO        MI   49006          1            02/25/00         00
    0431890789                           01           04/01/00          0
    10004497                             N            03/01/30
    0

    3268579          163/G02             F           84,000.00         ZZ
                                         360         83,855.08          1
    165 HOLLAND STREET                 8.875            668.35         88
                                       8.625            668.35       95,885.00
    CRANSTON         RI   02920          1            01/28/00         04
    0431912187                           01           03/01/00         25
    1000131160                           O            02/01/30
    0

    3269236          664/G02             F          280,000.00         ZZ
                                         360        279,847.05          1
    4035 COLONIAL AVENUE               9.000          2,252.95         80
                                       8.750          2,252.95      350,000.00
    CULVER CITY      CA   90066          5            02/03/00         00
    0431901412                           05           04/01/00          0
    0003374592                           O            03/01/30
    0

    3270950          E82/G02             F          129,600.00         ZZ
                                         360        129,600.00          3
    228-230 PLEASANT STREET            8.875          1,031.16         85
                                       8.625          1,031.16      152,500.00
    PROVIDENCE       RI   02906          1            03/09/00         04
    0400254561                           05           05/01/00         12
    0400254561                           N            04/01/30
    0

1

    3270951          E82/G02             F          129,600.00         ZZ
                                         360        129,600.00          3
    224-226 PLEASANT STREET            8.875          1,031.16         85
                                       8.625          1,031.16      152,500.00
    PROVIDENCE       RI   02906          1            03/09/00         04
    0400254553                           05           05/01/00         12
    0400256561                           N            04/01/30
    0

    3271340          765/G02             F           41,300.00         ZZ
                                         360         41,279.68          1
    555 EAST 10TH AVENUE               9.500            347.28         70
    UNIT 309                           9.250            347.28       59,000.00
    DENVER           CO   80203          1            02/24/00         00
    0431892975                           01           04/01/00          0
    109612                               N            03/01/30
    0

    3271718          561/G02             F          108,000.00         ZZ
                                         360        107,898.40          3
    112 W 9TH AVENUE                   9.750            927.89         90
                                       9.500            927.89      120,000.00
    NORTH WILDWOOD   NJ   08260          1            01/29/00         04
    0431935550                           05           03/01/00         25
    18134825                             N            02/01/30
    0

    3271748          B28/G02             F          107,100.00         ZZ
                                         360        107,047.32          1
    2604 SOUTH NEWTON STREET           9.500            900.56         85
                                       9.250            900.56      126,000.00
    DENVER           CO   80219          1            02/11/00         01
    0431910504                           05           04/01/00         12
    0001250023                           O            03/01/30
    0

    3271867          K08/G02             F          124,800.00         ZZ
                                         360        124,731.83          4
    8170 STONEBROOK DRIVE              9.000          1,004.17         90
                                       8.750          1,004.17      138,700.00
    PENSACOLA        FL   32514          1            03/07/00         10
    0411766199                           05           04/01/00         25
    0411766199                           N            03/01/30
    0

    3271868          K08/G02             F           40,350.00         ZZ
                                         360         40,332.15          1
    1834 CROCKER STREET               10.000            354.10         95
                                       9.750            354.10       42,500.00
1

    CHESTERTON       IN   46304          2            03/02/00         10
    0411784770                           05           04/01/00         30
    0411784770                           O            03/01/30
    0

    3271869          K08/G02             F           67,700.00         ZZ
                                         360         67,700.00          2
    11005 DODGE                        9.750            581.65         90
                                       9.500            581.65       75,257.00
    WARREN           MI   48089          1            03/07/00         04
    0411785710                           05           05/01/00         25
    0411785710                           N            04/01/30
    0

    3271870          K08/G02             F           20,000.00         ZZ
                                         360         20,000.00          1
    6736 NORTH RICHMOND AVENU          9.500            168.17         16
                                       9.250            168.17      127,000.00
    PORTLAND         OR   97203          5            02/29/00         00
    0411803174                           01           05/01/00          0
    0411803174                           N            04/01/30
    0

    3271873          K08/G02             F           54,000.00         ZZ
                                         360         54,000.00          2
    3449 MONTANA STREET                9.250            444.24         90
                                       9.000            444.24       60,000.00
    SAINT LOUIS      MO   63118          1            03/07/00         04
    0411813686                           05           05/01/00         25
    0411813686                           O            04/01/30
    0

    3271876          K08/G02             F           70,400.00         ZZ
                                         360         70,400.00          1
    1325 E LONNA                       9.375            585.55         80
                                       9.125            585.55       88,000.00
    HAYSVILLE        KS   67060          2            03/07/00         00
    0411828155                           05           05/01/00          0
    0411828155                           N            04/01/30
    0

    3271878          K08/G02             F          149,900.00         ZZ
                                         360        149,900.00          1
    1319 CONSTELLATION DRIVE           9.000          1,206.13         72
                                       8.750          1,206.13      210,000.00
    ALLEN            TX   75013          2            03/02/00         00
    0411828429                           03           05/01/00          0
    0411828429                           O            04/01/30
    0
1

    3271880          K08/G02             F          108,000.00         ZZ
                                         360        108,000.00          2
    1600 AND 1602 3RD STREET           9.000            868.99         80
                                       8.750            868.99      135,000.00
    EAST WENATCHEE   WA   98802          5            03/01/00         00
    0411836885                           05           05/01/00          0
    0411836885                           O            04/01/30
    0

    3271881          K08/G02             F          108,000.00         ZZ
                                         360        107,946.88          1
    5675 MELLIE AVENUE                 9.500            908.12         90
                                       9.250            908.12      120,000.00
    MILFORD          OH   45150          2            03/02/00         01
    0411842834                           05           04/01/00         25
    0411842834                           O            03/01/30
    0

    3271882          K08/G02             F          153,000.00         ZZ
                                         360        153,000.00          1
    824 EL RADO STREET                 9.250          1,258.69         90
                                       9.000          1,258.69      170,000.00
    CORAL GABLES     FL   33134          1            03/07/00         10
    0411844970                           05           05/01/00         25
    0411844970                           O            04/01/30
    0

    3271895          G52/G02             F          131,200.00         ZZ
                                         360        131,133.74          3
    911 EAST 7TH STREET                9.375          1,091.26         80
                                       9.125          1,091.26      164,000.00
    TUCSON           AZ   85719          2            02/11/00         00
    0431895788                           05           04/01/00          0
    95000215                             N            03/01/30
    0

    3272019          664/G02             F          348,000.00         ZZ
                                         360        347,778.09          1
    1200 NORTH DUKE LANE               8.250          2,614.41         80
                                       8.000          2,614.41      435,000.00
    WALNUT           CA   91789          5            02/04/00         00
    0431904960                           05           04/01/00          0
    0003306725                           O            03/01/30
    0

    3272080          A46/G02             F           61,200.00         ZZ
                                         360         61,169.89          1
1

    11314 FEATHERSTAR LANE             9.500            514.61         90
                                       9.250            514.61       68,000.00
    HOUSTON          TX   77067          1            03/02/00         04
    0431895515                           03           04/01/00         25
    0290380                              N            03/01/30
    0

    3272213          225/225             F          514,000.00         ZZ
                                         360        510,446.12          1
    24 CANDLEBUSH                      8.000          3,771.55         80
                                       7.750          3,771.55      650,000.00
    IRVINE           CA   92612          5            07/21/99         00
    7147242                              09           09/01/99          0
    7147242                              O            08/01/29
    0

    3272714          664/G02             F          335,000.00         ZZ
                                         360        334,582.09          1
    10432 CIRCULO DE ZAPATA            8.375          2,546.25         78
                                       8.125          2,546.25      435,000.00
    FOUNTAIN VALLEY  CA   92708          1            01/13/00         00
    0431904895                           05           03/01/00          0
    0003305364                           O            02/01/30
    0

    3273664          E82/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
    25099 CALLE ENTRADERO              8.500          1,230.26         72
                                       8.250          1,230.26      223,000.00
    MURRIETA         CA   92563          5            03/07/00         00
    0400256129                           05           05/01/00          0
    0400256129                           O            04/01/30
    0

    3275405          G75/G75             F           72,100.00         ZZ
                                         360         72,052.83          1
    1823 PENWOOD DRIVE                 8.125            535.35         70
                                       7.875            535.35      103,000.00
    KNOXVILLE        TN   37922          1            02/29/00         00
    04030312                             05           04/01/00          0
    04030312                             O            03/01/30
    0

    3275406          G75/G75             F          183,850.00         ZZ
                                         360        183,467.91          1
    1867 DISNEY ESTATES CIR            7.875          1,333.05         70
                                       7.625          1,333.05      262,712.00
    SEVERN           MD   21144          1            12/29/99         00
    03945637                             03           02/01/00          0
1

    03945637                             O            01/01/30
    0

    3275407          G75/G75             F          112,700.00         ZZ
                                         360        112,378.71          1
    1620 ROUNDHILL DRIVE               7.750            807.40         70
                                       7.500            807.40      161,000.00
    NASHVILLE        TN   37211          1            12/03/99         00
    04014546                             03           01/01/00          0
    04014546                             O            12/01/29
    0

    3275408          G75/G75             F          111,900.00         ZZ
                                         360        111,673.23          1
    6438 FROTHINGHAM COURT             8.000            821.09         70
                                       7.750            821.09      159,900.00
    ELKRIDGE         MD   21227          1            12/29/99         00
    04012035                             09           02/01/00          0
    04012035                             O            01/01/30
    0

    3275409          G75/G75             F          452,000.00         ZZ
                                         360        451,719.05          1
    3207 MEREDITH STREET               8.375          3,435.53         80
                                       8.125          3,435.53      565,000.00
    AUSTIN           TX   78703          1            02/14/00         00
    04043662                             05           04/01/00          0
    04043662                             O            03/01/30
    0

    3275432          K08/G02             F          235,000.00         ZZ
                                         360        235,000.00          2
    2010 GREY AVE                      8.625          1,827.81         73
                                       8.375          1,827.81      325,000.00
    EVANSTON         IL   60201          5            03/01/00         00
    0411763386                           05           05/01/00          0
    0411763386                           O            04/01/30
    0

    3275438          K08/G02             F           78,700.00         ZZ
                                         360         78,700.00          1
    2415 PARKWAY DRIVE                 9.500            661.75         80
                                       9.250            661.75       98,500.00
    WINSTON SALEM    NC   27103          5            03/08/00         00
    0411840077                           05           05/01/00          0
    0411840077                           N            04/01/30
    0

1

    3275441          K08/G02             F           73,950.00         ZZ
                                         360         73,950.00          1
    1903 WOODSIDE AVE                  9.125            601.68         84
                                       8.875            601.68       88,400.00
    ESSEXVILLE       MI   48732          1            03/08/00         01
    0411848401                           05           05/01/00         12
    0411848401                           O            04/01/30
    0

    3275443          K08/G02             F           25,425.00         ZZ
                                         360         25,411.81          1
    123 NORTH 9TH AVENUE EAST          9.250            209.17         90
                                       9.000            209.17       28,250.00
    DULUTH           MN   55805          1            02/29/00         01
    0411851348                           05           04/01/00         25
    0411851348                           N            03/01/30
    0

    3275444          K08/G02             F           47,650.00         ZZ
                                         360         47,625.29          1
    1024 E 3RD ST                      9.250            392.01         90
                                       9.000            392.01       52,970.00
    DULUTH           MN   55805          1            02/29/00         10
    0411851355                           05           04/01/00         25
    0411851355                           N            03/01/30
    0

    3275445          K08/G02             F           47,650.00         ZZ
                                         360         47,625.29          1
    1228 E THIRD ST                    9.250            392.01         90
                                       9.000            392.01       52,970.00
    DULUTH           MN   55805          1            02/29/00         04
    0411851363                           05           04/01/00         25
    0411851363                           N            03/01/30
    0

    3275447          K08/G02             F           67,600.00         ZZ
                                         360         67,600.00          1
    18 SALINA AVENUE                   9.250            556.13         80
                                       9.000            556.13       84,500.00
    JOHNSTON         RI   02919          1            03/08/00         00
    0411869365                           05           05/01/00          0
    0411869365                           O            04/01/30
    0

    3275573          637/G02             F          364,000.00         ZZ
                                         360        363,825.61          1
    7479 MEADOWRUE CIRCLE              9.625          3,093.97         80
                                       9.375          3,093.97      456,000.00
1

    MIDDLETON        WI   53562          4            02/24/00         00
    0431906973                           05           04/01/00          0
    0018703884                           O            03/01/30
    0

    3275777          F18/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
    15917 VIA MEDIA                    8.750          1,730.75         80
                                       8.500          1,730.75      275,000.00
    SAN LORENZO      CA   94580          1            03/08/00         00
    0431913524                           03           05/01/00          0
    R02521                               O            04/01/30
    0

    3275892          F18/G02             F          104,800.00         ZZ
                                         360        104,800.00          1
    10636 ACALANES DRIVE               9.250            862.17         80
                                       9.000            862.17      131,000.00
    OAKLAND          CA   94603          5            03/03/00         00
    0431938364                           05           05/01/00          0
    02508                                N            04/01/30
    0

    3276204          526/526             F           68,400.00         ZZ
                                         360         68,318.94          2
    3832  WEST DUNLAP AVE              8.625            532.01         66
                                       8.375            532.01      105,000.00
    PHOENIX          AZ   85051          5            01/31/00         00
    0390596                              05           03/01/00          0
    0390596                              N            02/01/30
    0

    3276205          526/526             F           45,000.00         ZZ
                                         360         44,927.63          2
    28 NORTH 96TH WAY                  9.125            366.13         90
                                       8.875            366.13       50,000.00
    MESA             AZ   85207          1            12/29/99         10
    0393396                              05           02/01/00         25
    0393396                              N            01/01/30
    0

    3276206          526/526             F          230,400.00         ZZ
                                         360        230,036.67          3
    2108 117TH AVE NE                  9.500          1,937.33         90
                                       9.250          1,937.33      256,000.00
    LAKE STEVEN      WA   98258          1            02/11/00         12
    0393460                              05           04/01/00         25
    0393460                              N            03/01/30
    0
1

    3276207          526/526             F           75,000.00         ZZ
                                         360         74,908.80          1
    118 CINNAMON TEAL                  8.500            576.69         58
                                       8.250            576.69      130,000.00
    ALISO VIEJO      CA   92656          1            01/31/00         00
    0393605                              01           03/01/00          0
    0393605                              N            02/01/30
    0

    3276208          526/526             F          100,000.00         ZZ
                                         360         99,878.41          1
    7858 CAMINO RAPOSA                 8.500            768.91         58
                                       8.250            768.91      175,000.00
    SAN DIEGO        CA   92122          1            01/29/00         00
    0393708                              01           03/01/00          0
    0393708                              N            02/01/30
    0

    3276209          526/526             F           28,000.00         ZZ
                                         360         27,986.23          3
    618 N 9TH AVE                      9.500            235.44         47
                                       9.250            235.44       60,000.00
    PHOENIX          AZ   85007          5            02/25/00         00
    0393814                              05           04/01/00          0
    0393814                              N            03/01/30
    0

    3276210          526/526             F           50,400.00         ZZ
                                         360         50,373.18          1
    133 E HOWARD                       9.125            410.07         90
                                       8.875            410.07       56,000.00
    PONTIAC          MI   48342          1            02/29/00         01
    0394082                              05           04/01/00         25
    0394082                              N            03/01/30
    0

    3276211          526/526             F           77,400.00         ZZ
                                         360         77,356.61          1
    1408 SOUTH 24 CT                   8.875            615.83         90
                                       8.625            615.83       86,000.00
    HOLLYWOOD        FL   33020          1            02/10/00         12
    0394680                              05           04/01/00         25
    0394680                              O            03/01/30
    0

    3276212          526/526             F           50,000.00         ZZ
                                         360         49,973.39          1
1

    855  NILE ST                       9.125            406.82         48
                                       8.875            406.82      105,000.00
    AURORA           CO   80010          5            02/18/00         00
    0395156                              05           04/01/00          0
    0395156                              N            03/01/30
    0

    3276213          526/526             F          106,400.00         ZZ
                                         360        106,349.03          2
    685-687 JACKSON PARK LN            9.625            904.39         80
                                       9.375            904.39      133,000.00
    SUWANEE          GA   30024          1            02/29/00         00
    0395314                              05           04/01/00          0
    0395314                              N            03/01/30
    0

    3276214          526/526             F           64,000.00         ZZ
                                         360         63,965.94          1
    2222  EAST WOODS STREET            9.125            520.73         80
                                       8.875            520.73       80,000.00
    PHOENIX          AZ   85040          5            02/18/00         00
    0395518                              05           04/01/00          0
    0395518                              O            03/01/30
    0

    3276215          526/526             F          109,350.00         ZZ
                                         360        109,293.31          1
    11980 EAST JEWELL AVENUE           9.250            899.60         90
                                       9.000            899.60      121,500.00
    AURORA           CO   80012          1            02/22/00         12
    0395536                              07           04/01/00         25
    0395536                              O            03/01/30
    0

    3276216          526/526             F           62,000.00         ZZ
                                         360         61,967.86          1
    9550 N 94TH PL #206                9.250            510.06         80
                                       9.000            510.06       77,500.00
    SCOTTSDALE       AZ   85258          1            02/23/00         00
    0395635                              01           04/01/00          0
    0395635                              O            03/01/30
    0

    3276217          526/526             F          100,000.00         ZZ
                                         360         99,940.96          1
    9615  CAMINITO DEL FELIZ           8.625            777.79         53
                                       8.375            777.79      189,000.00
    SAN DIEGO        CA   92121          1            02/28/00         00
    0396568                              01           04/01/00          0
1

    0396568                              N            03/01/30
    0

    3276218          526/526             F          400,000.00         ZZ
                                         360        399,538.06          1
    7400 S HIGHWAY 1                   8.750          3,146.80         80
                                       8.500          3,146.80      500,000.00
    ELK              CA   95432          1            02/01/00         00
    0345905                              05           03/01/00          0
    0345905                              O            02/01/30
    0

    3276219          526/526             F          236,000.00         ZZ
                                         360        235,690.21          1
    13610 NE 223RD COURT               8.125          1,752.29         80
                                       7.875          1,752.29      295,000.00
    BRUSH PRARIE     WA   98606          1            02/01/00         00
    0357393                              05           03/01/00          0
    0357393                              O            02/01/30
    0

    3276220          526/526             F           78,300.00         ZZ
                                         360         78,257.23          3
    3223 E HARVARD ST                  9.000            630.02         90
                                       8.750            630.02       87,000.00
    PHOENIX          AZ   85008          1            02/28/00         01
    0389558                              05           04/01/00         25
    0389558                              O            03/01/30
    0

    3276222          526/526             F           52,200.00         ZZ
                                         360         52,118.19          1
    1201  SHARON AVE.                  9.250            429.44         90
                                       9.000            429.44       58,000.00
    INDIANAPOLIS     IN   46222          1            12/17/99         14
    0391100                              05           02/01/00         25
    0391100                              N            01/01/30
    0

    3276223          526/526             F           46,800.00         ZZ
                                         360         46,726.65          1
    1105 WINFIELD AVE                  9.250            385.01         90
                                       9.000            385.01       52,000.00
    INDIANAPOLIS     IN   46222          2            12/17/99         14
    0391107                              05           02/01/00         25
    0391107                              N            01/01/30
    0

1

    3276224          526/526             F           58,090.00         T
                                         360         58,022.90          1
    734 MCDOUGHALL COURT #G734         8.750            457.00         75
                                       8.500            457.00       77,490.00
    ORLANDO          FL   32809          1            02/02/00         00
    0391313                              01           03/01/00          0
    0391313                              O            02/01/30
    0

    3276225          526/526             F           47,350.00         ZZ
                                         360         47,326.70          1
    5425 DUNGAREE STREET               9.500            398.14         42
                                       9.250            398.14      113,995.00
    LAS VEGAS        NV   89118          1            02/18/00         00
    0391796                              03           04/01/00          0
    0391796                              O            03/01/30
    0

    3276226          526/526             F           37,600.00         ZZ
                                         360         37,555.44          1
    3932 BENNETT DRIVE                 8.625            292.45         80
                                       8.375            292.45       47,000.00
    INDIANAPOLIS     IN   46254          1            02/04/00         00
    0392103                              05           03/01/00          0
    0392103                              N            02/01/30
    0

    3276227          526/526             F          154,800.00         ZZ
                                         360        154,634.61          4
    1017  LOMBARD STREET               9.125          1,259.51         90
                                       8.875          1,259.51      172,000.00
    REDLANDS         CA   92374          1            01/10/00         01
    0392143                              05           03/01/00         25
    0392143                              N            02/01/30
    0

    3276228          526/526             F           48,000.00         ZZ
                                         360         47,948.71          1
    2120 ANDREWS ST                    9.125            390.55         80
                                       8.875            390.55       60,000.00
    ROCKFORD         IL   61101          5            01/26/00         00
    0392253                              05           03/01/00          0
    0392253                              O            02/01/30
    0

    3276229          526/526             F          189,000.00         ZZ
                                         360        188,894.04          1
    6418  BAKER COURT                  8.875          1,503.77         90
                                       8.625          1,503.77      210,000.00
1

    NORCROSS         GA   30092          1            02/07/00         12
    0392389                              05           04/01/00         25
    0392389                              N            03/01/30
    0

    3276230          526/526             F          156,150.00         ZZ
                                         360        156,066.90          1
    8725 MOSQUERO CIRCLE               9.125          1,270.49         90
                                       8.875          1,270.49      173,500.00
    AUSTIN           TX   78748          1            02/16/00         12
    0392873                              05           04/01/00         25
    0392873                              N            03/01/30
    0

    3276231          526/526             F           68,500.00         ZZ
                                         360         68,464.48          1
    11514  NE 97TH STREET              9.250            563.54         61
                                       9.000            563.54      114,000.00
    VANCOUVER        WA   98662          1            02/08/00         00
    0393182                              05           04/01/00          0
    0393182                              N            03/01/30
    0

    3276232          526/526             F          120,600.00         ZZ
                                         360        120,540.67          3
    6 HILLSIDE PL                      9.500          1,014.08         90
                                       9.250          1,014.08      134,000.00
    HAVERHILL        MA   01832          1            02/14/00         04
    0393222                              05           04/01/00         25
    0393222                              N            03/01/30
    0

    3276233          526/526             F          133,500.00         ZZ
                                         360        133,423.19          1
    21932 S SCHIEFFER RD               8.750          1,050.25         61
                                       8.500          1,050.25      220,000.00
    COLTON           OR   97017          5            02/04/00         00
    0393245                              05           04/01/00          0
    0393245                              O            03/01/30
    0

    3276234          526/526             F          193,600.00         ZZ
                                         360        193,482.71          1
    3100 SW 137 TERRACE                8.500          1,488.62         80
                                       8.250          1,488.62      242,000.00
    DAVIE            FL   33330          1            02/07/00         00
    0393376                              05           04/01/00          0
    0393376                              O            03/01/30
    0
1

    3276235          526/526             F           63,000.00         ZZ
                                         360         62,967.33          1
    4475 DALE AVE #209                 9.250            518.29         90
                                       9.000            518.29       70,000.00
    LA MESA          CA   91941          1            02/11/00         12
    0393450                              01           04/01/00         25
    0393450                              N            03/01/30
    0

    3276236          526/526             F           68,000.00         ZZ
                                         360         67,961.88          1
    1618  BURRY CR                     8.875            541.04         80
                                       8.625            541.04       85,000.00
    CREST HILL       IL   60435          1            02/09/00         00
    0393557                              05           04/01/00          0
    0393557                              O            03/01/30
    0

    3276237          526/526             F           78,000.00         ZZ
                                         360         77,956.26          1
    904 KNOTTINGHAM DR #2A             8.875            620.61         69
                                       8.625            620.61      114,500.00
    SCHAUMBURG       IL   60193          2            02/09/00         00
    0393623                              01           04/01/00          0
    0393623                              O            03/01/30
    0

    3276238          526/526             F           63,900.00         ZZ
                                         360         63,866.00          1
    248 CARNIVAL DRIVE                 9.125            519.91         90
                                       8.875            519.91       71,000.00
    EL PASO          TX   79912          1            02/17/00         11
    0393688                              05           04/01/00         25
    0393688                              O            03/01/30
    0

    3276239          526/526             F           98,800.00         ZZ
                                         360         98,746.03          1
    1950 WATERS FERRY DRIVE            9.000            794.97         60
                                       8.750            794.97      165,000.00
    LAWRENCEVIL      GA   30043          1            02/15/00         00
    0393869                              03           04/01/00          0
    0393869                              N            03/01/30
    0

    3276240          526/526             F           97,400.00         ZZ
                                         360         97,346.79          1
1

    759 TEAL CT                        9.000            783.71         60
                                       8.750            783.71      163,000.00
    LAWRENCEVILLE    GA   30043          1            02/07/00         00
    0393872                              07           04/01/00          0
    0393872                              N            03/01/30
    0

    3276241          526/526             F           82,000.00         ZZ
                                         360         81,952.82          1
    3425 PALISADES LAKE DR             8.750            645.10         53
                                       8.500            645.10      156,845.00
    DULUTH           GA   30096          1            02/15/00         00
    0393877                              03           04/01/00          0
    0393877                              N            03/01/30
    0

    3276242          526/526             F           56,000.00         ZZ
                                         360         55,971.72          2
    2813  CHICAGO RD                   9.375            465.78         80
                                       9.125            465.78       70,000.00
    CHICAGO HEIGHTS  IL   60411          1            02/24/00         12
    0394008                              05           04/01/00         12
    0394008                              N            03/01/30
    0

    3276243          526/526             F          135,700.00         ZZ
                                         360        135,631.47          1
    6228 W FAIR DR                     9.375          1,128.69         68
                                       9.125          1,128.69      200,000.00
    LITTLETON        CO   80123          2            02/24/00         00
    0394086                              05           04/01/00          0
    0394086                              O            03/01/30
    0

    3276244          526/526             F           85,500.00         ZZ
                                         360         85,456.82          1
    6301 N SHERIDAN RD #9V             9.375            711.15         90
                                       9.125            711.15       95,000.00
    CHICAGO          IL   60660          1            02/17/00         12
    0394131                              01           04/01/00         25
    0394131                              N            03/01/30
    0

    3276245          526/526             F           94,500.00         ZZ
                                         360         94,452.27          1
    2243 W 71ST ST                     9.375            786.01         90
                                       9.125            786.01      105,000.00
    CHICAGO          IL   60636          1            02/11/00         12
    0394182                              05           04/01/00         25
1

    0394182                              N            03/01/30
    0

    3276246          526/526             F          149,600.00         ZZ
                                         360        149,516.13          2
    539  SHATTUCK AVE S                8.875          1,190.29         80
                                       8.625          1,190.29      187,000.00
    RENTON           WA   98055          1            01/02/00         00
    0394250                              05           04/01/00          0
    0394250                              N            03/01/30
    0

    3276247          526/526             F           89,910.00         ZZ
                                         360         89,863.39          1
    3827  NORTH 15TH AVE               9.250            739.67         90
                                       9.000            739.67       99,900.00
    PHOENIX          AZ   85015          1            02/07/00         11
    0394372                              05           04/01/00         25
    0394372                              N            03/01/30
    0

    3276248          526/526             F           62,500.00         ZZ
                                         360         62,461.15          1
    120 MARCY LANE                     8.375            475.05         79
                                       8.125            475.05       80,000.00
    GREENWOOD        IN   46142          2            02/29/00         00
    0394522                              05           04/01/00          0
    0394522                              N            03/01/30
    0

    3276249          526/526             F           36,800.00         ZZ
                                         360         36,780.41          1
    5821 GETZ LANE                     9.125            299.42         80
                                       8.875            299.42       46,000.00
    INDIANAPOLIS     IN   46254          1            02/15/00         00
    0394552                              05           04/01/00          0
    0394552                              N            03/01/30
    0

    3276250          526/526             F           82,400.00         ZZ
                                         360         82,356.14          1
    4014 WEST PARADISE DR              9.125            670.44         80
                                       8.875            670.44      103,000.00
    PHOENIX          AZ   85029          1            02/10/00         00
    0394617                              05           04/01/00          0
    0394617                              O            03/01/30
    0

1

    3276251          526/526             F           94,000.00         ZZ
                                         360         93,951.27          1
    328 E DUNBAR DR                    9.250            773.31         80
                                       9.000            773.31      117,500.00
    TEMPE            AZ   85282          1            02/14/00         00
    0394631                              05           04/01/00          0
    0394631                              N            03/01/30
    0

    3276252          526/526             F          102,000.00         ZZ
                                         360        101,944.28          1
    2604  NORTH PENNINGTON DRIVE       9.000            820.72         90
                                       8.750            820.72      114,000.00
    CHANDLER         AZ   85224          1            02/16/00         01
    0395507                              05           04/01/00         25
    0395507                              N            03/01/30
    0

    3276253          526/526             F           69,690.00         ZZ
                                         360         69,654.80          1
    233 EAST ERIE #1308                9.375            579.65         80
                                       9.125            579.65       87,113.00
    CHICAGO          IL   60611          1            02/29/00         00
    0395550                              06           04/01/00          0
    0395550                              O            03/01/30
    0

    3276254          526/526             F          109,500.00         ZZ
                                         360        109,438.61          1
    103  TAROCCO RD                    8.875            871.23         75
                                       8.625            871.23      146,000.00
    IRVINE           CA   92620          1            02/16/00         00
    0395655                              01           04/01/00          0
    0395655                              N            03/01/30
    0

    3276255          526/526             F           46,150.00         T
                                         360         46,127.30          1
    5323  THOMAS DR #1B                9.500            388.05         65
                                       9.250            388.05       71,000.00
    PANAMA CITY BEA  FL   32408          5            02/25/00         00
    0395805                              01           04/01/00          0
    0395805                              O            03/01/30
    0

    3276256          526/526             F          112,000.00         ZZ
                                         360        111,941.93          1
    7145  N 76TH DR                    9.250            921.40         80
                                       9.000            921.40      140,000.00
1

    GLENDALE         AZ   85303          1            02/23/00         00
    0395857                              05           04/01/00          0
    0395857                              O            03/01/30
    0

    3276257          526/526             F           51,000.00         ZZ
                                         360         50,974.24          1
    2575  SOUTH SYRACUSE WAY           9.375            424.20         63
    #E202                              9.125            424.20       81,000.00
    DENVER           CO   80231          1            02/29/00         00
    0396053                              01           04/01/00          0
    0396053                              N            03/01/30
    0

    3276258          526/526             F           38,000.00         ZZ
                                         360         37,981.30          1
    3643  SOUTH SHERIDAN BLVD #R12     9.500            319.53         65
                                       9.250            319.53       58,500.00
    LAKEWOOD         CO   80235          1            02/28/00         00
    0396054                              01           04/01/00          0
    0396054                              N            03/01/30
    0

    3276259          526/526             F           60,300.00         ZZ
                                         360         60,267.90          1
    6034  FIELDCREST DR                9.125            490.63         90
                                       8.875            490.63       67,000.00
    MORROW           GA   30260          1            02/29/00         12
    0396177                              05           04/01/00         25
    0396177                              N            03/01/30
    0

    3276291          526/526             F          228,000.00         ZZ
                                         360        226,566.29          1
    7765 EAGLE RIDGE ROAD              7.625          1,613.77         80
                                       7.375          1,613.77      285,000.00
    SAN DIEGO        CA   92119          1            07/27/99         00
    0373309                              07           09/01/99          0
    0373309                              O            08/01/29
    0

    3276292          526/526             F          161,000.00         ZZ
                                         360        160,147.72          1
    312 E IRVINE RD                    7.500          1,125.74         80
                                       7.250          1,125.74      202,000.00
    PHOENIX          AZ   85027          2            08/03/99         00
    0377545                              03           10/01/99          0
    0377545                              O            09/01/29
    0
1

    3276294          526/526             F          127,500.00         ZZ
                                         360        127,420.24          1
    310 EAST 800 SOUTH                 8.625            991.69         80
                                       8.375            991.69      160,000.00
    SALT LAKE CITY   UT   84111          5            02/02/00         00
    0393095                              05           04/01/00          0
    0393095                              O            03/01/30
    0

    3276303          526/526             F          319,500.00         ZZ
                                         360        319,101.44          1
    777 JORDANNA ROAD                  8.375          2,428.43         80
                                       8.125          2,428.43      400,000.00
    GRAND JUNCTION   CO   81506          5            01/24/00         00
    0391589                              05           03/01/00          0
    0391589                              O            02/01/30
    0

    3276304          526/526             F          603,100.00         ZZ
                                         360        602,734.64          1
    6314 ROYALTON DRIVE                8.500          4,637.32         80
                                       8.250          4,637.32      753,900.00
    DALLAS           TX   75230          1            02/28/00         00
    0395573                              05           04/01/00          0
    0395573                              O            03/01/30
    0

    3277726          601/G02             F           25,875.00         ZZ
                                         360         25,860.86          1
    745 KERN STREET                    9.000            208.20         90
                                       8.750            208.20       28,750.00
    WATERLOO         IA   50703          1            02/24/00         11
    0431901164                           05           04/01/00         25
    60155223                             N            03/01/30
    0

    3278259          624/G02             F          261,400.00         ZZ
                                         360        261,268.00          1
    8042 TAHOE PARKE CIRCLE            9.375          2,174.19         90
                                       9.125          2,174.19      290,450.00
    AUSTIN           TX   78726          1            02/29/00         11
    0431912849                           03           04/01/00         25
    82005600016F                         O            03/01/30
    0

    3278261          F42/G02             F          252,600.00         ZZ
                                         360        252,600.00          1
1

    54 LINWOOD AVE                     9.875          2,193.45         85
                                       9.625          2,193.45      300,000.00
    MIDLAND PARK     NJ   07432          5            03/06/00         12
    0431913581                           05           05/01/00         12
    03013                                O            04/01/30
    0

    3278733          K08/G02             F           83,250.00         ZZ
                                         360         83,209.05          1
    1736 SOUTH AMERICAN STREET         9.500            700.01         90
                                       9.250            700.01       92,500.00
    STOCKTON         CA   95206          1            02/17/00         01
    0411816770                           05           04/01/00         25
    0411816770                           O            03/01/30
    0

    3278735          K08/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
    8386 COCONUT BLVD                  9.875          1,094.12         90
                                       9.625          1,094.12      140,000.00
    WEST PALM BEACH  FL   33412          1            03/09/00         10
    0411829245                           05           05/01/00         25
    0411829245                           O            04/01/30
    0

    3278736          K08/G02             F           75,150.00         T
                                         360         75,114.00          1
    203 EAST BRIGANTINE AVENUE         9.625            638.77         90
    #209                               9.375            638.77       83,500.00
    BRIGANTINE       NJ   08203          1            02/18/00         01
    0411836943                           01           04/01/00         25
    0411836943                           O            03/01/30
    0

    3278740          K08/G02             F          127,800.00         ZZ
                                         360        127,800.00          4
    211 CHANSLOR AVENUE                9.750          1,098.00         90
                                       9.500          1,098.00      142,000.00
    RICHMOND         CA   94801          1            03/06/00         01
    0411849086                           05           05/01/00         25
    0411849086                           N            04/01/30
    0

    3278741          K08/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
    4019 PRINCETON BOULEVARD           8.750            550.69         70
                                       8.500            550.69      101,000.00
    SOUTH EUCLID     OH   44121          1            03/09/00         00
    0411867849                           05           05/01/00          0
1

    0411867849                           O            04/01/30
    0

    3278742          K08/G02             F          245,050.00         ZZ
                                         360        245,050.00          1
    316 GARRISON CIRCLE                9.625          2,082.90         95
                                       9.375          2,082.90      257,957.00
    BARRINGTON       IL   60010          1            03/09/00         04
    0411872393                           03           05/01/00         30
    0411872393                           O            04/01/30
    0

    3280656          K08/G02             F           74,400.00         ZZ
                                         360         74,400.00          1
    5801 TRAVIS COOK ROAD              8.750            585.31         60
                                       8.500            585.31      124,000.00
    AUSTIN           TX   78735          5            03/06/00         00
    0411800568                           05           05/01/00          0
    0411800568                           O            04/01/30
    0

    3280661          K08/G02             F           34,350.00         ZZ
                                         360         34,350.00          1
    2312 BALSAM DRIVE, A105            9.875            298.28         90
                                       9.625            298.28       38,200.00
    ARLINGTON        TX   76006          1            03/10/00         10
    0411820780                           01           05/01/00         30
    0411820780                           N            04/01/30
    0

    3280662          K08/G02             F           28,000.00         ZZ
                                         360         27,986.93          1
    4303 7TH STREET                    9.750            240.57         78
                                       9.500            240.57       36,000.00
    ECORSE           MI   48229          5            02/11/00         00
    0411822794                           05           04/01/00          0
    0411822794                           N            03/01/30
    0

    3280663          K08/G02             F           53,550.00         ZZ
                                         360         53,550.00          1
    2306 WESTFIELD                     9.750            460.08         90
                                       9.500            460.08       59,500.00
    NILES            MI   49120          1            03/10/00         01
    0411825607                           05           05/01/00         25
    0411825607                           N            04/01/30
    0

1

    3280664          K08/G02             F           45,600.00         ZZ
                                         360         45,600.00          2
    1021 NORTH HUEY STREET            10.000            400.17         80
                                       9.750            400.17       57,000.00
    SOUTH BEND       IN   46628          1            03/09/00         00
    0411833270                           05           05/01/00          0
    0411833270                           N            04/01/30
    0

    3280665          K08/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
    1204 CLANCY                        9.375            415.87         79
                                       9.125            415.87       63,800.00
    FLINT            MI   48503          1            03/10/00         00
    0411843469                           05           05/01/00          0
    0411843469                           O            04/01/30
    0

    3280667          K08/G02             F           83,700.00         ZZ
                                         360         83,700.00          4
    7874 A,B,C SOUTH CORONET COURT     9.875            726.81         90
                                       9.625            726.81       93,000.00
    NEW ORLEANS      LA   70126          1            03/10/00         01
    0411852932                           05           05/01/00         25
    0411852932                           N            04/01/30
    0

    3280670          K08/G02             F           63,000.00         ZZ
                                         360         63,000.00          4
    1152 TALLOW TREE                   9.875            547.06         90
                                       9.625            547.06       70,000.00
    HARVEY           LA   70058          1            03/10/00         01
    0411855182                           05           05/01/00         25
    0411855182                           N            04/01/30
    0

    3280671          K08/G02             F           42,400.00         ZZ
                                         360         42,400.00          1
    2333 WRIGHT                       10.000            372.09         80
                                       9.750            372.09       53,000.00
    NORTH CHICAGO    IL   60064          1            03/10/00         00
    0411856529                           05           05/01/00          0
    0411856529                           N            04/01/30
    0

    3280674          K08/G02             F           75,150.00         ZZ
                                         360         75,150.00          2
    1913 53RD ST.                      9.750            645.65         90
                                       9.500            645.65       83,500.00
1

    KENOSHA          WI   53140          1            03/10/00         01
    0411858921                           05           05/01/00         25
    0411858921                           N            04/01/30
    0

    3280677          K08/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
    5818 WILLOW GROVE ROAD             9.750          1,804.22         70
                                       9.500          1,804.22      300,000.00
    TROY             MI   48098          5            03/10/00         00
    0411861222                           05           05/01/00          0
    0411861222                           N            04/01/30
    0

    3280680          K08/G02             F          297,300.00         ZZ
                                         360        297,300.00          1
    7635 EADS AVENUE, UNIT #3          9.875          2,581.60         70
                                       9.625          2,581.60      425,000.00
    LA JOLLA         CA   92037          2            03/03/00         00
    0411863186                           01           05/01/00          0
    0411863186                           N            04/01/30
    0

    3280683          K08/G02             F          158,400.00         ZZ
                                         360        158,400.00          1
    37 PEARL STREET                    9.000          1,274.52         90
                                       8.750          1,274.52      176,000.00
    ESSEX JUNCTION   VT   05452          1            03/10/00         01
    0411867930                           05           05/01/00         25
    0411867930                           O            04/01/30
    0

    3282058          J33/G02             F           81,900.00         ZZ
                                         360         81,845.04          1
    14 SOUTH HEATHROW                  8.000            600.96         70
                                       7.750            600.96      117,000.00
    ROME             GA   30165          5            03/03/00         00
    0431918432                           05           04/01/00          0
    000152020035                         N            03/01/30
    0

    3282070          624/G02             F           75,200.00         ZZ
                                         360         75,200.00          4
    1351 WEST 11TH STREET              9.750            646.08         80
                                       9.500            646.08       94,000.00
    MERCED           CA   95340          1            03/09/00         00
    0431908391                           05           05/01/00          0
    43200200053                          N            04/01/30
    0
1

    3282155          562/G02             F          238,500.00         ZZ
                                         360        238,391.64          3
    90 WILSON AVENUE                   9.875          2,071.02         90
                                       9.625          2,071.02      265,000.00
    BROOKLYN         NY   11237          1            02/29/00         12
    0431912773                           07           04/01/00         25
    631656                               N            03/01/30
    0

    3284480          K08/G02             F          144,000.00         ZZ
                                         360        144,000.00          4
    3021 SOUTH 232ND PLACE             9.000          1,158.66         90
                                       8.750          1,158.66      160,000.00
    DES MOINES       WA   98198          1            03/08/00         04
    0411740640                           05           05/01/00         25
    0411740640                           N            04/01/30
    0

    3284483          K08/G02             F          169,700.00         ZZ
                                         360        169,700.00          1
    7106 DUFFIELD DRIVE                8.375          1,289.84         90
                                       8.125          1,289.84      189,000.00
    DALLAS           TX   75248          2            03/08/00         10
    0411807282                           05           05/01/00         25
    0411807282                           O            04/01/30
    0

    3284484          K08/G02             F          127,600.00         ZZ
                                         360        127,600.00          2
    1413 - 1415 LAKE STREET NE         9.750          1,096.28         80
                                       9.500          1,096.28      159,500.00
    HOPKINS          MN   55343          1            03/13/00         00
    0411812928                           05           05/01/00          0
    0411812928                           N            04/01/30
    0

    3284488          K08/G02             F          216,000.00         ZZ
                                         360        216,000.00          4
    2425 L STREET                      9.625          1,835.98         90
                                       9.375          1,835.98      240,000.00
    SACRAMENTO       CA   95816          1            03/07/00         01
    0411835945                           05           05/01/00         25
    0411835945                           N            04/01/30
    0

    3284489          K08/G02             F          135,500.00         ZZ
                                         360        135,500.00          1
1

    10047 NE 23RD AVENUE               9.375          1,127.02         85
                                       9.125          1,127.02      160,000.00
    MITCHELLVILLE    IA   50169          5            03/08/00         01
    0411839616                           05           05/01/00         12
    0411839616                           O            04/01/30
    0

    3284490          K08/G02             F           52,250.00         ZZ
                                         240         52,250.00          1
    3240 GURLEY AVENUE                10.000            504.22         95
                                       9.750            504.22       55,000.00
    GADSDEN          AL   35903          5            03/07/00         04
    0411842842                           05           05/01/00         30
    0411842842                           O            04/01/20
    0

    3284496          K08/G02             F          297,500.00         ZZ
                                         360        297,500.00          1
    7406 SOUTH IRELAND WAY             9.000          2,393.75         85
                                       8.750          2,393.75      350,000.00
    AURORA           CO   80016          5            03/07/00         01
    0411853153                           03           05/01/00         12
    0411853153                           O            04/01/30
    0

    3284497          K08/G02             F           87,300.00         ZZ
                                         360         87,300.00          3
    73 REGENT AVENUE                   9.000            702.44         90
                                       8.750            702.44       97,000.00
    PROVIDENCE       RI   02908          1            03/13/00         01
    0411858749                           05           05/01/00         25
    0411858749                           N            04/01/30
    0

    3284499          K08/G02             F          115,200.00         ZZ
                                         360        115,200.00          1
    1130 BLUEBIRD LANE                 8.875            916.58         90
                                       8.625            916.58      128,000.00
    LIBERTY          MO   64068          1            03/10/00         10
    0411861776                           03           05/01/00         25
    0411861776                           O            04/01/30
    0

    3284500          K08/G02             F           82,000.00         ZZ
                                         360         82,000.00          1
    170 HURT ROAD                      9.250            674.59         80
                                       9.000            674.59      102,500.00
    SMYRNA           GA   30082          5            03/10/00         00
    0411867815                           05           05/01/00          0
1

    0411867815                           N            04/01/30
    0

    3284501          K08/G02             F          157,900.00         ZZ
                                         360        157,900.00          1
    7532 SOUTH ROSEMARY CIRCLE         9.000          1,270.50         74
                                       8.750          1,270.50      214,000.00
    ENGLEWOOD        CO   80112          5            03/07/00         00
    0411873417                           03           05/01/00          0
    0411873417                           O            04/01/30
    0

    3284502          K08/G02             F           72,100.00         ZZ
                                         360         72,100.00          2
    5305 & 5307 ASH LANE               9.375            599.69         70
                                       9.125            599.69      103,000.00
    DALLAS           TX   75223          2            03/13/00         00
    0411877160                           05           05/01/00          0
    0411877160                           N            04/01/30
    0

    3284503          K08/G02             F          161,250.00         ZZ
                                         360        161,250.00          2
    1448 AND 1452 S. PEARL STREET      9.250          1,326.56         75
                                       9.000          1,326.56      215,000.00
    DENVER           CO   80210          1            03/13/00         00
    0411877194                           05           05/01/00          0
    0411877194                           N            04/01/30
    0

    3286128          G32/G02             F          122,400.00         ZZ
                                         360        122,400.00          1
    9531 S HOYNE AVE                   9.125            995.89         80
                                       8.875            995.89      153,000.00
    CHICAGO          IL   60643          1            03/14/00         00
    0431910769                           05           05/01/00          0
    1006191                              O            04/01/30
    0

    3286176          950/G02             F          220,500.00         ZZ
                                         360        220,500.00          1
    5738 N W LONDONBERRY LOOP          9.250          1,814.00         90
                                       9.000          1,814.00      245,000.00
    BREMERTON        WA   98312          1            03/07/00         14
    0431917574                           03           05/01/00         25
    107000203007                         O            04/01/30
    0

1

    3286305          026/G02             F          321,000.00         ZZ
                                         360        321,000.00          1
    4016 BAHAMA ROAD                   8.375          2,439.84         78
                                       8.125          2,439.84      415,000.00
    ROUGEMONT        NC   27572          4            03/13/00         00
    0431910694                           05           05/01/00          0
    0200363212                           O            04/01/30
    0

    3286321          K31/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
    368 DESIREE DRIVE                  9.750            734.58         90
                                       9.500            734.58       95,000.00
    LAWRENCEVILLE    GA   30244          1            03/15/00         14
    0431934348                           05           05/01/00         25
    296106                               N            04/01/30
    0

    3287398          K08/G02             F           35,000.00         ZZ
                                         360         35,000.00          1
    2005 SE 25TH DRIVE                 9.000            281.62         42
                                       8.750            281.62       85,000.00
    OKEECHOBEE       FL   34974          5            03/09/00         00
    0411791783                           27           05/01/00          0
    0411791783                           O            04/01/30
    0

    3287402          K08/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
    28185 GRAHAM                       9.125          1,692.36         80
                                       8.875          1,692.36      260,000.00
    CHESTERFIELD TW  MI   48051          1            03/14/00         00
    0411823057                           05           05/01/00          0
    0411823057                           O            04/01/30
    0

    3287403          K08/G02             F          209,000.00         ZZ
                                         360        209,000.00          3
    5156 S. LOOMIS                     9.625          1,776.48         95
                                       9.375          1,776.48      220,000.00
    CHICAGO          IL   60609          1            03/14/00         04
    0411827736                           05           05/01/00         30
    0411827736                           O            04/01/30
    0

    3287404          K08/G02             F           62,950.00         ZZ
                                         360         62,950.00          2
    197 MONTAUK AVENUE                 8.750            495.23         90
                                       8.500            495.23       69,950.00
1

    NEW LONDON       CT   06320          1            03/14/00         04
    0411827843                           05           05/01/00         25
    0411827843                           O            04/01/30
    0

    3287408          K08/G02             F           61,650.00         ZZ
                                         360         61,650.00          1
    7915 OAK MEADOW COURT              9.625            524.02         90
    UNIT #22                           9.375            524.02       68,500.00
    CHARLOTTE        NC   28210          1            03/13/00         04
    0411844863                           01           05/01/00         25
    0411844863                           N            04/01/30
    0

    3287409          K08/G02             F          513,750.00         ZZ
                                         360        513,750.00          1
    2041 TRENTHAM ROAD                 9.000          4,133.75         75
                                       8.750          4,133.75      685,000.00
    LAKE SHERWOOD A  CA   91361          1            03/13/00         00
    0411844913                           03           05/01/00          0
    0411844913                           O            04/01/30
    0

    3287410          K08/G02             F           52,700.00         ZZ
                                         360         52,700.00          1
    320 THOMAS STREET                  9.750            452.77         90
                                       9.500            452.77       58,600.00
    PHILLIPSBURG     NJ   08865          1            03/14/00         04
    0411845894                           05           05/01/00         25
    0411845894                           N            04/01/30
    0

    3287411          K08/G02             F           61,650.00         ZZ
                                         360         61,650.00          1
    7903-3 OAK MEADOW COURT            9.625            524.02         90
                                       9.375            524.02       68,500.00
    CHARLOTTE        NC   28210          1            03/13/00         04
    0411846405                           01           05/01/00         25
    0411846405                           N            04/01/30
    0

    3287412          K08/G02             F           61,650.00         ZZ
                                         360         61,650.00          1
    7903-7 OAK MEADOW COURT            9.625            524.02         90
                                       9.375            524.02       68,500.00
    CHARLOTTE        NC   28210          1            03/13/00         04
    0411846413                           01           05/01/00         25
    0411846413                           N            04/01/30
    0
1

    3287415          K08/G02             F           65,000.00         ZZ
                                         360         65,000.00          1
    480 ROCK CREEK ROAD                9.875            564.43         86
                                       9.625            564.43       76,000.00
    MULA             AL   35118          5            03/09/00         01
    0411853906                           05           05/01/00         25
    0411853906                           O            04/01/30
    0

    3287421          K08/G02             F           79,200.00         T
                                         360         79,200.00          1
    1601 LENOX AVE, UNIT # 9           9.000            637.26         90
                                       8.750            637.26       88,000.00
    MIAMI BEACH      FL   33139          1            03/09/00         10
    0411859879                           01           05/01/00         25
    0411859879                           O            04/01/30
    0

    3287425          K08/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
    HCR 72 BOX 329J                    8.500            922.70         69
                                       8.250            922.70      174,000.00
    ARDMORE          OK   73401          4            03/09/00         00
    0411863848                           05           05/01/00          0
    0411863848                           O            04/01/30
    0

    3287429          K08/G02             F          183,600.00         ZZ
                                         360        183,600.00          1
    2517 COUNTY ROAD 312               9.000          1,477.29         90
                                       8.750          1,477.29      204,000.00
    CLEBURNE         TX   76031          1            03/13/00         10
    0411878788                           05           05/01/00         30
    0411878788                           O            04/01/30
    0

    3287512          E82/G02             F          386,000.00         ZZ
                                         360        386,000.00          1
    2900 SOUTHWEST 45TH STREET         9.500          3,245.70         78
                                       9.250          3,245.70      500,000.00
    FORT LAUDERDALE  FL   33312          5            03/13/00         00
    0400254116                           05           05/01/00          0
    0400254116                           O            04/01/30
    0

    3288304          F96/G02             F           89,500.00         ZZ
                                         360         89,500.00          1
1

    38 MOUNTAINSIDE AVENUE             9.750            768.94         90
                                       9.500            768.94       99,500.00
    HARDYSTON        NJ   07460          1            03/10/00         10
    0431920966                           05           05/01/00         25
    0001199                              O            04/01/30
    0

    3290697          K08/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
    510 LAKESIDE DRIVE                10.000            745.94         55
                                       9.750            745.94      155,000.00
    ROME CITY        IN   46784          5            03/15/00         00
    0411761349                           05           05/01/00          0
    0411761349                           N            04/01/30
    0

    3290705          K08/G02             F          312,000.00         ZZ
                                         360        312,000.00          1
    82095 LOST CREEK ROAD              8.375          2,371.43         80
                                       8.125          2,371.43      390,000.00
    DEXTER           OR   97431          1            03/07/00         00
    0411821358                           05           05/01/00          0
    0411821358                           O            04/01/30
    0

    3290706          K08/G02             F          245,000.00         ZZ
                                         360        245,000.00          1
    37024 CONTRA COSTA AVENUE          8.375          1,862.18         80
                                       8.125          1,862.18      308,000.00
    FREMONT          CA   94536          5            03/09/00         00
    0411827538                           05           05/01/00          0
    0411827538                           O            04/01/30
    0

    3290710          K08/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
    820 PORTSMOUTH                     8.875          1,209.38         95
                                       8.625          1,209.38      160,000.00
    WESTCHESTER      IL   60154          5            03/10/00         10
    0411840879                           05           05/01/00         30
    0411840879                           O            04/01/30
    0

    3290712          K08/G02             F          162,000.00         ZZ
                                         360        162,000.00          1
    5605 TIGER TRAIL                   8.500          1,245.64         77
                                       8.250          1,245.64      212,000.00
    FORT WORTH       TX   76126          5            03/10/00         00
    0411848187                           05           05/01/00          0
1

    0411848187                           O            04/01/30
    0

    3290713          K08/G02             F          770,000.00         ZZ
                                         360        770,000.00          1
    3215 PRINCETON AVENUE              9.125          6,264.97         70
                                       8.875          6,264.97    1,100,000.00
    HIGHLAND PARK    TX   75205          1            03/15/00         00
    0411852353                           05           05/01/00          0
    0411852353                           O            04/01/30
    0

    3290714          K08/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
    7755 BRIGHT AVENUE                 9.750            966.55         69
                                       9.500            966.55      165,000.00
    WHITTIER         CA   90602          5            03/10/00         00
    0411852429                           05           05/01/00          0
    0411852429                           N            04/01/30
    0

    3290715          K08/G02             F           90,250.00         ZZ
                                         240         90,250.00          1
    1617 E. WASHINGTON                 8.625            790.37         95
                                       8.375            790.37       95,000.00
    JOLIET           IL   60433          5            03/10/00         10
    0411852544                           05           05/01/00         30
    0411852544                           O            04/01/20
    0

    3290716          K08/G02             F          103,000.00         ZZ
                                         360        103,000.00          1
    895 CROSS GATES BLVD               8.875            819.51         61
                                       8.625            819.51      169,000.00
    SLIDELL          LA   70461          2            03/10/00         00
    0411852627                           05           05/01/00          0
    0411852627                           O            04/01/30
    0

    3290718          K08/G02             F           62,900.00         ZZ
                                         360         62,900.00          3
    29 LANDRY STREET                   9.500            528.90         90
                                       9.250            528.90       69,900.00
    BRISTOL          CT   06010          1            03/15/00         04
    0411856297                           05           05/01/00         25
    0411856297                           N            04/01/30
    0

1

    3290721          K08/G02             F           98,100.00         ZZ
                                         360         98,100.00          1
    85 OAKWOOD STREET                  9.625            833.84         90
                                       9.375            833.84      109,000.00
    WILLIAMS BAY     WI   53191          1            03/15/00         01
    0411859291                           05           05/01/00         25
    0411859291                           O            04/01/30
    0

    3290723          K08/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
    288 SALEM ROAD                     8.625          1,368.91         80
                                       8.375          1,368.91      220,000.00
    BILLERICA        MA   01821          5            03/10/00         00
    0411860349                           05           05/01/00          0
    0411860349                           O            04/01/30
    0

    3290725          K08/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
    15834 NW 82 COURT                  9.625          1,767.98         80
                                       9.375          1,767.98      260,000.00
    MIAMI            FL   33016          1            03/15/00         00
    0411862295                           05           05/01/00          0
    0411862295                           O            04/01/30
    0

    3290727          K08/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
    2201 NORTH 55TH AVENUE             9.500          1,059.48         75
                                       9.250          1,059.48      168,000.00
    HOLLYWOOD        FL   33021          5            03/10/00         00
    0411863194                           05           05/01/00          0
    0411863194                           O            04/01/30
    0

    3290730          K08/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
    12866 EAST NEVADA CIRCLE           9.250            921.40         80
                                       9.000            921.40      140,000.00
    AURORA           CO   80012          1            03/15/00         00
    0411865553                           05           05/01/00          0
    0411865553                           N            04/01/30
    0

    3290732          K08/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
    9212 CLYDESDALE                    9.000            844.85         71
                                       8.750            844.85      149,500.00
1

    ST. LOUIS        MO   63126          5            03/10/00         00
    0411866072                           05           05/01/00          0
    0411866072                           O            04/01/30
    0

    3290733          K08/G02             F          136,400.00         ZZ
                                         360        136,400.00          1
    4209 WHITE OAKS                    8.875          1,085.26         80
                                       8.625          1,085.26      170,500.00
    HIGH RIDGE       MO   63049          2            03/10/00         00
    0411866098                           05           05/01/00          0
    0411866098                           O            04/01/30
    0

    3290734          K08/G02             F           43,000.00         ZZ
                                         360         43,000.00          1
    514 EAST GALLOWAY AVENUE           9.375            357.65         77
                                       9.125            357.65       56,500.00
    WEISER           ID   83672          2            03/10/00         00
    0411867781                           05           05/01/00          0
    0411867781                           N            04/01/30
    0

    3290735          K08/G02             F          186,300.00         ZZ
                                         360        186,300.00          1
    2842 LESLIE COURT                  9.000          1,499.01         90
                                       8.750          1,499.01      207,000.00
    LARAMIE          WY   82072          1            03/15/00         01
    0411873144                           03           05/01/00         25
    0411873144                           O            04/01/30
    0

    3290736          K08/G02             F           97,500.00         ZZ
                                         360         97,500.00          1
    1004 GRISWOLD RD                   9.000            784.51         85
                                       8.750            784.51      115,000.00
    FAIRFIELD        AL   35064          5            03/10/00         04
    0411873524                           05           05/01/00         12
    0411873524                           O            04/01/30
    0

    3290738          K08/G02             F          137,250.00         ZZ
                                         360        137,250.00          1
    611-6 NE 12 TERRACE                9.750          1,179.19         90
                                       9.500          1,179.19      152,500.00
    BOYNTON BEACH    FL   33435          1            03/15/00         01
    0411875099                           09           05/01/00         25
    0411875099                           N            04/01/30
    0
1

    3290739          K08/G02             F           98,800.00         ZZ
                                         360         98,800.00          1
    5915 N. MISSISSIPPI AVENU          8.875            786.10         80
                                       8.625            786.10      125,000.00
    PORTLAND         OR   97230          2            03/10/00         00
    0411876410                           05           05/01/00          0
    0411876410                           N            04/01/30
    0

    3290943          E82/G02             F          168,000.00         ZZ
                                         360        168,000.00          2
    145 SOUTH 15TH STREET              8.750          1,321.66         80
                                       8.500          1,321.66      210,000.00
    LINDENHURST      NY   11757          1            03/20/00         00
    0400254975                           05           05/01/00          0
    0400254975                           O            04/01/30
    0

    3291707          624/G02             F          105,600.00         ZZ
                                         360        105,600.00          1
    762 9TH STREET                     9.375            878.33         80
                                       9.125            878.33      132,000.00
    WASHOUGAL        WA   98671          2            03/09/00         00
    0431920305                           05           05/01/00          0
    81700100523F                         N            04/01/30
    0

    3292630          822/G02             F           76,000.00         ZZ
                                         360         75,959.55          3
    225 SPRUCE STREET                  9.125            618.37         80
                                       8.875            618.37       95,000.00
    MANCHESTER       NH   03103          1            02/25/00         00
    0431916907                           05           04/01/00          0
    3806000239                           N            03/01/30
    0

    3294837          K08/G02             F           81,000.00         ZZ
                                         360         81,000.00          1
    153 ROGERS ROAD                    9.875            703.36         90
                                       9.625            703.36       90,000.00
    MIDDLEBURY       VT   05753          1            03/16/00         10
    0411818834                           05           05/01/00         25
    0411818834                           N            04/01/30
    0

    3294838          K08/G02             F          300,000.00         ZZ
                                         360        300,000.00          3
1

    4339,4341,4341 1/2 CLARISSA        8.625          2,333.37         90
    AVENUE                             8.375          2,333.37      335,000.00
    LOS ANGELES      CA   90027          1            03/13/00         11
    0411832371                           05           05/01/00         25
    0411832371                           O            04/01/30
    0

    3294843          K08/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
    3705 PEACOCK DRIVE                 8.750          1,541.93         80
                                       8.500          1,541.93      245,000.00
    WEST MELBOURNE   FL   32904          1            03/16/00         00
    0411867021                           05           05/01/00          0
    0411867021                           O            04/01/30
    0

    3294844          K08/G02             F           31,200.00         ZZ
                                         360         31,200.00          1
    669 S. ELIZABETH ST.              10.000            273.80         80
                                       9.750            273.80       39,000.00
    LIMA             OH   45804          1            03/16/00         00
    0411875206                           05           05/01/00          0
    0411875206                           N            04/01/30
    0

    3294846          K08/G02             F           65,700.00         ZZ
                                         360         65,700.00          2
    1100 DAVID ST.                     9.750            564.46         90
                                       9.500            564.46       73,000.00
    RACINE           WI   53404          1            03/16/00         04
    0411877863                           05           05/01/00         25
    0411877863                           N            04/01/30
    0

    3294848          K08/G02             F           87,300.00         ZZ
                                         360         87,300.00          3
    27-29 PENN STREET                  9.000            702.44         90
                                       8.750            702.44       97,000.00
    PROVIDENCE       RI   02908          1            03/16/00         01
    0411879737                           05           05/01/00         25
    0411879737                           N            04/01/30
    0

    3294891          623/623             F           68,400.00         ZZ
                                         360         68,228.37          1
    2271 CAMBRIA ROAD                  9.250            562.71         90
                                       9.000            562.71       76,000.00
    HILLSDALE        MI   49242          1            11/05/99         10
    1245219                              05           01/01/00         25
1

    1245219                              N            12/01/29
    0

    3294893          623/623             F          241,450.00         ZZ
                                         360        241,008.07          1
    1860 KEEL DRIVE                    8.500          1,856.54         78
                                       8.250          1,856.54      312,000.00
    HOWELL           MI   48843          2            12/21/99         00
    1248093                              05           02/01/00          0
    1248093                              O            01/01/30
    0

    3294898          623/623             F           50,000.00         ZZ
                                         360         49,946.58          1
    3145 SHADYNOOK ROAD                9.125            406.82         27
                                       8.875            406.82      190,000.00
    CENTRAL LAKE     MI   49622          4            12/10/99         00
    1356288                              05           03/01/00          0
    1356288                              O            02/01/30
    0

    3294902          623/623             F          219,000.00         ZZ
                                         360        218,143.59          1
    8934 N REYNOLDS ROAD               9.000          1,762.12         73
                                       8.750          1,762.12      300,000.00
    TRAVERSE CITY    MI   49684          1            08/27/99         00
    1371943                              05           10/01/99          0
    1371943                              O            09/01/29
    0

    3294912          623/623             F           65,000.00         ZZ
                                         360         64,922.98          1
    1417 MINNESOTA                     8.625            505.56         80
                                       8.375            505.56       82,000.00
    PORT HURON       MI   48060          1            01/17/00         00
    1375260                              05           03/01/00          0
    1375260                              O            02/01/30
    0

    3294914          623/623             F          133,700.00         ZZ
                                         360        133,625.04          1
    46236 ROCKER DRIVE                 8.875          1,063.78         75
                                       8.625          1,063.78      178,300.00
    MACOMB           MI   48044          1            02/04/00         00
    1375538                              05           04/01/00          0
    1375538                              O            03/01/30
    0

1

    3294918          623/623             F           49,500.00         ZZ
                                         360         49,333.52          1
    626 FARMVIEW AVENUE                9.500            416.22         55
                                       9.250            416.22       90,000.00
    UNIVERSITY PARK  IL   60466          5            10/25/99         00
    1376054                              05           12/01/99          0
    1376054                              N            11/01/29
    0

    3294922          623/623             F           32,400.00         ZZ
                                         360         32,324.62          1
    18191 GREELEY                      8.750            254.89         90
                                       8.500            254.89       36,000.00
    DETROIT          MI   48203          1            12/01/99         10
    1376343                              05           01/01/00         25
    1376343                              N            12/01/29
    0

    3294926          623/623             F           63,000.00         ZZ
                                         360         62,867.81          1
    2834 W 36TH STREET                 9.250            518.29         75
                                       9.000            518.29       84,000.00
    CHICAGO          IL   60632          5            11/29/99         00
    1376680                              05           01/01/00          0
    1376680                              N            12/01/29
    0

    3294927          623/623             F           45,000.00         ZZ
                                         360         44,905.61          1
    5628 SOUTH FAIRFIELD               9.250            370.20         75
                                       9.000            370.20       60,000.00
    CHICAGO          IL   60629          5            11/29/99         00
    1376681                              05           01/01/00          0
    1376681                              N            12/01/29
    0

    3294929          623/623             F          225,000.00         ZZ
                                         360        224,422.65          1
    227 GRIFFITH STREET                9.125          1,830.67         75
                                       8.875          1,830.67      300,000.00
    SAUGATUCK        MI   49453          1            11/17/99         00
    1376968                              05           01/01/00          0
    1376968                              O            12/01/29
    0

    3294930          623/623             F          303,200.00         ZZ
                                         360        302,452.22          1
    1050 AUGUSTA                       9.375          2,521.86         78
                                       9.125          2,521.86      389,000.00
1

    TROY             MI   48098          1            11/19/99         00
    1376977                              05           01/01/00          0
    1376977                              O            12/01/29
    0

    3294932          623/623             F          135,000.00         ZZ
                                         360        134,108.19          1
    7950 MCCORDS AVENUE                9.125          1,098.40         71
                                       8.875          1,098.40      191,000.00
    ALTO             MI   49302          5            11/18/99         00
    1377296                              05           01/01/00          0
    1377296                              O            12/01/29
    0

    3294933          623/623             F           53,250.00         ZZ
                                         360         53,150.01          1
    6909 PENROD                        8.375            404.74         75
                                       8.125            404.74       71,000.00
    DETROIT          MI   48228          5            12/31/99         00
    1377772                              05           02/01/00          0
    1377772                              N            01/01/30
    0

    3294934          623/623             F           62,250.00         ZZ
                                         360         62,133.12          1
    6920 PENROD                        8.375            473.14         75
                                       8.125            473.14       83,000.00
    DETROIT          MI   48228          5            12/31/99         00
    1377773                              05           02/01/00          0
    1377773                              N            01/01/30
    0

    3294935          623/623             F          103,950.00         ZZ
                                         360        103,749.78          1
    7324 OAK GROVE                     8.250            780.94         80
                                       8.000            780.94      129,999.00
    JUSTICE          IL   60458          1            12/17/99         00
    1377777                              05           02/01/00          0
    1377777                              O            01/01/30
    0

    3294936          623/623             F           45,000.00         ZZ
                                         360         44,892.56          1
    1459 LINCOLN STREET                8.625            350.01         90
                                       8.375            350.01       50,000.00
    LINCOLN PARK     MI   48146          1            11/19/99         10
    1377781                              05           01/01/00         25
    1377781                              N            12/01/29
    0
1

    3294937          623/623             F          105,600.00         ZZ
                                         360        105,416.39          1
    2031 HAMILTON ROAD                 8.750            830.76         80
                                       8.500            830.76      132,000.00
    OKEMOS           MI   48864          1            12/03/99         00
    1377790                              05           02/01/00          0
    1377790                              O            01/01/30
    0

    3294938          623/623             F           57,250.00         ZZ
                                         360         57,147.88          1
    202 COLLEGE                        8.625            445.28         80
                                       8.375            445.28       71,590.00
    HOLLY            MI   48442          1            12/08/99         00
    1377791                              05           02/01/00          0
    1377791                              O            01/01/30
    0

    3294939          623/623             F          362,250.00         ZZ
                                         360        361,603.77          1
    6965 HELENA                        8.625          2,817.54         75
                                       8.375          2,817.54      483,000.00
    WEST OLIVE       MI   49460          5            12/07/99         00
    1377826                              05           02/01/00          0
    1377826                              O            01/01/30
    0

    3294940          623/623             F           95,000.00         ZZ
                                         360         94,890.28          1
    1193 WINDEMERE DRIVE               8.750            747.37         67
                                       8.500            747.37      142,160.00
    COMSTOCK PARK    MI   49321          1            01/14/00         00
    1377837                              05           03/01/00          0
    1377837                              O            02/01/30
    0

    3294941          623/623             F           85,400.00         ZZ
                                         360         85,211.29          3
    565 FREMONT AVENUE NW              9.000            687.15         90
                                       8.750            687.15       94,900.00
    GRAND RAPIDS     MI   49504          1            11/30/99         10
    1377839                              05           01/01/00         25
    1377839                              N            12/01/29
    0

    3294942          623/623             F          197,200.00         ZZ
                                         360        196,882.78          1
1

    4585 ORCHARD CREEK DRIVE           9.125          1,604.48         75
                                       8.875          1,604.48      265,000.00
    KENTWOOD         MI   49546          1            12/09/99         00
    1382593                              03           02/01/00          0
    1382593                              O            01/01/30
    0

    3294949          623/623             F           39,950.00         ZZ
                                         360         39,796.66          2
    1000 FIRST STREET NW               8.750            314.29         90
                                       8.500            314.29       44,400.00
    GRAND RAPIDS     MI   49504          1            11/30/99         10
    1426420                              05           01/01/00         25
    1426420                              N            12/01/29
    0

    3294951          623/623             F           92,000.00         ZZ
                                         360         84,922.97          1
    283 FELCH STREET                   9.250            756.86         64
                                       9.000            756.86      145,000.00
    HOLLAND          MI   49424          5            12/21/99         00
    1427077                              05           02/01/00          0
    1427077                              O            01/01/30
    0

    3294962          623/623             F           78,000.00         ZZ
                                         360         77,953.95          1
    11367 LENORE                       8.625            606.68         70
                                       8.375            606.68      112,000.00
    REDFORD          MI   48239          2            02/11/00         00
    5221429                              05           04/01/00          0
    5221429                              O            03/01/30
    0

    3294963          623/623             F           64,000.00         ZZ
                                         360         63,966.82          1
    314 OAK STREET                     9.250            526.51         80
                                       9.000            526.51       80,000.00
    FERRYSBURG       MI   49409          2            02/22/00         00
    5222191                              05           04/01/00          0
    5222191                              O            03/01/30
    0

    3294965          623/623             F          140,000.00         ZZ
                                         360        139,750.24          1
    11900 NIXON ROAD                   8.625          1,088.91         80
                                       8.375          1,088.91      175,000.00
    GRAND LEDGE      MI   48837          1            12/17/99         00
    5222772                              05           02/01/00          0
1

    5222772                              O            01/01/30
    0

    3294968          623/623             F           30,600.00         ZZ
                                         360         30,067.24          1
    716 LENORE AVENUE                  8.750            240.73         90
                                       8.500            240.73       34,000.00
    LANSING          MI   48910          1            12/09/99         10
    5222888                              05           02/01/00         25
    5222888                              N            01/01/30
    0

    3294970          623/623             F          120,000.00         ZZ
                                         360        119,796.69          1
    3447 SOUTH WIND DRIVE              8.875            954.77         80
                                       8.625            954.77      150,000.00
    ZEELAND          MI   49464          1            12/17/99         00
    5222951                              29           02/01/00          0
    5222951                              O            01/01/30
    0

    3294971          623/623             F           56,500.00         ZZ
                                         360         56,345.43          1
    5527 MONTICELLO AVENUE             8.125            419.51         71
                                       7.875            419.51       80,000.00
    PORTAGE          MI   49002          2            12/21/99         00
    5223712                              05           02/01/00          0
    5223712                              O            01/01/30
    0

    3294973          623/623             F          130,500.00         ZZ
                                         360        130,374.47          4
    240 LEVERETT LANE                  9.625          1,109.24         90
                                       9.375          1,109.24      145,000.00
    EDWARDSVILLE     IL   62025          1            01/03/00         11
    5224796                              05           03/01/00         25
    5224796                              N            02/01/30
    0

    3294977          623/623             F           50,000.00         T
                                         360         49,915.29          1
    48150 68TH STREET                  8.875            397.82         74
                                       8.625            397.82       68,000.00
    HARTFORD         MI   49057          1            01/03/00         00
    5225521                              05           02/01/00          0
    5225521                              O            01/01/30
    0

1

    3294978          623/623             F          280,000.00         ZZ
                                         360        279,351.60          1
    2210 AVON LANE                     8.375          2,128.20         48
                                       8.125          2,128.20      595,000.00
    BIRMINGHAM       MI   48009          1            12/15/99         00
    5226003                              05           02/01/00          0
    5226003                              O            01/01/30
    0

    3294980          623/623             F          116,450.00         ZZ
                                         360        116,322.32          2
    8005 S MARSHFIELD AVENUE           9.000            936.98         85
                                       8.750            936.98      137,000.00
    CHICAGO          IL   60620          5            01/07/00         11
    5226784                              05           03/01/00         12
    5226784                              O            02/01/30
    0

    3294986          623/623             F          159,550.00         ZZ
                                         360        159,272.61          1
    50782 BASE STREET                  8.750          1,255.18         71
                                       8.500          1,255.18      227,900.00
    NEW BALTIMORE    MI   48047          1            12/30/99         00
    5227868                              05           02/01/00          0
    5227868                              O            01/01/30
    0

    3294989          623/623             F           93,750.00         ZZ
                                         360         52,339.71          1
    1691 MCBRADY STREET                9.000            754.33         75
                                       8.750            754.33      125,000.00
    PORT HURON       MI   48060          5            01/07/00         00
    5228592                              05           03/01/00          0
    5228592                              O            02/01/30
    0

    3294994          623/623             F          131,250.00         T
                                         360        131,044.30          1
    92860 GRAVEL LAKE DRIVE            9.250          1,079.76         75
                                       9.000          1,079.76      175,000.00
    LAWTON           MI   49065          5            12/23/99         00
    5229279                              05           02/01/00          0
    5229279                              O            01/01/30
    0

    3294996          623/623             F           60,000.00         ZZ
                                         360         59,865.00          1
    1804 MORRICE ROAD                  9.000            482.77         72
                                       8.750            482.77       84,000.00
1

    OWOSSO           MI   48867          5            02/03/00         00
    5229376                              05           04/01/00          0
    5229376                              O            03/01/30
    0

    3295006          623/623             F           88,800.00         ZZ
                                         360         88,753.96          1
    5595 NORTH 18TH EAST STREET        9.250            730.54         80
                                       9.000            730.54      111,000.00
    MOUNTAIN HOME    ID   83647          1            02/25/00         00
    5234244                              05           04/01/00          0
    5234244                              O            03/01/30
    0

    3295008          623/623             F           40,000.00         ZZ
                                         360         30,287.50          1
    205 W LINCOLN ST                   8.625            311.12         38
                                       8.375            311.12      106,000.00
    ST JOHNS         MI   48879          1            02/08/00         00
    5235690                              05           04/01/00          0
    5235690                              O            03/01/30
    0

    3295009          623/623             F          131,250.00         ZZ
                                         360        131,176.42          1
    1708 65TH STREET                   8.875          1,044.28         75
                                       8.625          1,044.28      175,000.00
    FENNVILLE        MI   49408          5            02/04/00         00
    5236391                              05           04/01/00          0
    5236391                              O            03/01/30
    0

    3295012          623/623             F          107,900.00         ZZ
                                         360        107,800.49          1
    5917 LOVERS LANE                   9.125            877.91         80
                                       8.875            877.91      134,900.00
    PORTAGE          MI   49002          1            02/15/00         00
    5236914                              05           04/01/00          0
    5236914                              O            03/01/30
    0

    3295017          623/623             F          130,000.00         ZZ
                                         360        129,864.68          1
    4729 N SAWYER AVENUE               9.250          1,069.48         74
                                       9.000          1,069.48      177,000.00
    CHICAGO          IL   60625          5            01/24/00         00
    5238686                              05           03/01/00          0
    5238686                              O            02/01/30
    0
1

    3295025          623/623             F          203,000.00         ZZ
                                         360        202,891.98          1
    824 FAIRHOPE LANE                  9.125          1,651.67         75
                                       8.875          1,651.67      274,000.00
    GLENVIEW         IL   60025          1            02/07/00         00
    5241953                              05           04/01/00          0
    5241953                              O            03/01/30
    0

    3295029          623/623             F          117,600.00         ZZ
                                         360        117,540.61          2
    1239-1241 136TH AVE                9.375            978.14         70
                                       9.125            978.14      168,000.00
    HOLLAND          MI   49424          2            02/22/00         00
    5242628                              05           04/01/00          0
    5242628                              N            03/01/30
    0

    3295034          623/623             F           96,750.00         ZZ
                                         360         96,702.41          1
    4438 W 79TH PLACE                  9.500            813.53         75
                                       9.250            813.53      129,000.00
    CHICAGO          IL   60652          5            02/16/00         00
    5244233                              05           04/01/00          0
    5244233                              O            03/01/30
    0

    3296223          637/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
    407 OCEAN BLVD UNIT A7             8.375            798.08         78
                                       8.125            798.08      135,000.00
    HAMPTON          NH   03842          1            03/07/00         00
    0431933860                           01           05/01/00          0
    0016658668                           O            04/01/30
    0

    3297519          822/G02             F          102,150.00         ZZ
                                         360        102,150.00          3
    305 BARTLETT STREET                9.125            831.13         90
                                       8.875            831.13      113,500.00
    MANCHESTER       NH   03102          1            03/02/00         14
    0431919299                           05           05/01/00         25
    3806000301                           N            04/01/30
    0

    3298075          K08/G02             F           72,250.00         ZZ
                                         360         72,250.00          1
1

    107 147TH AVENUE EAST              9.750            620.74         85
                                       9.500            620.74       85,000.00
    MADEIRA BEACH    FL   33708          1            03/17/00         01
    0411801822                           05           05/01/00         20
    0411801822                           N            04/01/30
    0

    3298077          K08/G02             F           36,000.00         ZZ
                                         360         36,000.00          1
    18809 EGRET  BAY                   9.875            312.61         80
    UNIT # 214                         9.625            312.61       45,000.00
    HOUSTON          TX   77058          1            03/16/00         00
    0411823727                           01           05/01/00          0
    0411823727                           N            04/01/30
    0

    3298080          K08/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
    4733 N CARAMBOLA CIRCLE #27114     9.000            362.08         60
                                       8.750            362.08       75,000.00
    COCONUT CREEK    FL   33066          1            03/17/00         00
    0411839640                           01           05/01/00          0
    0411839640                           O            04/01/30
    0

    3298081          K08/G02             F          142,200.00         ZZ
                                         360        142,200.00          4
    1021 A, B, C DI MARCO DRIVE        9.875          1,234.79         90
                                       9.625          1,234.79      158,000.00
    MARRERO          LA   70072          1            03/17/00         01
    0411839657                           05           05/01/00         25
    0411839657                           N            04/01/30
    0

    3298084          K08/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
    758 PINTA LANE                     9.500            630.64         22
                                       9.250            630.64      350,000.00
    FOSTER CITY      CA   94404          5            03/02/00         00
    0411849854                           09           05/01/00          0
    0411849854                           N            04/01/30
    0

    3298085          K08/G02             F           74,700.00         ZZ
                                         360         74,700.00          1
    17750 LINCOLN                      9.500            628.12         90
                                       9.250            628.12       83,000.00
    EAST POINTE      MI   48021          1            03/17/00         04
    0411850001                           05           05/01/00         25
1

    0411850001                           N            04/01/30
    0

    3298088          K08/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
    907 MYRTLEWOOD DRIVE               9.125            691.59         34
                                       8.875            691.59      252,550.00
    FRIENDSWOOD      TX   77546          5            03/13/00         00
    0411856701                           05           05/01/00          0
    0411856701                           O            04/01/30
    0

    3298089          K08/G02             F           58,500.00         ZZ
                                         360         58,500.00          2
    1315-17 MAZANT STREET             10.000            513.38         90
                                       9.750            513.38       65,000.00
    NEW ORLEANS      LA   70117          1            03/17/00         01
    0411856834                           05           05/01/00         25
    0411856834                           N            04/01/30
    0

    3298091          K08/G02             F          245,000.00         ZZ
                                         360        245,000.00          1
    130 NEWLAND ROAD                   8.750          1,927.42         78
                                       8.500          1,927.42      315,000.00
    ARLINGTON        MA   02474          5            03/13/00         00
    0411862816                           05           05/01/00          0
    0411862816                           O            04/01/30
    0

    3298092          K08/G02             F           32,400.00         ZZ
                                         360         32,400.00          1
    1103 E. FRANKLIN                   9.250            266.55         90
                                       9.000            266.55       36,000.00
    LIMA             OH   45804          1            03/17/00         01
    0411866841                           05           05/01/00         25
    0411866841                           N            04/01/30
    0

    3298093          K08/G02             F           71,750.00         ZZ
                                         360         71,750.00          1
    62 WESTVIEW AVENUE                 9.625            609.87         70
                                       9.375            609.87      102,500.00
    ASHEVILLE        NC   28803          2            03/17/00         00
    0411867732                           05           05/01/00          0
    0411867732                           N            04/01/30
    0

1

    3298094          K08/G02             F           79,650.00         ZZ
                                         360         79,650.00          1
    6796 MOCCASIN DRIVE                9.000            640.88         90
                                       8.750            640.88       88,530.00
    PLANO            TX   75023          1            03/09/00         01
    0411872617                           03           05/01/00         25
    0411872617                           N            04/01/30
    0

    3298095          K08/G02             F           86,400.00         ZZ
                                         360         86,400.00          1
    847 N. SANDY LANE                  9.000            695.19         65
                                       8.750            695.19      133,000.00
    ELKHORN          WI   53121          4            03/17/00         00
    0411872666                           05           05/01/00          0
    0411872666                           O            04/01/30
    0

    3298096          K08/G02             F           71,200.00         ZZ
                                         360         71,200.00          1
    30 ASH STREET                      8.875            566.50         80
                                       8.625            566.50       89,000.00
    EUGENE           OR   97402          1            03/06/00         00
    0411873367                           05           05/01/00          0
    0411873367                           O            04/01/30
    0

    3298098          K08/G02             F          109,800.00         ZZ
                                         360        109,800.00          1
    360 MEDILL AVENUE                  9.375            913.26         90
                                       9.125            913.26      122,000.00
    NORTHLAKE        IL   60164          1            03/17/00         01
    0411878184                           05           05/01/00         25
    0411878184                           O            04/01/30
    0

    3298100          K08/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
    1906 FAR NIENTE                    8.750          1,652.07         46
                                       8.500          1,652.07      460,000.00
    SAN ANTONIO      TX   78258          1            03/17/00         00
    0411885601                           03           05/01/00          0
    0411885601                           O            04/01/30
    0

    3298809          736/G02             F          424,000.00         ZZ
                                         360        423,785.88          1
    19 HILLRISE                        9.375          3,526.62         80
                                       9.125          3,526.62      530,000.00
1

    DOVE CANYON ARE  CA   92679          1            02/26/00         00
    0431960806                           03           04/01/00          0
    100282508                            O            03/01/30
    0

    3298913          736/G02             F          448,000.00         ZZ
                                         360        448,000.00          1
    8 JERICHO                          8.625          3,484.50         80
                                       8.375          3,484.50      560,000.00
    DOVE CANYON ARE  CA   92679          2            03/03/00         00
    0431961838                           03           05/01/00          0
    100592575                            O            04/01/30
    0

    3299590          910/G02             F           68,900.00         ZZ
                                         360         68,900.00          1
    912 NW 3RD STREET                  9.625            585.64         79
                                       9.375            585.64       87,500.00
    FRUITLAND        ID   83619          2            03/14/00         00
    0431930494                           05           05/01/00          0
    1716850                              N            04/01/30
    0

    3299595          665/G02             F          164,950.00         ZZ
                                         360        164,859.90          1
    8137 BAY HARBOR DRIVE              9.000          1,327.23         61
                                       8.750          1,327.23      274,900.00
    LAS VEGAS        NV   89128          1            02/16/00         00
    0431920768                           03           04/01/00          0
    0001237012                           O            03/01/30
    0

    3299686          700/G02             F          241,000.00         ZZ
                                         360        241,000.00          1
    855 EAST FIGUEROA DRIVE            9.250          1,982.65         90
                                       9.000          1,982.65      268,000.00
    ALTADENA         CA   91001          1            03/13/00         10
    0431920909                           05           05/01/00         25
    00250209                             N            04/01/30
    0

    3301651          K08/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
    8972 SW 49 COURT                   8.875          1,018.43         79
                                       8.625          1,018.43      164,000.00
    COOPER CITY      FL   33328          5            03/14/00         00
    0411803950                           05           05/01/00          0
    0411803950                           O            04/01/30
    0
1

    3301652          K08/G02             F           69,500.00         ZZ
                                         360         69,500.00          1
    1618 CHOCTAW STREET                8.875            552.97         93
                                       8.625            552.97       75,000.00
    NEW ORLEANS      LA   70117          2            03/15/00         01
    0411812365                           05           05/01/00         25
    0411812365                           O            04/01/30
    0

    3301654          K08/G02             F           84,000.00         ZZ
                                         360         84,000.00          1
    27025 3RD AVENUE                   8.750            660.83         80
                                       8.500            660.83      105,000.00
    GILL             CO   80624          2            03/15/00         00
    0411837222                           05           05/01/00          0
    0411837222                           O            04/01/30
    0

    3301655          K08/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
    5219 GIBBONS DRIVE                 8.500            576.69         93
                                       8.250            576.69       81,000.00
    CARMICHAEL       CA   95608          2            03/10/00         01
    0411837982                           01           05/01/00         30
    0411837982                           O            04/01/30
    0

    3301658          K08/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
    3630 OLIVER AVENUE NORTH           8.500            387.53         90
                                       8.250            387.53       56,000.00
    MINNEAPOLIS      MN   55412          1            03/20/00         04
    0411843428                           05           05/01/00         25
    0411843428                           N            04/01/30
    0

    3301659          K08/G02             F           43,200.00         ZZ
                                         360         43,200.00          2
    3603 55TH STREET NORTH             9.875            375.13         90
                                       9.625            375.13       48,000.00
    TAMPA            FL   33619          1            03/20/00         01
    0411845068                           05           05/01/00         25
    0411845068                           N            04/01/30
    0

    3301661          K08/G02             F          102,500.00         ZZ
                                         360        102,500.00          1
1

    1425 S RANGE ROAD                  9.250            843.24         86
                                       9.000            843.24      120,000.00
    ST. CLAIR        MI   48079          5            03/15/00         04
    0411849417                           05           05/01/00         12
    0411849417                           O            04/01/30
    0

    3301662          K08/G02             F          166,250.00         ZZ
                                         360        166,250.00          1
    10279 MANORVILLE DRIVE             9.250          1,367.70         90
                                       9.000          1,367.70      184,750.00
    JACKSONVILLE     FL   32221          1            03/20/00         10
    0411850399                           03           05/01/00         25
    0411850399                           O            04/01/30
    0

    3301669          K08/G02             F          198,000.00         ZZ
                                         360        198,000.00          4
    1439 WEST 1650 NORTH               9.250          1,628.90         90
                                       9.000          1,628.90      220,000.00
    LAYTON           UT   84041          1            03/20/00         01
    0411870496                           05           05/01/00         25
    0411870496                           N            04/01/30
    0

    3301671          K08/G02             F          180,500.00         ZZ
                                         360        180,500.00          3
    31 N AUSTIN BLVD                   9.125          1,468.61         95
                                       8.875          1,468.61      190,000.00
    CHICAGO          IL   60644          2            03/14/00         01
    0411873995                           05           05/01/00         30
    0411873995                           O            04/01/30
    0

    3301672          K08/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
    1515 CYPRESS AVENUE                9.125          1,627.27         80
                                       8.875          1,627.27      250,000.00
    RICHMOND         CA   94805          5            03/13/00         00
    0411874324                           05           05/01/00          0
    0411874324                           O            04/01/30
    0

    3301673          K08/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
    3435 NAVAJO COURT                  9.375            582.22         74
                                       9.125            582.22       95,000.00
    DALLAS           TX   75224          5            03/15/00         00
    0411875438                           05           05/01/00          0
1

    0411875438                           O            04/01/30
    0

    3301677          K08/G02             F          191,600.00         ZZ
                                         360        191,600.00          1
    537 RIDGEWAY DRIVE                 9.000          1,541.66         75
                                       8.750          1,541.66      257,833.00
    METAIRIE         LA   70001          5            03/15/00         00
    0411882129                           05           05/01/00          0
    0411882129                           O            04/01/30
    0

    3301678          K08/G02             F          132,300.00         ZZ
                                         360        132,300.00          1
    547 NE 24 STREET                   9.125          1,076.44         90
                                       8.875          1,076.44      147,000.00
    WILTON MANORS    FL   33305          1            03/20/00         10
    0411885056                           05           05/01/00         25
    0411885056                           O            04/01/30
    0

    3302521          E23/G02             F           85,500.00         ZZ
                                         360         85,500.00          2
    832 WEST BUDMOORE TERRACE          9.250            703.39         90
                                       9.000            703.39       95,000.00
    TUCSON           AZ   85705          1            03/09/00         11
    0431936863                           05           05/01/00         25
    40503959                             N            04/01/30
    0

    3302542          904/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    8196 SOUTH MAIO DRIVE              8.750            629.36         43
                                       8.500            629.36      188,000.00
    SANDY            UT   84093          5            03/20/00         00
    0431932425                           05           05/01/00          0
    12001098UT                           O            04/01/30
    0

    3302543          B35/G02             F           97,500.00         ZZ
                                         360         97,445.33          1
    9545 NW 28 STREET                  8.875            775.76         80
                                       8.625            775.76      121,900.00
    CORAL SPRINGS    FL   33065          1            03/01/00         00
    0431929520                           09           04/01/00          0
    20000095                             O            03/01/30
    0

1

    3302649          253/253             F          121,000.00         ZZ
                                         360        121,000.00          1
    914 LOPEZ ST                       9.125            984.50         80
                                       8.875            984.50      152,000.00
    SANTA FE         NM   87501          5            03/13/00         00
    950586                               05           05/01/00          0
    950586                               O            04/01/30
    0

    3302681          B35/G02             F           97,500.00         ZZ
                                         360         97,445.33          1
    9543 NW 28 STREET                  8.875            775.76         80
                                       8.625            775.76      121,900.00
    CORAL SPRINGS    FL   33065          1            03/01/00         00
    0431929314                           09           04/01/00          0
    20000096                             O            03/01/30
    0

    3302684          K15/G02             F          197,900.00         ZZ
                                         360        197,810.09          2
    3429 3431 32ND STREET              9.875          1,718.46         90
                                       9.625          1,718.46      220,000.00
    SAN DIEGO        CA   92104          1            02/23/00         10
    0431935683                           05           04/01/00         25
    3018311                              N            03/01/30
    0

    3302687          J83/G02             F          150,000.00         ZZ
                                         360        149,918.06          1
    9555 BIG BAY ROAD                  9.000          1,206.94         90
                                       8.750          1,206.94      167,500.00
    LINDEN           NC   28356          1            02/28/00         04
    0431924224                           05           04/01/00         25
    277064                               O            03/01/30
    0

    3302742          253/253             F           96,000.00         ZZ
                                         360         96,000.00          1
    201 BUCHANAN AVE                   9.625            815.99         80
                                       9.375            815.99      120,000.00
    FIRESTONE        CO   80520          1            03/14/00         00
    950754                               05           05/01/00          0
    950754                               N            04/01/30
    0

    3302865          F18/G02             F          329,000.00         ZZ
                                         360        329,000.00          1
    19 JOSEPH DRIVE                    8.625          2,558.93         49
                                       8.375          2,558.93      679,000.00
1

    SOUTH SAN FRANC  CA   94080          1            03/15/00         00
    0431933126                           03           05/01/00          0
    02536                                O            04/01/30
    0

    3302878          950/G02             F           71,950.00         ZZ
                                         360         71,911.71          1
    27034 168TH PLACE SOUTHEAST        9.125            585.41         80
                                       8.875            585.41       89,950.00
    KENT             WA   98042          1            02/29/00         00
    0431924414                           05           04/01/00          0
    401000224251                         N            03/01/30
    0

    3302908          765/G02             F           90,000.00         ZZ
                                         360         89,917.88          1
    12042 LOWEMONT STREET              9.875            781.52         90
                                       9.625            781.52      100,000.00
    NORWALK          CA   90650          1            01/07/00         04
    0431926708                           05           03/01/00         25
    349717                               N            02/01/30
    0

    3304851          K08/G02             F           61,650.00         ZZ
                                         360         61,650.00          1
    7113 BRANDT PIKE                   9.625            524.02         90
                                       9.375            524.02       68,500.00
    HUBER HEIGHTS    OH   45424          1            03/21/00         12
    0411765399                           05           05/01/00         25
    0411765399                           N            04/01/30
    0

    3304852          K08/G02             F          109,600.00         ZZ
                                         360        109,600.00          1
    2109 SOUTH 5TH STREET              8.875            872.03         80
                                       8.625            872.03      137,000.00
    AUSTIN           TX   78704          5            03/16/00         00
    0411786015                           05           05/01/00          0
    0411786015                           O            04/01/30
    0

    3304853          K08/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
    3075 GUM STREET                   10.000          1,263.70         90
                                       9.750          1,263.70      160,000.00
    LIVE OAK         CA   95953          2            03/14/00         04
    0411812407                           05           05/01/00         25
    0411812407                           O            04/01/30
    0
1

    3304854          K08/G02             F           64,800.00         ZZ
                                         360         64,800.00          2
    47-49 NORTH GUILFORD AVE           9.375            538.97         90
                                       9.125            538.97       72,000.00
    COLUMBUS         OH   43223          1            03/21/00         04
    0411824972                           05           05/01/00         25
    0411824972                           N            04/01/30
    0

    3304859          K08/G02             F           49,500.00         ZZ
                                         360         49,500.00          1
    19140 YONKA                       10.000            434.40         90
                                       9.750            434.40       55,000.00
    DETROIT          MI   48234          1            03/21/00         01
    0411851900                           05           05/01/00         25
    0411851900                           N            04/01/30
    0

    3304864          K08/G02             F           44,000.00         ZZ
                                         360         44,000.00          1
    1301 WEST TOWN STREET              9.375            365.97         74
                                       9.125            365.97       60,000.00
    COLUMBUS         OH   43222          5            03/21/00         00
    0411861305                           05           05/01/00          0
    0411861305                           N            04/01/30
    0

    3304867          K08/G02             F          101,650.00         ZZ
                                         360        101,650.00          1
    1078 PHILLIPS ROAD 210             9.000            817.90         95
                                       8.750            817.90      107,000.00
    LEXA             AR   72355          5            03/16/00         04
    0411867443                           05           05/01/00         30
    0411867443                           O            04/01/30
    0

    3304870          K08/G02             F          101,600.00         ZZ
                                         360        101,600.00          1
    208 NORTH 27TH AVENUE              8.750            799.29         80
                                       8.500            799.29      127,000.00
    YAKIMA           WA   98902          1            03/14/00         00
    0411873425                           05           05/01/00          0
    0411873425                           O            04/01/30
    0

    3304871          K08/G02             F           87,000.00         ZZ
                                         360         87,000.00          1
1

    5504 B TOWNSEND PLACE              8.875            692.21         69
                                       8.625            692.21      127,900.00
    CHEYENNE         WY   82009          1            03/21/00         00
    0411873821                           07           05/01/00          0
    0411873821                           O            04/01/30
    0

    3304873          K08/G02             F           48,000.00         ZZ
                                         360         48,000.00          2
    723 W. WAYNE ST.                  10.000            421.23         80
                                       9.750            421.23       60,000.00
    LIMA             OH   45801          1            03/21/00         00
    0411876790                           05           05/01/00          0
    0411876790                           N            04/01/30
    0

    3304874          K08/G02             F          123,000.00         ZZ
                                         360        123,000.00          1
    37632 GREENWOOD DRIVE              8.375            934.89         46
                                       8.125            934.89      270,000.00
    NORTHVILLE       MI   48167          2            03/16/00         00
    0411877038                           03           05/01/00          0
    0411877038                           O            04/01/30
    0

    3305802          K15/G02             F          137,700.00         ZZ
                                         360        137,632.27          1
    1617 CARRIE FARM COURT             9.500          1,157.86         90
                                       9.250          1,157.86      153,000.00
    KENNESAW         GA   30144          5            02/24/00         11
    0431929777                           05           04/01/00         25
    3016804                              O            03/01/30
    0

    3306219          665/G02             F          100,000.00         ZZ
                                         360         99,943.94          1
    12465 SADDLE ROAD                  8.875            795.64         32
                                       8.625            795.64      315,000.00
    CARMEL VALLEY    CA   93924          5            02/24/00         00
    0431929611                           05           04/01/00          0
    0001236648                           O            03/01/30
    0

    3306406          A06/G02             F           86,400.00         ZZ
                                         360         86,351.56          1
    2090 SHATTUCK                      8.875            687.44         90
                                       8.625            687.44       96,000.00
    SAGINAW          MI   48603          5            03/09/00         10
    0431936186                           05           04/14/00         25
1

    9000010005336                        O            03/14/30
    0

    3306824          405/405             F          472,000.00         ZZ
                                         360        471,675.17          1
    21 HIDDEN VALLEY ROAD              7.875          3,422.33         80
                                       7.625          3,422.33      590,000.00
    MONROVIA         CA   91016          1            02/24/00         00
    16515603                             05           04/01/00          0
    16515603                             O            03/01/30
    0

    3306842          405/405             F          500,000.00         ZZ
                                         360        499,681.16          1
    4127 BALLINA DRIVE                 8.250          3,756.34         79
                                       7.750          3,756.34      635,000.00
    LOS ANGELES      CA   91436          1            02/18/00         00
    16496465                             05           04/01/00          0
    16496465                             O            03/01/30
    0

    3306851          405/405             F          186,300.00         ZZ
                                         360        186,300.00          1
    2884 NORTH ANDALUCIA COURT         8.500          1,432.49         90
                                       8.000          1,432.49      207,000.00
    PALM SPRINGS     CA   92264          1            03/03/00         11
    16518821                             05           05/01/00         25
    16518821                             O            04/01/30
    0

    3307934          K08/G02             F           73,000.00         ZZ
                                         360         73,000.00          1
    662 COUNTY ROAD 251                9.625            620.49         80
                                       9.375            620.49       92,000.00
    MOULTON          AL   35650          5            03/17/00         04
    0411742810                           05           05/01/00         12
    0411742810                           O            04/01/30
    0

    3307936          K08/G02             F          134,900.00         ZZ
                                         360        134,900.00          1
    6201 LANTANA COURT                 8.750          1,061.26         73
                                       8.500          1,061.26      185,000.00
    FORT WORTH       TX   76112          5            03/16/00         00
    0411787179                           05           05/01/00          0
    0411787179                           O            04/01/30
    0

1

    3307938          K08/G02             F          121,400.00         ZZ
                                         360        121,400.00          1
    15 NORTH PLAZA PLACE               9.750          1,043.01         90
                                       9.500          1,043.01      134,900.00
    ATLANTIC CITY    NJ   08401          1            03/22/00         10
    0411835967                           05           05/01/00         30
    0411835697                           O            04/01/30
    0

    3307939          K08/G02             F          162,900.00         ZZ
                                         360        162,900.00          1
    5130 CENTER                        8.750          1,281.53         90
                                       8.500          1,281.53      181,000.00
    LISLE            IL   60532          5            03/17/00         10
    0411845480                           05           05/01/00         25
    0411845480                           O            04/01/30
    0

    3307943          K08/G02             F           58,500.00         ZZ
                                         360         58,500.00          4
    709 S.W.14TH AVENUE                9.125            475.98         90
                                       8.875            475.98       65,000.00
    AMARILLO         TX   79101          1            03/22/00         01
    0411863921                           05           05/01/00         25
    0411863921                           N            04/01/30
    0

    3307944          K08/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
    6125 WEST 61ST AVENUE              9.250            921.40         80
                                       9.000            921.40      140,000.00
    ARVADA           CO   80003          5            03/17/00         00
    0411865645                           05           05/01/00          0
    0411865645                           O            04/01/30
    0

    3307945          K08/G02             F           84,800.00         ZZ
                                         360         84,800.00          1
    5813 ANDERSON LANE                 9.500            713.04         80
                                       9.250            713.04      106,000.00
    MILTON           FL   32570          5            03/17/00         00
    0411871213                           05           05/01/00          0
    0411871213                           O            04/01/30
    0

    3307947          K08/G02             F          111,200.00         ZZ
                                         360        111,200.00          1
    2408 CHURCH AVENUE                 8.500            855.03         80
                                       8.250            855.03      139,000.00
1

    TAMPA            FL   33629          1            03/17/00         00
    0411874902                           05           05/01/00          0
    0411874902                           O            04/01/30
    0

    3307949          K08/G02             F          228,000.00         ZZ
                                         360        228,000.00          1
    106 LECKFORD WAY                   9.375          1,896.39         80
                                       9.125          1,896.39      285,000.00
    CARY             NC   27513          5            03/17/00         00
    0411879109                           03           05/01/00          0
    0411879109                           O            04/01/30
    0

    3307951          K08/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
    47267 YUCATAN DRIVE                9.375          3,327.00         85
                                       9.125          3,327.00      475,000.00
    FREMONT          CA   94539          1            03/17/00         01
    0411886583                           05           05/01/00         12
    0411886583                           O            04/01/30
    0

    3308928          904/G02             F           94,500.00         ZZ
                                         360         94,500.00          1
    3704 WEST TOULOUSE STREET          9.875            820.59         90
                                       9.625            820.59      105,050.00
    WEST VALLEY CIT  UT   84120          1            03/24/00         01
    0431936947                           05           05/01/00         25
    9999999                              N            04/01/30
    0

    3308952          A50/A50             F          103,500.00         ZZ
                                         360        103,438.90          1
    1319 WILSON ROAD                   8.625            805.01         65
                                       8.375            805.01      160,000.00
    PISGAH FOREST    NC   28768          2            02/03/00         00
    201179                               05           04/01/00          0
    201179                               O            03/01/30
    0

    3309169          956/G02             F          144,000.00         ZZ
                                         360        143,912.76          1
    2470 BELVEDERE AVENUE              8.500          1,107.24         80
                                       8.250          1,107.24      180,000.00
    SAN LEANDRO      CA   94577          5            02/17/00         00
    0431938406                           09           04/01/00          0
    210020076                            O            03/01/30
    0
1

    3309217          956/G02             F          111,900.00         ZZ
                                         360        111,767.39          1
    2830 STONEBROOK DRIVE              8.625            870.35         80
                                       8.375            870.35      139,900.00
    MEDFORD          OR   97504          1            01/06/00         00
    0431949155                           05           03/01/00          0
    1409120130                           O            02/01/30
    0

    3309253          956/G02             F          260,000.00         ZZ
                                         360        259,386.89          1
    7921 149TH STREET NORTHWEST        8.500          1,999.18         69
                                       8.250          1,999.18      380,000.00
    GIG HARBOR       WA   98329          5            01/12/00         00
    0431950245                           05           03/01/00          0
    1309120028                           O            02/01/30
    0

    3309292          956/G02             F          176,000.00         ZZ
                                         360        175,893.38          4
    3706 MONTREAL ROAD                 8.500          1,353.29         80
                                       8.250          1,353.29      220,000.00
    SOUTH LAKE TAHO  CA   96150          1            02/23/00         00
    0431951482                           05           04/01/00          0
    210020023                            O            03/01/30
    0

    3309352          253/253             F           36,900.00         ZZ
                                         360         36,900.00          1
    4133 MCKIBBEN ST                   9.250            303.57         90
                                       9.000            303.57       41,000.00
    HALTOM CITY      TX   76117          1            03/15/00         10
    950339                               05           05/01/00         25
    950339                               N            04/01/30
    0

    3309361          956/G02             F          288,750.00         ZZ
                                         360        288,592.28          1
    3521 SOUTHWEST CARSON STREET       9.000          2,323.35         75
                                       8.750          2,323.35      385,000.00
    PORTLAND         OR   97219          5            02/17/00         00
    0431948777                           05           04/01/00          0
    1410020046                           O            03/01/30
    0

    3309502          956/G02             F          300,000.00         ZZ
                                         360        299,852.44          1
1

    4736 NORTH WINTHROP AVENUE         9.500          2,522.56         90
                                       9.250          2,522.56      335,000.00
    CHICAGO          IL   60640          1            02/22/00         11
    0431951011                           05           04/01/00         25
    2310020136                           N            03/01/30
    0

    3309568          956/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
    7715 ROCK HILL LANE               10.000          2,983.74         77
                                       9.750          2,983.74      446,000.00
    CINCINNATI       OH   45243          5            03/03/00         00
    0431948751                           05           05/01/00          0
    3310020049                           O            04/01/30
    0

    3309584          956/G02             F           93,750.00         ZZ
                                         360         93,647.21          2
    214 MIDDLE STREET                  9.000            754.33         75
                                       8.750            754.33      125,000.00
    PAWTUCKET        RI   02860          5            01/19/00         00
    0431949825                           05           03/01/00          0
    2809120107                           O            02/01/30
    0

    3309659          956/G02             F          116,000.00         ZZ
                                         360        115,838.66          1
    28 NORRIS STREET                   8.750            912.57         80
                                       8.500            912.57      145,000.00
    LAWRENCE         MA   01841          5            01/26/00         00
    0431949189                           05           03/01/00          0
    2809120148                           O            02/01/30
    0

    3309668          956/G02             F          101,600.00         ZZ
                                         360        101,491.45          3
    8038 FERN CIRCLE                   9.125            826.65         80
                                       8.875            826.65      127,000.00
    MIDVALE          UT   84047          1            01/24/00         00
    0431949247                           05           03/01/00          0
    1109120197                           N            02/01/30
    0

    3309743          956/G02             F           70,000.00         ZZ
                                         360         69,923.23          1
    231 SOUTH POPLAR STREET            9.000            563.24         79
                                       8.750            563.24       89,000.00
    ATHENS           GA   30601          5            01/26/00         00
    0431950344                           05           03/01/00          0
1

    2709110081                           N            02/01/30
    0

    3309851          956/G02             F          395,800.00         ZZ
                                         360        395,605.32          1
    3986 CORTE MAR DE HIERBA           9.500          3,328.10         76
                                       9.250          3,328.10      525,000.00
    SAN DIEGO        CA   92130          2            02/11/00         00
    0431950831                           03           04/01/00          0
    1510010070                           O            03/01/30
    0

    3309913          956/G02             F          116,000.00         ZZ
                                         360        115,936.64          1
    10226 PARK STREET                  9.000            933.36         65
                                       8.750            933.36      180,000.00
    BELLFLOWER       CA   90706          1            02/08/00         00
    0431938562                           05           04/01/00          0
    510010168                            O            03/01/30
    0

    3309914          956/G02             F           84,000.00         ZZ
                                         360         83,954.12          1
    7002 CONGRESSIONAL BLVD            9.000            675.88         80
                                       8.750            675.88      105,000.00
    SAN ANTONIO      TX   78244          1            02/29/00         00
    0431950583                           03           04/01/00          0
    3210020210                           O            03/01/30
    0

    3309994          956/G02             F           74,400.00         ZZ
                                         360         74,363.40          2
    23 PINE STREET                     9.500            625.60         80
                                       9.250            625.60       93,000.00
    DUDLEY           MA   01571          1            02/18/00         00
    0431950716                           05           04/01/00          0
    2809110008                           O            03/01/30
    0

    3310031          956/G02             F          172,500.00         ZZ
                                         360        172,500.00          2
    9 MANNING ROAD                     9.500          1,450.47         75
                                       9.250          1,450.47      230,000.00
    CHELMSFORD       MA   01824          1            03/02/00         00
    0431951292                           05           05/01/00          0
    2810020132                           O            04/01/30
    0

1

    3310063          956/G02             F          142,000.00         ZZ
                                         360        141,930.16          1
    18537 EDGEBROOK LANE               9.500          1,194.01         73
                                       9.250          1,194.01      195,000.00
    HUNTINGTON BEAC  CA   92648          2            02/01/00         00
    0431949791                           01           04/01/00          0
    609120116                            O            03/01/30
    0

    3310091          956/G02             F           68,000.00         ZZ
                                         360         67,925.44          1
    26292 COUNTY ROAD 4                9.000            547.14         80
                                       8.750            547.14       85,000.00
    ELKHART          IN   46514          1            01/25/00         00
    0431950195                           05           03/01/00          0
    2310010079                           O            02/01/30
    0

    3310130          956/G02             F           93,600.00         ZZ
                                         360         93,491.91          3
    2135 2137 2139 ACACIA COURT        8.750            736.35         90
                                       8.500            736.35      104,000.00
    STOCKTON         CA   95203          1            01/10/00         04
    0431949304                           05           03/01/00         25
    809120192                            N            02/01/30
    0

    3310152          956/G02             F          285,000.00         ZZ
                                         360        284,565.04          1
    140 STANISLAUS COURT               8.875          2,267.59         64
                                       8.625          2,267.59      450,000.00
    SAN BRUNO        CA   94066          2            01/07/00         00
    0431950013                           05           03/01/00          0
    209120173                            O            02/01/30
    0

    3310163          956/G02             F          188,000.00         ZZ
                                         360        187,873.85          4
    13360-13396 SW 17TH STREET         8.000          1,379.48         80
                                       7.750          1,379.48      235,000.00
    BEAVERTON        OR   97008          1            02/07/00         00
    0431950005                           05           04/01/00          0
    1710010135                           N            03/01/30
    0

    3310209          956/G02             F          122,600.00         ZZ
                                         360        122,465.56          1
    1120 DELRAY LAKES DRIVE            9.000            986.47         80
                                       8.750            986.47      153,300.00
1

    DELRAY BEACH     FL   33444          1            01/19/00         00
    0431950286                           03           03/01/00          0
    1209100096                           O            02/01/30
    0

    3310243          956/G02             F          104,000.00         ZZ
                                         360        103,879.89          4
    207 LOWER TERRACE  #18  21         8.750            818.17         80
                                       8.500            818.17      130,000.00
    RUIDOSO          NM   88345          1            01/20/00         00
    0431949478                           05           03/01/00          0
    2409120196                           O            02/01/30
    0

    3310510          956/G02             F          204,800.00         ZZ
                                         360        204,551.00          4
    8440 WESTWOLD DRIVE A B C & D      8.500          1,574.73         80
                                       8.250          1,574.73      256,000.00
    BAKERSFIELD      CA   93311          1            01/04/00         00
    0431949411                           05           03/01/00          0
    609090190                            N            02/01/30
    0

    3311360          K08/G02             F           70,000.00         ZZ
                                         360         70,000.00          1
    18 VALLEY PLACE                    9.375            582.22         70
                                       9.125            582.22      100,000.00
    EDGEWATER        NJ   07020          1            03/23/00         00
    0411810492                           05           05/01/00          0
    0411810492                           N            04/01/30
    0

    3311362          K08/G02             F          224,050.00         ZZ
                                         360        224,050.00          1
    9821 KIKA COURT                    9.250          1,843.20         80
                                       9.000          1,843.20      280,086.00
    SAN DIEGO        CA   92129          1            03/14/00         00
    0411850654                           03           05/01/00          0
    0411850654                           N            04/01/30
    0

    3311363          K08/G02             F          288,750.00         ZZ
                                         360        288,750.00          1
    21392 TARRACO                      9.000          2,323.35         75
                                       8.750          2,323.35      385,000.00
    MISSION VIEJO    CA   92692          1            03/15/00         00
    0411859341                           03           05/01/00          0
    0411859341                           O            04/01/30
    0
1

    3311365          K08/G02             F          122,400.00         ZZ
                                         360        122,400.00          1
    1740 S.W. HACKMAN TERRACE          9.000            984.86         70
                                       8.750            984.86      174,900.00
    STUART           FL   34997          1            03/23/00         00
    0411863897                           05           05/01/00          0
    0411863897                           O            04/01/30
    0

    3311370          K08/G02             F          132,300.00         ZZ
                                         360        132,300.00          1
    4179 SAXON DRIVE                   9.500          1,112.45         90
                                       9.250          1,112.45      147,000.00
    NEW SMYRNA BEAC  FL   32169          1            03/23/00         10
    0411875867                           05           05/01/00         25
    0411875867                           O            04/01/30
    0

    3311373          K08/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
    281 SUSSEX PLACE                   8.750          1,353.12         80
                                       8.500          1,353.12      215,000.00
    CARSON CITY      NV   89703          1            03/14/00         00
    0411879505                           03           05/01/00          0
    0411879505                           O            04/01/30
    0

    3311374          K08/G02             F           47,700.00         ZZ
                                         360         47,700.00          1
    1304 ORREL DRIVE                  10.000            418.60         90
                                       9.750            418.60       53,000.00
    PASADENA         TX   77503          1            03/22/00         04
    0411879588                           05           05/01/00         25
    0411879588                           N            04/01/30
    0

    3311440          956/G02             F          193,000.00         ZZ
                                         360        192,894.58          1
    1670 MARSH STREET                  9.000          1,552.92         64
                                       8.750          1,552.92      305,000.00
    SAN JOSE         CA   95122          5            02/23/00         00
    0431950872                           05           04/01/00          0
    710020031                            O            03/01/30
    0

    3311502          E82/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
1

    8 BRANDY CIRCLE                    8.875          1,193.47         58
                                       8.625          1,193.47      262,000.00
    MILLSBORO        DE   19966          5            03/23/00         00
    0400262879                           03           05/01/00          0
    0400262879                           O            04/01/30
    0

    3311536          956/G02             F           58,100.00         ZZ
                                         360         58,042.61          1
    13912 PATRICIA LANE                9.500            488.54         75
                                       9.250            488.54       77,500.00
    ALVIN            TX   77511          1            01/28/00         00
    0431949973                           05           03/01/00          0
    3210010179                           O            02/01/30
    0

    3311844          956/G02             F           71,800.00         ZZ
                                         360         71,760.78          1
    222 ROCKHILL ROAD                  9.000            577.72         57
                                       8.750            577.72      126,000.00
    ASHEVILLE        NC   28803          2            02/17/00         00
    0431951128                           05           04/01/00          0
    2710010127                           O            03/01/30
    0

    3311904          956/G02             F           80,000.00         ZZ
                                         360         79,892.29          1
    110 CLINTON LANE                   8.000            587.01         77
                                       7.750            587.01      105,000.00
    MIDLOTHIAN       TX   76065          1            01/20/00         00
    0431949551                           05           03/01/00          0
    1609090218                           O            02/01/30
    0

    3312143          956/G02             F          176,000.00         ZZ
                                         360        175,917.89          1
    114 GRANTE ROAD                    9.750          1,512.11         80
                                       9.500          1,512.11      220,000.00
    GLASTONBURY      CT   06033          5            02/15/00         00
    0431951219                           05           04/01/00          0
    3410020006                           O            03/01/30
    0

    3312248          956/G02             F          134,900.00         ZZ
                                         360        134,833.65          4
    1325 EAST VISTA AVENUE             9.500          1,134.31         90
                                       9.250          1,134.31      149,900.00
    PHOENIX          AZ   85020          1            02/02/00         01
    0431949122                           05           04/01/00         25
1

    410010179                            O            03/01/30
    0

    3312496          956/G02             F           90,000.00         ZZ
                                         360         89,950.84          2
    4260 NE INDIAN RIVER DRIVE         9.000            724.16         57
                                       8.750            724.16      160,000.00
    JENSEN BEACH     FL   34957          5            02/07/00         00
    0431949148                           05           04/01/00          0
    1210010121                           O            03/01/30
    0

    3312500          956/G02             F          400,000.00         ZZ
                                         360        399,513.65          1
    2220 AVENUE OF THE STARS           8.500          3,075.65         70
    #1101                              8.250          3,075.65      575,000.00
    LOS ANGELES      CA   90067          1            01/11/00         00
    0431949858                           06           03/01/00          0
    509120098                            O            02/01/30
    0

    3312533          956/G02             F          121,600.00         ZZ
                                         360        121,444.39          1
    3362 ADMIRAL DRIVE                 8.250            913.54         80
                                       8.000            913.54      152,000.00
    STOCKTON         CA   95209          1            01/26/00         00
    0431950112                           05           03/01/00          0
    209100176                            O            02/01/30
    0

    3312579          956/G02             F          160,000.00         ZZ
                                         360        159,841.97          1
    1148 EAST WEBSTER DRIVE            9.500          1,345.37         69
                                       9.250          1,345.37      235,000.00
    SANDY            UT   84092          5            01/31/00         00
    0431950138                           05           03/01/00          0
    2210010082                           N            02/01/30
    0

    3312651          956/G02             F           80,000.00         ZZ
                                         360         79,956.30          1
    246 WELFARE AVENUE                 9.000            643.70         80
                                       8.750            643.70      100,000.00
    WARWICK          RI   02888          5            01/31/00         00
    0431951540                           05           04/01/00          0
    2810010062                           O            03/01/30
    0

1

    3312684          956/G02             F          255,000.00         ZZ
                                         360        254,845.52          1
    10468 SALINAS RIVER CIRCLE         8.500          1,960.73         75
                                       8.250          1,960.73      340,000.00
    FOUNTAIN VALLEY  CA   92708          1            02/03/00         00
    0431949965                           03           04/01/00          0
    2210010190                           O            03/01/30
    0

    3312711          956/G02             F          212,250.00         ZZ
                                         360        212,145.60          1
    101 CARDINAL COURT                 9.500          1,784.71         75
                                       9.250          1,784.71      283,000.00
    ISLAND LAKE      IL   60042          5            02/18/00         00
    0431951334                           05           04/01/00          0
    2310020034                           O            03/01/30
    0

    3312725          956/G02             F          100,000.00         ZZ
                                         360         99,940.96          1
    2717 FALLCREEK DRIVE               8.625            777.79         53
                                       8.375            777.79      190,000.00
    CARROLLTON       TX   75006          2            02/24/00         00
    0431951151                           05           04/01/00          0
    1610020048                           O            03/01/30
    0

    3312871          956/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
    3746 DEVILLE LANE                  8.750          1,652.07         72
                                       8.500          1,652.07      291,775.00
    ST CHARLES       IL   60175          1            03/10/00         00
    0431951375                           03           05/01/00          0
    2310010083                           O            04/01/30
    0

    3312927          956/G02             F           62,000.00         ZZ
                                         360         61,930.22          2
    230 234 MCCALL ROAD                8.875            493.30         80
                                       8.625            493.30       77,500.00
    ROCHESTER        NY   14616          1            01/11/00         00
    0431949528                           05           03/01/00          0
    1110010041                           N            02/01/30
    0

    3312987          956/G02             F          108,000.00         ZZ
                                         360        107,854.58          1
    17 CAMINO LARGO                    8.000            792.47         71
                                       7.750            792.47      154,000.00
1

    SANTA FE         NM   87505          2            01/27/00         00
    0431949494                           05           03/01/00          0
    2410010069                           O            02/01/30
    0

    3313106          956/G02             F           93,000.00         ZZ
                                         360         92,886.92          1
    7777 WEST 91ST STREET  B1160       8.500            715.09         59
                                       8.250            715.09      158,000.00
    PLAYA DEL REY    CA   90293          1            01/19/00         00
    0431950682                           01           03/01/00          0
    109120154                            O            02/01/30
    0

    3313206          956/G02             F          263,250.00         ZZ
                                         360        263,120.51          1
    1011 BROOKMERE DRIVE               9.500          2,213.55         71
                                       9.250          2,213.55      371,000.00
    EDMONDS          WA   98020          5            02/23/00         00
    0431950922                           05           04/01/00          0
    1410020121                           O            03/01/30
    0

    3313399          G52/G02             F           29,450.00         ZZ
                                         360         29,450.00          1
    10853 BRAES  BEND DRIVE            9.500            247.63         95
                                       9.250            247.63       31,000.00
    HOUSTON          TX   77071          1            03/16/00         10
    0431933001                           01           05/01/00         30
    89504145                             O            04/01/30
    0

    3313469          665/G02             F           46,800.00         ZZ
                                         360         46,800.00          1
    12860 SIDONIE                      9.000            376.56         65
                                       8.750            376.56       72,000.00
    WARREN           MI   48089          5            03/09/00         00
    0431935592                           05           05/01/00          0
    0001237070                           O            04/01/30
    0

    3313472          562/G02             F          252,000.00         ZZ
                                         360        251,885.51          3
    21 VERNON AVENUE                   9.875          2,188.24         90
                                       9.625          2,188.24      280,000.00
    BROOKLYN         NY   11206          1            03/01/00         12
    0431935253                           07           04/01/00         25
    631653                               N            03/01/30
    0
1

    3314805          K08/G02             F          183,200.00         ZZ
                                         360        183,200.00          1
    6068 C DURHAM DRIVE                9.625          1,557.18         90
                                       9.375          1,557.18      203,663.00
    LAKE WORTH       FL   33467          1            03/24/00         04
    0411786353                           03           05/01/00         25
    0411786353                           O            04/01/30
    0

    3314806          K08/G02             F          102,400.00         ZZ
                                         360        102,400.00          1
    2304 CLERMONT LANE                 8.750            805.58         80
                                       8.500            805.58      128,025.00
    DENTON           TX   76205          1            03/24/00         00
    0411821150                           03           05/01/00          0
    0411821150                           O            04/01/30
    0

    3314809          K08/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
    104 SEA LANE                       8.750          1,337.39         70
                                       8.500          1,337.39      245,000.00
    TYBEE ISLAND     GA   31328          2            03/20/00         00
    0411851231                           05           05/01/00          0
    0411851231                           O            04/01/30
    0

    3314810          K08/G02             F          236,050.00         ZZ
                                         360        236,050.00          1
    1201 BRENTWOOD LANE                9.000          1,899.31         95
                                       8.750          1,899.31      248,500.00
    BRENTWOOD        TN   37027          1            03/24/00         14
    0411852411                           05           05/01/00         30
    0411852411                           O            04/01/30
    0

    3314813          K08/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
    1250 SOUTH BROOKHURST STREET       9.750            463.94         75
    UNIT # 1023                        9.500            463.94       72,000.00
    ANAHEIM          CA   92804          1            03/14/00         00
    0411853443                           01           05/01/00          0
    0411853443                           N            04/01/30
    0

    3314814          K08/G02             F          197,100.00         ZZ
                                         360        197,100.00          4
1

    1885 PLAZA SERENA                  9.625          1,675.33         90
                                       9.375          1,675.33      219,000.00
    ONTARIO          CA   91764          1            03/17/00         01
    0411855174                           05           05/01/00         25
    0411855174                           N            04/01/30
    0

    3314815          K08/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    1018 EAST 43RD STREET              8.750            472.02         40
                                       8.500            472.02      150,000.00
    AUSTIN           TX   78751          2            03/20/00         00
    0411855901                           05           05/01/00          0
    0411855901                           O            04/01/30
    0

    3314816          K08/G02             F           69,600.00         ZZ
                                         360         69,600.00          1
    1100 LITTLE GARDEN CIRCLE          9.000            560.02         80
                                       8.750            560.02       87,000.00
    PORT ORANGE      FL   32119          1            03/24/00         00
    0411856883                           03           05/01/00          0
    0411856883                           O            04/01/30
    0

    3314817          K08/G02             F          160,000.00         ZZ
                                         360        160,000.00          3
    5012 W. WASHINGTON                 9.750          1,374.65         80
                                       9.500          1,374.65      200,000.00
    CHICAGO          IL   60649          1            03/24/00         00
    0411856917                           05           05/01/00          0
    0411856917                           N            04/01/30
    0

    3314819          K08/G02             F           63,600.00         ZZ
                                         360         63,600.00          1
    8511 TEMPLE ROAD                   9.750            546.42         80
                                       9.500            546.42       79,500.00
    PHILADELPHIA     PA   19150          5            03/24/00         00
    0411858715                           05           05/01/00          0
    0411858715                           N            04/01/30
    0

    3314820          K08/G02             F          103,500.00         ZZ
                                         360        103,500.00          4
    3129 PHOENIX STREET                9.750            889.22         90
                                       9.500            889.22      115,000.00
    KENNER           LA   70065          1            03/24/00         01
    0411859473                           05           05/01/00         25
1

    0411859473                           N            04/01/30
    0

    3314822          K08/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
    547 NORTH 300 EAST                 8.875          1,082.08         80
    UNIT # 7                           8.625          1,082.08      170,000.00
    PROVO            UT   84606          1            03/16/00         00
    0411863319                           01           05/01/00          0
    0411863319                           N            04/01/30
    0

    3314826          K08/G02             F           34,400.00         ZZ
                                         360         34,400.00          1
    2430 MT OLIVET RD.                 9.250            283.00         80
                                       9.000            283.00       43,000.00
    KALAMAZOO        MI   49004          1            03/24/00         00
    0411874936                           05           05/01/00          0
    0411874936                           N            04/01/30
    0

    3314828          K08/G02             F           94,500.00         ZZ
                                         360         94,500.00          1
    29 NE 16 STREET                   10.000            829.31         90
                                       9.750            829.31      105,000.00
    FT LAUDERDALE    FL   33304          1            03/24/00         10
    0411876949                           05           05/01/00         25
    0411876949                           O            04/01/30
    0

    3314829          K08/G02             F          166,500.00         ZZ
                                         360        166,500.00          1
    1000 HIGHLAND PARK DRIVE           9.375          1,384.86         90
                                       9.125          1,384.86      185,000.00
    COLLEGE PLACE    WA   99324          1            03/21/00         01
    0411877277                           05           05/01/00         25
    0411877277                           O            04/01/30
    0

    3314831          K08/G02             F           46,800.00         ZZ
                                         360         46,800.00          1
    7241 MIAMI LAKES DRIVE             9.750            402.08         90
    UNIT #D-10                         9.500            402.08       52,000.00
    MIAMI            FL   33014          1            03/24/00         10
    0411879703                           01           05/01/00         25
    0411879703                           N            04/01/30
    0

1

    3314832          K08/G02             F          270,000.00         ZZ
                                         360        270,000.00          1
    1840 THIRD STREET                  9.500          2,270.31         90
                                       9.250          2,270.31      300,000.00
    NAPA             CA   94559          1            03/21/00         04
    0411880586                           05           05/01/00         25
    0411880586                           O            04/01/30
    0

    3314833          K08/G02             F           80,500.00         ZZ
                                         360         80,500.00          1
    19 ISHI CIRCLE                     8.500            618.98         70
                                       8.250            618.98      115,000.00
    SACRAMENTO       CA   95833          1            03/22/00         00
    0411882046                           05           05/01/00          0
    0411882046                           O            04/01/30
    0

    3314835          K08/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
    4314 STATE HIGHWAY 276             9.250            699.27         78
                                       9.000            699.27      110,000.00
    ROCKWALL         TX   75032          1            03/24/00         00
    0411884927                           05           05/01/00          0
    0411884927                           O            04/01/30
    0

    3314836          K08/G02             F          148,400.00         ZZ
                                         360        148,400.00          1
    6788 TRANSPARENT                   9.125          1,207.43         80
                                       8.875          1,207.43      185,500.00
    CLARKSTON        MI   48346          1            03/24/00         00
    0411886310                           05           05/01/00          0
    0411886310                           O            04/01/30
    0

    3314838          K08/G02             F          108,000.00         ZZ
                                         360        108,000.00          3
    2928 JEFFERSON AVE                 9.500            908.12         90
                                       9.250            908.12      120,000.00
    CINCINNATI       OH   45219          1            03/24/00         04
    0411891740                           05           05/01/00         25
    0411891740                           N            04/01/30
    0

    3314839          K08/G02             F          124,800.00         ZZ
                                         360        124,800.00          1
    121 JUANITA DRIVE 2-42             8.875            992.96         80
                                       8.625            992.96      156,000.00
1

    INCLINE VILLAGE  NV   89451          1            03/22/00         00
    0411894801                           01           05/01/00          0
    0411894801                           O            04/01/30
    0

    3314870          E82/G02             F          235,500.00         ZZ
                                         360        235,500.00          1
    68 HIGHLAND CROSSING               9.250          1,937.40         60
                                       9.000          1,937.40      396,000.00
    SCITUATE         MA   02066          5            03/24/00         00
    0400261608                           05           05/01/00          0
    0400261608                           O            04/01/30
    0

    3315159          286/286             F           58,875.00         ZZ
                                         360         58,847.53          1
    8069 CREEKSTONE WAY                9.750            505.83         75
                                       9.500            505.83       78,500.00
    RIVERDALE        GA   30274          5            02/29/00         00
    0009980672                           07           04/01/00          0
    0009980672                           N            03/01/30
    0

    3315160          286/286             F           60,000.00         ZZ
                                         360         59,972.00          1
    8071 CREEKSTONE WAY                9.750            515.50         75
                                       9.500            515.50       80,000.00
    RIVERDALE        GA   30274          5            02/29/00         00
    0009980673                           07           04/01/00          0
    0009980673                           N            03/01/30
    0

    3315161          286/286             F           58,875.00         ZZ
                                         360         58,847.53          1
    8073 CREEKSTONE WAY                9.750            505.83         75
                                       9.500            505.83       78,500.00
    RIVERDALE        GA   30236          5            02/29/00         00
    0009980674                           07           04/01/00          0
    0009980674                           N            03/01/30
    0

    3315162          286/286             F           58,875.00         ZZ
                                         360         58,847.53          1
    8077 CREEKSTONE WAY                9.750            505.83         75
                                       9.500            505.83       78,500.00
    RIVERDALE        GA   30236          5            02/29/00         00
    0009980675                           07           04/01/00          0
    0009980675                           N            03/01/30
    0
1

    3315163          286/286             F           58,875.00         ZZ
                                         360         58,847.53          1
    8079 CREEKSTONE WAY                9.750            505.83         75
                                       9.500            505.83       78,500.00
    RIVERDALE        GA   30236          5            02/29/00         00
    0009980676                           07           04/01/00          0
    0009980676                           N            03/01/30
    0

    3315164          286/286             F           58,875.00         ZZ
                                         360         58,847.53          1
    8066 WOODLAKE DRIVE                9.750            505.83         75
                                       9.500            505.83       78,500.00
    RIVERDALE        GA   30274          5            02/29/00         00
    0009980677                           07           04/01/00          0
    0009980677                           N            03/01/30
    0

    3315165          286/286             F           60,000.00         ZZ
                                         360         59,972.00          1
    8068 CREEKSTONE WAY                9.750            515.50         75
                                       9.500            515.50       80,000.00
    RIVERDALE        GA   30274          5            02/29/00         00
    0009980678                           07           04/01/00          0
    0009980678                           N            03/01/30
    0

    3315166          286/286             F           58,875.00         ZZ
                                         360         58,847.53          1
    8070 WOODLAKE DRIVE                9.750            505.83         75
                                       9.500            505.83       78,500.00
    RIVERDALE        GA   30274          5            02/29/00         00
    0009980679                           07           04/01/00          0
    0009980679                           N            03/01/30
    0

    3316113          F18/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
    424 SOUTH 5TH AVENUE               8.875          1,989.12         70
                                       8.625          1,989.12      360,000.00
    LA PUENTE        CA   91746          5            03/20/00         00
    0431944685                           05           05/01/00          0
    R02545                               O            04/01/30
    0

    3316239          F61/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
1

    8335 28TH AVENUE NORTHWEST         9.750            859.15         36
                                       9.500            859.15      279,500.00
    SEATTLE          WA   98117          1            03/16/00         00
    0431938422                           05           05/01/00          0
    000201S                              O            04/01/30
    0

    3316318          253/253             F          135,000.00         ZZ
                                         360        135,000.00          1
    856 OVERGLEN DR                    9.875          1,172.28         90
                                       9.625          1,172.28      150,000.00
    DALLAS           TX   75218          1            03/22/00         19
    950822                               05           05/01/00         25
    950822                               N            04/01/30
    0

    3317985          K08/G02             F           69,950.00         ZZ
                                         360         69,950.00          1
    248 CITY VIEW DRIVE                9.000            562.83         80
                                       8.750            562.83       87,490.00
    FT LAUDERDALE    FL   33311          1            03/27/00         00
    0411605058                           09           05/01/00          0
    0411605058                           O            04/01/30
    0

    3317989          K08/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
    7345 WATERWHEEL STREET             9.500          1,059.48         90
                                       9.250          1,059.48      140,000.00
    COLORADO SPRING  CO   80911          2            03/21/00         01
    0411809395                           05           05/01/00         25
    0411809395                           O            04/01/30
    0

    3317991          K08/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    36 NORTHWESTERN TRAIL              9.875            521.01         60
                                       9.625            521.01      100,000.00
    HOPATCONG BORO   NJ   07843          5            03/27/00         00
    0411821820                           05           05/01/00          0
    0411821820                           N            04/01/30
    0

    3317992          K08/G02             F          380,000.00         G
                                         360        380,000.00          1
    8703 SANTANA LANE                  9.000          3,057.57         80
                                       8.750          3,057.57      475,000.00
    INDIANAPOLIS     IN   46278          5            03/22/00         00
    0411845589                           05           05/01/00          0
1

    0411845589                           O            04/01/30
    0

    3317997          K08/G02             F           69,300.00         ZZ
                                         360         69,300.00          1
    16620 S. WOLCOTT                   9.750            595.39         90
                                       9.500            595.39       77,000.00
    MARKHAM          IL   60426          1            03/27/00         10
    0411851512                           05           05/01/00         25
    0411851512                           N            04/01/30
    0

    3317998          K08/G02             F           57,500.00         ZZ
                                         360         57,500.00          4
    110 NICHOLSON STREET               9.875            499.30         90
                                       9.625            499.30       63,900.00
    PORTSMOUTH       VA   23702          1            03/27/00         10
    0411857717                           05           05/01/00         25
    0411857717                           N            04/01/30
    0

    3317999          K08/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
    311 LAMESA                         8.625            528.90         80
                                       8.375            528.90       85,000.00
    KINGSLAND        TX   78639          2            03/22/00         00
    0411862642                           03           05/01/00          0
    0411862642                           O            04/01/30
    0

    3318001          K08/G02             F          205,000.00         ZZ
                                         360        205,000.00          1
    27 COWEE STREET                    8.875          1,631.07         73
                                       8.625          1,631.07      282,000.00
    SLYVA            NC   28779          5            03/21/00         00
    0411869571                           05           05/01/00          0
    0411869571                           O            04/01/30
    0

    3318002          K08/G02             F          151,200.00         ZZ
                                         360        151,200.00          1
    7821 ESSEX DRIVE, UNIT#103         9.875          1,312.94         90
                                       9.625          1,312.94      168,000.00
    HUNTINGTON BEAC  CA   92648          5            03/14/00         01
    0411871858                           01           05/01/00         25
    0411871858                           O            04/01/30
    0

1

    3318003          K08/G02             F           94,400.00         ZZ
                                         360         94,400.00          1
    3002 FENTON STREET                 8.750            742.65         80
                                       8.500            742.65      118,000.00
    WHEATRIDGE       CO   80214          2            03/22/00         00
    0411872989                           05           05/01/00          0
    0411872989                           O            04/01/30
    0

    3318005          K08/G02             F          123,300.00         ZZ
                                         360        123,300.00          2
    907-909 NE 111 STREET              9.500          1,036.77         90
                                       9.250          1,036.77      137,000.00
    BISCAYNE PARK    FL   33161          1            03/27/00         01
    0411876519                           05           05/01/00         25
    0411876519                           N            04/01/30
    0

    3318007          K08/G02             F          236,000.00         ZZ
                                         360        236,000.00          1
    3703 21ST STREET SOUTHEAST         8.750          1,856.61         80
                                       8.500          1,856.61      295,000.00
    PUYALLUP         WA   98374          2            03/13/00         00
    0411879620                           05           05/01/00          0
    0411879620                           O            04/01/30
    0

    3318008          K08/G02             F          215,200.00         ZZ
                                         360        215,200.00          1
    313 NORTH OAK DRIVE                9.250          1,770.40         80
                                       9.000          1,770.40      269,000.00
    SURFSIDE BEACH   SC   29575          5            03/27/00         00
    0411879836                           05           05/01/00          0
    0411879836                           N            04/01/30
    0

    3318009          K08/G02             F          194,750.00         ZZ
                                         360        194,750.00          2
    1020-22 EUTERPE STREET             9.125          1,584.55         95
                                       8.875          1,584.55      205,000.00
    NEW ORLEANS      LA   70130          1            03/27/00         01
    0411880651                           05           05/01/00         30
    0411880651                           O            04/01/30
    0

    3318012          K08/G02             F          108,000.00         ZZ
                                         360        108,000.00          4
    201 EAST 4TH STREET                9.875            937.82         90
                                       9.625            937.82      120,000.00
1

    EDMOND           OK   73034          1            03/27/00         04
    0411882194                           05           05/01/00         25
    0411882194                           N            04/01/30
    0

    3318013          K08/G02             F          295,000.00         ZZ
                                         360        295,000.00          1
    5831 FALLSVIEW LANE                9.250          2,426.89         79
                                       9.000          2,426.89      375,000.00
    DALLAS           TX   75252          2            03/22/00         00
    0411882517                           03           05/01/00          0
    0411882517                           O            04/01/30
    0

    3318016          K08/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
    2019 22ND AVE.                     9.375            374.29         90
                                       9.125            374.29       50,000.00
    KENOSHA          WI   53140          1            03/27/00         01
    0411887771                           05           05/01/00         25
    0411887771                           N            04/01/30
    0

    3318019          K08/G02             F           26,900.00         ZZ
                                         360         26,900.00          2
    3144 RISEDORPH                    10.000            236.07         90
                                       9.750            236.07       29,900.00
    FLINT            MI   48506          1            03/27/00         01
    0411890106                           05           05/01/00         25
    0411890106                           N            04/01/30
    0

    3318023          K08/G02             F          489,600.00         ZZ
                                         360        489,600.00          1
    1508 EASY STREET                   8.875          3,895.48         80
                                       8.625          3,895.48      612,000.00
    AUSTIN           TX   78746          1            03/27/00         00
    0411898281                           05           05/01/00          0
    0411898281                           O            04/01/30
    0

    3320175          956/G02             F          114,300.00         ZZ
                                         360        113,179.19          1
    1553 SOUTH 1100 EAST               9.500            961.10         90
                                       9.250            961.10      127,000.00
    SALT LAKE CITY   UT   84105          1            01/18/00         11
    0431949197                           05           03/01/00         25
    2209120262                           N            02/01/30
    0
1

    3320629          S48/S48             F          540,000.00         ZZ
                                         360        539,681.19          1
    56 JOUFLAS ROAD                    8.625          4,200.06         40
                                       8.375          4,200.06    1,375,000.00
    WOLCOTT          CO   81655          4            02/14/00         00
    0023817133                           03           04/01/00          0
    0023817133                           O            03/01/30
    0

    3320632          S48/S48             F          524,250.00         ZZ
                                         360        523,932.41          1
    21201 SADDLE ROCK LANE             8.500          4,031.03         75
                                       8.250          4,031.03      699,000.00
    AURORA           CO   80016          1            02/29/00         00
    0023825318                           03           04/01/00          0
    0023825318                           O            03/01/30
    0

    3320901          253/253             F           44,925.00         ZZ
                                         360         44,925.00          1
    2442 LOYCE ST                      9.375            373.67         75
                                       9.125            373.67       59,900.00
    MESQUITE         TX   75149          1            03/21/00         00
    950512                               05           05/01/00          0
    950512                               O            04/01/30
    0

    3321144          G52/G02             F           50,900.00         ZZ
                                         360         50,900.00          1
    3430 LONDON STREET                 9.875            441.99         70
                                       9.625            441.99       72,736.00
    HEMET            CA   92545          1            03/17/00         00
    0431943067                           05           05/01/00          0
    89504353                             N            04/01/30
    0

    3322135          K08/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
    216 CASPER DRIVE                   8.500          1,845.39         80
                                       8.250          1,845.39      300,000.00
    FORT WALTON BEA  FL   32547          1            03/28/00         00
    0411775182                           05           05/01/00          0
    0411775182                           O            04/01/30
    0

    3322136          K08/G02             F          312,300.00         ZZ
                                         360        312,300.00          1
1

    5012 SOUTH AUCKLAND COURT          9.750          2,683.14         90
                                       9.500          2,683.14      347,000.00
    AURORA           CO   80015          1            03/28/00         04
    0411824980                           03           05/01/00         25
    0411824980                           N            04/01/30
    0

    3322139          K08/G02             F          252,000.00         ZZ
                                         360        252,000.00          4
    1220-1222 1/2 MARTIN LUTHER        9.750          2,165.07         90
    KING JR BLVD                       9.500          2,165.07      280,000.00
    LOS ANGELES      CA   90037          1            03/10/00         01
    0411847171                           05           05/01/00         25
    0411847171                           N            04/01/30
    0

    3322140          K08/G02             F          100,300.00         ZZ
                                         360        100,300.00          1
    603 B DALTON DRIVE                 9.500            843.38         85
                                       9.250            843.38      118,000.00
    ESSEX            VT   05451          5            03/23/00         10
    0411848682                           01           05/01/00         12
    0411848682                           O            04/01/30
    0

    3322142          K08/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
    7621 HEWITT STREET                 9.250            921.40         70
                                       9.000            921.40      160,000.00
    NORTH RICHLAND   TX   76180          5            03/23/00         00
    0411861156                           05           05/01/00          0
    0411861156                           O            04/01/30
    0

    3322145          K08/G02             F           49,600.00         ZZ
                                         360         49,600.00          1
    2612 RINGWOOD STREET               9.375            412.55         80
                                       9.125            412.55       62,000.00
    CHARLOTTE        NC   28208          2            03/28/00         00
    0411864572                           05           05/01/00          0
    0411864572                           N            04/01/30
    0

    3322146          K08/G02             F           56,800.00         ZZ
                                         360         56,800.00          1
    2007 HEYWOOD AVENUE                9.375            472.43         80
                                       9.125            472.43       71,000.00
    CHARLOTTE        NC   28208          2            03/28/00         00
    0411864580                           05           05/01/00          0
1

    0411864580                           N            04/01/30
    0

    3322147          K08/G02             F           76,800.00         ZZ
                                         360         76,800.00          2
    2000-2002 UNION STREET             9.375            638.78         80
                                       9.125            638.78       96,000.00
    CHARLOTTE        NC   28205          2            03/28/00         00
    0411864614                           05           05/01/00          0
    0411864614                           N            04/01/30
    0

    3322148          K08/G02             F           76,800.00         ZZ
                                         360         76,800.00          2
    2006-2008 UNION STREET             9.375            638.78         80
                                       9.125            638.78       96,000.00
    CHARLOTTE        NC   28205          2            03/28/00         00
    0411864648                           05           05/01/00          0
    0411864648                           N            04/01/30
    0

    3322149          K08/G02             F           52,350.00         ZZ
                                         360         52,350.00          1
    3303 TUCKASEEGEE ROAD              9.250            430.67         79
                                       9.000            430.67       66,500.00
    CHARLOTTE        NC   28208          2            03/28/00         00
    0411864655                           05           05/01/00          0
    0411864655                           N            04/01/30
    0

    3322153          K08/G02             F           94,500.00         ZZ
                                         360         94,500.00          1
    3226 POTOMAC DRIVE                 8.875            751.88         90
                                       8.625            751.88      105,000.00
    GARLAND          TX   75042          1            03/28/00         01
    0411879315                           05           05/01/00         25
    0411879315                           O            04/01/30
    0

    3322154          K08/G02             F           95,400.00         ZZ
                                         360         95,400.00          4
    8 LEANDER STREET                   9.750            819.63         90
                                       9.500            819.63      106,000.00
    KILLINGLY        CT   06239          1            03/28/00         10
    0411879760                           05           05/01/00         25
    0411879760                           N            04/01/30
    0

1

    3322155          K08/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
    57 COUNTY ROAD 1788                8.750            944.04         80
                                       8.500            944.04      150,000.00
    FARMINGTON       NM   87401          5            03/23/00         00
    0411880321                           05           05/01/00          0
    0411880321                           O            04/01/30
    0

    3322156          K08/G02             F           57,600.00         ZZ
                                         360         57,600.00          1
    2103 EAST 13TH STREET              9.750            494.87         80
                                       9.500            494.87       72,000.00
    AUSTIN           TX   78702          2            03/27/00         00
    0411881832                           05           05/01/00          0
    0411881832                           N            04/01/30
    0

    3322157          K08/G02             F          138,400.00         ZZ
                                         360        138,400.00          1
    436 TUPELO DRIVE                   9.250          1,138.58         68
                                       9.000          1,138.58      205,000.00
    NAPERVILLE       IL   60540          2            03/23/00         00
    0411882996                           05           05/01/00          0
    0411882996                           O            04/01/30
    0

    3322161          K08/G02             F           42,400.00         ZZ
                                         360         42,400.00          1
    914 NW 31ST.  STREET              10.000            372.09         80
                                       9.750            372.09       53,000.00
    OKLAHOMA CITY    OK   73118          5            03/28/00         00
    0411887185                           05           05/01/00          0
    0411887185                           N            04/01/30
    0

    3322163          K08/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
    3216 WESTERN DRIVE                 8.875            895.10         90
                                       8.625            895.10      125,000.00
    AUSTIN           TX   78745          1            03/28/00         04
    0411892482                           05           05/01/00         25
    0411892482                           O            04/01/30
    0

    3322164          K08/G02             F          127,800.00         ZZ
                                         360        127,800.00          1
    6 N 397 OAKWOOD DRIVE              9.375          1,062.98         90
                                       9.125          1,062.98      142,000.00
1

    ST. CHARLES      IL   60174          1            03/28/00         01
    0411894058                           05           05/01/00         25
    0411894058                           O            04/01/30
    0

    3322335          E82/G02             F          122,000.00         ZZ
                                         360        122,000.00          1
    13 COVESIDE LANE                   8.875            970.69         80
                                       8.625            970.69      152,500.00
    STONINGTON       CT   06378          1            03/31/00         00
    0400267985                           29           05/01/00          0
    0400267985                           O            04/01/30
    0

    3322343          E82/G02             F          103,500.00         ZZ
                                         360        103,500.00          1
    1030 NORTH STATE STREET #20A       9.750            889.22         90
                                       9.500            889.22      115,000.00
    CHICAGO          IL   60611          1            03/31/00         04
    0400266821                           06           05/01/00         25
    0400266821                           O            04/01/30
    0

    3323267          225/225             F          304,000.00         ZZ
                                         360        303,829.56          1
    625 S MAPLE AVE                    8.875          2,418.77         80
                                       8.625          2,418.77      380,000.00
    GLEN ROCK        NJ   07452          1            02/23/00         00
    7175577                              05           04/01/00          0
    7175577                              O            03/01/30
    0

    3323336          074/G02             F          440,400.00         ZZ
                                         360        440,400.00          1
    CHESTNUT DRIVE                     9.750          3,783.72         23
                                       9.500          3,783.72    2,000,000.00
    WILMETTE         IL   60091          2            03/06/00         00
    0431957026                           05           05/01/00          0
    1583272473                           O            04/01/30
    0

    3323362          074/G02             F          421,000.00         ZZ
                                         360        421,000.00          1
    2424 HERITAGE WAY                  9.750          3,617.05         66
                                       9.500          3,617.05      645,000.00
    UNION CITY       CA   94587          2            03/02/00         00
    0431957349                           05           05/01/00          0
    1561468380                           O            04/01/30
    0
1

    3323486          742/G02             F          113,000.00         ZZ
                                         360        113,000.00          1
    125 THAMESFORD COURT               9.250            929.62         72
                                       9.000            929.62      158,386.00
    AMHERST          NY   14221          1            03/24/00         00
    0431945427                           05           05/01/00          0
    4885950                              O            04/01/30
    0

    3323702          765/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
    216 CANAL STREET                   9.250          3,027.45         80
                                       9.000          3,027.45      460,000.00
    NEWPORT BEACH    CA   92663          2            03/15/00         00
    0431939230                           05           05/01/00          0
    123264A                              O            04/01/30
    0

    3326003          K08/G02             F          225,000.00         ZZ
                                         360        225,000.00          3
    241 NORTH AVENUE                  10.000          1,974.54         90
                                       9.750          1,974.54      250,000.00
    FANWOOD          NJ   07023          1            03/29/00         10
    0411834682                           05           05/01/00         25
    0411834682                           N            04/01/30
    0

    3326010          K08/G02             F          115,900.00         ZZ
                                         360        115,900.00          1
    15081 EAST JARVIS PLACE            8.875            922.15         95
                                       8.625            922.15      122,000.00
    AURORA           CO   80014          1            03/29/00         01
    0411860232                           09           05/01/00         30
    0411860232                           O            04/01/30
    0

    3326017          K08/G02             F           38,300.00         ZZ
                                         360         38,300.00          1
    812 SWAN LAKE ROAD                 9.875            332.58         80
                                       9.625            332.58       47,875.00
    EDMOND           OK   73003          1            03/29/00         00
    0411874431                           07           05/01/00          0
    0411874431                           N            04/01/30
    0

    3326018          K08/G02             F           64,800.00         ZZ
                                         360         64,800.00          3
1

    248-250 PARK AVENUE                9.750            556.73         90
                                       9.500            556.73       72,000.00
    WOONSOCKET       RI   02895          1            03/29/00         10
    0411877434                           05           05/01/00         25
    0411877434                           N            04/01/30
    0

    3326019          K08/G02             F          102,400.00         ZZ
                                         360        102,400.00          1
    501 E. OLIVER STREET               9.000            823.93         80
                                       8.750            823.93      128,000.00
    MOAB             UT   84532          1            03/29/00         00
    0411879224                           05           05/01/00          0
    0411879224                           O            04/01/30
    0

    3326023          K08/G02             F          310,500.00         ZZ
                                         360        310,500.00          1
    7644 QUARTZ STREET                 9.875          2,696.22         90
                                       9.625          2,696.22      345,000.00
    ARVADA           CO   80007          1            03/29/00         04
    0411884497                           05           05/01/00         25
    0411884497                           O            04/01/30
    0

    3326024          K08/G02             F          163,000.00         T
                                         360        163,000.00          1
    5555 COLLINS AVE, UNIT#17H         9.375          1,355.75         75
                                       9.125          1,355.75      217,500.00
    MIAMI            FL   33140          1            03/29/00         00
    0411885296                           06           05/01/00          0
    0411885296                           O            04/01/30
    0

    3326027          K08/G02             F          276,000.00         ZZ
                                         360        276,000.00          1
    1334 LAKEVIEW BLVD EAST            9.375          2,295.63         80
                                       9.125          2,295.63      345,000.00
    SEATTLE          WA   98102          1            03/24/00         00
    0411888340                           05           05/01/00          0
    0411888340                           N            04/01/30
    0

    3326030          K08/G02             F           40,000.00         ZZ
                                         360         40,000.00          1
    604 BLUEBONNET STREET              9.250            329.07         80
                                       9.000            329.07       50,000.00
    JOHNSON CITY     TX   78636          1            03/29/00         00
    0411899453                           05           05/01/00          0
1

    0411899453                           O            04/01/30
    0

    3326450          076/076             F          852,500.00         ZZ
                                         360        852,069.49          1
    201     ALLMOND LN                 9.375          7,090.66         54
                                       9.125          7,090.66    1,600,000.00
    ALPHARETTA       GA   30004          2            02/28/00         00
    8411747                              05           04/01/00          0
    8411747                              O            03/01/30
    0

    3326521          664/G02             F          147,200.00         ZZ
                                         360        147,200.00          1
    17540 BALTAR STREET                8.875          1,171.19         80
                                       8.625          1,171.19      184,000.00
    NORTHRIDGE AREA  CA   91325          1            03/17/00         00
    0431942192                           05           05/01/00          0
    0003381894                           O            04/01/30
    0

    3326618          665/G02             F          335,000.00         ZZ
                                         360        334,791.78          1
    2166 DEL MONTE AVENUE              8.375          2,546.24         78
                                       8.125          2,546.24      430,000.00
    SANTA CLARA      CA   95051          5            02/28/00         00
    0431942754                           05           04/01/00          0
    0001237039                           O            03/01/30
    0

    3327710          286/286             F          120,000.00         ZZ
                                         360        119,925.41          1
    4832 BUCKHORN CT                   8.375            912.09         80
                                       8.125            912.09      150,000.00
    POWDER SPRINGS   GA   30127          2            02/28/00         00
    0000651105                           03           04/01/00          0
    0000651105                           O            03/01/30
    0

    3327711          286/286             F          172,000.00         ZZ
                                         360        171,901.04          1
    4543 E FERNWOOD CT                 8.750          1,353.13         80
                                       8.500          1,353.13      215,000.00
    PHOENIX          AZ   85331          1            02/23/00         00
    0000651660                           03           04/01/00          0
    0000651660                           O            03/01/30
    0

1

    3327712          286/286             F          260,800.00         ZZ
                                         360        260,649.95          1
    16256 E PRENTICE PL                8.750          2,051.72         80
                                       8.500          2,051.72      326,000.00
    AURORA           CO   80015          5            02/18/00         00
    0000652482                           03           04/01/00          0
    0000652482                           O            03/01/30
    0

    3327713          286/286             F          152,650.00         ZZ
                                         360        152,562.17          1
    15337 EAST PALOMINO BLVD           8.750          1,200.90         80
                                       8.500          1,200.90      190,850.00
    FOUNTAIN HILLS   AZ   85268          1            02/17/00         00
    0000653781                           05           04/01/00          0
    0000653781                           O            03/01/30
    0

    3327714          286/286             F          620,000.00         ZZ
                                         360        619,614.63          1
    2904 GEORGE B HATLEY DRIVE         8.375          4,712.45         80
                                       8.125          4,712.45      775,000.00
    AUSTIN           TX   78746          1            02/29/00         00
    0009633563                           05           04/01/00          0
    0009633563                           O            03/01/30
    0

    3327715          286/286             F          253,000.00         ZZ
                                         360        252,854.43          1
    18190 SE YOUNGS LANE               8.750          1,990.36         78
                                       8.500          1,990.36      325,000.00
    BORING           OR   97009          5            02/11/00         00
    0009979188                           05           04/01/00          0
    0009979188                           O            03/01/30
    0

    3327716          286/286             F          165,000.00         T
                                         360        164,907.49          1
    3204 DUFFY STREET                  8.875          1,312.82         75
                                       8.625          1,312.82      220,000.00
    MYRTLE BEACH     SC   29582          1            02/28/00         00
    0009980642                           05           04/01/00          0
    0009980642                           O            03/01/30
    0

    3327717          286/286             F          516,000.00         ZZ
                                         360        515,662.46          1
    605 NW 158TH                       8.125          3,831.29         80
                                       7.875          3,831.29      645,000.00
1

    EDMOND           OK   73013          5            02/16/00         00
    0009984575                           05           04/01/00          0
    0009984575                           O            03/01/30
    0

    3327718          286/286             F          550,000.00         T
                                         360        549,675.28          1
    8431 DRAKE LANE                    8.625          4,277.85         79
                                       8.375          4,277.85      705,000.00
    WILLIAMSBURG     MI   49690          1            02/28/00         00
    0009987101                           05           04/01/00          0
    0009987101                           O            03/01/30
    0

    3328794          696/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
    1333 BELMONT STREET, N.W.          9.250          1,217.56         80
                                       9.000          1,217.56      185,000.00
    WASHINGTON       DC   20009          1            03/30/00         00
    0431942242                           05           05/01/00          0
    31900024                             N            04/01/30
    0

    3328936          225/225             F          490,000.00         ZZ
                                         353        489,445.88          1
    13923 SUNNYBROOK ROAD              9.125          4,002.05         76
                                       8.875          4,002.05      650,000.00
    PHOENIX          MD   21131          4            02/04/00         00
    7132337                              05           03/01/00          0
    7132337                              O            07/01/29
    0

    3330621          168/168             F          195,000.00         ZZ
                                         360        195,000.00          1
    81 ELLENSUE DRIVE                  8.875          1,551.51         73
                                       8.625          1,551.51      270,000.00
    DEER PARK        NY   11729          5            03/24/00         00
    0189547111                           05           05/01/00          0
    0189547111                           O            04/01/30
    0

    3330656          637/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
    13472 POUSSON ROAD                 9.375            636.29         90
                                       9.125            636.29       85,000.00
    IOWA             LA   70647          1            03/17/00         11
    0431959881                           05           05/01/00         25
    0017677196                           O            04/01/30
    0
1

    3330658          G81/G02             F          108,550.00         T
                                         360        108,550.00          1
    6767 COLLINS AVENUE UNIT 1107      9.750            932.62         65
                                       9.500            932.62      167,000.00
    MIAMI BEACH      FL   33141          1            03/28/00         00
    0431944677                           06           05/01/00          0
    200003081                            O            04/01/30
    0

    3330799          637/G02             F          135,000.00         ZZ
                                         360        135,000.00          4
    350 EAST 5TH AVENUE                9.875          1,172.27         90
                                       9.625          1,172.27      150,000.00
    MESA             AZ   85210          1            03/14/00         01
    0431948181                           05           05/01/00         25
    0015371222                           N            04/01/30
    0

    3330878          K08/G02             F           65,600.00         ZZ
                                         360         65,600.00          1
    82 SE ONTARIO WAY                 10.000            575.69         90
                                       9.750            575.69       72,900.00
    STUART           FL   34997          1            03/30/00         10
    0411802812                           09           05/01/00         25
    0411802812                           O            04/01/30
    0

    3330880          K08/G02             F           95,400.00         ZZ
                                         360         95,400.00          1
    133 BANCROFT DRIVE                 9.000            767.61         90
                                       8.750            767.61      106,000.00
    GARLAND          TX   75040          2            03/29/00         01
    0411824014                           05           05/01/00         25
    0411824014                           N            04/01/30
    0

    3330881          K08/G02             F          232,500.00         T
                                         360        232,500.00          1
    2595 STERLING CIRCLE               9.375          1,933.82         75
                                       9.125          1,933.82      310,000.00
    LAS VEGAS        NV   89120          5            03/15/00         00
    0411830458                           05           05/01/00          0
    0411830458                           O            04/01/30
    0

    3330883          K08/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
1

    2053 BEECH COURT                   9.000          1,367.86         80
                                       8.750          1,367.86      212,500.00
    GOLDEN           CO   80401          1            03/30/00         00
    0411854474                           05           05/01/00          0
    0411854474                           N            04/01/30
    0

    3330884          K08/G02             F          104,850.00         ZZ
                                         360        104,850.00          1
    349 ALLEGHANY                      9.250            862.58         90
                                       9.000            862.58      116,500.00
    GRAYSLAKE        IL   60030          1            03/30/00         01
    0411857006                           05           05/01/00         25
    0411857006                           N            04/01/30
    0

    3330887          K08/G02             F          103,750.00         ZZ
                                         360        103,750.00          1
    557 BEE TREE ROAD                  9.875            900.91         67
                                       9.625            900.91      155,000.00
    SWANNANOA        NC   28778          2            03/30/00         00
    0411870744                           05           05/01/00          0
    0411870744                           N            04/01/30
    0

    3330888          K08/G02             F           59,200.00         ZZ
                                         360         59,200.00          1
    9503 NORTH CREEK DRIVE            10.000            519.52         80
                                       9.750            519.52       74,000.00
    AUSTIN           TX   78758          5            03/27/00         00
    0411871049                           05           05/01/00          0
    0411871049                           N            04/01/30
    0

    3330889          K08/G02             F          370,000.00         ZZ
                                         360        370,000.00          1
    18 PEARTREE LANE                   8.750          2,910.79         79
                                       8.500          2,910.79      470,000.00
    ROLLING HLS EST  CA   90274          1            03/24/00         00
    0411871510                           09           05/01/00          0
    0411871510                           O            04/01/30
    0

    3330890          K08/G02             F           61,200.00         ZZ
                                         360         61,200.00          2
    212-214 FOUNTAIN AVENUE           10.000            537.07         90
                                       9.750            537.07       68,000.00
    DAYTON           OH   45405          1            03/30/00         01
    0411872435                           05           05/01/00         25
1

    0411872435                           N            04/01/30
    0

    3330891          K08/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
    1844 VIOLA                         9.500            630.64         71
                                       9.250            630.64      106,000.00
    ORTONVILLE       MI   48462          1            03/30/00         00
    0411873201                           05           05/01/00          0
    0411873201                           O            04/01/30
    0

    3330892          K08/G02             F          182,400.00         ZZ
                                         360        182,400.00          1
    3569 SUMMERTREE LANE               8.375          1,386.37         80
                                       8.125          1,386.37      228,000.00
    CORONA           CA   92881          1            03/27/00         00
    0411874365                           05           05/01/00          0
    0411874365                           O            04/01/30
    0

    3330893          K08/G02             F           67,500.00         ZZ
                                         360         67,500.00          3
    132 1/2 RIPLEY PLACE               9.625            573.74         90
                                       9.375            573.74       75,000.00
    ELIZABETH        NJ   07206          1            03/30/00         10
    0411875180                           05           05/01/00         25
    0411875180                           N            04/01/30
    0

    3330896          K08/G02             F           43,200.00         ZZ
                                         360         43,200.00          1
    4108 HELENA AVENUE                10.000            379.11         80
                                       9.750            379.11       54,000.00
    YOUNGSTOWN       OH   44512          5            03/30/00         00
    0411881840                           05           05/01/00          0
    0411881840                           N            04/01/30
    0

    3330897          K08/G02             F           26,250.00         ZZ
                                         360         26,250.00          1
    9C CROSSING CIRCLE                 9.875            227.94         75
    UNIT #9-C                          9.625            227.94       35,000.00
    BOYNTON BEACH    FL   33435          1            03/30/00         00
    0411882566                           01           05/01/00          0
    0411882566                           N            04/01/30
    0

1

    3330899          K08/G02             F           27,750.00         ZZ
                                         360         27,750.00          1
    17-C CROSSING CIRCLE               9.875            240.97         75
    UNIT # 17-C                        9.625            240.97       37,000.00
    BOYNTON BEACH    FL   33435          1            03/30/00         00
    0411887334                           01           05/01/00          0
    0411887334                           N            04/01/30
    0

    3330900          K08/G02             F           26,250.00         ZZ
                                         360         26,250.00          1
    4-D CROSSING CIRCLE                9.875            227.94         75
    UNIT #4-D                          9.625            227.94       35,000.00
    BOYNTON BEACH    FL   33435          1            03/30/00         00
    0411887441                           01           05/01/00          0
    0411887441                           N            04/01/30
    0

    3330901          K08/G02             F          202,500.00         ZZ
                                         360        202,500.00          1
    16221 ANDERSON DRIVE               9.250          1,665.92         90
                                       9.000          1,665.92      225,000.00
    SONORA           CA   95370          1            03/27/00         01
    0411887524                           05           05/01/00         25
    0411887524                           O            04/01/30
    0

    3330907          K08/G02             F          114,000.00         ZZ
                                         360        114,000.00          1
    295 MAJORAM DR                     8.875            907.04         75
                                       8.625            907.04      154,000.00
    GAHANNA          OH   43230          1            03/30/00         00
    0411894694                           05           05/01/00          0
    0411894694                           O            04/01/30
    0

    3330910          K08/G02             F          106,650.00         ZZ
                                         360        106,650.00          1
    11340 RED FINCH LANE               9.500            896.77         90
                                       9.250            896.77      118,531.00
    CHARLOTTE        NC   28214          1            03/29/00         11
    0411899081                           05           05/01/00         25
    0411899081                           N            04/01/30
    0

    3330911          K08/G02             F           45,000.00         ZZ
                                         360         45,000.00          2
    3225-27 ST. ANN STREET             9.875            390.76         90
                                       9.625            390.76       50,000.00
1

    NEW ORLEANS      LA   70119          1            03/30/00         01
    0411899628                           05           05/01/00         25
    0411899628                           N            04/01/30
    0

    3330913          K08/G02             F           57,600.00         ZZ
                                         360         57,600.00          1
    84 SALEM ROAD                      9.250            473.86         80
                                       9.000            473.86       72,000.00
    WEAVERVILLE      NC   28787          1            03/30/00         00
    0411899800                           05           05/01/00          0
    0411899800                           N            04/01/30
    0

    3330914          K08/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
    6524 HIDDEN CREEK COURT            8.875          3,182.58         80
                                       8.625          3,182.58      500,000.00
    PLANO            TX   75024          1            03/30/00         00
    0411900376                           03           05/01/00          0
    0411900376                           O            04/01/30
    0

    3330926          623/623             F          157,000.00         ZZ
                                         360        157,000.00          1
    38145 CIRCLE DRIVE                 9.250          1,291.60         74
                                       9.000          1,291.60      215,000.00
    HARRISON TOWNSH  MI   48045          5            03/15/00         00
    5246892                              05           05/01/00          0
    5246892                              O            04/01/30
    0

    3331345          225/225             F          328,000.00         ZZ
                                         360        327,834.36          1
    5900 WEST DILLON WASH ROAD         9.375          2,728.14         80
                                       9.125          2,728.14      410,000.00
    PRESCOTT         AZ   86305          1            02/28/00         00
    7177122                              03           04/01/00          0
    7177122                              O            03/01/30
    0

    3332817          K08/G02             F           93,550.00         ZZ
                                         360         93,550.00          1
    1423 HILLSIDE COURT                8.500            719.32         80
                                       8.250            719.32      116,990.00
    SAUK RAPIDS      MN   56379          1            03/31/00         00
    0411838337                           05           05/01/00          0
    0411838337                           O            04/01/30
    0
1

    3332819          K08/G02             F          201,150.00         ZZ
                                         360        201,150.00          1
    7204 MARANATHA COURT               8.875          1,600.44         90
                                       8.625          1,600.44      223,500.00
    COLLEYVILLE      TX   76034          1            03/31/00         10
    0411844376                           05           05/01/00         25
    0411844376                           O            04/01/30
    0

    3332824          K08/G02             F          128,500.00         ZZ
                                         360        128,500.00          4
    1708 SPRING ROSE CIRCLE            9.875          1,115.83         90
    UNIT A-D                           9.625          1,115.83      142,800.00
    KILLEEN          TX   76543          1            03/29/00         04
    0411859432                           05           05/01/00         25
    0411859432                           N            04/01/30
    0

    3332829          K08/G02             F           65,250.00         ZZ
                                         360         65,250.00          1
    116 WICKHAM FARM RD                9.000            525.02         90
                                       8.750            525.02       72,500.00
    UNION            OH   45322          1            03/31/00         04
    0411867765                           05           05/01/00         25
    0411867765                           N            04/01/30
    0

    3332830          K08/G02             F          144,200.00         ZZ
                                         360        144,200.00          1
    1410 LAKE                          9.500          1,212.51         80
                                       9.250          1,212.51      180,250.00
    EVANSTON         IL   60201          1            03/31/00         00
    0411868854                           05           05/01/00          0
    0411868854                           N            04/01/30
    0

    3332845          K08/G02             F          109,650.00         ZZ
                                         360        109,650.00          1
    136 REGENCY BLVD                   8.375            833.42         85
                                       8.125            833.42      129,000.00
    PUEBLO           CO   81005          2            03/27/00         01
    0411879463                           05           05/01/00         12
    0411879463                           O            04/01/30
    0

    3332855          K08/G02             F          111,500.00         ZZ
                                         360        111,500.00          1
1

    407 W. MAYFIELD DRIVE              8.750            877.17         70
                                       8.500            877.17      160,000.00
    GRAND JUNCTION   CO   81503          5            03/23/00         00
    0411881493                           05           05/01/00          0
    0411881493                           O            04/01/30
    0

    3332856          K08/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
    1212 JONES STREET                  9.750            446.76         80
                                       9.500            446.76       65,000.00
    TAYLOR           TX   76574          2            03/31/00         00
    0411881816                           05           05/01/00          0
    0411881816                           N            04/01/30
    0

    3332857          K08/G02             F           81,900.00         ZZ
                                         360         81,900.00          3
    105-107 REBEKAH STREET             8.875            651.63         90
                                       8.625            651.63       91,000.00
    WOONSOCKET       RI   02895          1            03/31/00         10
    0411882699                           05           05/01/00         25
    0411882699                           N            04/01/30
    0

    3332860          K08/G02             F          148,000.00         ZZ
                                         360        148,000.00          4
    342 SOMERSET STREET                9.250          1,217.56         80
                                       9.000          1,217.56      185,000.00
    NORTH PLAINFIEL  NJ   07060          1            03/31/00         00
    0411884513                           05           05/01/00          0
    0411884513                           N            04/01/30
    0

    3332874          K08/G02             F          252,700.00         ZZ
                                         360        252,700.00          1
    5411 SYCAMORE COURT                8.625          1,965.47         79
                                       8.375          1,965.47      320,000.00
    COLLEYVILLE      TX   76034          5            03/27/00         00
    0411890262                           05           05/01/00          0
    0411890262                           O            04/01/30
    0

    3332877          K08/G02             F          138,800.00         T
                                         360        138,800.00          1
    825 WEST BEACH BLVD., UNTI#122     9.375          1,154.47         80
                                       9.125          1,154.47      173,500.00
    GULF SHORES      AL   36542          1            03/31/00         00
    0411894850                           06           05/01/00          0
1

    0411894850                           O            04/01/30
    0

    3332879          K08/G02             F           71,700.00         T
                                         360         71,700.00          1
    8722-B ROCKINGHAM TERRACE          9.500            602.89         75
    UNIT #29                           9.250            602.89       95,600.00
    KISSIMEE         FL   34747          1            03/29/00         00
    0411895972                           01           05/01/00          0
    0411895972                           O            04/01/30
    0

    3332881          K08/G02             F          116,000.00         ZZ
                                         360        116,000.00          2
    4712 N. KNOX                       8.750            912.57         80
                                       8.500            912.57      145,000.00
    CHICAGO          IL   60618          1            03/31/00         00
    0411896962                           05           05/01/00          0
    0411896962                           O            04/01/30
    0

    3332884          K08/G02             F           60,300.00         ZZ
                                         360         60,300.00          2
    730-732 DYER AVENUE                9.500            507.04         90
                                       9.250            507.04       67,000.00
    CRANSTON         RI   02920          1            03/31/00         01
    0411897895                           05           05/01/00         25
    0411897895                           N            04/01/30
    0

    3332886          K08/G02             F          144,000.00         ZZ
                                         360        144,000.00          4
    3508 MARTINIQUE AVENUE             9.750          1,237.18         90
    UNIT 1-4                           9.500          1,237.18      160,000.00
    KENNER           LA   70065          1            03/31/00         01
    0411898174                           05           05/01/00         25
    0411898174                           N            04/01/30
    0

    3332887          K08/G02             F          144,000.00         ZZ
                                         360        144,000.00          4
    3500 MARTINIQUE AVENUE UN          9.750          1,237.18         90
                                       9.500          1,237.18      160,000.00
    KENNER           LA   70065          1            03/31/00         01
    0411898240                           05           05/01/00         25
    0411898240                           N            04/01/30
    0

1

    3332888          K08/G02             F           67,500.00         ZZ
                                         360         67,500.00          1
    209 DUNCAN WAY                     9.000            543.12         90
                                       8.750            543.12       75,000.00
    WYLIE            TX   75098          1            03/31/00         01
    0411898380                           05           05/01/00         25
    0411898380                           N            04/01/30
    0

    3332889          K08/G02             F          118,000.00         ZZ
                                         360        118,000.00          1
    8554 SAN BENITO WAY                9.375            981.46         80
                                       9.125            981.46      147,500.00
    DALLAS           TX   75218          1            03/28/00         00
    0411898661                           05           05/01/00          0
    0411898661                           N            04/01/30
    0

    3332890          K08/G02             F          144,000.00         ZZ
                                         360        144,000.00          4
    3516 MARTINIQUE AVENUE             9.750          1,237.18         90
    UNIT 1-4                           9.500          1,237.18      160,000.00
    KENNER           LA   70065          1            03/31/00         01
    0411898836                           05           05/01/00         25
    0411898836                           N            04/01/30
    0

    3332893          K08/G02             F           76,800.00         ZZ
                                         360         76,800.00          1
    45 N.E. 103 ST                     9.125            624.87         80
                                       8.875            624.87       96,000.00
    MIAMI SHORES     FL   33138          1            03/31/00         00
    0411901192                           05           05/01/00          0
    0411901192                           N            04/01/30
    0

    3332902          K08/G02             F          137,350.00         ZZ
                                         360        137,350.00          1
    1671 VALDOSTA CIRCLE               9.125          1,117.52         90
                                       8.875          1,117.52      152,640.00
    PONTIAC          MI   48340          1            03/31/00         01
    0411905771                           05           05/01/00         25
    0411905771                           O            04/01/30
    0

    3332903          K08/G02             F          118,700.00         ZZ
                                         360        118,700.00          1
    12143 STEWART'S CROSSING           9.750          1,019.82         90
                                       9.500          1,019.82      131,919.00
1

    CHARLOTTE        NC   28215          1            03/31/00         10
    0411906241                           05           05/01/00         25
    0411906241                           N            04/01/30
    0

    3333938          183/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
    4800 CHICAGO BEACH DR              9.875            468.91         68
    UNIT 114N                          9.625            468.91       80,000.00
    CHICAGO          IL   60616          5            03/27/00         00
    0431945450                           06           05/01/00          0
    800345266                            N            04/01/30
    0

    3335014          462/G02             F          112,800.00         ZZ
                                         360        112,800.00          1
    16252 SW 102 TERRACE               9.000            907.62         80
                                       8.750            907.62      141,000.00
    MIAMI            FL   33196          1            03/29/00         00
    0431954767                           09           05/01/00          0
    0007968902                           O            04/01/30
    0

    3335868          B28/G02             F          203,900.00         ZZ
                                         360        203,900.00          1
    12601 NORTH TENDERFOOT TRAIL       9.125          1,659.00         80
                                       8.875          1,659.00      254,900.00
    PARKER           CO   80138          1            03/29/00         00
    0431948736                           05           05/01/00          0
    0002090035                           O            04/01/30
    0

    3336466          E82/G02             F          196,000.00         T
                                         360        196,000.00          1
    17165 BALBOA POINT WAY             9.250          1,612.44         80
                                       9.000          1,612.44      245,000.00
    BOCA RATON       FL   33487          1            03/31/00         00
    0400262838                           05           05/01/00          0
    0400262838                           O            04/01/30
    0

    3337809          676/676             F          192,650.00         T
                                         360        192,650.00          1
    155 WAILEA IKE PL #118             9.375          1,602.37         75
                                       9.125          1,602.37      256,880.00
    KIHEI            HI   96753          1            03/10/00         00
    300100328088                         01           05/01/00          0
    300100328088                         O            04/01/30
    0
1

    3338284          163/G02             F          123,800.00         ZZ
                                         360        123,800.00          1
    7770 SW 26  ST                     9.250          1,018.47         73
                                       9.000          1,018.47      170,000.00
    MIAMI            FL   33155          2            03/16/00         00
    0431952670                           05           05/01/00          0
    7717295090                           O            04/01/30
    0

    3338557          F27/F27             F          247,000.00         ZZ
                                         360        246,861.52          1
    2020 ROYAL FERN COURT              8.875          1,965.25         80
                                       8.625          1,965.25      310,000.00
    BEL AIR          MD   21015          1            02/18/00         00
    6061104087                           05           04/01/00          0
    6061104087                           O            03/01/30
    0

    3338609          765/G02             F          106,400.00         ZZ
                                         360        106,400.00          1
    2921 BUTTERFLY DRIVE               9.000            856.12         80
                                       8.750            856.12      133,000.00
    HAILEY           ID   83333          5            03/17/00         00
    0431954403                           05           05/01/00          0
    351636                               O            04/01/30
    0

    3338856          765/G02             F           99,866.00         ZZ
                                         360         99,866.00          1
    515 SUMMER STREET                  9.000            803.55         85
                                       8.750            803.55      117,490.00
    FERNLEY          NV   89408          1            03/20/00         04
    0431952787                           05           05/01/00         12
    351939F                              N            04/01/30
    0

    3339644          K08/G02             F          310,500.00         ZZ
                                         360        310,500.00          1
    250 DE LONG STREET                 9.500          2,610.85         90
                                       9.250          2,610.85      345,000.00
    SAN FRANCISCO    CA   94112          5            03/27/00         01
    0411860737                           07           05/01/00         25
    0411860737                           O            04/01/30
    0

    3343970          K08/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
1

    363 SUNBERRY DRIVE                 8.500          1,922.28         59
                                       8.250          1,922.28      430,000.00
    CAMPBELL         CA   95008          5            03/20/00         00
    0411878507                           05           05/01/00          0
    0411878507                           O            04/01/30
    0

   TOTAL NUMBER OF LOANS   :      1,511

   TOTAL ORIGINAL BALANCE  :   217,358,546.00

   TOTAL PRINCIPAL BALANCE :   217,106,728.72

   TOTAL ORIGINAL P+I      :     1,763,440.15

   TOTAL CURRENT P+I       :     1,763,440.15

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

<PAGE>

                                   Exhibit TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

Loan Number     Current Balance Net Mortgage Rate  Discount Fraction  PO Balance
1974022 148894  0.06845 0.116774194     "$17,387.03 "
1973939 61838   0.0697  0.100645161     "$6,223.70 "
1973959 222940  0.0722  0.068387097     "$15,246.24 "
1974114 142787  0.0722  0.068387097     "$9,764.79 "
3276292 160148  0.0722  0.068387097     "$10,952.04 "
1862556 99518   0.0722  0.068387097     "$6,805.73 "
1974028 123053  0.0722  0.068387097     "$8,415.26 "
3276291 226566  0.07345 0.052258065     "$11,839.92 "
1949534 132428  0.0747  0.036129032     "$4,784.48 "
3275407 112379  0.0747  0.036129032     "$4,060.13 "
1979028 136426  0.07595 0.02    "$2,728.52 "
1973995 70000   0.07595 0.02    "$1,400.01 "
1973973 59143   0.07595 0.02    "$1,182.86 "
3201584 180750  0.07595 0.02    "$3,615.00 "
3232201 157062  0.07595 0.02    "$3,141.24 "
3275406 183468  0.07595 0.02    "$3,669.36 "
3181471 152682  0.07595 0.02    "$3,053.64 "
3306824 471675  0.07595 0.02    "$9,433.50 "
3252611 498961  0.07595 0.02    "$9,979.22 "
1973955 115625  0.0772  0.003870968     $447.58
1973238 35546   0.0772  0.003870968     $137.60
1963039 223393  0.0772  0.003870968     $864.75
1974033 99414   0.0772  0.003870968     $384.83
3194697 378970  0.0772  0.003870968     "$1,466.98 "
3312987 107855  0.0772  0.003870968     $417.50
3272213 510446  0.0772  0.003870968     "$1,975.92 "
3275408 111673  0.0772  0.003870968     $432.28
3282058 81845   0.0772  0.003870968     $316.82
3306842 499681  0.0772  0.003870968     "$1,934.25 "
3310163 187874  0.0772  0.003870968     $727.25
3311904 79892   0.0772  0.003870968     $309.26
3126370 521039  0.0772  0.003870968     "$2,016.93 "

        6293971         2.30561298%     "$145,114.60 "

<PAGE>

                                  Exhibit THREE

                          INFORMATION TO BE INCLUDED IN

                       MONTHLY DISTRIBUTION DATE STATEMENT

(i) the  amount of such  distribution  to the  Certificateholders  of such Class
applied  to  reduce  the  Certificate  Principal  Balance  thereof,  and (b) the
aggregate amount included therein representing Principal Prepayments;

     (ii)  the  amount  of  such  distribution  to  Holders  of  such  Class  of
Certificates allocable to interest;

(iii) if the  distribution  to the Holders of such Class of Certificates is less
than the full amount that would be  distributable  to such Holders if there were
sufficient funds available therefor, the amount of the shortfall;

     (iv) the amount of any Advance by the Master  Servicer  pursuant to Section
4.04;

     (v) the number and Pool  Stated  Principal  Balance of the  Mortgage  Loans
after giving effect to the distribution of principal on such Distribution Date;

(vi) the aggregate  Certificate  Principal Balance of each Class of Certificates
and each of the Senior Percentage and Subordinate Class Percentage, after giving
effect  to  the  amounts  distributed  on  such  Distribution  Date,  separately
identifying any reduction  thereof due to Realized Losses other than pursuant to
an actual distribution of principal;

     (vii) the related Subordinate Principal  Distribution Amount and Prepayment
Distribution Percentage, if applicable;

(viii) on the basis of the most recent reports furnished to it by Sub-Servicers,
the  number  and  aggregate  principal  balances  of  Mortgage  Loans  that  are
Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number
and aggregate principal balance of Mortgage Loans that are in foreclosure;

     (ix) the  number,  aggregate  principal  balance  and book value of any REO
Properties;

(x) the aggregate  Accrued  Certificate  Interest  remaining unpaid, if any, for
each Class of Certificates, after giving effect to the distribution made on such
Distribution Date;

(xi) the Special  Hazard Amount,  Fraud Loss Amount and Bankruptcy  Amount as of
the close of business on such  Distribution Date and a description of any change
in the calculation of such amounts;

(xii) the weighted  average Pool Strip Rate for such  Distribution  Date and the
Pass-Through  Rate with respect to the Class A-V Certificates and each Subclass,
if any, thereof;

(xiii)  the  Notional  Amount  with  respect  to each  class  of  Interest  Only
Certificates and each Subclass Notional Amount;

(xiv)   the occurrence of the Credit Support Depletion Date;

     (xv) the related Senior Accelerated  Distribution  Percentage applicable to
such distribution;

(xvi)   the related Senior Percentage for such Distribution Date;

(xvii)  the aggregate amount of Realized Losses for such Distribution Date;

     (xviii) the aggregate  amount of any  recoveries  on previously  foreclosed
loans from Sellers due to a breach of representation or warranty;

(xix) the weighted  average  remaining  term to maturity of the  Mortgage  Loans
after giving effect to the amounts distributed on such Distribution Date;

(xx) the weighted  average  Mortgage  Rates of the  Mortgage  Loans after giving
effect to the amounts distributed on such Distribution Date; and

(xxi) if any of the  Class M  Certificates  are held by a  Depository,  a legend
substantially in the form of Exhibit H-3 to the Standard Terms, referencing such
Certificates.

        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.

<PAGE>

                                  Exhibit FOUR

                     STANDARD TERMS OF POOLING AND SERVICING

                     AGREEMENT DATED AS OF DECEMBER 1, 1999

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

                                STANDARD TERMS OF

                         POOLING AND SERVICING AGREEMENT

                          Dated as of December 1, 1999

                        Residential Accredit Loans, Inc.

                 Mortgage Asset-Backed Pass-Through Certificates

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

<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                                                 PAGE

<S>                                                                                                             <C>
ARTICLE I             DEFINITIONS................................................................................2

         Section 1.01.Definitions................................................................................2

         Section 1.02.Use of Words and Phrases..................................................................30

ARTICLE II            CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES...........................31

         Section 2.01.Conveyance of Mortgage Loans..............................................................31

         Section 2.02.Acceptance by Trustee.....................................................................37

         Section 2.03.Representations, Warranties and Covenants of the Master

                         Servicer and the Company...............................................................38

         Section 2.04.   Representations and Warranties of Sellers..............................................40

ARTICLE III           ADMINISTRATION AND SERVICING OF MORTGAGE LOANS............................................43

         Section 3.01.   Master Servicer to Act as Servicer.....................................................43

         Section 3.02.   Subservicing Agreements Between Master Servicer and Subservicers; Enforcement of
                         Subservicers' and Sellers' Obligations.................................................44

         Section 3.03.   Successor Subservicers.................................................................45

         Section 3.04.   Liability of the Master Servicer.......................................................46

         Section 3.05.   No Contractual Relationship Between Subservicer and Trustee or Certificateholders......46

         Section 3.06.   Assumption or Termination of Subservicing Agreements by Trustee........................46

         Section 3.07.   Collection of Certain Mortgage Loan Payments;  Deposits to Custodial Account...........47

         Section 3.08.   Subservicing Accounts; Servicing Accounts..............................................49

         Section 3.09.   Access to Certain Documentation and  Information Regarding the Mortgage Loans..........50

         Section 3.10.   Permitted Withdrawals from the Custodial Account.......................................51

         Section 3.11.   Maintenance of the Primary Insurance  Policies; Collections Thereunder.................52

         Section 3.12.   Maintenance of Fire Insurance and  Omissions and Fidelity Coverage.....................53

         Section 3.13.   Enforcement of Due-on-Sale Clauses; Assumption and  Modification Agreements;
                         Certain Assignments....................................................................55

         Section 3.14.   Realization Upon Defaulted Mortgage Loans..............................................57

         Section 3.15.   Trustee to Cooperate; Release of Mortgage Files........................................60

         Section 3.16.   Servicing and Other Compensation; Compensating Interest................................61

         Section 3.17.   Reports to the Trustee and the Company.................................................62

         Section 3.18.   Annual Statement as to Compliance......................................................63

         Section 3.19.   Annual Independent Public Accountants' Servicing Report................................63

         Section 3.20.   Rights of the Company in Respect of the Master Servicer................................64

         Section 3.21.   Administration of Buydown Funds........................................................64

ARTICLE IV            PAYMENTS TO CERTIFICATEHOLDERS............................................................66

         Section 4.01.   Certificate Account....................................................................66

         Section 4.02.   Distributions..........................................................................66

         Section 4.03.   Statements to Certificateholders.......................................................66

         Section 4.04.   Distribution of Reports to the Trustee and  the Company; Advances by the Master
                         Servicer...............................................................................67

         Section 4.05.   Allocation of Realized Losses..........................................................69

         Section 4.06.   Reports of Foreclosures and Abandonment of Mortgaged Property..........................69

         Section 4.07.   Optional Purchase of Defaulted Mortgage Loans..........................................69

         Section 4.08.   Surety Bond............................................................................69

ARTICLE V             THE CERTIFICATES..........................................................................71

         Section 5.01.   The Certificates.......................................................................71

         Section 5.02.   Registration of Transfer and Exchange of Certificates..................................73

         Section 5.03.   Mutilated, Destroyed, Lost or Stolen Certificates......................................78

         Section 5.04.   Persons Deemed Owners..................................................................79

         Section 5.05.   Appointment of Paying Agent............................................................79

         Section 5.06.   Optional Purchase of Certificates......................................................79

ARTICLE VI            THE COMPANY AND THE MASTER SERVICER.......................................................82

         Section 6.01.   Respective Liabilities of the Company and the Master Servicer..........................82

         Section 6.02.   Merger or Consolidation of the Company or the Master Servicer; Assignment of
                         Rights and Delegation of Duties by Master Servicer.....................................82

         Section 6.03.   Limitation on Liability of the Company,  the Master Servicer and Others................83

         Section 6.04.   Company and Master Servicer Not to Resign..............................................84

ARTICLE VII           DEFAULT...................................................................................85

         Section 7.01.   Events of Default......................................................................85

         Section 7.02.   Trustee or Company to Act; Appointment of Successor....................................87

         Section 7.03.   Notification to Certificateholders.....................................................88

         Section 7.04.   Waiver of Events of Default............................................................88

ARTICLE VIII          CONCERNING THE TRUSTEE....................................................................89

         Section 8.01.   Duties of Trustee......................................................................89

         Section 8.02.   Certain Matters Affecting the Trustee..................................................90

         Section 8.03.   Trustee Not Liable for Certificates or Mortgage Loans..................................92

         Section 8.04.   Trustee May Own Certificates...........................................................92

         Section 8.05.   Master Servicer to Pay Trustee's Fees  and Expenses; Indemnification...................92

         Section 8.06.   Eligibility Requirements for Trustee...................................................93

         Section 8.07.   Resignation and Removal of the Trustee.................................................93

         Section 8.08.   Successor Trustee......................................................................94

         Section 8.09.   Merger or Consolidation of Trustee.....................................................95

         Section 8.10.   Appointment of Co-Trustee or Separate Trustee..........................................95

         Section 8.11.   Appointment of Custodians..............................................................96

         Section 8.12.   Appointment of Office or Agency........................................................96

ARTICLE IX            TERMINATION...............................................................................98

         Section 9.01.   Termination Upon Purchase by the Master Servicer  or the Company or Liquidation
                         of All Mortgage Loans..................................................................98

         Section 9.02.   Additional Termination Requirements...................................................100

         Section 9.03.   Termination of Multiple REMICs........................................................101

ARTICLE X             REMIC PROVISIONS.........................................................................102

         Section 10.01.REMIC Administration....................................................................102

         Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification........................105

         Section 10.03.Designation of REMIC(s).................................................................106

ARTICLE XI            MISCELLANEOUS PROVISIONS.................................................................107

         Section 11.01.Amendment...............................................................................107

         Section 11.02.Recordation of Agreement; Counterparts..................................................109

         Section 11.03.Limitation on Rights of Certificateholders..............................................110

         Section 11.04.Governing Law...........................................................................110

         Section 11.05.Notices.................................................................................111

         Section 11.06.Required Notices to Rating Agency and Subservicer.......................................111

         Section 11.07.Severability of Provisions..............................................................111

         Section 11.08.Supplemental Provisions for Resecuritization............................................112

</TABLE>

<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-1:               Form of Investor Representation Letter
Exhibit H-2:               Form of ERISA Representation Letter
Exhibit H-3:               Form of ERISA Legend
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 Agreemen
                           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

<PAGE>

         This is the Standard Terms of Pooling and Servicing Agreement, dated as
of December 1, 1999 (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:

<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

SECTION 1.01......DEFINITIONS.

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

         ACCRETION TERMINATION DATE:  As defined in the Series Supplement.

         ACCRUAL CERTIFICATES:  As defined in the Series Supplement.

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

         (i)      Prepayment  Interest  Shortfalls on all Mortgage  Loans or, if
                  the Mortgage Pool is comprised of two or more Loan Groups,  on
                  the  Mortgage  Loans in the related  Loan Group (to the extent
                  not  offset  by  the  Master   Servicer   with  a  payment  of
                  Compensating Interest as provided in Section 4.01),

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

          (iii)   the interest portion of Advances that were (A) previously made
                  with  respect  to a  Mortgage  Loan  or  REO  Property  on all
                  Mortgage Loans or, if the Mortgage Pool is comprised of two or
                  more Loan Groups,  on the  Mortgage  Loans in the related Loan
                  Group,   which  remained   unreimbursed   following  the  Cash
                  Liquidation  or REO  Disposition  of such Mortgage Loan or REO
                  Property or (B) made with respect to  delinquencies  that were
                  ultimately  determined  to be Excess  Special  Hazard  Losses,
                  Excess Fraud Losses, Excess Bankruptcy Losses or Extraordinary
                  Losses, and

         (iv)     any other interest shortfalls not covered by the subordination
                  provided by the Class M Certificates and Class B Certificates,
                  including  interest that is not collectible from the Mortgagor
                  pursuant to the  Soldiers'  and  Sailors'  Civil Relief Act of
                  1940, as amended,  or similar legislation or regulations as in
                  effect from time to time,

                                        2
<PAGE>

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     ADDENDUM AND ASSIGNMENT  AGREEMENT:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

         ADDITIONAL  COLLATERAL:  Any of the following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property  and other  property of whatever  kind or  description  now existing or
hereafter  acquired  which is  pledged as  security  for the  repayment  of such
Mortgage  Loan,  (ii)  third-party  guarantees,  and (A) all money,  securities,
security entitlements,  accounts, general intangibles,  instruments,  documents,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     ADDITIONAL  COLLATERAL  LOAN:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

         ADJUSTED  MORTGAGE RATE: With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     ADVANCE:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

         AFFILIATE:  With respect to any Person,  any other Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

                                        3

<PAGE>

     AMBAC:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

         AMOUNT HELD FOR FUTURE  DISTRIBUTION:  As to any Distribution Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Insurance Proceeds,  Principal Prepayments,  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 (ii)  payments  which  represent  early  receipt of  scheduled  payments  of
principal  and  interest  due on a date or dates  subsequent  to the related Due
Date.

         APPRAISED  VALUE: As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

         ASSIGNED CONTRACTS:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

         ASSIGNMENT:  An  assignment  of the  Mortgage,  notice of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

         ASSIGNMENT AGREEMENT:  The Assignment and Assumption  Agreement,  dated
the Closing Date,  between  Residential  Funding and the Company relating to the
transfer and assignment of the Mortgage Loans.

         ASSIGNMENT OF PROPRIETARY  LEASE:  With respect to a Cooperative  Loan,
the  assignment  of the  related  Cooperative  Lease from the  Mortgagor  to the
originator of the Cooperative Loan.

         AVAILABLE  DISTRIBUTION  AMOUNT:  As to any Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the

                                        4

<PAGE>

immediately preceding  Determination Date and amounts deposited in the Custodial
Account in connection  with the  substitution of Qualified  Substitute  Mortgage
Loans,  (ii)  the  amount  of any  Advance  made  on the  immediately  preceding
Certificate  Account Deposit Date, (iii) any amount deposited in the Certificate
Account on the related  Certificate  Account Deposit Date pursuant to the second
paragraph  of Section  3.12(a),  (iv) any amount  deposited  in the  Certificate
Account pursuant to Section 4.07, (v) any amount that the Master Servicer is not
permitted to withdraw  from the  Custodial  Account or the  Certificate  Account
pursuant to Section 3.16(e), (vi) any amount received by the Trustee pursuant to
the Surety Bond in respect of such  Distribution  Date and (vii) the proceeds of
any Pledged Assets received by the Master Servicer, reduced by (b) the sum as of
the close of business on the  immediately  preceding  Determination  Date of (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 the related  Prepayment
Period, 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  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.

         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.

                                        5

<PAGE>

         BUYDOWN MORTGAGE LOAN: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

         CASH  LIQUIDATION:  As to any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

     CERTIFICATE ACCOUNT DEPOSIT DATE: As to any Distribution Date, the Business
Day prior thereto.

         CERTIFICATEHOLDER  OR HOLDER: The Person in whose name a Certificate is
registered  in the  Certificate  Register,  except that  neither a  Disqualified
Organization  nor a  Non-United  States  Person  shall be a holder  of a Class R
Certificate  for  purposes  hereof  and,  solely  for the  purpose of giving any
consent or direction pursuant to this Agreement,  any Certificate,  other than a
Class R Certificate,  registered in the name of the Company, the Master Servicer
or  any  Subservicer  or  any  Affiliate  thereof  shall  be  deemed  not  to be
outstanding and the Percentage Interest or Voting Rights evidenced thereby shall
not be taken  into  account  in  determining  whether  the  requisite  amount of
Percentage  Interests or Voting  Rights  necessary to effect any such consent or
direction   has  been   obtained.   All   references   herein  to  "Holders"  or
"Certificateholders"  shall reflect the rights of Certificate Owners as they may
indirectly exercise such rights through the Depository and participating members
THEREOF,  EXCEPT AS OTHERWISE  SPECIFIED  HEREIN;  PROVIDED,  HOWEVER,  that the
Trustee shall be required to recognize as a "Holder" or "Certificateholder" only
the  Person  in  whose  name a  Certificate  is  registered  in the  Certificate
Register.

         CERTIFICATE OWNER: With respect to a Book-Entry Certificate, the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

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

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

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

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

                                        6

<PAGE>

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates then outstanding.

     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.

     CLASSA-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.

         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, 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,  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 and servicing compensation to which the Master Servicer may be
entitled pursuant to Section 3.10(a)(v) and (vi);  provided that for purposes of

                                        7
<PAGE>

this definition the amount of the Servicing Fee will not be reduced  pursuant to
Section  7.02  except as may be required  pursuant to the last  sentence of such
Section.

         COOPERATIVE:  A private,  cooperative housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

         COOPERATIVE  APARTMENT:  A dwelling unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

         COOPERATIVE  LEASE: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

         COOPERATIVE  LOANS:  Any of the  Mortgage  Loans  made in  respect of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

     COOPERATIVE   STOCK:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     COOPERATIVE  STOCK  CERTIFICATE:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

         CREDIT SUPPORT DEPLETION DATE: The first Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

     CREDIT SUPPORT PLEDGE AGREEMENT: The Credit Support Pledge Agreement, dated
as of November 24, 1998, among the Master Servicer,  GMAC Mortgage  Corporation,
Combined Collateral LLC and The First National Bank of

Chicago (now known as Bank One, National Association), as custodian.

     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.

                                        8

<PAGE>

         CUSTODIAL  AGREEMENT:  An agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

         CUSTODIAN:  A custodian appointed pursuant to a Custodial Agreement.

         CUT-OFF DATE  PRINCIPAL  BALANCE:  As to any Mortgage  Loan, the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

     DCR: Duff & Phelps Credit Rating Company, or its successor in interest.

         DEBT SERVICE REDUCTION:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

         DEFICIENT VALUATION:  With respect to any Mortgage Loan, a valuation by
a court of competent  jurisdiction  of the Mortgaged  Property in an amount less
than the then outstanding indebtedness under the Mortgage Loan, or any reduction
in the amount of principal to be paid in connection  with any scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

     DEFINITIVE   CERTIFICATE:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     DELETED  MORTGAGE  LOAN: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

         DELINQUENT: As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

         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.

                                        9

<PAGE>

         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: With respect to any Distribution Date, the 20th day
(or if such  20th  day is not a  Business  Day,  the  Business  Day  immediately
following such 20th day) of the month of the related Distribution Date.

         DISCOUNT  FRACTION:  With respect to each Discount  Mortgage  Loan, the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

         DISCOUNT  MORTGAGE  LOAN:  Any Mortgage Loan having a Net Mortgage Rate
(or the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate
per annum and any Mortgage  Loan deemed to be a Discount  Mortgage Loan pursuant
to the definition of Qualified Substitute Mortgage Loan.

         DISCOUNT NET MORTGAGE RATE:  As defined in the Series Supplement.

         DISQUALIFIED ORGANIZATION:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a corporation if all of its  activities  are subject to tax and,  except for the
FHLMC, 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.

                                        10
<PAGE>

         DISTRIBUTION  DATE:  The 25th day of any month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     DUE DATE: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

     DUE PERIOD: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

         ELIGIBLE  ACCOUNT:  An  account  that  is  any of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

         EVENT OF DEFAULT:  As defined in Section 7.01.

     EXCESS  BANKRUPTCY  LOSS: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     EXCESS FRAUD LOSS:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     EXCESS SPECIAL  HAZARD LOSS:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

         EXCESS SUBORDINATE  PRINCIPAL AMOUNT:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
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

                                        11

<PAGE>

more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

         EXTRAORDINARY EVENTS: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

(a)      losses that are of the type that would be covered by the fidelity  bond
         and the errors and omissions insurance policy required to be maintained
         pursuant  to  Section  3.12(b)  but  are  in  excess  of  the  coverage
         maintained thereunder;

(b)      nuclear reaction or nuclear radiation or radioactive contamination, all
         whether controlled or uncontrolled,  and whether such loss be direct or
         indirect,  proximate  or  remote or be in whole or in part  caused  by,
         contributed  to or aggravated  by a peril covered by the  definition of
         the term "Special Hazard Loss";

(c)      hostile or warlike action in time of peace or war,  including action in
         hindering,  combating  or  defending  against an actual,  impending  or
         expected attack:

1.   by any  government  or  sovereign  power,  de jure or de  facto,  or by any
     authority maintaining or using military, naval or air forces; or

2.       by military, naval or air forces; or

3.       by an agent of any such government, power, authority or forces;

(d) any weapon of war employing  atomic fission or radioactive  force whether in
time of peace or war; or

(e)      insurrection, rebellion, revolution, civil war, usurped power or action
         taken by  governmental  authority in hindering,  combating or defending
         against such an occurrence,  seizure or destruction under quarantine or
         customs regulations,  confiscation by order of any government or public
         authority; or risks of contraband or illegal transportation or trade.

     EXTRAORDINARY  LOSSES:  Any loss  incurred on a Mortgage  Loan caused by or
resulting from an Extraordinary Event.

     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.

                                        12

<PAGE>

         FHLMC:   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.

         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 IBCA:  Fitch IBCA, Inc. or its successor in interest.

         FNMA: 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.

         FORECLOSURE   PROFITS:   As  to  any   Distribution   Date  or  related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

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

     HIGHEST PRIORITY: As of any date of determination, the Class of Subordinate
Certificates  then outstanding with the earliest  priority for payments pursuant
to Section  4.02(a),  in the following  order:  Class M-1, Class M-2, Class M-3,
Class B-1, Class B-2 and Class B-3 Certificates.

         INDEPENDENT: When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

         INITIAL  CERTIFICATE  PRINCIPAL BALANCE:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

         INITIAL  MONTHLY  PAYMENT  FUND:  An  amount   representing   scheduled
principal amortization and interest at the Net Mortgage Rate for the Due Date in
the  first  Due  Period  commencing  subsequent  to the  Cut-off  Date for those
Mortgage  Loans for which the  Trustee  will not be  entitled  to  receive  such
payment, and as more specifically defined in the Series Supplement.

                                        13

<PAGE>
         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.

         INTERNATIONAL  BORROWER:  In  connection  with  any  Mortgage  Loan,  a
borrower who is (a) a United States citizen employed in a foreign country, (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country  other than the United States with income  derived from sources  outside
the United States.

     JUNIOR CERTIFICATEHOLDER: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

         JUNIOR CLASS OF  CERTIFICATES:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

         LATE  COLLECTIONS:  With  respect to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

         LIQUIDATION PROCEEDS:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

                                        14

<PAGE>
         LOAN GROUP:  Any group of Mortgage Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

         LOAN-TO-VALUE  RATIO:  As of any date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

         LOWER  PRIORITY:  As of any  date of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02 (a).

         LOWEST  PRIORITY:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

         MATURITY DATE: The latest possible  maturity date,  solely for purposes
of  Section  1.860G-1(a)(4)(iii)  of the  Treasury  regulations,  by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

         MERS(R)  SYSTEM:  The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

     MIN: The Mortgage  Identification Number for Mortgage Loans registered with
MERS on the MERS(R) System.

         MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

     MODIFIED  MORTGAGE  LOAN:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

         MODIFIED NET MORTGAGE RATE: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

         MOM  LOAN:  With  respect  to any  Mortgage  Loan,  MERS  acting as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

         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

                                        15

<PAGE>

adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

       MOODY'S:  Moody's Investors Service, Inc., or its successor in interest.

         MORTGAGE: With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

         MORTGAGE FILE: The mortgage documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

         MORTGAGE LOANS:  Such of the mortgage loans transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

         MORTGAGE LOAN SCHEDULE:  As defined in the Series Supplement.

         MORTGAGE  NOTE:  The  originally  executed  note or other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

     MORTGAGE POOL: The pool of mortgage  loans,  including all Loan Groups,  if
any, consisting of the Mortgage Loans.

     MORTGAGE  RATE:  As to any Mortgage  Loan,  the interest  rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

         MORTGAGED  PROPERTY:  The underlying real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

         MORTGAGOR:  The obligor on a Mortgage Note.

         NET  MORTGAGE  RATE:  As to each  Mortgage  Loan,  a per annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

     NON-DISCOUNT MORTGAGE LOAN: A Mortgage Loan that is not a Discount Mortgage
Loan.

                                             16

<PAGE>

     NON-PRIMARY  RESIDENCE  LOANS:  The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

     NON-UNITED STATES PERSON:  Any Person other than a United States Person.

         NONRECOVERABLE  ADVANCE:  Any Advance previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company and the Trustee.

     NONSUBSERVICED  MORTGAGE  LOAN:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is not subject to a Subservicing Agreement.

         NOTIONAL AMOUNT: With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

         OFFICERS'  CERTIFICATE:  A  certificate  signed by the  Chairman of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

         OPINION OF  COUNSEL:  A written  opinion of counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

         OUTSTANDING  MORTGAGE  LOAN:  As to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  Disposition  and which  was not  purchased,
deleted or  substituted  for prior to such Due Date  pursuant  to Section  2.02,
2.03, 2.04 or 4.07.

         OWNERSHIP  INTEREST:  As to any Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

         PASS-THROUGH RATE:  As defined in the Series Supplement.

     PAYING AGENT:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

                                             17

<PAGE>

         PERCENTAGE  INTEREST:  With  respect to any  Certificate  (other than a
Class R Certificate), the undivided percentage ownership interest in the related
Class evidenced by such Certificate,  which percentage  ownership interest shall
be equal  to the  Initial  Certificate  Principal  Balance  thereof  or  Initial
Notional Amount (in the case of any Interest Only  Certificate)  thereof divided
by the aggregate Initial  Certificate  Principal Balance or the aggregate of the
Initial  Notional  Amounts,  as applicable,  of all the Certificates of the same
Class.  With respect to a Class R Certificate,  the interest in distributions to
be made with respect to such Class evidenced thereby, expressed as a percentage,
as stated on the face of each such Certificate.

         PERMITTED INVESTMENTS:  One or more of the following:

(i)      obligations of or guaranteed as to principal and interest by the United
         States or any agency or  instrumentality  thereof when such obligations
         are backed by the full faith and credit of the United States;

(ii)     repurchase  agreements on obligations  specified in clause (i) maturing
         not more than one month from the date of acquisition thereof,  provided
         that the unsecured obligations of the party agreeing to repurchase such
         obligations  are at the time rated by each Rating Agency in its highest
         short-term rating available;

(iii)federal funds,  certificates of deposit, demand deposits, time deposits and
     bankers'  acceptances  (which  shall each have an original  maturity of not
     more than 90 days and,  in the case of  bankers'  acceptances,  shall in no
     event  have an  original  maturity  of more  than 365  days or a  remaining
     maturity of more than 30 days)  denominated in United States dollars of any
     U.S. depository institution or trust company incorporated under the laws of
     the  United  States or any state  thereof  or of any  domestic  branch of a
     foreign  depository  institution or trust  company;  provided that the debt
     obligations  of such  depository  institution  or trust company (or, if the
     only  Rating  Agency is  Standard  & Poor's,  in the case of the  principal
     depository  institution in a depository  institution holding company,  debt
     obligations of the depository  institution  holding company) at the date of
     acquisition  thereof  have been rated by each Rating  Agency in its highest
     short-term rating available;  and provided further that, if the only Rating
     Agency is  Standard & Poor's and if the  depository  or trust  company is a
     principal  subsidiary of a bank holding company and the debt obligations of
     such subsidiary are not separately  rated,  the applicable  rating shall be
     that of the bank  holding  company;  and,  provided  further  that,  if the
     original maturity of such short-term  obligations of a domestic branch of a
     foreign  depository  institution or trust company shall exceed 30 days, the
     short-term rating of such institution shall be A-1+ in the case of Standard
     & Poor's if Standard & Poor's is the Rating Agency;

(iv)     commercial  paper and demand notes (having  original  maturities of not
         more than 365 days) of any corporation  incorporated  under the laws of
         the United States or any state thereof which on the date of acquisition
         has been rated by each Rating Agency in its highest  short-term  rating
         available;  provided that such commercial  paper shall have a remaining
         maturity of not more than 30 days;

                                             18
<PAGE>

(v)      a money market fund or a qualified investment fund rated by each Rating
         Agency in its highest long-term rating available; and

(vi)     other  obligations  or  securities  that are  acceptable to each Rating
         Agency as a  Permitted  Investment  hereunder  and will not  reduce the
         rating  assigned to any Class of  Certificates  by such  Rating  Agency
         below the lower of the  then-current  rating or the rating  assigned to
         such  Certificates  as of the Closing  Date by such Rating  Agency,  as
         evidenced in writing;

PROVIDED,  HOWEVER,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term  debt shall mean AAA in the case of Standard & Poor's,  Fitch IBCA and
DCR 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,  D-1 in
the case of DCR and  either A-1 by  Standard & Poor's,  P-1 by Moody's or F-1 by
Fitch IBCA in the case of Fitch IBCA.

     PERMITTED TRANSFEREE: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.

         PERSON:  Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     PLEDGED AMOUNT: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined  Collateral  LLC, at the direction of or for the benefit of
the related Mortgagor.

         PLEDGED ASSET LOAN:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

         PLEDGED  ASSETS:   With  respect  to  any  Mortgage  Loan,  all  money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property and other property of whatever kind or description  pledged by Combined
Collateral LLC as security in respect of any Realized  Losses in connection with
such Mortgage  Loan up to the Pledged  Amount for such  Mortgage  Loan,  and any
related  collateral,  or such other collateral as may be set forth in the Series
Supplement.

         PLEDGED ASSET MORTGAGE SERVICING AGREEMENT:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

                                        19

<PAGE>

         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 related Prepayment
Period,  an  amount  equal to the  excess  of one  month's  interest  at the Net
Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified  Mortgage
Loan) on the Stated  Principal  Balance of such Mortgage Loan over the amount of
interest  (adjusted to the Net Mortgage  Rate (or Modified Net Mortgage  Rate in
the case of a Modified Mortgage Loan)) paid by the Mortgagor for such Prepayment
Period 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,  the  calendar  month
preceding the month of distribution.

     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.

                                             20

<PAGE>

     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
                  outstanding principal balance,  after such deduction),  not in
                  excess of the Stated Principal Balance of the Deleted Mortgage
                  Loan  (the  amount  of  any   shortfall  to  be  deposited  by
                  Residential  Funding in the Custodial  Account in the month of
                  substitution);

         (ii)     have a Mortgage Rate and a Net Mortgage Rate no lower than and
                  not more than 1% per annum higher than the  Mortgage  Rate and
                  Net Mortgage Rate, respectively,  of the Deleted Mortgage Loan
                  as of the date of substitution;

         (iii)    have a  Loan-to-Value  Ratio  at the time of  substitution  no
                  higher than that of the Deleted  Mortgage  Loan at the time of
                  substitution;

         (iv)     have a remaining term to stated maturity not greater than (and
                  not more than one year less than) that of the Deleted Mortgage
                  Loan;

          (v)  comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

          (vi) have a Pool  Strip  Rate  equal to or  greater  than  that of the
               Deleted Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

                                        21

<PAGE>

         (i)      the Pool Strip Rate of such Qualified Substitute Mortgage Loan
                  shall be equal to the Pool Strip Rate of the  related  Deleted
                  Mortgage  Loan for purposes of  calculating  the  Pass-Through
                  Rate on the Class A-V Certificates and

         (ii)     the excess of the Pool Strip Rate on such Qualified Substitute
                  Mortgage  Loan as  calculated  pursuant to the  definition  of
                  "Pool  Strip  Rate" over the Pool  Strip  Rate on the  related
                  Deleted  Mortgage  Loan  shall  be  payable  to  the  Class  R
                  Certificates pursuant to Section 4.02 hereof.

         RATING AGENCY: Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

         REALIZED LOSS:  With respect to each Mortgage Loan (or REO Property):

          (a)  as to which a Cash  Liquidation or REO  Disposition has occurred,
               an amount (not less than zero) equal to (i) the Stated  Principal
               Balance of the Mortgage  Loan (or REO Property) as of the date of
               Cash Liquidation or REO Disposition,  plus (ii) interest (and REO
               Imputed  Interest,  if any) at the Net Mortgage Rate from the Due
               Date  as  to  which   interest  was  last  paid  or  advanced  to
               Certificateholders  up to the Due Date in the Due Period  related
               to the  Distribution  Date on which  such  Realized  Loss will be
               allocated  pursuant  to  Section  4.05  on the  Stated  Principal
               Balance  of such  Mortgage  Loan  (or REO  Property)  outstanding
               during  each  Due  Period  that  such  interest  was not  paid or
               advanced,  minus (iii) the proceeds,  if any, received during the
               month  in  which  such  Cash  Liquidation  (or  REO  Disposition)
               occurred,  to the extent applied as recoveries of interest at the
               Net Mortgage Rate and to principal of the Mortgage  Loan,  net of
               the portion  thereof  reimbursable  to the Master Servicer or any
               Subservicer  with  respect to related  Advances or expenses as to
               which  the  Master   Servicer  or   Subservicer  is  entitled  to
               reimbursement  thereunder  but  which  have not  been  previously
               reimbursed,

         (b)      which is the  subject  of a  Servicing  Modification,  (i) the
                  amount by which the interest  portion of a Monthly  Payment or
                  the principal  balance of such Mortgage Loan was reduced,  and
                  (ii) any such amount with  respect to a Monthly  Payment  that
                  was or would have been due in the month immediately  following
                  the  month in which a  Principal  Prepayment  or the  Purchase
                  Price of such  Mortgage  Loan is received or is deemed to have
                  been received,

         (c)      which has become the  subject of a  Deficient  Valuation,  the
                  difference  between the principal balance of the Mortgage Loan
                  outstanding  immediately prior to such Deficient Valuation and
                  the  principal  balance of the Mortgage Loan as reduced by the
                  Deficient Valuation, or

         (d)      which has become the object of a Debt Service  Reduction,  the
                  amount of such Debt Service Reduction.

                                        22

<PAGE>

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

         RECORD  DATE:  With  respect to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

     REGULAR  CERTIFICATE:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

         REMIC ADMINISTRATOR:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

         REMIC PROVISIONS:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

         REO  ACQUISITION:  The  acquisition by the Master Servicer on behalf of
the  Trustee  for the  benefit  of the  Certificateholders  of any REO  Property
pursuant to Section 3.14.

         REO DISPOSITION:  As to any REO Property, a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

         REO IMPUTED INTEREST: As to any REO Property, for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

         REO PROCEEDS: Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
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.

                                        23

<PAGE>

         REO  PROPERTY:  A Mortgaged  Property  acquired by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

         REQUEST  FOR  RELEASE:  A request for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

         REQUIRED  INSURANCE  POLICY:  With  respect to any Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

         REQUIRED SURETY PAYMENT: With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     RESIDENTIAL   FUNDING:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

         RESPONSIBLE OFFICER: When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

         RETAIL CERTIFICATES:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

         SCHEDULE OF DISCOUNT FRACTIONS: The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

     SECURITY  AGREEMENT:  With respect to a  Cooperative  Loan,  the  agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

     SELLER: As to any Mortgage Loan, a Person, including any Subservicer,  that
executed a Seller's Agreement applicable to such Mortgage Loan.

         SELLER'S  AGREEMENT:  An  agreement  for the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

                                        24

<PAGE>

         SENIOR  ACCELERATED  DISTRIBUTION  PERCENTAGE:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

(i)      for any Distribution  Date after the 60th  Distribution  Date but on or
         prior to the 72nd Distribution  Date, the related Senior Percentage for
         such Distribution Date plus 70% of the related  Subordinate  Percentage
         for such Distribution Date;

(ii)     for any Distribution  Date after the 72nd  Distribution  Date but on or
         prior to the 84th Distribution  Date, the related Senior Percentage for
         such Distribution Date plus 60% of the related  Subordinate  Percentage
         for such Distribution Date;

(iii)    for any Distribution  Date after the 84th  Distribution  Date but on or
         prior to the 96th Distribution  Date, the related Senior Percentage for
         such Distribution Date plus 40% of the related  Subordinate  Percentage
         for such Distribution Date;

(iv)     for any Distribution  Date after the 96th  Distribution  Date but on or
         prior to the 108th Distribution Date, the related Senior Percentage for
         such Distribution Date plus 20% of the related  Subordinate  Percentage
         for such Distribution Date; and

(v)  for any  Distribution  Date  thereafter,  the  Senior  Percentage  for such
     Distribution Date;

PROVIDED, HOWEVER,

         (i) that any scheduled reduction to the Senior Accelerated Distribution
Percentage  described above shall not occur as of any  Distribution  Date unless
either

                  (a)(1)(X) the  outstanding  principal  balance of the Mortgage
         Loans delinquent 60 days or more averaged over the last six months,  as
         a percentage of the aggregate outstanding Certificate Principal Balance
         of  the  Subordinate  Certificates,   is  less  than  50%  or  (Y)  the
         outstanding  principal  balance of Mortgage Loans delinquent 60 days or
         more  averaged  over  the  last  six  months,  as a  percentage  of the
         aggregate  outstanding principal balance of all Mortgage Loans averaged
         over the last six months, does not exceed 2% and (2) Realized Losses on
         the  Mortgage  Loans to date for such  Distribution  Date if  occurring
         during the  sixth,  seventh,  eighth,  ninth or tenth year (or any year
         thereafter)  after the Closing Date are less than 30%, 35%, 40%, 45% or
         50%,  respectively,  of the sum of the  Initial  Certificate  Principal
         Balances of the Subordinate Certificates or

                   (b)(1) the  outstanding  principal  balance of Mortgage Loans
         delinquent  60 days or more  averaged  over the last six  months,  as a
         percentage  of  the  aggregate  outstanding  principal  balance  of all
         Mortgage  Loans  averaged over the last six months,  does not exceed 4%
         and  (2)  Realized  Losses  on the  Mortgage  Loans  to date  for  such
         Distribution  Date,  if occurring  during the sixth,  seventh,  eighth,
         ninth or tenth year (or any year thereafter) after the Closing Date are
         less than 10%,  15%, 20%, 25% or 30%,  respectively,  of the sum of the
         Initial Certificate Principal Balances of the Subordinate Certificates,
         and

                                        25

<PAGE>

         (ii) that for any Distribution  Date on which the Senior  Percentage is
greater  than  the  Senior  Percentage  as  of  the  Closing  Date,  the  Senior
Accelerated  Distribution  Percentage for such  Distribution Date shall be 100%,
or,  if the  Mortgage  Pool is  comprised  of two or more Loan  Groups,  for any
Distribution  Date on which the weighted  average of the Senior  Percentages for
each Loan Group,  weighted on the basis of the Stated Principal  Balances of the
Mortgage  Loans in the related Loan Group,  exceeds the weighted  average of the
initial Senior Percentages  (calculated on such basis) for each Loan Group, each
of the Senior  Accelerated  Distribution  Percentages for such Distribution Date
will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

         SENIOR CERTIFICATE:  AS DEFINED IN THE Series Supplement.

         SENIOR PERCENTAGE: As defined in the Series Supplement.

         SENIOR  SUPPORT   CERTIFICATE:   A  Senior  Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

     SERIES: All of the Certificates  issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.

         SERIES  SUPPLEMENT:  The agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

     SERVICING ACCOUNTS: The account or accounts created and maintained pursuant
to Section 3.08.

         SERVICING  ADVANCES:  All  customary,  reasonable and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or judicial  proceedings,  including  foreclosures,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

         SERVICING FEE: With respect to any Mortgage Loan and Distribution Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

                                        26

<PAGE>

         SERVICING  MODIFICATION:  Any  reduction of the interest rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

         SERVICING  OFFICER:  Any officer of the Master Servicer involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

         SPECIAL HAZARD LOSS: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

         STANDARD & POOR'S:  Standard & Poor's,  a division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

         STATED PRINCIPAL BALANCE:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case which  were  distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss  allocated  to  Certificateholders  with  respect  thereto for any previous
Distribution Date.

         SUBCLASS:  With  respect to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

         SUBORDINATE CERTIFICATE: Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

         SUBORDINATE CLASS PERCENTAGE: With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
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.

                                        27

<PAGE>

         SUBORDINATE  PERCENTAGE:  As of any Distribution Date and, with respect
to any Mortgage Pool comprised of two or more Loan Groups,  any Loan Group, 100%
minus the related Senior Percentage as of such Distribution Date.

     SUBSERVICED MORTGAGE LOAN: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

         SUBSERVICER:  Any Person with whom the Master Servicer has entered into
a Subservicing  Agreement and who generally satisfied the requirements set forth
in the Program Guide in respect of the  qualification of a Subservicer as of the
date of its approval as a Subservicer by the Master Servicer.

         SUBSERVICER  ADVANCE:  Any  delinquent  installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     SUBSERVICING ACCOUNT: An account established by a Subservicer in accordance
with Section 3.08.

         SUBSERVICING  AGREEMENT:   The  written  contract  between  the  Master
Servicer and any Subservicer relating to servicing and administration of certain
Mortgage  Loans  as  provided  in  Section  3.02,  generally  in the form of the
servicer contract referred to or contained in the Program Guide or in such other
form as has been approved by the Master  Servicer and the Company.  With respect
to Additional  Collateral Loans subserviced by MLCC, the Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

         SUBSERVICING  FEE: As to any Mortgage Loan, the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     SURETY:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

         SURETY BOND:  The Limited  Purpose  Surety Bond (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

                                        28

<PAGE>

         TAX RETURNS:  The federal income tax return on Internal Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     TRANSFER: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     TRANSFEREE:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     TRANSFEROR:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

         TRUST FUND:  The segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

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

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

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

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

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

         UNIFORM SINGLE  ATTESTATION  PROGRAM FOR MORTGAGE BANKERS:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

                                        29

<PAGE>

         UNINSURED  CAUSE: Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

         UNITED STATES  PERSON:  A citizen or resident of the United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws of, the United  States,  any state  thereof,  or the  District  of Columbia
(except  in the  case of a  partnership,  to the  extent  provided  in  Treasury
regulations)  or  any  political  subdivision  thereof,  or an  estate  that  is
described in Section 7701(a)(30)(D) of the Code, or a trust that is described in
Section 7701(a)(30)(E) of the Code.

     VOTING RIGHTS:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

SECTION 1.02.     USE OF WORDS AND PHRASES.

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

                                     30

<PAGE>

                                   ARTICLE II
                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

SECTION 2.01.     CONVEYANCE OF MORTGAGE LOANS.

(a) The Company,  concurrently  with the  execution  and delivery  hereof,  does
hereby assign to the Trustee without recourse all the right,  title and interest
of the  Company  in and  to the  Mortgage  Loans,  including  all  interest  and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).  In connection  with such transfer and  assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

(b) In connection with such  assignment,  except as set forth in Section 2.01(c)
and subject to Section  2.01(d)  below,  the Company does hereby deliver to, and
deposit with, the Trustee,  or to and with one or more  Custodians,  as the duly
appointed  agent or  agents  of the  Trustee  for such  purpose,  the  following
documents or  instruments  (or copies  thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):

(i)      The original  Mortgage Note,  endorsed without recourse to the order of
         the Trustee,  and showing an unbroken  chain of  endorsements  from the
         originator  thereof to the Person endorsing it to the Trustee,  or with
         respect to any Destroyed Mortgage Note, an original lost note affidavit
         from  the  related  Seller  or  Residential  Funding  stating  that the
         original Mortgage Note was lost, misplaced or destroyed,  together with
         a copy of the related Mortgage Note;

(ii)     The original  Mortgage,  noting the presence of the MIN of the Mortgage
         Loan and language  indicating  that the Mortgage  Loan is a MOM Loan if
         the Mortgage Loan is a MOM Loan,  with evidence of recording  indicated
         thereon or a copy of the  Mortgage  certified  by the public  recording
         office in which such Mortgage has been recorded;

(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  certified by
         the public recording office in which such assignment has been recorded;

(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  certified by the public
         recording  office in which such  assignment  or  assignments  have been
         recorded; and

                                        31

<PAGE>

(v)      The original of each  modification,  assumption  agreement or preferred
         loan  agreement,  if any,  relating to such  Mortgage Loan or a copy of
         each  modification,  assumption  agreement or preferred  loan agreement
         certified  by the public  recording  office in which such  document has
         been recorded.

         and (II) with respect to each Cooperative Loan so assigned:

(i)      The original  Mortgage Note,  endorsed without recourse to the order of
         the  Trustee and showing an  unbroken  chain of  endorsements  from the
         originator  thereof to the Person endorsing it to the Trustee,  or with
         respect to any Destroyed Mortgage Note, an original lost note affidavit
         from  the  related  Seller  or  Residential  Funding  stating  that the
         original Mortgage Note was lost, misplaced or destroyed,  together with
         a copy of the related Mortgage Note;

(ii)     A  counterpart  of  the   Cooperative   Lease  and  the  Assignment  of
         Proprietary  Lease  to the  originator  of the  Cooperative  Loan  with
         intervening  assignments  showing an unbroken  chain of title from such
         originator to the Trustee;

(iii)    The related  Cooperative  Stock  Certificate,  representing the related
         Cooperative  Stock  pledged  with  respect  to such  Cooperative  Loan,
         together  with an undated  stock  power (or other  similar  instrument)
         executed in blank;

(iv)     The original recognition  agreement by the Cooperative of the interests
         of the mortgagee with respect to the related Cooperative Loan;

(v)      The Security Agreement;

(vi)     Copies of the original UCC-1 financing statement,  and any continuation
         statements, filed by the originator of such Cooperative Loan as secured
         party, each with evidence of recording thereof, evidencing the interest
         of the  originator  under the Security  Agreement and the Assignment of
         Proprietary Lease;

(vii)    Copies  of  the  filed  UCC-3  assignments  of  the  security  interest
         referenced in clause (vi) above showing an unbroken chain of title from
         the originator to the Trustee, each with evidence of recording thereof,
         evidencing the interest of the originator under the Security  Agreement
         and the Assignment of Proprietary Lease;

(viii)   An  executed  assignment  of  the  interest  of the  originator  in the
         Security Agreement, Assignment of Proprietary Lease and the recognition
         agreement referenced in clause (iv) above, showing an unbroken chain of
         title from the originator to the Trustee;

(ix)     The original of each  modification,  assumption  agreement or preferred
         loan agreement, if any, relating to such Cooperative Loan; and

(x)      An executed UCC-1  financing  statement  showing the Master Servicer as
         debtor, the Company as secured party and the Trustee as assignee and an
         executed UCC-1  financing  statement  showing the Company as debtor and
         the Trustee as secured  party,  each in a form  sufficient  for filing,
         evidencing the interest of such debtors in the Cooperative Loans.

                                        32

<PAGE>

(c) The Company may, in lieu of  delivering  the  documents set forth in Section
2.01(b)(I)(iv) and (v) and Section (b)(II)(ii), (iv), (vii), (ix) and (x) 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 below.  Within thirty  Business Days  following the earlier of (i) the
receipt of the  original of each of the  documents or  instruments  set forth in
Section  2.01(b)(I)(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) In  connection  with any Mortgage  Loan, if the Company  cannot  deliver the
Mortgage, any assignment,  modification,  assumption agreement or preferred loan
agreement  (or copy  thereof  certified  by the public  recording  office)  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 true and  correct  photocopy  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  certified by the public  recording  office) with  evidence of recording
indicated  thereon upon receipt thereof from the public recording office or from
the related Subservicer.  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.

                                        33

<PAGE>

         If the Company  delivers to the Trustee or Custodian  any Mortgage Note
or  Assignment  of Mortgage  in blank,  the  Company  shall,  or shall cause the
Custodian to,  complete the  endorsement of the Mortgage Note and the Assignment
of Mortgage in the name of the Trustee within 45 days after the Closing Date, as
contemplated by Section 2.02.

         Any of the  items  set  forth in  Sections  2.01(b)(I)(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,  on or prior to 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  "[IDENTIFY  TRUSTEE  SPECIFIC  CODE]" IN THE FIELD  "[IDENTIFY THE
FIELD  NAME  FOR  TRUSTEE]"  which  identifies  the  Trustee  and (b)  THE  CODE
"[IDENTIFY  SERIES  SPECIFIC  CODE  NUMBER]"  in the field  "Pool  Field"  which
identifies  the  series  of the  Certificates  issued  in  connection  with such
Mortgage Loans. The Company further agrees that it will not, and will not permit
the Master  Servicer to, and the Master  Servicer agrees that it will not, alter
the codes  referenced in this paragraph with respect to any Mortgage Loan during
the term of this Agreement unless and until such Mortgage Loan is repurchased in
accordance with the terms of this Agreement.

(e) Residential  Funding hereby assigns to the Trustee its security  interest in
and to any Additional Collateral or Pledged Assets, its right to receive amounts
due or to become due in respect of any  Additional  Collateral or Pledged Assets
pursuant to the related  Subservicing  Agreement  and its rights as  beneficiary
under the Surety  Bond in  respect  of any  Additional  Collateral  Loans.  With
respect to any  Additional  Collateral  Loan or Pledged Asset Loan,  Residential
Funding  shall  cause to be filed in the  appropriate  recording  office a UCC-3
statement  giving notice of the assignment of the related  security  interest to
the Trust Fund and shall  thereafter  cause the timely  filing of all  necessary
continuation statements with regard to such financing statements.

(f) It is  intended  that the  conveyance  by the  Company to the Trustee of the
Mortgage  Loans as provided for in this  Section 2.01 be and the  Uncertificated
REMIC Regular Interests,  if any (as provided for in Section 2.06), be construed
as a  sale  by the  Company  to  the  Trustee  of the  Mortgage  Loans  and  any
Uncertificated    REMIC    Regular    Interests   for   the   benefit   of   the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential  Funding,  or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended  that (a) this  Agreement  shall be a  security  agreement  within  the
meaning of  Articles  8 and 9 of the New York  Uniform  Commercial  Code and the
Uniform Commercial Code of any other applicable jurisdiction; (b) the conveyance
provided  for in Section  2.01 shall be deemed to be, and hereby is, (1) a grant
by the  Company to the Trustee of a security  interest  in all of the  Company's
right (including the power to convey title thereto), title and interest, whether
now owned or  hereafter  acquired,  in and to any and all  general  intangibles,

                                        34

<PAGE>

accounts,  chattel  paper,  instruments,  documents,  money,  deposit  accounts,
certificates  of  deposit,  goods,  letters  of  credit,  advices  of credit and
investment  property  and other  property of whatever  kind or  description  now
existing or hereafter acquired consisting of, arising from or relating to any of
the  following:  (A) the  Mortgage  Loans,  including  (i) with  respect to each
Cooperative Loan, the related Mortgage Note, Security  Agreement,  Assignment of
Proprietary  Lease,  Cooperative Stock  Certificate and Cooperative  Lease, (ii)
with respect to each Mortgage Loan other than a  Cooperative  Loan,  the related
Mortgage  Note and  Mortgage,  and (iii) any  insurance  policies  and all other
documents in the related  Mortgage File, (B) all amounts payable pursuant to the
Mortgage  Loans in accordance  with the terms  thereof,  (C) any  Uncertificated
REMIC  Regular  Interests and (D) all proceeds of the  conversion,  voluntary or
involuntary,  of the  foregoing  into  cash,  instruments,  securities  or other
property,  including  without  limitation  all amounts from time to time held or
invested in the  Certificate  Account or the Custodial  Account,  whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the  Company  to the  Trustee  of  any  security  interest  in  any  and  all of
Residential Funding's right (including the power to convey title thereto), title
and interest,  whether now owned or hereafter  acquired,  in and to the property
described  in the  foregoing  clauses  (1)(A),  (B),  (C)  and  (D)  granted  by
Residential Funding to the Company pursuant to the Assignment Agreement; (c) the
possession  by the Trustee,  the  Custodian or any other agent of the Trustee of
Mortgage Notes or such other items of property as constitute instruments, money,
negotiable documents,  goods, letters of credit,  advices of credit,  investment
property,  certificated  securities  or  chattel  paper  shall be  deemed  to be
"possession  by the secured  party," or  possession  by a purchaser  or a person
designated  by such  secured  party,  for  purposes of  perfecting  the security
interest  pursuant  to the  Minnesota  Uniform  Commercial  Code and the Uniform
Commercial  Code  of  any  other  applicable  jurisdiction  (including,  without
limitation,  Sections 8-106, 9-305 and 9-115 thereof);  and (d) notifications to
persons holding such property,  and  acknowledgments,  receipts or confirmations
from  persons  holding  such  property,  shall be  deemed  notifications  to, or
acknowledgments,  receipts or  confirmations  from,  securities  intermediaries,
bailees or agents of, or persons holding for (as applicable) the Trustee for the
purpose of perfecting such security interest under applicable law.

         The Company and, at the Company's  direction,  Residential  Funding and
the Trustee  shall,  to the extent  consistent  with this  Agreement,  take such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other

                                        35

<PAGE>

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.

(g) The Master  Servicer  hereby  acknowledges  the receipt by it of the Initial
Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial  Monthly
Payment Fund in the  Custodial  Account and shall  include such Initial  Monthly
Payment Fund in the Available  Distribution Amount for the initial  Distribution
Date.  Notwithstanding  anything  herein to the  contrary,  the Initial  Monthly
Payment Fund shall not be an asset of any REMIC.  To the extent that the Initial
Monthly Payment Fund constitutes a reserve fund for federal income tax purposes,
(1) it shall be an outside  reserve  fund and not an asset of any REMIC,  (2) it
shall be owned by the Seller  and (3)  amounts  transferred  by any REMIC to the
Initial  Monthly  Payment Fund shall be treated as  transferred to the Seller or
any  successor,  all within the meaning of Section  1.860G-2(h)  of the Treasury
Regulations.

(h) The Company agrees that the sale of each Pledged Asset Loan pursuant to this
Agreement will also constitute the assignment, sale, setting-over,  transfer and
conveyance  to the  Trustee,  without  recourse  (but  subject to the  Company's
covenants,  representations and warranties specifically provided herein), of all
of the Company's  obligations and all of the Company's right, title and interest
in, to and under,  whether now  existing or  hereafter  acquired as owner of the
Mortgage  Loan with  respect to all money,  securities,  security  entitlements,
accounts, general intangibles,  instruments, documents, certificates of deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever kind or  description  consisting of, arising from or related to (i) the
Assigned Contracts, (ii) all rights, powers and remedies of the Company as owner
of such  Mortgage  Loan  under or in  connection  with the  Assigned  Contracts,
whether arising under the terms of such Assigned  Contracts,  by statute, at law
or in equity,  or otherwise arising out of any default by the Mortgagor under or
in connection with the Assigned Contracts,  including all rights to exercise any
election  or  option  or to make any  decision  or  determination  or to give or
receive any notice, consent,  approval or waiver thereunder,  (iii) all security
interests  in and lien of the  Company  as owner  of such  Mortgage  Loan in the
Pledged  Amounts and all money,  securities,  security  entitlements,  accounts,
general   intangibles,   instruments,   documents,   certificates   of  deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever  kind or  description  and all cash and non-cash  proceeds of the sale,
exchange,  or  redemption  of,  and all stock or  conversion  rights,  rights to
subscribe,  liquidation  dividends or preferences,  stock  dividends,  rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or  other  distributions  of cash or  other  property  that is  credited  to the
Custodial  Account,  (iv)  all  documents,  books  and  records  concerning  the
foregoing  (including  all computer  programs,  tapes,  disks and related  items
containing  any such  information)  and (v) all  insurance  proceeds  (including
proceeds  from the  Federal  Deposit  Insurance  Corporation  or the  Securities
Investor  Protection  Corporation or any other insurance  company) of any of the
foregoing  or  replacements  thereof  or  substitutions  therefor,  proceeds  of
proceeds and the  conversion,  voluntary  or  involuntary,  of any thereof.  The
foregoing transfer,  sale,  assignment and conveyance does not constitute and is
not intended to result in the creation,  or an assumption by the Trustee, of any
obligation of the Company,  or any other person in  connection  with the Pledged
Assets or under any  agreement or  instrument  relating  thereto,  including any
obligation to the Mortgagor, other than as owner of the Mortgage Loan.

                                        36

<PAGE>

SECTION 2.02.     ACCEPTANCE BY TRUSTEE.

         The Trustee  acknowledges  receipt (or, with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i) through (iii) above (except that for purposes of such acknowledgement
only, a Mortgage Note may be endorsed in blank and an Assignment of Mortgage may
be 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. 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. The Trustee or Custodian
(such Custodian being so obligated under a Custodial Agreement) agrees to review
each Mortgage File  delivered to it pursuant to Section  2.01(c)  within 45 days
after receipt  thereof to ascertain that all documents  required to be delivered
pursuant to such Section have been received,  and that such documents  relate to
the Mortgage Loans  identified on the Mortgage Loan Schedule,  as  supplemented,
that have been conveyed to it.

         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

                                        37

<PAGE>

Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing,  if the  Subservicer or
Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the
Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at its own
expense and without any right of reimbursement,  shall cause MERS to execute and
deliver an  assignment  of the  Mortgage  in  recordable  form to  transfer  the
Mortgage from MERS to such  Subservicer  or Seller and shall cause such Mortgage
to be removed from  registration  on the MERS(R) System in accordance with MERS'
rules and  regulations.  It is understood  and agreed that the obligation of the
Seller  or the  Subservicer,  as the case  may be,  to so cure or  purchase  any
Mortgage  Loan as to which a material  and  adverse  defect in or  omission of a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect or omission available to  Certificateholders  or the Trustee on behalf of
the  Certificateholders.  Notwithstanding  the  foregoing,  it is understood and
agreed that the Master Servicer shall use its best efforts to substitute, within
60 days of the Closing Date,  Qualified Substitute Mortgage Loans to replace any
of the Mortgage Loans  identified on Schedule I hereto with respect to which any
document or documents  constituting  a part of the Mortgage  File are missing or
defective  in any  material  respect if the  Master  Servicer  cannot  cure such
omission or defect within such 60 day period.

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;

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<PAGE>

(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;

(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

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<PAGE>

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.

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  such  Seller's  Agreement  relates  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 or 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

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<PAGE>

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
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,
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 right,  title and  interest in
respect of the Seller's  Agreement and the  Assignment  Agreement  applicable to
such Mortgage Loan.

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<PAGE>

                                   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.
The Trustee  shall  furnish the Master  Servicer with any powers of attorney and
other  documents  necessary  or  appropriate  to enable the Master  Servicer  to

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<PAGE>

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
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

                                        44

<PAGE>

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,
to the  extent  that the  non-performance  of any such  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.

SECTION 3.03.     SUCCESSOR SUBSERVICERS.

         The Master  Servicer  shall be entitled to terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of THIS  AGREEMENT;
PROVIDED,  HOWEVER,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

                                        45

<PAGE>

SECTION 3.04.     LIABILITY OF THE MASTER SERVICER.

         Notwithstanding  any Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

SECTION 3.05.     NO CONTRACTUAL RELATIONSHIP BETWEEN SUBSERVICER AND
                           TRUSTEE OR CERTIFICATEHOLDERS.

         Any  Subservicing  Agreement  that may be  entered  into and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

SECTION 3.06.   ASSUMPTION OR TERMINATION OF SUBSERVICING AGREEMENTS BY TRUSTEE.

(a) If the Master Servicer shall for any reason no longer be the master servicer
(including by reason of an Event of Default),  the Trustee,  its designee or its
successor shall thereupon assume all of the rights and obligations of the Master
Servicer under each Subservicing  Agreement that may have been entered into. The
Trustee,  its designee or the successor servicer for the Trustee shall be deemed
to have  assumed  all of the  Master  Servicer's  interest  therein  and to have
replaced  the Master  Servicer as a party to the  Subservicing  Agreement to the
same extent as if the  Subservicing  Agreement had been assigned to the assuming
party  except  that the Master  Servicer  shall not  thereby be  relieved of any
liability or obligations under the Subservicing Agreement.

(b) The Master Servicer shall, upon request of the Trustee but at the expense of
the Master  Servicer,  deliver to the assuming  party all  documents and records
relating  to each  Subservicing  Agreement  and the  Mortgage  Loans  then being
serviced and an accounting of amounts collected and held by it and otherwise use
its  best  efforts  to  effect  the  orderly  and  efficient  transfer  of  each
Subservicing Agreement to the assuming party.

                                        46

<PAGE>

SECTION 3.07.     COLLECTION OF CERTAIN MORTGAGE LOAN PAYMENTS;
                           DEPOSITS TO CUSTODIAL ACCOUNT.

(a) The Master  Servicer shall make  reasonable  efforts to collect all payments
called for under the terms and provisions of the Mortgage  Loans,  and shall, to
the extent such procedures shall be consistent with this Agreement and the terms
and provisions of any related Primary Insurance  Policy,  follow such collection
procedures as it would employ in its good faith business  judgment and which are
normal and usual in its general mortgage servicing  activities.  Consistent with
the  foregoing,  the Master  Servicer may in its  discretion  (i) waive any late
payment charge or any prepayment  charge or penalty  interest in connection with
the  prepayment of a Mortgage Loan and (ii) extend the Due Date for payments due
on a Mortgage Loan in accordance with the Program Guide; PROVIDED, HOWEVER, that
the Master Servicer shall first determine that any such waiver or extension will
not impair the coverage of any related  Primary  Insurance  Policy or materially
adversely  affect  the lien of the  related  Mortgage.  In the event of any such
arrangement,  the Master  Servicer  shall make  timely  advances  on the related
Mortgage Loan during the scheduled  period in accordance  with the  amortization
schedule of such  Mortgage Loan without  modification  thereof by reason of such
arrangements  unless  otherwise  agreed  to by the  Holders  of the  CLASSES  OF
CERTIFICATES AFFECTED THEREBY;  PROVIDED,  HOWEVER, that no such extension shall
be made if any such advance would be a Nonrecoverable  Advance.  Consistent with
the terms of this Agreement,  the Master Servicer may also waive, modify or vary
any  term  of any  Mortgage  Loan  or  consent  to the  postponement  of  strict
compliance with any such term or in any manner grant indulgence to any Mortgagor
if  in  the  Master   Servicer's   determination   such  waiver,   modification,
postponement  or  indulgence is not  materially  adverse to the interests of the
Certificateholders  (taking into account any estimated  Realized Loss that might
result absent such action); PROVIDED,  HOWEVER, that the Master Servicer may not
modify  materially  or permit  any  Subservicer  to modify  any  Mortgage  Loan,
including  without  limitation any  modification  that would change the Mortgage
Rate,  forgive the payment of any  principal or interest  (unless in  connection
with the  liquidation of the related  Mortgage Loan or except in connection with
prepayments to the extent that such  reamortization is not inconsistent with the
terms of the Mortgage  Loan), or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in DEFAULT OR, IN THE JUDGMENT OF THE MASTER
SERVICER, SUCH DEFAULT IS REASONABLY FORESEEABLE; AND PROVIDED, further, that no
such  modification  shall reduce the interest  rate on a Mortgage Loan below the
sum of the Pool Strip Rate and the sum of the rates at which the  Servicing  Fee
and the  Subservicing  Fee  with  respect  to such  Mortgage  Loan  accrues.  In
connection with any Curtailment of a Mortgage Loan, the Master Servicer,  to the
extent not  inconsistent  with the terms of the Mortgage  Note and local law and
practice,  may permit the Mortgage Loan to be reamortized  such that the Monthly
Payment is  recalculated  as an amount that will fully  amortize  the  remaining
Stated  Principal  Balance  thereof by the original  Maturity  Date based on the
original  Mortgage  Rate;  provided,  that  such  re-amortization  shall  not be
permitted if it would  constitute a reissuance  of the Mortgage Loan for federal
income  tax  purposes,  except  if such  reissuance  is  described  in  Treasury
Regulation Section 1.860G-2(b)(3).

(b) The Master  Servicer  shall  establish  and maintain a Custodial  Account in
which the Master  Servicer  shall  deposit or cause to be  deposited  on a daily
basis, except as otherwise  specifically provided herein, the following payments
and  collections  remitted by  Subservicers  or received by it in respect of the
Mortgage  Loans  subsequent  to the  Cut-off  Date  (other  than in  respect  of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):

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(i)      All payments on account of principal,  including Principal  Prepayments
         made by Mortgagors on the Mortgage Loans and the principal component of
         any Subservicer  Advance or of any REO Proceeds  received in connection
         with an REO Property for which an REO Disposition has occurred;

(ii)     All  payments on account of interest at the Adjusted  Mortgage  Rate on
         the Mortgage Loans,  including  Buydown Funds, if any, and the interest
         component of any Subservicer Advance or of any REO Proceeds received in
         connection  with an REO  Property  for  which  an REO  Disposition  has
         occurred;

(iii) Insurance  Proceeds and Liquidation  Proceeds (net of any related expenses
of the Subservicer);

(iv)     All proceeds of any Mortgage Loans purchased  pursuant to Section 2.02,
         2.03,  2.04 or  4.07  and  all  amounts  required  to be  deposited  in
         connection  with the  substitution of a Qualified  Substitute  Mortgage
         Loan pursuant to Section 2.03 or 2.04;

(v)    Any amounts required to be deposited pursuant to Section 3.07(c) or 3.21;

(vi)     All amounts  transferred from the Certificate  Account to the Custodial
         Account in accordance with Section 4.02(a);

(vii)    Any amounts  realized  by the  Subservicer  and  received by the Master
         Servicer in respect of any Additional Collateral; and

(viii) Any amounts received by the Master Servicer in respect of Pledged Assets.

The  foregoing  requirements  for  deposit  in the  Custodial  Account  shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

         With respect to Insurance Proceeds,  Liquidation Proceeds, REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received

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(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

(c) The Master  Servicer  shall use its best  efforts  to cause the  institution
maintaining the Custodial  Account to invest the funds in the Custodial  Account
attributable to the Mortgage Loans in Permitted  Investments  which shall mature
not later than the  Certificate  Account Deposit Date next following the date of
such investment (with the exception of the Amount Held for Future  Distribution)
and which shall not be sold or disposed of prior to their maturities. All income
and gain  realized  from any such  investment  shall be for the  benefit  of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal  or order from time to time.  The amount of any  losses  incurred  in
respect of any such  investments  attributable  to the  investment of amounts in
respect of the Mortgage Loans shall be deposited in the Custodial Account by the
Master Servicer out of its own funds  immediately as realized  without any right
of reimbursement.

(d) The Master  Servicer shall give notice to the Trustee and the Company of any
change  in the  location  of the  Custodial  Account  and  the  location  of the
Certificate Account prior to the use thereof.

SECTION 3.08.     SUBSERVICING ACCOUNTS; SERVICING ACCOUNTS.

(a) In those cases where a Subservicer  is servicing a Mortgage Loan pursuant to
a  Subservicing  Agreement,  the Master  Servicer  shall cause the  Subservicer,
pursuant to the  Subservicing  Agreement,  to establish and maintain one or more
Subservicing  Accounts which shall be an Eligible Account or, if such account is
not an Eligible Account, shall generally satisfy the requirements of the Program
Guide and be otherwise acceptable to the Master Servicer and each Rating Agency.
The  Subservicer  will be  required  thereby  to deposit  into the  Subservicing
Account  on a daily  basis  all  proceeds  of  Mortgage  Loans  received  by the
Subservicer,  less its Subservicing Fees and unreimbursed advances and expenses,
to the extent  permitted  by the  Subservicing  Agreement.  If the  Subservicing
Account is not an Eligible Account,  the Master Servicer shall be deemed to have
received such monies upon receipt  thereof by the  Subservicer.  The Subservicer
shall not be  required  to  deposit  in the  Subservicing  Account  payments  or
collections  in the nature of  prepayment  charges or late charges or assumption
fees.  On or before the date  specified  in the Program  Guide,  but in no event
later  than  the  Determination  Date,  the  Master  Servicer  shall  cause  the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

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(b)  The  Subservicer  may  also  be  required,  pursuant  to  the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following month. Any amounts paid by a
Subservicer  pursuant to the preceding  sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).

(c) In addition to the Custodial Account and the Certificate Account, the Master
Servicer  shall  for any  Nonsubserviced  Mortgage  Loan,  and  shall  cause the
Subservicers  for Subserviced  Mortgage Loans to,  establish and maintain one or
more Servicing  Accounts and deposit and retain therein all collections from the
Mortgagors   (or  advances  from   Subservicers)   for  the  payment  of  taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

(d) The Master Servicer shall advance the payments  referred to in the preceding
subsection  that  are not  timely  paid by the  Mortgagors  or  advanced  by the
Subservicers  on the date when the tax,  premium  or other  cost for which  such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

SECTION 3.09.     ACCESS TO CERTAIN DOCUMENTATION AND
                           INFORMATION REGARDING THE MORTGAGE LOANS.

         If  compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
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

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such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

SECTION 3.10.     PERMITTED WITHDRAWALS FROM THE CUSTODIAL ACCOUNT.

(a) The  Master  Servicer  may,  from  time to time  as  provided  herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

(i)  to make  deposits  into the  Certificate  Account in the amounts and in the
     manner provided for in Section 4.01;

(ii) to reimburse itself or the related Subservicer for previously  unreimbursed
     advances or expenses made pursuant to Sections 3.01,  3.07(a),  3.08, 3.11,
     3.12(a),  3.14 and 4.04 or otherwise  reimbursable pursuant to the terms of
     this Agreement,  such withdrawal right being limited to amounts received on
     particular  Mortgage  Loans  (including,  for this  purpose,  REO Proceeds,
     Insurance Proceeds,  Liquidation Proceeds and proceeds from the purchase of
     a  Mortgage  Loan  pursuant  to Section  2.02,  2.03,  2.04 or 4.07)  which
     represent  (A) Late  Collections  of  Monthly  Payments  for which any such
     advance was made in the case of Subservicer  Advances or Advances  pursuant
     to  Section  4.04 and (B)  recoveries  of  amounts in respect of which such
     advances were made in the case of Servicing Advances;

(iii)to pay to itself or the related  Subservicer (if not previously retained by
     such  Subservicer)  out of each payment  received by the Master Servicer on
     account of interest on a Mortgage Loan as contemplated by Sections 3.14 and
     3.16, an amount equal to that  remaining  portion of any such payment as to
     interest (but not in excess of the Servicing Fee and the Subservicing  Fee,
     if not  previously  retained)  which,  when  deducted,  will  result in the
     remaining  amount of such interest  being interest at the Net Mortgage Rate
     (or Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan) on
     the amount specified in the  amortization  schedule of the related Mortgage
     Loan as the  principal  balance  thereof  at the  beginning  of the  period
     respecting which such interest was paid after giving effect to any previous
     Curtailments;

(iv)     to pay to itself as additional  servicing  compensation any interest or
         investment  income earned on funds and other  property  deposited in or
         credited  to the  Custodial  Account  that it is  entitled  to withdraw
         pursuant to Section 3.07(c);

(v)      to pay to itself as additional  servicing  compensation any Foreclosure
         Profits,  and any  amounts  remitted  by  Subservicers  as  interest in
         respect of Curtailments pursuant to Section 3.08(b);

(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;

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<PAGE>

(vii)    to reimburse itself or the related  Subservicer for any  Nonrecoverable
         Advance  or  Advances  in the  manner  and to the  extent  provided  in
         subsection   (c)  below,   any  Advance  made  in  connection   with  a
         modification  of a Mortgage Loan that is in default or, in the judgment
         of the Master Servicer,  default is reasonably  foreseeable pursuant to
         Section 3.07(a), to the extent the amount of the Advance has been added
         to the  outstanding  principal  balance of the  Mortgage  Loan,  or any
         Advance  reimbursable  to  the  Master  Servicer  pursuant  to  Section
         4.02(a);

(viii)   to  reimburse  itself  or the  Company  for  expenses  incurred  by and
         reimbursable to it or the Company pursuant to Sections  3.01(a),  3.11,
         3.13,  3.14(c),  6.03,  10.01  or  otherwise,  or  in  connection  with
         enforcing any repurchase, substitution or indemnification obligation of
         any Seller  (other than an Affiliate  of the  Company)  pursuant to the
         related Seller's Agreement;

(ix)     to reimburse itself for Servicing  Advances expended by it (a) pursuant
         to Section 3.14 in good faith in  connection  with the  restoration  of
         property  damaged by an Uninsured Cause, and (b) in connection with the
         liquidation of a Mortgage Loan or disposition of an REO Property to the
         extent  not  otherwise  reimbursed  pursuant  to clause  (ii) or (viii)
         above; and

(x)      to withdraw any amount deposited in the Custodial  Account that was not
         required to be deposited therein pursuant to Section 3.07.

(b) Since, in connection with withdrawals  pursuant to clauses (ii),  (iii), (v)
and (vi), the Master Servicer's entitlement thereto is limited to collections or
other  recoveries on the related  Mortgage Loan, the Master  Servicer shall keep
and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for
the purpose of justifying any withdrawal from the Custodial  Account pursuant to
such clauses.

(c) The Master  Servicer  shall be entitled to  reimburse  itself or the related
Subservicer  for any advance made in respect of a Mortgage  Loan that the Master
Servicer  determines  to be a  Nonrecoverable  Advance  by  withdrawal  from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

SECTION 3.11.     MAINTENANCE OF THE PRIMARY INSURANCE
                           POLICIES; COLLECTIONS THEREUNDER.

(a) The Master  Servicer shall not take, or permit any  Subservicer to take, any
action which would result in non-coverage under any applicable Primary Insurance
Policy  of any  loss  which,  but for the  actions  of the  Master  Servicer  or

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Subservicer,  would have been  covered  thereunder.  To the extent  coverage  is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

(b) In  connection  with its  activities  as  administrator  and servicer of the
Mortgage  Loans,  the Master  Servicer agrees to present or to cause the related
Subservicer to present,  on behalf of the Master Servicer,  the Subservicer,  if
any, the Trustee and Certificateholders, claims to the related Insurer under any
Primary Insurance Policies, in a timely manner in accordance with such policies,
and,  in this  regard,  to take or cause to be taken such  reasonable  action as
shall be  necessary  to permit  recovery  under any Primary  Insurance  Policies
respecting  defaulted  Mortgage  Loans.  Pursuant to Section 3.07, any Insurance
Proceeds  collected  by or  remitted  to the Master  Servicer  under any Primary
Insurance  Policies  shall be deposited  in the  Custodial  Account,  subject to
withdrawal pursuant to Section 3.10.

SECTION 3.12.     MAINTENANCE OF FIRE INSURANCE AND

                           OMISSIONS AND FIDELITY COVERAGE.

(a) The Master  Servicer  shall cause to be  maintained  for each  Mortgage Loan
(other than a Cooperative  Loan) fire  insurance  with  extended  coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on SUCH
MORTGAGE  LOAN  OR 100  PERCENT  OF THE  INSURABLE  VALUE  OF THE  IMPROVEMENTS;
PROVIDED,  HOWEVER,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  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

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amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

         If the  Master  Servicer  shall  obtain  and  maintain  a blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

(b) The Master Servicer shall obtain and maintain at its own expense and keep in
full force and effect  throughout the term of this Agreement a blanket  fidelity
bond and an errors and omissions insurance policy covering the Master Servicer's
officers and employees and other persons acting on behalf of the Master Servicer
in connection with its activities  under this Agreement.  The amount of coverage
shall be at least equal to the coverage that would be required by FNMA or FHLMC,
whichever is greater, with respect to the Master Servicer if the Master Servicer
were servicing and  administering  the Mortgage Loans for FNMA or FHLMC.  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,

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as the case may be, meeting the  requirements,  if any, of the Program Guide and
acceptable  to the Company.  Coverage of the Master  Servicer  under a policy or
bond obtained by an Affiliate of the Master  Servicer and providing the coverage
required by this Section 3.12(b) shall satisfy the  requirements of this Section
3.12(b).

SECTION 3.13.     ENFORCEMENT OF DUE-ON-SALE CLAUSES; ASSUMPTION AND

                           MODIFICATION AGREEMENTS; CERTAIN ASSIGNMENTS.

(a) When any  Mortgaged  Property  is  conveyed  by the  Mortgagor,  the  Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy.

Notwithstanding the foregoing:

(i)      the Master  Servicer  shall not be deemed to be in  default  under this
         Section  3.13(a)  by reason of any  transfer  or  assumption  which the
         Master Servicer is restricted by law from preventing; and

(ii)     if the Master Servicer determines that it is reasonably likely that any
         Mortgagor will bring,  or if any Mortgagor does bring,  legal action to
         declare invalid or otherwise avoid enforcement of a due-on-sale  clause
         contained in any Mortgage Note or Mortgage,  the Master  Servicer shall
         not be required to enforce the  due-on-sale  clause or to contest  such
         action.

(b) Subject to the Master  Servicer's duty to enforce any due-on-sale  clause to
the  extent  set  forth in  Section  3.13(a),  in any case in which a  Mortgaged
Property  is to be conveyed  to a Person by a  Mortgagor,  and such Person is to
enter into an assumption or modification agreement or supplement to the Mortgage
Note  or  Mortgage  which  requires  the  signature  of  the  Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or THE
TRANSFER OF THE MORTGAGED PROPERTY TO SUCH PERSON;  PROVIDED,  HOWEVER,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction  involving  the  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

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<PAGE>

Property is to be released  from  liability on the Mortgage  Loan,  such release
will  not  (based  on  the  Master   Servicer's  or  Subservicer's   good  faith
determination)  adversely affect the  collectability  of the Mortgage Loan. Upon
receipt of appropriate  instructions from the Master Servicer in accordance with
the  foregoing,  the Trustee shall execute any  necessary  instruments  for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage  Note or Mortgage to be  delivered to the Trustee or the  Custodian
and deposited  with the Mortgage File for such Mortgage  Loan. Any fee collected
by the  Master  Servicer  or  such  related  Subservicer  for  entering  into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.

(c) The Master Servicer or the related Subservicer, as the case may be, shall be
entitled  to approve a request  from a  Mortgagor  for a partial  release of the
related  Mortgaged  Property,  the  granting of an easement  thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely  and full  collectability  of,  such  Mortgage  Loan would not be
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

(d) Subject to any other applicable terms and conditions of this Agreement,  the
Trustee and Master  Servicer  shall be entitled to approve an assignment in lieu
of  satisfaction  with respect to any Mortgage  Loan,  provided the obligee with
respect to such Mortgage Loan  following such proposed  assignment  provides the
Trustee and Master  Servicer  with a "Lender  Certification  for  Assignment  of
Mortgage  Loan" in the form attached  hereto as Exhibit M, in form and substance
satisfactory to the Trustee and Master  Servicer,  providing the following:  (i)
that the substance of the assignment is, and is intended to be, a refinancing of
such  Mortgage;  (ii) that the Mortgage Loan  following the proposed  assignment
will have a rate of  interest at least 0.25  percent  below or above the rate of
interest on such Mortgage Loan prior to such proposed assignment; and (iii) that
such  assignment  is at the request of the borrower  under the related  Mortgage
Loan. Upon approval of an assignment in lieu of satisfaction with respect to any
Mortgage Loan, the Master  Servicer shall receive cash in an amount equal to the
unpaid  principal  balance of and accrued interest on such Mortgage Loan and the
Master  Servicer shall treat such amount as a Principal  Prepayment in Full with
respect to such Mortgage Loan for all purposes hereof.

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SECTION 3.14.     REALIZATION UPON DEFAULTED MORTGAGE LOANS.

(a) The Master  Servicer shall  foreclose upon or otherwise  comparably  convert
(which may include an REO Acquisition) the ownership of properties securing such
of the  Mortgage  Loans as come into and  continue in default and as to which no
satisfactory  arrangements  can be made for  collection of  delinquent  payments
pursuant  to  Section  3.07.  In  connection  with  such  foreclosure  or  other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer,  however,
shall not be  required  to  expend  its own  funds or incur  other  reimbursable
charges in connection with any foreclosure,  or attempted  foreclosure  which is
not  completed,  or towards  the  restoration  of any  property  unless it shall
determine  (i) that  such  restoration  and/or  foreclosure  will  increase  the
proceeds of liquidation of the Mortgage Loan to Holders of  Certificates  of one
or more Classes after  reimbursement  to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through Liquidation
Proceeds,  Insurance Proceeds,  or REO Proceeds  (respecting which it shall have
priority for purposes of  withdrawals  from the  Custodial  Account  pursuant to
Section 3.10, whether or not such expenses and charges are actually  recoverable
from related Liquidation Proceeds,  Insurance Proceeds or REO Proceeds).  In the
event of such a determination  by the Master  Servicer  pursuant to this Section
3.14(a),  the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section 3.10.

                  In addition to the  foregoing,  the Master  Servicer shall use
its best reasonable  efforts to realize upon any Additional  Collateral for such
of the Additional  Collateral  Loans as come into and continue in default and as
to which no satisfactory  arrangements  can be made for collection of delinquent
payments pursuant to Section 3.07;  provided that the Master Servicer shall not,
on behalf of the Trustee,  obtain title to any such  Additional  Collateral as a
result of or in lieu of the  disposition  thereof  or  otherwise;  and  provided
further  that (i) the Master  Servicer  shall not proceed  with  respect to such
Additional  Collateral  in any manner  that would  impair the ability to recover
against the  related  Mortgaged  Property,  and (ii) the Master  Servicer  shall
proceed with any REO Acquisition in a manner that preserves the ability to apply
the  proceeds  of such  Additional  Collateral  against  amounts  owed under the
defaulted  Mortgage Loan. Any proceeds realized from such Additional  Collateral
(other than amounts to be released to the Mortgagor or the related  guarantor in
accordance  with  procedures  that the Master Servicer would follow in servicing
loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

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<PAGE>

                  For so long as the  Master  Servicer  is the  Master  Servicer
under the Credit Support Pledge Agreement, the Master Servicer shall perform its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition  thereof or otherwise;  and provided further that (i) the Master
Servicer  shall not proceed with  respect to such  Pledged  Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master  Servicer shall proceed with any REO Acquisition in a manner
that  preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted  Mortgage Loan. Any proceeds realized from such
Pledged  Assets  (other  than  amounts to be released  to the  Mortgagor  or the
related  guarantor in accordance  with procedures that the Master Servicer would
follow in  servicing  loans held for its own  account,  subject to the terms and
conditions  of the  related  Mortgage  and  Mortgage  Note and to the  terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

                  Concurrently  with the  foregoing,  the  Master  Servicer  may
pursue any  remedies  that may be  available  in  connection  with a breach of a
representation and warranty with respect to any such Mortgage Loan in accordance
with Sections  2.03 and 2.04.  However,  the Master  Servicer is not required to
continue to pursue both  foreclosure  (or similar  remedies) with respect to the
Mortgage Loans and remedies in connection with a breach of a representation  and
warranty if the Master Servicer determines in its reasonable discretion that one
such  remedy is more likely to result in a greater  recovery as to the  Mortgage
Loan. Upon the occurrence of a Cash  Liquidation or REO  Disposition,  following
the deposit in the  Custodial  Account of all  Insurance  Proceeds,  Liquidation
Proceeds and other  payments and  recoveries  referred to in the  definition  of
"Cash  Liquidation"  or "REO  Disposition,"  as applicable,  upon receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without recourse, as shall be necessary to vest in the Master Servicer
or its designee,  as the case may be, the related  Mortgage Loan, and thereafter
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

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other  unscheduled  collections  or the amount of any Realized  Loss, the Master
Servicer may take into account minimal amounts of additional  receipts  expected
to be received or any estimated  additional  liquidation expenses expected to be
incurred in connection with the related defaulted Mortgage Loan or REO Property.

(b) If title to any  Mortgaged  Property is acquired by the Trust Fund as an REO
Property  by  foreclosure  or by  deed  in  lieu  of  foreclosure,  the  deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

(c) If the Trust Fund  acquires  any REO  Property as  aforesaid or otherwise in
connection  with a default or imminent  default on a Mortgage  Loan,  the Master
Servicer on behalf of the Trust Fund shall  dispose of such REO Property  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.

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(d) The  proceeds  of any Cash  Liquidation,  REO  Disposition  or  purchase  or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property)(provided that, if
such  recovery is of an amount  previously  allocated  to one or more Classes of
Certificates  as a Realized Loss,  such recovery  shall be allocated  among such
Classes in the same  proportions as the allocation of such Realized  Losses and,
if any such Class of  Certificates  to which such Realized Loss was allocated is
no longer  outstanding,  such  subsequent  recovery  shall be distributed to the
persons who were the Holders of such Class of Certificates when it was retired);
fourth,  to all Servicing Fees and Subservicing  Fees payable therefrom (and the
Master  Servicer and the Subservicer  shall have no claims for any  deficiencies
with  respect to such fees which  result  from the  foregoing  allocation);  and
fifth, to Foreclosure Profits.

(e) In the event of a default on a Mortgage  Loan one or more of whose  obligors
is not a United States Person, in connection with any foreclosure or acquisition
of a deed in lieu of foreclosure  (together,  "foreclosure")  in respect of such
Mortgage Loan, the Master Servicer will cause  compliance with the provisions of
Treasury Regulation Section  1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such  foreclosure  except  to the  extent,  if  any,  that  proceeds  of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan.

SECTION 3.15.     TRUSTEE TO COOPERATE; RELEASE OF MORTGAGE FILES.

(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Master  Servicer of a  notification  that payment in full will be
escrowed in a manner  customary  for such  purposes,  the Master  Servicer  will
immediately  notify the Trustee (if it holds the related  Mortgage  File) or the
Custodian by a certification of a Servicing Officer (which  certification  shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account   pursuant  to  Section  3.07  have  been  or  will  be  so  deposited),
substantially  in one of the forms attached hereto as Exhibit F, or, in the case
of the Custodian,  an electronic  request in a form acceptable to the Custodian,
requesting  delivery to it of the Mortgage  File.  Within two  Business  Days of
receipt of such certification and request,  the Trustee shall release,  or cause
the Custodian to release, the related Mortgage File to the Master Servicer.  The
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.

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(b) From time to time as is appropriate  for the servicing or foreclosure of any
Mortgage Loan, the Master  Servicer shall deliver to the Custodian,  with a copy
to the Trustee, a certificate of a Servicing Officer substantially in one of the
forms  attached  as  Exhibit F  hereto,  or,  in the case of the  Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

(c) The Trustee or the Master Servicer on the Trustee's behalf shall execute and
deliver to the Master Servicer, if necessary, any court pleadings,  requests for
trustee's sale or other documents necessary to the foreclosure or trustee's sale
in respect of a  Mortgaged  Property  or to any legal  action  brought to obtain
judgment  against any  Mortgagor on the Mortgage Note or Mortgage or to obtain a
deficiency judgment,  or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise  available at law or in equity.  Together
with such documents or pleadings (if signed by the Trustee), the Master Servicer
shall deliver to the Trustee a  certificate  of a Servicing  Officer  requesting
that such pleadings or documents be executed by the Trustee and certifying as to
the reason such  documents or pleadings  are required and that the execution and
delivery thereof by the Trustee will not invalidate any insurance coverage under
any Required  Insurance Policy or invalidate or otherwise affect the lien of the
Mortgage,  except  for the  termination  of such a lien upon  completion  of the
foreclosure or trustee's sale.

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

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reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

(b)  Additional  servicing  compensation  in the  form  of  prepayment  charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

(c) The Master  Servicer  shall be  required  to pay,  or cause to be paid,  all
expenses  incurred by it in connection with its servicing  activities  hereunder
(including  payment of premiums for the Primary Insurance  Policies,  if any, to
the extent such premiums are not required to be paid by the related  Mortgagors,
and the fees and  expenses of the Trustee  and any  Custodian)  and shall not be
entitled to reimbursement  therefor except as specifically  provided in Sections
3.10 and 3.14.

(d) The Master  Servicer's  right to receive  servicing  compensation may not be
transferred in whole or in part except in connection with the transfer of all of
its   responsibilities  and  obligations  of  the  Master  Servicer  under  this
Agreement.

(e)  Notwithstanding  any  other  provision  herein,  the  amount  of  servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled  pursuant to Section  3.10(a)(iii);  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; and third, to any amounts
of servicing  compensation to which the Master Servicer is entitled  pursuant to
Section  3.10(a)(v) or (vi). 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);  (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) and (iii) will not withdraw from the  Custodial  Account any such amount
of servicing compensation to which it is entitled pursuant to Section 3.10(a)(v)
or (vi).

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.

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SECTION 3.18.     ANNUAL STATEMENT AS TO COMPLIANCE.

         The Master  Servicer  will deliver to the Company and the Trustee on or
before March 31 of each year,  beginning  with the first March 31 that occurs at
least six months after the Cut-off Date, an Officers' Certificate stating, as to
each signer thereof,  that (i) a review of the activities of the Master Servicer
during the preceding  calendar  year related to its servicing of mortgage  loans
and its  performance  under pooling and  servicing  agreements,  including  this
Agreement,  has been made under such officers' supervision,  (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum  servicing  standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material  obligations  relating to this  Agreement in all material  respects
throughout  such year,  or, if there has been material  noncompliance  with such
servicing  standards or a default in the fulfillment in all material respects of
any such obligation  relating to this Agreement,  such statement shall include a
description of such noncompliance or specify each such default,  as the case may
be,  known to such  officer  and the nature and status  thereof and (iii) to the
best of such officers' knowledge,  each Subservicer has complied in all material
respects with the minimum  servicing  standards set forth in the Uniform  Single
Attestation  Program for Mortgage  Bankers and has fulfilled all of its material
obligations under its Subservicing Agreement in all material respects throughout
such year,  or, if there has been  material  noncompliance  with such  servicing
standards or a material default in the fulfillment of such obligations  relating
to  this  Agreement,   such  statement  shall  include  a  description  of  such
noncompliance  or specify each such  default,  as the case may be, known to such
officer and the nature and status thereof.

SECTION 3.19.     ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS' SERVICING REPORT.

         On or before March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
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.

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SECTION 3.20.     RIGHTS OF THE COMPANY IN RESPECT OF THE MASTER SERVICER.

         The Master Servicer shall afford the Company,  upon reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

SECTION 3.21.     ADMINISTRATION OF BUYDOWN FUNDS

(a) With respect to any Buydown  Mortgage  Loan, the  Subservicer  has deposited
Buydown Funds in an account that satisfies the  requirements  for a Subservicing
Account  (the  "Buydown   Account").   The  Master   Servicer  shall  cause  the
Subservicing  Agreement to require  that upon receipt from the  Mortgagor of the
amount due on a Due Date for each Buydown  Mortgage Loan, the  Subservicer  will
withdraw from the Buydown Account the  predetermined  amount that, when added to
the amount due on such date from the Mortgagor,  equals the full Monthly Payment
and  transmit  that  amount in  accordance  with the  terms of the  Subservicing
Agreement to the Master  Servicer  together with the related payment made by the
Mortgagor or advanced by the Subservicer.

(b) If the  Mortgagor  on a  Buydown  Mortgage  Loan  prepays  such  loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

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                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

SECTION 4.01.     CERTIFICATE ACCOUNT.

(a) The Master  Servicer on behalf of the Trustee shall establish and maintain a
Certificate  Account in which the Master Servicer shall cause to be deposited on
behalf of the Trustee on or before 2:00 P.M.  New York time on each  Certificate
Account  Deposit Date by wire transfer of immediately  available funds an amount
equal to the sum of (i) any Advance for the immediately succeeding  Distribution
Date,  (ii) any amount  required  to be  deposited  in the  Certificate  Account
pursuant to Section  3.12(a),  (iii) any amount  required to be deposited in the
Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any amount
required  to be  paid  pursuant  to  Section  9.01  and (v)  all  other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

(b) The Trustee shall, upon written request from the Master Servicer,  invest or
cause the institution maintaining the Certificate Account to invest the funds in
the Certificate Account in Permitted  Investments  designated in the name of the
Trustee for the  benefit of the  Certificateholders,  which  shall  mature or be
payable  on  demand  not  later  than  the  Business  Day  next   preceding  the
Distribution  Date next following the date of such  investment  (except that (i)
any  investment  in the  institution  with  which  the  Certificate  Account  is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of reimbursement.

SECTION 4.02.     DISTRIBUTIONS.

                           As provided in Section 4.02 of the Series Supplement.

SECTION 4.03.     STATEMENTS TO CERTIFICATEHOLDERS.

     (a) Concurrently with each distribution  charged to the Certificate Account
and with respect to each  Distribution Date the Master Servicer shall forward to
the Trustee and the Trustee shall forward by mail to each Holder and the Company
a statement  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.  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.

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     (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
subsection  (a) above  aggregated  for such calendar year or applicable  portion
thereof during which such Person was a Certificateholder. Such obligation of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

     (c) Within a reasonable period of time after the end of each calendar year,
the Master Servicer shall prepare,  or cause to be prepared,  and shall forward,
or cause to be  forwarded,  to each Person who at any time  during the  calendar
year  was the  Holder  of a Class R  Certificate,  a  statement  containing  the
applicable  distribution  information  provided  pursuant to this  Section  4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

     (d) Upon the written request of any Certificateholder, the Master Servicer,
as   soon   as   reasonably   practicable,    shall   provide   the   requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
REPORTING REQUIREMENTS UNDER RULE 144A.

SECTION 4.04.     DISTRIBUTION OF REPORTS TO THE TRUSTEE AND
                           THE COMPANY; ADVANCES BY THE MASTER SERVICER.

(a) Prior to the close of  business on the  Business  Day next  succeeding  each
Determination Date, the Master Servicer shall furnish a written statement to the
Trustee,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

(b) On or before 2:00 P.M.  New York time on each  Certificate  Account  Deposit
Date, the Master  Servicer shall either (i) deposit in the  Certificate  Account
from its own funds, or funds received therefor from the Subservicers,  an amount
equal to the  Advances  to be made by the  Master  Servicer  in  respect  of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly  Payments were  delinquent as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  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

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Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations  shall be  conclusive  for purposes of  reimbursement  to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

         The   determination   by  the  Master  Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

         If the Master Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

         The  Trustee  shall  deposit  all funds it  receives  pursuant  to this
Section 4.04 into the Certificate Account.

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SECTION 4.05.     ALLOCATION OF REALIZED LOSSES.

                                    As  provided  in Section  4.05 of the Series
Supplement.

SECTION 4.06.     REPORTS OF FORECLOSURES AND ABANDONMENT OF MORTGAGED PROPERTY.

         The Master Servicer or the Subservicers shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

SECTION 4.07.     OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS.

         As to any Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

         If,  however,  the Master  Servicer  shall have  exercised its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

SECTION 4.08.     SURETY BOND.

(a) If a Required  Surety  Payment is payable  pursuant  to the Surety Bond with
respect to any Additional  Collateral  Loan, the Master Servicer shall so notify
the Trustee as soon as reasonably  practicable  and the Trustee  shall  promptly
complete  the notice in the form of  Attachment  1 to the Surety  Bond and shall
promptly submit such notice to the Surety as a claim for a Required Surety.  The
Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

(b) Upon receipt of a Required  Surety  Payment from the Surety on behalf of the
Holders of Certificates,  the Trustee shall deposit such Required Surety Payment
in the Certificate Account and shall distribute such Required Surety Payment, or
the proceeds thereof, in accordance with the provisions of Section 4.02.

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(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

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Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
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-1 hereto,  and the Trustee shall require
the transferor to execute a representation letter,  substantially in the form of
Exhibit I hereto,  each acceptable to and in form and substance  satisfactory to
the Company and the Trustee  certifying to the Company and the Trustee the facts
surrounding such transfer,  which representation letters shall not be an expense
of the Trustee, the COMPANY OR THE MASTER SERVICER; PROVIDED, HOWEVER, that such
representation  letters will not be required in connection  with any transfer of

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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  Senior  Support,  Class  M,  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 Senior Support,
     Class M, 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-1  (with  respect  to any  Class B
     Certificate),  Exhibit H-2 (with respect to any Senior Support  Certificate
     or Class M Certificate) or paragraph  fourteen of Exhibit G-1 (with respect
     to any Class R  Certificate),  which  the  Trustee  may rely  upon  without
     further  inquiry  or  investigation,  or such other  certifications  as the
     Trustee may deem  desirable or  necessary  in order to establish  that such
     Transferee  or the  Person in whose  name such  registration  is  requested
     either (a) is not an  employee  benefit  plan or other plan  subject to the
     prohibited  transaction provisions of ERISA or Section 4975 of the Code, or
     any Person (including an investment manager, a named fiduciary or a trustee
     of any such  plan) who is using  "plan  assets"  of any such plan to effect
     such acquisition (each, a "Plan Investor") or (b) in the case of any Senior

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     Support,  Class M or Class B  Certificate,  the  following  conditions  are
     satisfied:  (i) such Transferee is an insurance company, (ii) the source of
     funds used to purchase or hold such Certificate (or interest therein) is an
     "insurance company general account" (as defined in U.S. Department of Labor
     Prohibited  Transaction  Class  Exemption  ("PTCE")  95-60,  and  (iii) the
     conditions  set  forth  in  Sections  I and III of  PTCE  95-60  have  been
     satisfied  (each  entity  that  satisfies  this  clause  (b), a  "Complying
     Insurance Company").

                  (ii)  Notwithstanding the foregoing,  an Opinion of Counsel or
                  certification  will  not  be  REQUIRED  WITH  RESPECT  TO  THE
                  TRANSFER  OF  ANY  SENIOR  SUPPORT   CERTIFICATE  OR  Class  M
                  Certificate TO A DEPOSITORY, OR FOR ANY SUBSEQUENT TRANSFER OF
                  ANY  INTEREST  IN a  Senior  Support  Certificate  or  Class M
                  Certificate  for so long as such  Certificate  is a Book-Entry
                  Certificate  (each such Senior Support  Certificate or Class M
                  Certificate,   a  "Book-Entry  Mezzanine  Certificate").   Any
                  Transferee  of a  Book-Entry  Mezzanine  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  or  (b)  such
                  Transferee is a Complying Insurance Company.

                  (iii)  (A)  If any  Senior  Support  Certificate  or  Class  M
                  Certificate  (or any interest  therein) is acquired or held in
                  violation of the  provisions  of Section (ii) above,  then the
                  last  preceding  Transferee  that  either  (i)  is  not a Plan
                  Investor or (ii) 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 Senior  Support  Certificate  or
                  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  Book-Entry  Mezzanine   Certificate  (or
                  interest   therein)   was   effected  in   violation   of  the
                  restrictions  in this Section 5.02(e) shall indemnify and hold
                  harmless the Company,  the Trustee,  the Master Servicer,  any
                  Subservicer,  and the Trust Fund from and  against any and all
                  liabilities,  claims,  costs  or  expenses  incurred  by  such
                  parties as a result of such acquisition or holding.

(f) (i) Each Person who has or who acquires any Ownership  Interest in a Class R
Certificate  shall be deemed by the  acceptance or acquisition of such Ownership
Interest  to have  agreed to be bound by the  following  provisions  and to have
irrevocably  authorized the Trustee or its designee under clause  (iii)(A) below
to deliver  payments  to a Person  other than such Person and to  negotiate  the
terms of any  mandatory  sale under  clause  (iii)(B)  below and to execute  all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

(A)               Each Person  holding or acquiring any Ownership  Interest in a
                  Class R Certificate shall be a Permitted  Transferee and shall
                  promptly notify the Trustee of any change or impending  change
                  in its status as a Permitted Transferee.

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(B)  In connection  with any proposed  Transfer of any  Ownership  Interest in a
     Class R  Certificate,  the Trustee shall require  delivery to it, and shall
     not register the Transfer of any Class R Certificate  until its receipt of,
     (I) an affidavit and agreement (a "Transfer  Affidavit and  Agreement,"  in
     the form attached hereto as Exhibit G-1) from the proposed  Transferee,  in
     form and substance  satisfactory to the Master  Servicer,  representing and
     warranting,  among other things, that it is a Permitted Transferee, that it
     is not acquiring its Ownership  Interest in the Class R Certificate that is
     the subject of the proposed Transfer as a nominee, trustee or agent for any
     Person who is not a  Permitted  Transferee,  that for so long as it retains
     its Ownership Interest in a Class R Certificate, it will endeavor to remain
     a Permitted  Transferee,  and that it has reviewed the  provisions  of this
     Section 5.02(f) and agrees to be bound by them, and (II) a certificate,  in
     the form  attached  hereto as  Exhibit  G-2,  from the  Holder  wishing  to
     transfer the Class R Certificate, in form and substance satisfactory to the
     Master Servicer,  representing and warranting,  among other things, that no
     purpose of the proposed  Transfer is to impede the assessment or collection
     of tax.

(C)               Notwithstanding  the  delivery  of a  Transfer  Affidavit  and
                  Agreement by a proposed  Transferee under clause (B) above, if
                  a  Responsible  Officer of the Trustee who is assigned to this
                  Agreement has actual knowledge that the proposed Transferee is
                  not a  Permitted  Transferee,  no  Transfer  of  an  Ownership
                  Interest in a Class R Certificate to such proposed  Transferee
                  shall be effected.

(D)               Each Person  holding or acquiring any Ownership  Interest in a
                  Class R  Certificate  shall  agree (x) to  require a  Transfer
                  Affidavit  and  Agreement  from any other  Person to whom such
                  Person attempts to transfer its Ownership  Interest in a Class
                  R Certificate  and (y) not to transfer its Ownership  Interest
                  unless it  provides a  certificate  to the Trustee in the form
                  attached hereto as Exhibit G-2.

(E)               Each Person  holding or acquiring  an Ownership  Interest in a
                  Class R  Certificate,  by purchasing an Ownership  Interest in
                  such  Certificate,  agrees to give the Trustee  written notice
                  that it is a "pass-through interest holder" within the meaning
                  of Temporary Treasury Regulations Section  1.67-3T(a)(2)(i)(A)
                  immediately upon acquiring an Ownership  Interest in a Class R
                  Certificate,  if it is, or is holding an Ownership Interest in
                  a Class R Certificate on behalf of, a  "pass-through  interest
                  holder."

(ii)     The Trustee will register the Transfer of any Class R Certificate  only
         if it shall have  received  the Transfer  Affidavit  and  Agreement,  a
         certificate of the Holder requesting such transfer in the form attached
         hereto as  Exhibit  G-2 and all of such other  documents  as shall have
         been  reasonably  required  by  the  Trustee  as a  condition  to  such
         registration.  Transfers  of the  Class R  Certificates  to  Non-United
         States Persons and  Disqualified  Organizations  (as defined in Section
         860E(e)(5) of the Code) are prohibited.

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<PAGE>

(iii)(A) If any  Disqualified  Organization  shall  become a holder of a Class R
     Certificate,   then  the  last  preceding  Permitted  Transferee  shall  be
     restored,  to the extent permitted by law, to all rights and obligations as
     Holder thereof  retroactive to the date of registration of such Transfer of
     such Class R  Certificate.  If a  Non-United  States  Person shall become a
     holder of a Class R  Certificate,  then the last  preceding  United  States
     Person shall be restored, to the extent permitted by law, to all rights and
     obligations as Holder thereof  retroactive to the date of  registration  of
     such  Transfer  of such Class R  Certificate.  If a  transfer  of a Class R
     Certificate  is   disregarded   pursuant  to  the  provisions  of  Treasury
     Regulations  Section 1.860E-1 or Section 1.860G-3,  then the last preceding
     Permitted Transferee shall be restored,  to the extent permitted by law, to
     all rights and  obligations  as Holder  thereof  retroactive to the date of
     registration  of such  Transfer  of such Class R  Certificate.  The Trustee
     shall be under no liability to any Person for any  registration of Transfer
     of a Class R  Certificate  that is in fact not  permitted  by this  Section
     5.02(f) or for making any  payments due on such  Certificate  to the holder
     thereof or for taking any other  action with  respect to such holder  under
     the provisions of this Agreement.

     (B)  If any  purported  Transferee  shall  become  a  Holder  of a  Class R
          Certificate in violation of the  restrictions  in this Section 5.02(f)
          and to the extent that the  retroactive  restoration  of the rights of
          the Holder of such Class R Certificate as described in clause (iii)(A)
          above  shall be  invalid,  illegal or  unenforceable,  then the Master
          Servicer  shall  have the right,  without  notice to the holder or any
          prior  holder  of such  Class R  Certificate,  to  sell  such  Class R
          Certificate  to a purchaser  selected  by the Master  Servicer on such
          terms as the Master  Servicer may choose.  Such  purported  Transferee
          shall  promptly  endorse  and  deliver  each  Class R  Certificate  in
          accordance  with  the  instructions  of  the  Master  Servicer.   Such
          purchaser  may be the Master  Servicer  itself or any Affiliate of the
          Master  Servicer.  The proceeds of such sale,  net of the  commissions
          (which may include  commissions  payable to the Master Servicer or its
          Affiliates),  expenses and taxes due, if any,  will be remitted by the
          Master Servicer to such purported Transferee. The terms and conditions
          of any sale under this clause (iii)(B) shall be determined in the sole
          discretion of the Master  Servicer,  and the Master Servicer shall not
          be liable to any  Person  having an  Ownership  Interest  in a Class R
          Certificate as a result of its exercise of such discretion.

(iv) The Master Servicer, on behalf of the Trustee,  shall make available,  upon
     written request from the Trustee, all information  necessary to compute any
     tax imposed (A) as a result of the Transfer of an  Ownership  Interest in a
     Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
     including the  information  regarding  "excess  inclusions" of such Class R
     Certificates  required to be provided to the Internal  Revenue  Service and
     certain   Persons   as   described   in   Treasury   Regulations   Sections
     1.860D-1(b)(5)  and  1.860E-2(a)(5),  and (B) as a result of any  regulated
     investment  company,  real  estate  investment  trust,  common  trust fund,
     partnership, trust, estate or organization described in Section 1381 of the
     Code that holds an Ownership  Interest in a Class R  Certificate  having as
     among its  record  holders  at any time any  Person  who is a  Disqualified
     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

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<PAGE>

sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the
Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  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,  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 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,  the  Certificate
Registrar nor any agent of the Company, the Master Servicer,  the Trustee 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.

SECTION 5.06.     OPTIONAL PURCHASE OF CERTIFICATES.

(a) 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,
either the Master  Servicer or the Company 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.

(b) The Master  Servicer or the Company,  as applicable,  shall give the Trustee
not less than 60 days' prior notice of the Distribution Date on which the Master
Servicer or the Company,  as applicable,  anticipates  that it will purchase the
Certificates  pursuant  to  Section  5.06(a).   Notice  of  any  such  purchase,
specifying  the  Distribution  Date upon which the Holders may  surrender  their
Certificates  to the Trustee for payment in  accordance  with this Section 5.06,
shall be given promptly by the Master Servicer or the Company, as applicable, by

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letter to Certificateholders  (with a copy to the Certificate Registrar and each
Rating  Agency) 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  Distribution  Date upon  which  purchase  of the  Certificates  is
         anticipated  to  be  made  upon  presentation  and  surrender  of  such
         Certificates at the office or agency of the Trustee therein designated,

(ii)     the purchase price therefor, if known, and

(iii)    that the Record Date otherwise  applicable to such Distribution Date is
         not  applicable,   payments  being  made  only  upon  presentation  and
         surrender  of the  Certificates  at the office or agency of the Trustee
         therein specified.

If either the Master Servicer or the Company gives the notice  specified  above,
the  Master  Servicer  or the  Company,  as  applicable,  shall  deposit  in the
Certificate  Account before the Distribution Date on which the purchase pursuant
to Section  5.06(a) is to be made, in  immediately  available  funds,  an amount
equal to the purchase price for the Certificates computed as provided above.

(c) Upon presentation and surrender of the Certificates to be purchased pursuant
to Section 5.06(a) by the Holders thereof,  the Trustee shall distribute to such
Holders an amount equal to the outstanding Certificate Principal Balance thereof
plus the sum of Accrued  Certificate  Interest  thereon for the related Interest
Accrual  Period and any  previously  unpaid  Accrued  Certificate  Interest with
respect thereto.

(d) If any  Certificateholders  do not surrender their Certificates on or before
the Distribution Date on which a purchase pursuant to this Section 5.06 is to be
made, the Trustee shall on such date cause all funds in the Certificate  Account
deposited therein by the Master Servicer or the Company, as applicable, pursuant
to Section 5.06(b) to be withdrawn  therefrom and deposited in a separate escrow
account for the benefit of such  Certificateholders,  and the Master Servicer or
the  Company,  as  applicable,  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  or the  Company,  as
applicable,  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 5.06, the Trustee shall pay to the Master  Servicer or the Company,
as applicable,  all amounts  distributable to the Holders thereof and the Master
Servicer or the Company, as applicable, 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 or the Company, as applicable,  as a result of such Certificateholder's
failure to surrender  its  Certificate(s)  for payment in  accordance  with this
Section 5.06. Any Certificate that is not surrendered on the  Distribution  Date
on which a purchase  pursuant to this Section 5.06 occurs as provided above will
be  deemed to have been  purchased  and the  Holder as of such date will have no

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rights with respect  thereto except to receive the purchase price therefor minus
any costs and expenses associated with such escrow account and notices allocated
thereto.  Any Certificates so purchased or deemed to have been purchased on such
Distribution Date shall remain outstanding hereunder. The Master Servicer or the
Company, as applicable,  shall be for all purposes the Holder thereof as of such
date.

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                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

SECTION 6.01.     RESPECTIVE LIABILITIES OF THE COMPANY AND THE MASTER SERVICER.

         The Company and the Master  Servicer shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

     SECTION  6.02.  MERGER  OR  CONSOLIDATION  OF THE  COMPANY  OR  THE  MASTER
SERVICER; ASSIGNMENT OF RIGHTS AND DELEGATION OF DUTIES BY MASTER SERVICER.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
PROVIDED, HOWEVER, that the successor or surviving Person to the Master Servicer
shall be qualified  to service  mortgage  loans on behalf of FNMA or FHLMC;  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 FNMA or FHLMC,  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 prior to such

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assignment  and  delegation  will not be  qualified,  reduced or  withdrawn as a
result of such  assignment  and  delegation  (as  evidenced  by a letter to such
effect  from  each  Rating  Agency).  In the  case of any  such  assignment  and
delegation,  the Master  Servicer shall be released from its  obligations  under
this  Agreement,  except that the Master  Servicer  shall remain  liable for all
liabilities and obligations incurred by it as Master Servicer hereunder prior to
the  satisfaction  of the conditions to such assignment and delegation set forth
in the next preceding sentence.

SECTION 6.03.     LIMITATION ON LIABILITY OF THE COMPANY,
                          THE MASTER SERVICER AND OTHERS.

         Neither the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  ERRORS  IN  JUDGMENT;  PROVIDED,  HOWEVER,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

         Neither  the  Company  nor the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; PROVIDED, HOWEVER, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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SECTION 6.04.     COMPANY AND MASTER SERVICER NOT TO RESIGN.

         Subject to the provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

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                                  ARTICLE VII

                                     DEFAULT

SECTION 7.01.     EVENTS OF DEFAULT.

         Event of Default,  wherever used herein, means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

(i)      the Master Servicer shall fail to distribute or cause to be distributed
         to the Holders of Certificates of any Class any  distribution  required
         to be made under the terms of the  Certificates  of such Class and this
         Agreement and, in either case,  such failure shall continue  unremedied
         for a period of 5 days after the date upon which written notice of such
         failure,  requiring such failure to be remedied,  shall have been given
         to the Master  Servicer  by the Trustee or the Company or to the Master
         Servicer, the Company and the Trustee by the Holders of Certificates of
         such Class evidencing  Percentage  Interests  aggregating not less than
         25%; or

(ii) the Master  Servicer  shall  fail to  observe  or  perform in any  material
     respect any other of the  covenants or agreements on the part of the Master
     Servicer  contained in the  Certificates  of any Class or in this Agreement
     and such failure shall continue  unremedied for a period of 30 days (except
     that such  number of days  shall be 15 in the case of a failure  to pay the
     premium for any Required  Insurance Policy) after the date on which written
     notice of such failure,  requiring the same to be remedied, shall have been
     given to the  Master  Servicer  by the  Trustee or the  Company,  or to the
     Master Servicer, the Company and the Trustee by the Holders of Certificates
     of  any  Class  evidencing,  in the  case  of any  such  Class,  Percentage
     Interests aggregating not less than 25%; or

(iii)    a decree or order of a court or agency or supervisory  authority having
         jurisdiction  in the premises in an involuntary  case under any present
         or future  federal or state  bankruptcy,  insolvency  or similar law or
         appointing a conservator  or receiver or liquidator in any  insolvency,
         readjustment of debt,  marshalling of assets and liabilities or similar
         proceedings, or for the winding-up or liquidation of its affairs, shall
         have been entered  against the Master Servicer and such decree or order
         shall have remained in force  undischarged  or unstayed for a period of
         60 days; or

(iv)     the Master  Servicer shall consent to the  appointment of a conservator
         or receiver or  liquidator  in any  insolvency,  readjustment  of debt,
         marshalling of assets and  liabilities,  or similar  proceedings of, or
         relating  to,  the  Master  Servicer  or of,  or  relating  to,  all or
         substantially all of the property of the Master Servicer; or

(v)      the Master  Servicer  shall admit in writing its  inability  to pay its
         debts  generally as they become due, file a petition to take  advantage
         of, or commence a voluntary case under,  any  applicable  insolvency or
         reorganization  statute,  make an  assignment  for the  benefit  of its
         creditors, or voluntarily suspend payment of its obligations; or

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(vi)     the Master  Servicer  shall  notify  the  Trustee  pursuant  to Section
         4.04(b)  that it is unable to  deposit  in the  Certificate  Account an
         amount equal to the Advance.

         If an Event of Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

         Notwithstanding  any  termination  of  the  activities  of  Residential
Funding in its capacity as Master Servicer hereunder,  Residential Funding shall
be entitled to receive,  out of any late  collection  of a Monthly  Payment on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

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SECTION 7.02.     TRUSTEE OR COMPANY TO ACT; APPOINTMENT OF SUCCESSOR.

(a) On and after the time the Master  Servicer  receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's  consent  (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the  transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities  relating  thereto  placed on the Master  Servicer  (except  for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding  the duty to notify  related  Subservicers  or Sellers as set forth in
such  Sections,  and its  obligations  to  deposit  amounts in respect of losses
incurred  prior to such notice or  termination on the investment of funds in the
Custodial  Account or the Certificate  Account  PURSUANT TO SECTIONS 3.07(C) AND
4.01(B) BY THE TERMS AND PROVISIONS HEREOF); PROVIDED, HOWEVER, that any failure
to  perform  such  duties or  responsibilities  caused by the  preceding  Master
Servicer's failure to provide information  required by Section 4.04 shall not be
considered a default by the Trustee  hereunder.  As compensation  therefor,  the
Trustee shall be entitled to all funds  relating to the Mortgage Loans which the
Master  Servicer would have been entitled to charge to the Custodial  Account or
the  Certificate  Account if the Master  Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with  amounts  attributable  to the  Mortgage  Loans held in the  Custodial
Account or the Certificate  Account.  If the Trustee has become the successor to
the Master  Servicer in  accordance  with  Section  6.04 or Section  7.01,  then
notwithstanding  the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act,  appoint,  or petition a court of competent
jurisdiction to appoint,  any established housing and home finance  institution,
which is also a FNMA- or FHLMC-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

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transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage  Loan or servicing of such Mortgage  Loan on the  MERS(R)System  to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

SECTION 7.03.     NOTIFICATION TO CERTIFICATEHOLDERS.

(a) Upon any such  termination  or  appointment  of a  successor  to the  Master
Servicer,   the  Trustee  shall  give  prompt  written  notice  thereof  to  the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

(b) Within 60 days after the  occurrence  of any Event of  Default,  the Trustee
shall transmit by mail to all Holders of Certificates  notice of each such Event
of Default  hereunder  known to the Trustee,  unless such Event of Default shall
have been cured or waived.

SECTION 7.04.     WAIVER OF EVENTS OF DEFAULT.

         The Holders  representing at least 66% of the Voting Rights affected by
a default  or Event of  Default  HEREUNDER  MAY WAIVE  SUCH  DEFAULT OR EVENT OF
DEFAULT; PROVIDED,  HOWEVER, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

SECTION 8.01.     DUTIES OF TRUSTEE.

(a) The Trustee,  prior to the  occurrence  of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

(b) The Trustee,  upon  receipt of all  resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Trustee  which  are  specifically  required  to be  furnished  pursuant  to  any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

         The Trustee shall forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

(c) No  provision  of this  Agreement  shall be construed to relieve the Trustee
from liability for its own NEGLIGENT ACTION, ITS OWN NEGLIGENT FAILURE TO ACT OR
ITS OWN WILLFUL MISCONDUCT; PROVIDED, HOWEVER, that:

(i)  Prior to the  occurrence  of an Event of  Default,  and after the curing or
     waiver of all such Events of Default  which may have  occurred,  the duties
     and  obligations  of the Trustee shall be determined  solely by the express
     provisions  of this  Agreement,  the Trustee shall not be liable except for
     the  performance  of such duties and  obligations as are  specifically  set
     forth in this Agreement,  no implied covenants or obligations shall be read
     into this Agreement against the Trustee and, in the absence of bad faith on
     the part of the Trustee, the Trustee may conclusively rely, as to the truth
     of the statements and the  correctness of the opinions  expressed  therein,
     upon any  certificates or opinions  furnished to the Trustee by the Company
     or the Master  Servicer  and which on their  face,  do not  contradict  the
     requirements of this Agreement;

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(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
     laws,  provided that the Master  Servicer  shall  indemnify the Trustee for
     signing any such Tax Returns that contain errors or omissions.

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(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
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

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<PAGE>

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
successor  trustee all Mortgage Files and related  documents and statements held

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<PAGE>

by it hereunder  (other than any Mortgage Files at the time held by a Custodian,
which  shall  become  the agent of any  successor  trustee  hereunder),  and the
Company,  the Master  Servicer and the  predecessor  trustee  shall  execute and
deliver such  instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

(b) No successor  trustee shall accept  appointment  as provided in this Section
unless at the time of such acceptance  such successor  trustee shall be eligible
under the provisions of Section 8.06.

(c) Upon  acceptance of appointment  by a successor  trustee as provided in this
Section,  the  Company  shall  mail  notice of the  succession  of such  trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

SECTION 8.09.     MERGER OR CONSOLIDATION OF TRUSTEE.

         Any corporation or national banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

SECTION 8.10.     APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.

(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting  any legal  requirements  of any  jurisdiction  in which any part of the
Trust Fund or property securing the same may at the time be located,  the Master
Servicer and the Trustee  acting  jointly shall have the power and shall execute
and  deliver all  instruments  to appoint  one or more  Persons  approved by the
Trustee to act as  co-trustee  or  co-trustees,  jointly  with the  Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

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(b) In the case of any appointment of a co-trustee or separate  trustee pursuant
to this Section 8.10 all rights,  powers,  duties and  obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the  Trustee,  and such  separate  trustee or  co-trustee  jointly,
except  to the  extent  that  under  any law of any  jurisdiction  in which  any
particular act or acts are to be performed  (whether as Trustee  hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified  to perform such act or acts,  in which event such  rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

(c) Any notice, request or other writing given to the Trustee shall be deemed to
have  been  given to each of the then  separate  trustees  and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

SECTION 8.11.     APPOINTMENT OF CUSTODIANS.

         The  Trustee  may,  with the  consent  of the Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

SECTION 8.12.     APPOINTMENT OF OFFICE OR AGENCY.

         The Trustee  will  maintain an office or agency in the City of New York
at the  address  designated  in  Section  11.05 of the Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

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                                   ARTICLE IX

                                   TERMINATION

SECTION 9.01.     TERMINATION UPON PURCHASE BY THE MASTER SERVICER
                           OR THE COMPANY 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 or the Company 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 or the  Company 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 or the Company, as applicable,  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
or the Company,  as applicable,  the Mortgage  Files  pertaining to the Mortgage
Loans being purchased.

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(b) The Master  Servicer or, in the case of a final  distribution as a result of
the  exercise by the  Company of its right to  purchase  the assets of the Trust
Fund,  the Company shall give the Trustee not less than 60 days' prior notice of
the  Distribution  Date  on  which  the  Master  Servicer  or  the  Company,  as
applicable,   anticipates   that  the  final   distribution   will  be  made  to
Certificateholders  (whether as a result of the exercise by the Master  Servicer
or the  Company  of its  right to  purchase  the  assets  of the  Trust  Fund or
otherwise).  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, shall be given promptly by the Master Servicer or
the Company, as applicable (if it is exercising its right to purchase the assets
of the Trust  Fund),  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,

(ii)     the amount of any such final payment, if known, and

(iii)    that the Record Date otherwise  applicable to such Distribution Date is
         not applicable,  and in the case of the Senior Certificates and Class M
         Certificates,  that  payment  will be made only upon  presentation  and
         surrender  of the  Certificates  at the office or agency of the Trustee
         therein specified.

If the Master  Servicer or the  Company,  as  applicable,  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. In
the event such notice is given by the Master Servicer or the Company, the Master
Servicer or the Company, as applicable, 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 above
provided.

(c)  In  the  case  of  the  Senior,  Class  M or  Class  B  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master Servicer's or the Company's election to repurchase, or (ii) if the Master
Servicer  or the  Company  elected to so  repurchase,  an amount  determined  as
follows:  (A) with  respect  to each  Certificate  the  outstanding  Certificate
Principal  Balance thereof,  plus Accrued  Certificate  Interest for the related
Interest  Accrual Period thereon and any previously  unpaid Accrued  Certificate
Interest,  subject to the  priority set forth in Section  4.02(a),  and (B) with
respect to the Class R  Certificates,  any excess of the amounts  available  for
distribution  (including  the  repurchase  price  specified  in  clause  (ii) of
subsection  (a) of this  Section)  over the total amount  distributed  under the
immediately preceding clause (A).

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining

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Certificateholders by depositing such funds in a separate escrow account for the
benefit of such  Certificateholders,  and the Master Servicer or the Company, as
applicable (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   or  the   Company,   as   applicable,   to  contact   the   remaining
Certificateholders  concerning  surrender of their  Certificates.  The costs and
expenses of maintaining the escrow account and of contacting  Certificateholders
shall be paid out of the assets  which remain in the escrow  account.  If within
nine  months  after  the  second  notice  any  Certificates  shall not have been
surrendered  for  cancellation,  the Trustee shall pay to the Master Servicer or
the Company, as applicable, all amounts distributable to the holders thereof and
the Master Servicer or the Company,  as applicable,  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  or the  Company,  as  applicable,  as a  result  of  such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

SECTION 9.02.     ADDITIONAL TERMINATION REQUIREMENTS.

(a) Each REMIC that  comprises  the Trust Fund shall be terminated in accordance
with the following additional requirements, unless (subject to Section 10.01(f))
the Trustee and the Master  Servicer have received an Opinion of Counsel  (which
Opinion of Counsel  shall not be an expense of the  Trustee)  to the effect that
the failure of each such REMIC to comply with the  requirements  of this Section
9.02 will not (i) result in the  imposition on the Trust of taxes on "prohibited
transactions,"  as described in Section 860F of the Code, or (ii) cause any such
REMIC  to fail to  qualify  as a REMIC  at any  time  that  any  Certificate  is
outstanding:

(i)      The Master  Servicer shall  establish a 90-day  liquidation  period for
         each such REMIC and specify the first day of such period in a statement
         attached  to the Trust  Fund's  final Tax Return  pursuant  to Treasury
         regulations  Section  1.860F-1.  The Master Servicer also shall satisfy
         all of the  requirements  of a qualified  liquidation for a REMIC under
         Section 860F of the Code and regulations thereunder;

(ii)     The Master  Servicer  shall notify the Trustee at the  commencement  of
         such 90-day  liquidation  period and, at or prior to the time of making
         of the final  payment on the  Certificates,  the Trustee  shall sell or
         otherwise  dispose of all of the remaining  assets of the Trust Fund in
         accordance with the terms hereof; and

(iii)    If the  Master  Servicer  or the  Company  is  exercising  its right to
         purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall,
         during  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

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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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(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

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<PAGE>

as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

(g) In the event  that any tax is imposed on  "prohibited  transactions"  of any
REMIC  created  hereunder as defined in Section  860F(a)(2) of the Code, on "net
income  from  foreclosure  property"  of any such  REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate  Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

(h) The Trustee and the Master Servicer shall,  for federal income tax purposes,
maintain  books and records  with respect to each REMIC  created  hereunder on a
calendar  year and on an accrual  basis or as  otherwise  may be required by the
REMIC Provisions.

(i) Following the Startup Day, neither the Master Servicer nor the Trustee shall
accept  any  contributions  of  assets  to any REMIC  created  hereunder  unless
(subject to Section  10.01(f))  the Master  Servicer and the Trustee  shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in such REMIC will
not  cause  the  REMIC  to fail to  qualify  as a REMIC  at any  time  that  any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

(j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to Section
10.01(f)) enter into any  arrangement by which any REMIC created  hereunder will
receive a fee or other  compensation  for  services nor permit any such REMIC to
receive any income from assets other than  "qualified  mortgages"  as defined in
Section 860G(a)(3) of the Code or "permitted  investments" as defined in Section
860G(a)(5) of the Code.

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(k)  Solely for the  purposes  of Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  the  "latest  possible  maturity  date" by which  the  Certificate
Principal  Balance of each Class of  Certificates  (other than the Interest Only
Certificates)  representing a regular  interest in the applicable  REMIC and the
Uncertificated  Principal Balance of each Uncertificated  REMIC Regular Interest
(other than each  Uncertificated  Class A-V REMIC Regular Interest,  if any) and
the rights to the Interest Only Certificates and Uncertificated  Class A-V REMIC
Regular  Interest  would be reduced to zero is the  Maturity  Date for each such
Certificate and Interest.

(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal  Revenue Service Form 8811,  "Information  Return for
Real Estate Mortgage  Investment  Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.

(m)  Neither  the Trustee  nor the Master  Servicer  shall  sell,  dispose of or
substitute  for any of the Mortgage  Loans  (except in  connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

SECTION 10.02. MASTER SERVICER, REMIC ADMINISTRATOR AND TRUSTEE INDEMNIFICATION.

(a) The Trustee  agrees to  indemnify  the Trust Fund,  the  Company,  the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation,  any  reasonable  attorneys fees imposed on or incurred by the Trust
Fund,  the  Company  or the  Master  Servicer,  as a result  of a breach  of the
Trustee's covenants set forth in Article VIII or this Article X.

(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Master  Servicer  and the  Trustee for any taxes and costs  (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company,  the Master Servicer or the Trustee,  as a result of a breach
of the REMIC Administrator's  covenants set forth in this Article X with respect
to compliance  with the REMIC  Provisions,  including  without  limitation,  any
penalties  arising from the Trustee's  execution of Tax Returns  prepared by the
REMIC Administrator that contain errors or omissions;  provided,  however,  that
such  liability  will not be imposed to the extent such breach is a result of an
error or omission in  information  provided  to the REMIC  Administrator  by the
Master Servicer in which case Section 10.02(c) will apply.

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(c) The Master  Servicer  agrees to indemnify the Trust Fund,  the Company,  the
REMIC Administrator and the Trustee for any taxes and costs (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund,  the Company,  the REMIC  Administrator  or the Trustee,  as a result of a
breach of the  Master  Servicer's  covenants  set forth in this  Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

SECTION 10.03.    DESIGNATION OF REMIC(S).

         As provided in Section 10.03 of the Series Supplement.

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                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

SECTION 11.01.    AMENDMENT.

(a) This  Agreement or any Custodial  Agreement may be amended from time to time
by the Company, the Master Servicer and the Trustee,  without the consent of any
of the Certificateholders:

(i)      to cure any ambiguity,

(ii)     to correct or supplement any provisions herein or therein, which may be
         inconsistent  with any other provisions herein or therein or to correct
         any error,

(iii)    to modify,  eliminate or add to any of its provisions to such extent as
         shall be necessary or  desirable to maintain the  qualification  of the
         Trust Fund as a REMIC at all times that any  Certificate is outstanding
         or to avoid or minimize  the risk of the  imposition  of any tax on the
         Trust Fund pursuant to the Code that would be a claim against the Trust
         Fund,  provided  that the Trustee has received an Opinion of Counsel to
         the effect that (A) such action is  necessary  or desirable to maintain
         such  qualification  or to avoid or minimize the risk of the imposition
         of any such tax and (B) such  action will not  adversely  affect in any
         material respect the interests of any Certificateholder,

(iv)     to change the  timing  and/or  nature of  deposits  into the  Custodial
         Account or the  Certificate  Account or to change the name in which the
         Custodial  Account is  maintained,  provided  that (A) the  Certificate
         Account  Deposit  Date  shall in no event  be  later  than the  related
         Distribution  Date,  (B) such  change  shall not,  as  evidenced  by an
         Opinion  of  Counsel,  adversely  affect in any  material  respect  the
         interests of any Certificateholder and (C) such change shall not result
         in a  reduction  of the rating  assigned  to any Class of  Certificates
         below the lower of the  then-current  rating or the rating  assigned to
         such Certificates as of the Closing Date, as evidenced by a letter from
         each Rating Agency to such effect,

(v)  to modify,  eliminate or add to the  provisions  of Section  5.02(f) or any
     other provision hereof restricting transfer of the Class R Certificates, by
     virtue of their being the "residual  interests"  in a REMIC,  provided that
     (A) such change shall not result in reduction of the rating assigned to any
     such Class of Certificates  below the lower of the  then-current  rating or
     the  rating  assigned  to such  Certificates  as of the  Closing  Date,  as
     evidenced by a letter from each Rating Agency to such effect,  and (B) such
     change shall not (subject to Section 10.01(f)),  as evidenced by an Opinion
     of Counsel (at the expense of the party seeking so to modify,  eliminate or
     add such  provisions),  cause any  REMIC  created  hereunder  or any of the
     Certificateholders  (other than the  transferor) to be subject to a federal
     tax caused by a transfer to a Person that is not a Permitted Transferee,

(vi)     to make any other  provisions  with  respect to  matters  or  questions
         arising under this  Agreement or such Custodial  Agreement  which shall
         not be materially  inconsistent  with the provisions of this Agreement,
         provided  that such  action  shall not, as  evidenced  by an Opinion of

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         Counsel,  adversely affect in any material respect the interests of any
         Certificateholder or

                  (vii) to amend any  provision  herein or  therein  that is not
         material to any of the Certificateholders.

(b) This  Agreement or any Custodial  Agreement may also be amended from time to
time by the Company, the Master Servicer and the Trustee with the consent of the
Holders of  Certificates  evidencing  in the  aggregate not less than 66% of the
Percentage  Interests  of each Class of  Certificates  affected  thereby for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or such Custodial  Agreement or of modifying
in any manner the rights of the Holders of Certificates of such Class; PROVIDED,
HOWEVER, that no such amendment shall:

(i)      reduce in any manner  the  amount of, or delay the timing of,  payments
         which are required to be  distributed  on any  Certificate  without the
         consent of the Holder of such Certificate,

(ii)     reduce  the  aforesaid  percentage  of  Certificates  of any  Class the
         Holders of which are required to consent to any such amendment,  in any
         such case  without the consent of the  Holders of all  Certificates  of
         such Class then outstanding.

(c) Notwithstanding any contrary provision of this Agreement,  the Trustee shall
not  consent  to any  amendment  to this  Agreement  unless it shall  have first
received an Opinion of Counsel  (subject to Section  10.01(f) and at the expense
of the party seeking such  amendment)  to the effect that such  amendment or the
exercise of any power granted to the Master Servicer, the Company or the Trustee
in accordance with such amendment will not result in the imposition of a federal
tax on the Trust Fund or cause any REMIC created under the Series  Supplement to
fail to qualify as a REMIC at any time that any Certificate is outstanding.

(d) Promptly after the execution of any such amendment the Trustee shall furnish
written  notification  of the  substance of such  amendment to the Custodian and
each   Certificateholder.   It  shall  not  be  necessary  for  the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

(e) The Company  shall have the option,  in its sole  discretion,  to obtain and
deliver to the Trustee any corporate guaranty,  payment obligation,  irrevocable
letter of credit,  surety  bond,  insurance  policy or similar  instrument  or a
reserve fund, or any combination of the foregoing, for the purpose of protecting
the Holders of the Class B  Certificates  against any or all Realized  Losses or
other  shortfalls.  Any such instrument or fund shall be held by the Trustee for
the benefit of the Class B Certificateholders, but shall not be and shall not be
deemed to be under any  circumstances  included in the Trust Fund. To the extent
that any such  instrument or fund  constitutes a reserve fund for federal income
tax purposes,  (i) any reserve fund so established  shall be an outside  reserve
fund and not an asset of the Trust  Fund,  (ii) any such  reserve  fund shall be

                                        108

<PAGE>

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.

                                   109

<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.

                                        110

<PAGE>

SECTION 11.05.    NOTICES.

         As provided in Section 11.05 of the Series Supplement.

SECTION 11.06.    REQUIRED NOTICES TO RATING AGENCY AND SUBSERVICER.

         The Company,  the Master Servicer or the Trustee, as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

(a)      a material change or amendment to this Agreement,

(b)      the occurrence of an Event of Default,

(c)      the  termination  or  appointment  of a  successor  Master  Servicer or
         Trustee or a change in the majority ownership of the Trustee,

(d)      the filing of any claim under the Master  Servicer's  blanket  fidelity
         bond and the errors and omissions  insurance policy required by Section
         3.12 or the  cancellation  or  modification  of coverage under any such
         instrument,

(e)      the statement  required to be delivered to the Holders of each Class of
         Certificates pursuant to Section 4.03,

(f)  the statements required to be delivered pursuant to Sections 3.18 and 3.19,

(g)  a change  in the  location  of the  Custodial  Account  or the  Certificate
     Account,

(h)      the occurrence of any monthly cash flow shortfall to the Holders of any
         Class of Certificates resulting from the failure by the Master Servicer
         to make an Advance pursuant to Section 4.04,

(i)      the occurrence of the Final Distribution Date, and

(j)      the repurchase of or substitution for any Mortgage Loan,

PROVIDED,  HOWEVER,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

SECTION 11.07.    SEVERABILITY OF PROVISIONS.

         If any one or more of the covenants, agreements, provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall

                                        111

<PAGE>

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).

                                        112

<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.]

                                        113

<PAGE>

<TABLE>

<S>                              <C>
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 Amount] [Subclass

FIRST DISTRIBUTION DATE:         NOTIONAL AMOUNT] OF THE CLASS A-     Certificates:
_________ 25, ____

                                 [Initial] [Certificate Principal

Master Servicer:                 Balance] [Interest Only/Class A-V] [Subclass]
Residential Funding              Notional Amount] of this Certificate:
CORPORATION                      $                          ]

Assumed Final                    CUSIP 76110F-
Distribution Date:

___________ 25, ____

</TABLE>

                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE

                                 SERIES ____-___

                  evidencing   a  percentage   interest  in  the   distributions
                  allocable to the Class A- Certificates with respect to a Trust
                  Fund consisting  primarily of a pool of  conventional  one- to
                  four-family  fixed  interest rate first  mortgage loans formed
                  and sold by RESIDENTIAL ACCREDIT LOANS, INC.

                  This  Certificate  is  payable  solely  from the assets of the
Trust Fund,  and does not represent an obligation of or interest in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

     THIS  CERTIFIES  THAT  _________________  is the  registered  owner  of the
Percentage  Interest  evidenced by this  Certificate  [(obtained by dividing the
[Initial  Certificate  Principal  Balance]  [Initial  [Interest  Only/Class A-V]
Notional  Amount] of this  Certificate  by the  AGGREGATE  [INITIAL  CERTIFICATE
PRINCIPAL BALANCE OF ALL CLASS A- Certificates]  [Initial  [Interest  Only/Class
A-V] Notional Amounts of all [Interest  Only/Class A-V]  Certificates],  both as
specified  above)]  in  certain  distributions  with  respect  to the Trust Fund
consisting  primarily  of  an  interest  in  a  pool  of  conventional  one-  to
four-family  fixed interest rate first  mortgage  loans (the "Mortgage  Loans"),
formed and sold by Residential  Accredit  Loans,  Inc.  (hereinafter  called the
"Company," which term includes any successor entity under the Agreement referred
to below).  The Trust  Fund was  created  pursuant  to a Pooling  and  Servicing
Agreement  dated as specified  above (the  "Agreement")  among the Company,  the

                                   114

<PAGE>

Master Servicer and __________________, as trustee (the "Trustee"), a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

                  Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this Certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  Holders of CLASS A-
Certificates on such Distribution Date. [The [Interest  Only/Class A-V] Notional
Amount  of  the  [Interest  Only/Class  A-V]  Certificates  as of  any  date  of
determination is equal to the aggregate Stated Principal Balance of the Mortgage
Loans corresponding to the Uncertificated REMIC Regular Interests represented by
such [INTEREST  ONLY/CLASS A-V]  CERTIFICATES.] [THE SUBCLASS NOTIONAL AMOUNT OF
THE [INTEREST  ONLY/CLASS A-V]-  Certificates as of any date of determination is
equal  to  the  aggregate  Stated  Principal   Balance  of  the  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
[Interest  Only/Class A-V]-  CERTIFICATES  IMMEDIATELY PRIOR TO SUCH DATE.] [THE
[INTEREST  ONLY/CLASS  A-V][-  ]  Certificates  have  no  Certificate  Principal
Balance.]

                  Distributions  on this  Certificate will be made either by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

                  Notwithstanding  the  above,  the final  distribution  on this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The [Initial Certificate  Principal Balance] [Initial [Interest Only/Class
A-V] Notional Amount] [initial  Subclass Notional Amount] of this Certificate is
set forth above.] [The Certificate  Principal  Balance hereof will be reduced to
the extent of  distributions  allocable  to principal  and any  Realized  Losses
allocable hereto.]

                  This  Certificate  is  one  of  a  duly  authorized  issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

                  The  Certificates  are  limited in right of payment to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is

                                        115

<PAGE>

reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

                  As provided in the Agreement,  withdrawals  from the Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

                  The  Agreement   permits,   with  certain  exceptions  therein
provided,  the amendment of the Agreement and the modification of the rights and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

                  As   provided  in  the   Agreement   and  subject  to  certain
limitations  therein set forth,  the transfer of this Certificate is registrable
in the Certificate  Register upon surrender of this Certificate for registration
of transfer at the offices or agencies  appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

                  The Certificates are issuable only as registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

                  No service  charge will be made for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

                  The  Company,  the  Master  Servicer,   the  Trustee  and  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee  or the  Certificate  Registrar  may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes,  and neither the
Company,  the Master Servicer,  the Trustee nor any such agent shall be affected
by notice to the contrary.

                                             116

<PAGE>

                  This  Certificate  shall  be  governed  by  and  construed  in
accordance with the laws of the State of New York.

                  The  obligations  created by the  Agreement  in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company 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 or the Company 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.

                                        117

<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

                                        118

<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.

<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.

         NO TRANSFER OF THIS CLASS M CERTIFICATE WILL BE MADE UNLESS THE TRUSTEE
HAS  RECEIVED  EITHER (A) 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 CODE
AND STATING,  AMONG OTHER  THINGS,  THAT THE  TRANSFEREE'S  ACQUISITION  OF THIS
CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER  SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR (B) A  REPRESENTATION
LETTER,  IN THE  FORM  DESCRIBED  IN 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 (A "PLAN INVESTOR"),  OR STATING THAT

<PAGE>

(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  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").

         NOTWITHSTANDING  THE  ABOVE,  WITH  RESPECT  TO THE  TRANSFER  OF  THIS
CERTIFICATE TO A DEPOSITORY OR ANY  SUBSEQUENT  TRANSFER OF ANY INTEREST IN THIS
CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD BY A DEPOSITORY, (I) NEITHER
AN OPINION OF COUNSEL NOR A  CERTIFICATION,  EACH AS DESCRIBED IN THE  FOREGOING
PARAGRAPH, SHALL BE REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:

                  1. ANY TRANSFEREE OF THIS  CERTIFICATE  WILL BE DEEMED TO HAVE
         REPRESENTED  BY VIRTUE OF ITS  PURCHASE OR HOLDING OF THIS  CERTIFICATE
         (OR  INTEREST  HEREIN)  THAT EITHER (A) SUCH  TRANSFEREE  IS NOT A PLAN
         INVESTOR OR (B) SUCH TRANSFEREE IS A COMPLYING INSURANCE COMPANY; AND

                  2. IF THIS CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR
         HELD IN VIOLATION OF THE  PROVISIONS OF THE PRECEDING  PARAGRAPH,  THEN
         THE LAST PRECEDING TRANSFEREE THAT EITHER (I) IS NOT A PLAN INVESTOR OR
         (II) IS A COMPLYING INSURANCE COMPANY SHALL BE RESTORED,  TO THE EXTENT
         PERMITTED BY LAW, TO ALL RIGHTS AND  OBLIGATIONS AS  CERTIFICATE  OWNER
         THEREOF  RETROACTIVE TO THE DATE OF SUCH TRANSFER OF THIS  CERTIFICATE.
         THE TRUSTEE  SHALL BE UNDER NO  LIABILITY  TO ANY PERSON FOR MAKING ANY
         PAYMENTS DUE ON THIS CERTIFICATE TO SUCH PRECEDING TRANSFEREE.

         ANY PURPORTED  CERTIFICATE  OWNER WHOSE  ACQUISITION OR HOLDING OF THIS
CERTIFICATE (OR INTEREST  HEREIN) WAS EFFECTED IN VIOLATION OF THE  RESTRICTIONS
IN SECTION  5.02(E) OF THE POOLING AND SERVICING  AGREEMENT  SHALL INDEMNIFY AND
HOLD HARMLESS THE COMPANY,  THE TRUSTEE,  THE MASTER SERVICER,  ANY SUBSERVICER,
AND THE TRUST FUND FROM AND AGAINST ANY AND ALL  LIABILITIES,  CLAIMS,  COSTS OR
EXPENSES INCURRED BY SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.

<PAGE>
<TABLE>

<S>                                                          <C>
CERTIFICATE NO.                                              [      ]% Pass-Through Rate

CLASS M-    Subordinate                                      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, ____

</TABLE>

                 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

<PAGE>

the  Company,  the Master  Servicer  and  __________________,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set
forth hereafter.  To the extent not defined herein,  the capitalized  terms used
herein have the meanings  assigned in the Agreement.  This Certificate is issued
under and is subject to the terms,  provisions  and conditions of the Agreement,
to which  Agreement the Holder of this  Certificate  by virtue of the acceptance
hereof assents and by which such Holder is bound.

                  Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of CLASS M-
Certificates on such Distribution Date.

                  Distributions  on this  Certificate will be made either by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

                  Notwithstanding  the  above,  the final  distribution  on this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

                  As described  above,  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").

<PAGE>

                  The  Certificates  are  limited in right of payment to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

                  As provided in the Agreement,  withdrawals  from the Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

                  The  Agreement   permits,   with  certain  exceptions  therein
provided,  the amendment of the Agreement and the modification of the rights and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

                  As   provided  in  the   Agreement   and  subject  to  certain
limitations  therein set forth,  the transfer of this Certificate is registrable
in the Certificate  Register upon surrender of this Certificate for registration
of transfer at the offices or agencies  appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

                  The Certificates are issuable only as registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

                  No service  charge will be made for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

<PAGE>

                  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 or
the Company 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 or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.

                  Unless  the  certificate  of  authentication  hereon  has been
executed by the Certificate  Registrar,  by manual  signature,  this Certificate
shall not be  entitled to any benefit  under the  Agreement  or be valid for any
purpose.

<PAGE>

                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:                                [____________________________],

                                   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

<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.

<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.

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 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.

<PAGE>

                  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

<PAGE>

under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation
letter,  in the form as  described  by the  Agreement,  either  stating that the
transferee  is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of ERISA or Section 4975 of the Code (a "Plan"),  or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan)  acting,  directly  or  indirectly,  on behalf  of or  purchasing  any
Certificate with "plan assets" of any Plan, or stating that the transferee is an
insurance  company,  the  source  of  funds  to be  used by it to  purchase  the
Certificate is an "insurance  company  general  account"  (within the meaning of
Department of Labor Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance  upon the  availability  of the exemptive
relief afforded under Sections I and III of PTCE 95-60.

                  This  Certificate  is  one  of  a  duly  authorized  issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  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

<PAGE>

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 or
the Company 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 or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.

                  Unless  the  certificate  of  authentication  hereon  has been
executed by the Certificate  Registrar,  by manual  signature,  this Certificate
shall not be  entitled to any benefit  under the  Agreement  or be valid for any
purpose.

<PAGE>

                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:                                   [_____________________________],
                                               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

<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.

<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 THE FHLMC,  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

<PAGE>

775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B),
(C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED  ORGANIZATION"),  OR
(F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE OF SUCH TRANSFER IS
TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE  SATISFIES
CERTAIN  ADDITIONAL  CONDITIONS  RELATING  TO  THE  FINANCIAL  CONDITION  OF THE
PROPOSED  TRANSFEREE.   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.

<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

<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.

<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 or
the Company 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 or the Company 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.

<PAGE>

                  Reference  is hereby  made to the further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

                  Unless  the  certificate  of  authentication  hereon  has been
executed by the Certificate  Registrar,  by manual  signature,  this Certificate
shall not be  entitled to any benefit  under the  Agreement  or be valid for any
purpose.

<PAGE>

                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:                                        [____________________________],

                                   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

<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.

<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 _____,
19___ , by and between  Residential  Funding  Corporation,  its  successors  and
assigns   ("Residential   Funding")  and   ______________________________   (the
"Seller/Servicer,"  and,  together with Residential  Funding,  the "parties" and
each, individually, a "party").

         WHEREAS,  the Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

         NOW,  THEREFORE,  in  consideration  of the  premises,  and the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.       INCORPORATION OF GUIDES BY REFERENCE.

         The  Seller/Servicer  acknowledges  that it has  received  and read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  PROVIDED,
HOWEVER,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.       AMENDMENTS.

         This Contract may not be amended or modified  orally,  and no provision
of this Contract may be waived or amended  except in writing signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3.       REPRESENTATIONS AND WARRANTIES.

A.       RECIPROCAL REPRESENTATIONS AND WARRANTIES.

                  The  Seller/Servicer  and Residential  Funding each represents
and warrants to the other that as of the date of this Contract:

<PAGE>

(1)                        Each party is duly organized,  validly existing,  and
                           in good standing  under the laws of its  jurisdiction
                           of organization,  is qualified,  if necessary,  to do
                           business and in good standing in each jurisdiction in
                           which it is required to be so qualified,  and has the
                           requisite  power  and  authority  to enter  into this
                           Contract   and  all   other   agreements   which  are
                           contemplated  by this  Contract  and to carry out its
                           obligations  hereunder and under the Guides and under
                           such other agreements.

(2)                        This Contract has been duly authorized,  executed and
                           delivered by each party and  constitutes  a valid and
                           legally binding  agreement of each party  enforceable
                           in accordance with its terms.

(3)                        There  is  no  action,  proceeding  or  investigation
                           pending or threatened, and no basis therefor is known
                           to either  party,  that could  affect the validity or
                           prospective validity of this Contract.

(4)                        Insofar as its  capacity to carry out any  obligation
                           under this Contract is concerned, neither party is in
                           violation of any charter,  articles of incorporation,
                           bylaws, mortgage, indenture, indebtedness, agreement,
                           instrument, judgment, decree, order, statute, rule or
                           regulation  and  none  of  the  foregoing   adversely
                           affects   its   capacity   to  fulfill   any  of  its
                           obligations  under this  Contract.  Its execution of,
                           and  performance  pursuant to, this Contract will not
                           result in a violation of any of the foregoing.

B.       SELLER/SERVICER'S REPRESENTATIONS, WARRANTIES AND COVENANTS.

                  In addition to the  representations,  warranties and covenants
                  made by the  Seller/Servicer  pursuant to subparagraph  (a) of
                  this    paragraph   3,   the    Seller/Servicer    makes   the
                  representations,  warranties  and  covenants  set forth in the
                  Guides and,  upon  request,  agrees to deliver to  Residential
                  Funding the certified  Resolution of Board of Directors  which
                  authorizes the execution and delivery of this Contract.

4.       REMEDIES OF RESIDENTIAL FUNDING.

         If an Event of Seller  Default or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.       SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

         At no time shall the Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.       PRIOR AGREEMENTS SUPERSEDED.

         This Contract restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

<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.

<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.

<PAGE>

         IN WITNESS WHEREOF, the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                       SELLER/SERVICER

[CORPORATE SEAL]

                                                  (NAME OF SELLER/SERVICER)

BY:                           By:

       (SIGNATURE)                                (SIGNATURE)
BY:                           By:

       (TYPED NAME)                               (TYPED NAME)
TITLE:                        Title:

=============================================== ================================
ATTEST:                                         RESIDENTIAL FUNDING CORPORATION

[CORPORATE SEAL]

BY:                                             By:

       (SIGNATURE)                                                  (SIGNATURE)
BY:                                             By:

       (TYPED NAME)                                                 (TYPED NAME)
TITLE:                                          Title:

<PAGE>

                                 EXHIBIT F

                          FORMS OF REQUEST FOR RELEASE

DATE:

TO:

RE:               REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:

Account#:
Pool#:

Loan#:

MIN#:
Borrower Name(s):

Reason for Document Request:             (circle one)

         Mortgage Loan Prepaid in Full               Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

________________________________
Residential Funding Corporation
Authorized Signature

******************************************************************************

TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:      [ ]   Promissory Note
                         [ ]   Primary Insurance Policy
                         [ ]   Mortgage or Deed of Trust
                         [ ]   Assignment(s) of Mortgage or Deed of Trust
                         [ ]   Title Insurance Policy
                         [ ]   Other:

NAME:
TITLE:
DATE:

<PAGE>

                              EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                                )
                                        )    ss.:

COUNTY OF                               )

                  [NAME OF OFFICER], being first duly sworn, deposes and says:

1. That he is [Title of Officer] of [Name of Owner] (record or beneficial  owner
of the Mortgage Asset-Backed Pass-Through Certificates, Series ____-___, Class R
(the  "Owner")),  a  [savings  institution]  [CORPORATION]  DULY  ORGANIZED  AND
EXISTING UNDER THE LAWS OF [THE STATE OF______________ ] [the United States], on
behalf of which he makes this affidavit and agreement.

2. That the Owner (i) is not and will not be a "disqualified organization" or an
electing  large  partnership  as of [date of  transfer]  within  the  meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
the Code,  (ii) will endeavor to remain other than a  disqualified  organization
for so long as it retains its  ownership  interest in the Class R  Certificates,
and (iii) is acquiring the Class R  Certificates  for its own account or for the
account of another  Owner from which it has received an affidavit  and agreement
in  substantially  the same  form as this  affidavit  and  agreement.  (For this
purpose, a "disqualified organization" means an electing large partnership under
Section 775 of the Code, the United States,  any state or political  subdivision
thereof,  any agency or  instrumentality  of any of the foregoing (other than an
instrumentality  all of the  activities of which are subject to tax and,  except
for the Federal  Home Loan  Mortgage  Corporation,  a majority of whose board of
directors  is not  selected  by any such  governmental  entity)  or any  foreign
government,  international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).

3. That the Owner is aware (i) of the tax that would be imposed on  transfers of
Class  R  Certificates   to   disqualified   organizations   or  electing  large
partnerships,  under  the  Code,  that  applies  to all  transfers  of  Class  R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or,  with  respect to transfers to electing  large  partnerships,  on each such
partnership),  or, if such transfer is through an agent (which person includes a
broker,  nominee or middleman)  for a disqualified  organization,  on the agent;
(iii) that the person  (other than with respect to  transfers to electing  large
partnerships)  otherwise  liable for the tax shall be relieved of liability  for
the tax if the  transferee  furnishes  to such  person  an  affidavit  that  the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R Certificates  may be  "noneconomic  residual  interests"  within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes
due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

<PAGE>

4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R  Certificates  if either the  pass-through  entity is an electing  large
partnership  under  Section 775 of the if at any time during the taxable year of
the pass-through  entity a disqualified  organization is the record holder of an
interest in such entity.  (For this purpose,  a "pass through entity" includes a
regulated  investment  company,  a real estate  investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)

5. The Owner is a citizen or  resident  of the  United  States,  a  corporation,
partnership  or other entity  created or organized in, or under the laws of, the
United  States or any  political  subdivision  thereof  (except in the case of a
partnership, to the extent provided in Treasury regulations),  or an estate that
is described in Section 7701(a)(30)(D) of the Code, or a trust that is described
in Section 7701(a)(30)(E) of the Code.

6. That the Owner is aware that the Trustee  will not  register  the transfer of
any Class R  Certificates  unless the  transferee,  or the  transferee's  agent,
delivers to it an affidavit and agreement,  among other things, in substantially
the same form as this affidavit and agreement.  The Owner expressly  agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

7. That the Owner has  reviewed  the  restrictions  set forth on the face of the
Class R Certificates  and the  provisions of Section  5.02(f) of the Pooling and
Servicing  Agreement  under  which  the Class R  Certificates  were  issued  (in
particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver  payments  to a person  other than the Owner and  negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

8. That the Owner consents to any additional  restrictions or arrangements  that
shall be deemed  necessary  upon advice of counsel to  constitute  a  reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.

9. THE OWNER'S TAXPAYER IDENTIFICATION NUMBER IS _____________________.

10. This affidavit and agreement  relates only to the Class R Certificates  held
by the Owner and not to any other holder of the Class R Certificates.  The Owner
understands  that the  liabilities  described  herein relate only to the Class R
Certificates.

11. That no purpose of the Owner  relating to the transfer of any of the Class R
Certificates  by the Owner is or will be to impede the  assessment or collection
of any tax.

12.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R  Certificate
that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

13. That the Owner has no present  knowledge or expectation  that it will become
insolvent or subject to a bankruptcy  proceeding for so long as any of the Class
R Certificates remain outstanding.

14. The  Purchaser is not an employee  benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended  ("ERISA"),  or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code"),  or an investment  manager,  named fiduciary or a
trustee of any such plan, or any other Person acting, directly or indirectly, on
behalf of or purchasing any Certificate with "plan assets" of any such plan.

<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 ________, 199___ .

                                                     [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 _____, 199__.

                            NOTARY PUBLIC

                     COUNTY OF
                     STATE OF

             MY COMMISSION EXPIRES THE DAY OF , 19 .

<PAGE>

                                   EXHIBIT G-2

                         FORM OF TRANSFEROR CERTIFICATE

                                                            , 19

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard

Suite 600
Minneapolis, Minnesota  55437

Attention:  Residential Funding Corporation Series ____-___

                  Re:      Mortgage Asset-Backed Pass-Through Certificates,
                           SERIES ____-___, CLASS R

Ladies and Gentlemen:

     This  letter  is  delivered  to you in  connection  with  the  transfer  by
______________________  (the  "Seller")  to  _____________________________  (THE
"PURCHASER") OF  $_________________  Initial  Certificate  Principal  Balance of
Mortgage Asset-Backed Pass-Through  Certificates,  Series ____-___, Class R (the
"Certificates"), pursuant to Section 5.02 of the Pooling and Servicing Agreement
(the "Pooling and Servicing  Agreement"),  dated as of ___________ 1, ____ among
Residential Accredit Loans, Inc., as seller (the "Company"), Residential Funding
Corporation,  as  master  servicer,  and  __________________,  as  trustee  (the
"Trustee").  All terms used  herein  and not  otherwise  defined  shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

15. 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.

16. 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.

17.  The  Seller  has at  the  time  of  the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-1(c)(4)(i)  and,  as  a  result  of  that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the  future.  The  Seller  understands  that  the  transfer  of a Class R
Certificate  may not be respected for United States 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.

<PAGE>

18. The Seller has no actual knowledge that the proposed  Transferee is not both
a United States Person and a Permitted Transferee.

                                                     Very truly yours,

                                    (Seller)

                                                     BY:
                                                     NAME:
                                                     TITLE:

<PAGE>

                                   EXHIBIT H-1

                     FORM OF INVESTOR REPRESENTATION LETTER

                                                                        , 19

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard

Suite 600
Minneapolis, MN 55437

==================
------------------

Residential Funding Corporation
8400 Normandale Lake Boulevard

Suite 600
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ____-___

                  RE:      Mortgage Asset-Backed Pass-Through Certificates,

                           SERIES ____-___, [CLASS B-]

Ladies and Gentlemen:

     _______________________(the   "Purchaser")   intends   to   purchase   from
____________________________(THE   "SELLER")   $_______________________  Initial
CERTIFICATE   PRINCIPAL   BALANCE   OF   MORTGAGE   ASSET-BACKED    PASS-THROUGH
CERTIFICATES,  SERIES ____-___,  CLASS (the "Certificates"),  issued pursuant to
the Pooling and Servicing  Agreement  (the  "Pooling and Servicing  Agreement"),
dated as of  ___________  1, ____ among  Residential  Accredit  Loans,  Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer (the
"Master  Servicer"),  and  __________________,  as trustee (the "Trustee").  All
terms used herein and not otherwise defined shall have the meanings set forth in
the Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents
and warrants to, and  covenants  with,  the Company,  the Trustee and the Master
Servicer that:

1.                The Purchaser  understands that (a) the Certificates  have not
                  been  and  will  not be  registered  or  qualified  under  the
                  Securities  Act of 1933,  as amended  (the "Act") or any state
                  securities law, (b) the Company is not required to so register
                  or  qualify  the  Certificates,  (c) the  Certificates  may be
                  resold  only  if  registered  and  qualified  pursuant  to the
                  provisions  of the Act or any state  securities  law, or if an
                  exemption  from  such   registration   and   qualification  is
                  available,  (d) the Pooling and Servicing  Agreement  contains
                  restrictions  regarding the transfer of the  Certificates  and
                  (e) the  Certificates  will  bear a  legend  to the  foregoing
                  effect.

<PAGE>

2.                The  Purchaser  is  acquiring  the  Certificates  for  its own
                  account for investment only and not with a view to or for sale
                  in connection with any distribution thereof in any manner that
                  would violate the Act or any applicable state securities laws.

3.                The   Purchaser   is   (a)   a   substantial,    sophisticated
                  institutional investor having such knowledge and experience in
                  financial and business  matters,  and, in particular,  in such
                  matters  related to  securities  similar to the  Certificates,
                  such that it is capable of evaluating  the merits and risks of
                  investment in the Certificates,  (b) able to bear the economic
                  risks of such an investment and (c) an  "accredited  investor"
                  within the meaning of Rule 501(a) promulgated  pursuant to the
                  Act.

          4.   The Purchaser has been furnished with, and has had an opportunity
               to review (a) [a copy of the Private PLACEMENT MEMORANDUM,  DATED
               _______________,  19___, relating to the Certificates (b)] a copy
               of the Pooling  and  Servicing  Agreement  and [b] [c] such other
               information  concerning the Certificates,  the Mortgage Loans and
               the  Company  as has been  requested  by the  Purchaser  from the
               Company or the Seller and is relevant to the Purchaser's decision
               to purchase the Certificates. The Purchaser has had any questions
               arising from such review answered by the Company or the Seller to
               the  satisfaction  of the  Purchaser.  [If the  Purchaser did not
               purchase the Certificates  from the Seller in connection with the
               initial  distribution of the Certificates and was provided with a
               copy  of the  Private  Placement  Memorandum  (the  "Memorandum")
               relating  to the  original  sale  (the  "Original  Sale")  of the
               Certificates by the Company, the Purchaser acknowledges that such
               Memorandum was provided to it by the Seller,  that the Memorandum
               was prepared by the Company solely for use in connection with the
               Original  Sale  and  the  Company  did  not   participate  in  or
               facilitate  in any way the  purchase of the  Certificates  by the
               Purchaser from the Seller,  and the Purchaser agrees that it will
               look solely to the Seller and not to the Company  with respect to
               any damage, liability, claim or expense arising out of, resulting
               from or in  connection  with (a) error or  omission,  or  alleged
               error  or  omission,  contained  in the  Memorandum,  or (b)  any
               information,  development  or event arising after the date of the
               Memorandum.]

          5.   The  Purchaser has not and will not nor has it authorized or will
               it authorize any person to (a) offer, pledge, sell, dispose of or
               otherwise   transfer  any   Certificate,   any  interest  in  any
               Certificate  or any other  similar  security to any person in any
               manner,  (b)  solicit  any  offer to buy or to  accept a  pledge,
               disposition of other transfer of any Certificate, any interest in
               any Certificate or any other similar  security from any person in
               any manner,  (c) otherwise  approach or negotiate with respect to
               any  Certificate,  any interest in any  Certificate  or any other
               similar  security  with any  person in any  manner,  (d) make any
               general  solicitation  by means of general  advertising or in any
               other manner or (e) take any other action, that (as to any of (a)
               through  (e)  above)  would  constitute  a  distribution  of  any
               Certificate  under the Act, that would render the  disposition of
               any  Certificate a violation of Section 5 of the Act or any state
               securities   law,   or  that  would   require   registration   or
               qualification  pursuant  thereto.  The Purchaser will not sell or
               otherwise transfer any of the Certificates,  except in compliance
               with the provisions of the Pooling and Servicing Agreement.

<PAGE>

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:

<PAGE>

                                   EXHIBIT H-2

                       FORM OF ERISA REPRESENTATION LETTER

                                                            , 199

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

Attention:        Residential Funding Corporation Series ____-___

                  RE:   MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATES, SERIES
                           ____-___, CLASS M-
Ladies and Gentlemen:

     _____________________   (the   "Purchaser")   intends  to   purchase   from
________________________  (THE "SELLER")  $________________  Initial Certificate
PRINCIPAL BALANCE OF MORTGAGE  ASSET-BACKED  PASS-THROUGH  CERTIFICATES,  SERIES
____-___,  CLASS M- (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 (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 either:

(a)               The Purchaser 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

<PAGE>

(b)               The Purchaser 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
                  conditions  set forth in Sections I and III of PTCE 95-60 have
                  been satisfied.

                           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
                  (a) or (b) above.

                                                     Very truly yours,

                                                     BY:
                                                     NAME:
                                                     TITLE:

<PAGE>

                                   EXHIBIT H-3

                              FORM OF ERISA LEGEND

         Each  beneficial  owner of a  book-entry  Class M  Certificate  (or any
interest  therein)  shall  be  deemed  to have  represented,  by  virtue  of its
acquisition or holding of such Certificate (or interest therein), that either:

                  (a) it 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; or

                  (b) (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 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.

         Any purported  beneficial owner of a book-entry Class M Certificate (or
interest therein) to whom either (a) or (b) above does not apply 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  its
acquisition or holding of such Certificate.

<PAGE>

                                    EXHIBIT I

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                                              , 19

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437

Attention: Residential Funding Corporation Series ____-___

                  Re:      Mortgage Asset-Backed Pass-Through Certificates,
                           SERIES ____-___, [CLASS B-]
Ladies and Gentlemen:

                  IN  CONNECTION  WITH  THE  SALE  BY  (THE  "SELLER")  TO  (the
"PURCHASER") OF $ Initial Certificate Principal Balance of Mortgage Asset-Backed
Pass-Through CERTIFICATES,  SERIES ____-___, CLASS (the "Certificates"),  issued
pursuant to the Pooling and  Servicing  Agreement  (the  "Pooling and  Servicing
Agreement"),  dated as of ___________ 1, ____ among Residential  Accredit Loans,
Inc., as seller (the  "Company"),  Residential  Funding  Corporation,  as master
servicer, and __________________,  as trustee (the "Trustee"). The Seller hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

                  Neither  the Seller  nor  anyone  acting on its behalf has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred any Certificate,
any interest in any  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  any  Certificate,   any  interest  in  any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of any
Certificate a violation of Section 5 of the Act or any state  securities law, or
that would require  registration or qualification  pursuant thereto.  The Seller
will not act, in any manner set forth in the foregoing  sentence with respect to
any Certificate.  The Seller has not and will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.

                                                     Very truly yours,

                                    (Seller)

                                                     BY:
                                                     NAME:
                                                     TITLE:

<PAGE>

                                    EXHIBIT J

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

                              Description  of Rule  144A  Securities,  including
numbers:

                  The undersigned  seller,  as registered holder (the "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

1. In  connection  with such  transfer  and in  accordance  with the  agreements
pursuant  to which the Rule 144A  Securities  were  issued,  the  Seller  hereby
certifies  the  following  facts:  Neither  the Seller nor anyone  acting on its
behalf has offered, transferred, pledged, sold or otherwise disposed of the Rule
144A  Securities,  any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or other
disposition  of  the  Rule  144A  Securities,  any  interest  in the  Rule  144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

2. The Buyer  warrants and represents  to, and covenants  with, the Seller,  the
Trustee  and the Master  Servicer  (as  defined  in the  Pooling  and  Servicing
Agreement (the  "Agreement"),  dated as of ___________ 1, ____ among Residential
Funding  Corporation as Master  Servicer,  Residential  Accredit Loans,  Inc. as
depositor pursuant to Section 5.02 of the Agreement and  __________________,  as
trustee, as follows:

(a)      The  Buyer  understands  that the Rule  144A  Securities  have not been
         registered under the 1933 Act or the securities laws of any state.

(b)      The Buyer considers itself a substantial,  sophisticated  institutional
         investor having such knowledge and experience in financial and business
         matters  that it is  capable  of  evaluating  the  merits  and risks of
         investment in the Rule 144A Securities.

<PAGE>

(c)      The Buyer has been  furnished with all  information  regarding the Rule
         144A Securities  that it has requested from the Seller,  the Trustee or
         the Servicer.

(d)  Neither the Buyer nor anyone acting on its behalf has offered, transferred,
     pledged,  sold or  otherwise  disposed  of the Rule  144A  Securities,  any
     interest in the Rule 144A  Securities or any other similar  security to, or
     solicited  any  offer  to  buy  or  accept  a  transfer,  pledge  or  other
     disposition  of the Rule 144A  Securities,  any  interest  in the Rule 144A
     Securities or any other similar  security from, or otherwise  approached or
     negotiated  with respect to the Rule 144A  Securities,  any interest in the
     Rule 144A Securities or any other similar  security with, any person in any
     manner, or made any general solicitation by means of general advertising or
     in any other  manner,  or taken any other action,  that would  constitute a
     distribution of the Rule 144A  Securities  under the 1933 Act or that would
     render the disposition of the Rule 144A Securities a violation of Section 5
     of the 1933 Act or require registration  pursuant thereto, nor will it act,
     nor has it  authorized  or will it  authorize  any  person to act,  in such
     manner with respect to the Rule 144A Securities.

(e)  The Buyer is a "qualified  institutional  buyer" as that term is defined in
     Rule  144A  under  the 1933 Act and has  completed  either  of the forms of
     certification  to that  effect  attached  hereto as Annex 1 or Annex 2. The
     Buyer is aware that the sale to it is being made in  reliance on Rule 144A.
     The Buyer is acquiring the Rule 144A  Securities for its own account or the
     accounts of other qualified  institutional  buyers,  understands  that such
     Rule 144A  Securities may be resold,  pledged or transferred  only (i) to a
     person  reasonably  believed  to be a  qualified  institutional  buyer that
     purchases   for  its  own  account  or  for  the  account  of  a  qualified
     institutional  buyer to whom  notice is given  that the  resale,  pledge or
     transfer  is being made in  reliance  on Rule  144A,  or (ii)  pursuant  to
     another exemption from registration under the 1933 Act.

                  [3.      The Buyer

(a)      is not an  employee  benefit  or other plan  subject to the  prohibited
         transaction  provisions of the Employee  Retirement Income Security Act
         of 1974, as amended ("ERISA"),  or Section 4975 of the Internal Revenue
         Code of 1986,  as amended (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  within the meaning of the
         Department of Labor ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; or

(b)      is an  insurance  company,  the  source  of  funds  to be used by it to
         purchase the  Certificates is an "insurance  company  general  account"
         (within  the  meaning of DOL  Prohibited  Transaction  Class  Exemption
         ("PTCE")  95-60),  and the purchase is being made in reliance  upon the
         availability of the exemptive  relief afforded under Sections I and III
         of PTCE 95-60.]

                  4. This  document may be executed in one or more  counterparts
         and by the different parties hereto on separate  counterparts,  each of
         which,  when so  executed,  shall be  deemed  to be an  original;  such
         counterparts, together, shall constitute one and the same document.
<PAGE>

     IN WITNESS  WHEREOF,  each of the parties has executed  this document as of
the date set forth below.

Print Name of Seller                           Print Name of Buyer
BY:                                            By:

    Name:                                          Name:
    Title:                                         Title:

Taxpayer Identification                        Taxpayer Identification:
NO.                                            No:
DATE:                                          Date:

<PAGE>

                              ANNEX 1 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

                  The undersigned hereby certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

1. As  indicated  below,  the  undersigned  is the  President,  Chief  Financial
Officer, Senior Vice President or other executive officer of the Buyer.

2. In  connection  with  purchases  by the  Buyer,  the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  INVESTED ON A
DISCRETIONARY BASIS  $__________________  in securities (except for the excluded
securities  referred to below) as of the end of the Buyer's  most recent  fiscal
year (such amount being  calculated in  accordance  with Rule 144A) and (ii) the
Buyer satisfies the criteria in the category marked below.

___               CORPORATION,  ETC.  The Buyer is a  corporation  (other than a
                  bank,  savings and loan  association or similar  institution),
                  Massachusetts  or  similar  business  trust,  partnership,  or
                  charitable  organization described in Section 501(c)(3) of the
                  Internal Revenue Code.

___               BANK. The Buyer (a) is a national bank or banking  institution
                  organized  under  the  laws  of any  State,  territory  or the
                  District of Columbia,  the business of which is  substantially
                  confined  to  banking  and  is  supervised  by  the  State  or
                  territorial  banking  commission  or similar  official or is a
                  foreign bank or equivalent institution, and (b) has an audited
                  net  worth  of at least  $25,000,000  AS  DEMONSTRATED  IN ITS
                  LATEST  ANNUAL  FINANCIAL  STATEMENTS,  A  COPY  OF  WHICH  IS
                  ATTACHED HERETO.

___               SAVINGS  AND  LOAN.  The  Buyer  (a)  is a  savings  and  loan
                  association, building and loan association,  cooperative bank,
                  homestead   association  or  similar  institution,   which  is
                  supervised and examined by a State or Federal authority having
                  supervision over any such institutions or is a foreign savings
                  and loan association or equivalent  institution and (b) has an
                  audited net worth of at least  $25,000,000 as  demonstrated in
                  its latest annual financial statements.

___  BROKER-DEALER.  The Buyer is a dealer registered  pursuant to Section 15 of
     the Securities Exchange Act of 1934.

___               INSURANCE  COMPANY.  The Buyer is an insurance  company  whose
                  primary and  predominant  business  activity iS the writing of
                  insurance or the reinsuring of risks underwritten by insurance
                  companies and which is subject to supervision by the insurance
                  commissioner  or a  similar  official  or agency of a State or
                  territory or the District of Columbia.

<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.

<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:

<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.

<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:

<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)

<PAGE>

                minus  the  sum  of  (i)  all  previous   payments   made  under
subsections  (a) and (b) hereof and (ii) all draws  under the  Limited  Guaranty
made in lieu of such payments as 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

<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.

<PAGE>

                                    EXHIBIT L

                           [FORM OF LIMITED GUARANTY]

                                LIMITED GUARANTY

                        RESIDENTIAL ACCREDIT LOANS, INC.

                 Mortgage Asset-Backed Pass-Through Certificates

                                 Series ____-___

                                                                     , 199

==================
------------------

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:

14.  PROVISION  OF FUNDS.  (a) GMAC  agrees to  contribute  and  deposit  in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related
Distribution  Date,  such moneys as may be required  by  Residential  Funding to
perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

<PAGE>

                  (b) The agreement set forth in the preceding  clause (a) shall
be  absolute,  irrevocable  and  unconditional  and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential  Funding,  by any  insolvency,  bankruptcy,  dissolution or other
proceeding affecting  Residential Funding or any other person, by any defense or
right of  counterclaim,  set-off  or  recoupment  that  GMAC  may  have  against
Residential  Funding or any other  person or by any other fact or  circumstance.
Notwithstanding  the  foregoing,  GMAC's  obligations  under  clause  (a)  shall
terminate  upon  the  earlier  of (x)  substitution  for this  Limited  Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement,  or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.

15.  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.

16.  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.

17.  SUCCESSOR.  Except as otherwise  expressly  provided herein,  the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

18.  GOVERNING  LAW. This Limited  Guaranty shall be governed by the laws of the
State of New York.

19.  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.

20.  DEFINITIONS.  Capitalized terms used but not otherwise defined herein shall
have the meaning given them in the Servicing Agreement.

21.  COUNTERPARTS.  This  Limited  Guaranty  may be  executed  in any  number of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

<PAGE>

                  IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to
be executed and delivered by its respective  officers  thereunto duly authorized
as of the day and year first above written.

                                                     GENERAL MOTORS ACCEPTANCE
                                                     CORPORATION

                                                     NAME:
                                                     TITLE:

Acknowledged by:

------------------,
     as Trustee

BY:
NAME:
TITLE:

RESIDENTIAL ACCREDIT LOANS, INC.

BY:
NAME:
TITLE:

<PAGE>

                                    EXHIBIT M

          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                                , 19

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard

Suite 600
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

                  RE:   MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATES, SERIES

                           ____-___ ASSIGNMENT OF MORTGAGE LOAN

Ladies and Gentlemen:

     This  letter is  delivered  to you in  connection  with the  assignment  by
_______________________  (THE  "TRUSTEE")  TO  ________________________________-
(the  "LENDER")  OF (the  "Mortgage  Loan")  pursuant to Section  3.13(d) of the
Pooling and Servicing Agreement (the "Pooling and Servicing  Agreement"),  dated
as of ___________ 1, ____ among Residential Accredit Loans, Inc., as seller (the
"Company"),  Residential  Funding  Corporation,  as  master  servicer,  and  the
Trustee. All terms used herein and not otherwise defined shall have the meanings
set forth in the Pooling and Servicing  Agreement.  The Lender hereby certifies,
represents  and warrants to, and  covenants  with,  the Master  Servicer and the
Trustee that:

(i) the Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
in which an  assignment  in lieu of  satisfaction  is required to preserve  lien
priority,  minimize or avoid mortgage  recording taxes or otherwise comply with,
or facilitate a refinancing under, the laws of such jurisdiction;

(ii) the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage Loan and the form of the  transaction is solely to comply with, or
facilitate the transaction under, such local laws;

(iii) the Mortgage Loan  following the proposed  assignment  will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest on such Mortgage Loan prior to such proposed assignment; and

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
Mortgage Loan.

                                                     Very truly yours,

                                                    (Lender)

                                                     BY:
                                                     NAME:
                                                     TITLE:

<PAGE>

                                    EXHIBIT N

                          FORM OF REQUEST FOR EXCHANGE

                                                              [DATE]

==================
------------------

                  Re:      Residential Accredit Loans, Inc.,

                           Mortgage Asset-Backed Pass-Through Certificates,

                           SERIES ____-___

                  RESIDENTIAL  FUNDING  CORPORATION,   AS  THE  HOLDER  OF  A  %
Percentage Interest of the [Interest  Only/Class A-V][-1]  Certificates,  hereby
requests  the  Trustee to exchange  the  above-referenced  Certificates  for the
Subclasses referred to below:

1.   [INTEREST  ONLY/CLASS  A-V]-  Certificates,  corresponding to the following
     Uncertificated REMIC Regular Interests:  [List numbers corresponding to the
     related  loans and Pool Strip Rates from the Mortgage Loan  Schedule].  The
     initial Subclass  Notional Amount and the Initial  PASS-THROUGH RATE ON THE
     [INTEREST  ONLY/CLASS  A-V]-  Certificates  will be $________ AND _______%,
     respectively.

2.       [Repeat as appropriate.]

                  The Subclasses requested above will represent in the aggregate
all of the Uncertificated  REMIC Regular Interests  represented by the [Interest
Only/Class A-V][-1] Certificates surrendered for exchange.

                  All  capitalized  terms used but not defined herein shall have
the  meanings  set forth in the Pooling  and  Servicing  Agreement,  dated as of
___________ 1, ____, among Residential Accredit Loans, Inc., Residential Funding
Corporation and __________________, as trustee.

                                      RESIDENTIAL FUNDING CORPORATION

                                      BY:

                                      Name:

                                     Title:
<PAGE>Exhibit 4.03

                   FIRST AMENDMENT TO HOLDER RIGHTS AGREEMENT

         THIS FIRST AMENDMENT TO HOLDER RIGHTS AGREEMENT (the "First Amendment")
is made and entered into as of February 24, 2000 by and between Videonics, Inc.,
a California  corporation  (the "Company") and Venture Banking Group, a division
of Cupertino National Bank (the "Holder").

         WHEREAS,  the Company and Holder have entered into that certain  Holder
Rights Agreement dated as of September 15, 1999 (the "Agreement").

         WHEREAS,  the Company and Holder  desire to amend the  Agreement as set
forth in this First Amendment.

         NOW,  THEREFORE,  the parties,  intending to be legally bound, agree as
follows:

         1.  Amendment to Section 1.02.  The first  paragraph of Section 1.02 is
hereby amended in its entirety to read as follows:

                  If the Holder  requests  that the Company file a  registration
                  statement on Form S-3 (or any successor  form to Form S-3) for
                  a public offering of the shares of Registrable Securities, and
                  the  Company  is a  registrant  entitled  to use  S-3  (or any
                  successor  form to Form S-3),  the  Company  will use its best
                  commercial  efforts to effect a  registration  on Form S-3 (or
                  any similar  successor form) and any related  qualification or
                  compliance  with  respect  to all the  Registrable  Securities
                  owned by the  Holder so that such  registration  will be filed
                  with the Securities and Exchange Commission within thirty (30)
                  days of the  Company's  receipt  from the  Holder of a written
                  request for such  registration;  provided,  however,  that the
                  Company   shall  not  be   obligated   to   effect   any  such
                  registration,  qualification  or compliance,  pursuant to this
                  Section:  (i) if the Company is not  qualified as a registrant
                  entitled to use Form S-3 (or the applicable  successor  form);
                  (ii) if the Company  shall furnish to the Holder a certificate
                  signed by the Chief  Executive  Officer of the Company stating
                  that in the good faith  judgement of the Board of Directors of
                  the Company, it would be seriously  detrimental to the Company
                  and its  shareholders  for such  Form S-3  registration  to be
                  effected at such time,  in which event the Company  shall have
                  the  right to defer the  filing  of the Form S-3  registration
                  statement  for a period  of not more than one  hundred  twenty
                  (120)  days  after  the  date  of the  certificate;  provided,
                  however,  that the Company  shall not utilize  this right more
                  than once in any  twelve  (12) month  period;  or (iii) in any
                  particular jurisdiction in which the Company would be required
                  to qualify to do business  or to execute a general  consent to
                  service   of   process   in   effecting   such   registration,
                  qualification or compliance.

<PAGE>

2. New Section  1.03.  A new section 1.03 shall be inserted  after  Section 1.02
(and subsequent sections shall be renumbered) as follows:

         1.03 Company Registration.

                  (a)  Notice  of  Registration.  If at any time or from time to
         time the  Company  shall  determine  to register  any of its  equitable
         securities  under the 1933 Act for sale for cash,  whether  for its own
         account or the account of any of its  security  holders or both,  other
         than (i) a registration relating solely to employee benefit plans, (ii)
         a  registration  relating  solely  to a Rule 145  transaction,  (iii) a
         registration  in which the only equity  security  being  registered  is
         Common Stock issuable upon  conversion of convertible  debt  securities
         which are also debt securities which are also being registered, (iv) on
         a Form  S-4,  Form S-8 (or Form  S-3,  if such  registration  covers an
         offering  of the type  contemplated  by Form S-8) or any  successor  or
         similar forms or (iv) a registration pursuant to an agreement which, by
         its terms,  would  prohibit the  inclusion of  Registrable  Securities,
         unless such prohibition is waived, the Company will:

                           (i) give to the Holder written notice thereof; and

                           (ii) subject to the terms of this Agreement,  use its
                  reasonable  efforts to include in such  registration  (and any
                  related   qualification   under   blue   sky   laws  or  other
                  compliance), and in any underwriting involved therein, all the
                  Registrable  Securities  specified in a written request,  made
                  within ten (10)  business  days after  receipt of such written
                  notice  from the  Company,  by the Holder;  provided  that the
                  provisions of this Section  1.03(a) are subject in all respect
                  to the provisions of Section  1.03(b)  regarding  underwritten
                  offerings.

                  (b)  Underwriting.  If the  registration  of which the Company
         gives  notice  is  for  a  registered  public  offering   involving  an
         underwriting,  the Company  shall so advise the Holder as a part of the
         written  notice given  pursuant to Section  1.03(a).  In such event the
         right of the Holder to registration pursuant to this Section 1.03 shall
         be conditioned upon such Holder's  participation in such  underwriting,
         and the inclusion of Registrable  Securities in the underwriting  shall
         be limited to the extent provided herein.

                  The  Company and the Holder  shall enter into an  underwriting
         agreement in customary form with the managing  underwriter selected for
         such underwriting by the Company.  Notwithstanding  any other provision
         of this Section 1.03, if the managing  underwriter of such underwritten
         offering   advises  the  Company  that  marketing   factors  require  a
         limitation of the number of shares to be underwritten,  the Company may
         exclude  some  or  all  of  the   Registrable   Securities   from  such
         registration and  underwriting.  The Company shall so advise the Holder
         of the number of shares that may be included  in the  registration,  if
         any, and the underwriting  shall be allocated first to the Company and,
         if additional shares may be sold, subject to any agreement which by its
         terms would give any other person  priority  over, or rights similar to

<PAGE>

         those held by, the Holder  relating to the  inclusion of shares in such
         registration, such additional shares shall be allocated to the Holder.

                  (c) Right to  Terminate  or Delay  Registration.  The  Company
         shall  have  the  right  to  terminate  or  withdraw  any  registration
         initiated by it under this Section 1.03 prior to the  effectiveness  of
         such  registration  whether or not the  Holder  has  elected to include
         securities in such  registration.  If, at any time after  delivery of a
         notice of  registration  pursuant  to Section  1.03(a) and prior to the
         effective date of the  registration  statement filed in connection with
         such registration,  the Company shall determine for any reason to delay
         registration of its securities,  the Company may in its sole discretion
         delay  such  registration  upon  notice  of such  determination  to the
         Holder,  and the Company  shall be permitted to delay  registering  any
         Registrable  Securities  for  any  period  it  deems  necessary  in its
         reasonable discretion.

3. Amendments to Sections  1.04(a) and (b). Section 1.04(a) is hereby amended in
its entirety to read as follows:

         All Registration Expenses incurred in connection with any registration,
         qualification or compliance  pursuant to Sections 1.02 or 1.03 shall be
         borne  by the  Company.  All  Selling  Expenses  shall  be borne by the
         Holder.

The first sentence of Section  1.03(b) is hereby amended in its entirety to read
as follows:

         Definitions:  "Registration  Expenses" shall mean all expenses incurred
         by the  Company  in  complying  with  Sections  1.02 and  1.03  hereof,
         including,   without   limitation,   all   registration,   filing   and
         qualification  fees,   underwriters'   expense   allowances,   printing
         expenses,  fees and disbursements of counsel for the Company,  blue sky
         fees and expenses.

         4. Reference to the Agreement.  On and after the effective date of this
First  Amendment,  each  reference in the  Agreement to "the  Agreement,"  "this
Agreement,"  "hereunder,"  and "hereof" or words of like import referring to the
Agreement  shall mean the  Agreement,  as amended by this First  Amendment.  The
Agreement,  as amended by this First  Amendment,  is and shall continue to be in
full force and effect and is hereby in all respects ratified and confirmed. This
First Amendment shall be effective upon execution by the Company and the Holder.

         5.  Counterparts.  This First  Amendment  may be executed in two (2) or
more  original and identical  documents,  signed  simultaneously  or at separate
times by the parties, and each signed original shall be deemed to be an original
for all purposes.

         6. Complete  Agreement.  The Agreement  (together with its Exhibits and
the other documents referred to herein) and this First Amendment are intended by
the parties hereto to be the final  expression of their agreement and constitute
and embody the entire agreement and  understanding of the parties with regard to
the subject matter hereof and is a complete and exclusive statement of the terms
and conditions  thereof,  and shall supersede any and all prior  correspondence,
conversations,  negotiations,  agreements or understandings relating to the same
subject.

<PAGE>

         7. Choice of Law . It is the intention of the parties that the internal
laws of the State  California  (irrespective  of its  choice of law  principles)
shall govern the validity of this First Amendment, the construction of its terms
and the interpretation of the rights and duties of the parties.

         IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
         to be executed by their duly authorized  representatives  as of the day
         and year above.

                                             VIDEONICS, INC.

                                             By: /s/ Gary Williams
                                                 -----------------------
                                             Name: Gary Williams
                                                   ---------------------
                                             Title: V.P. of Finance and CFO
                                                    -----------------------

                                             VENTURE BANKING GROUP

                                             By: /s/ Jason Hartmann
                                                 -----------------------
                                             Name: Jason Hartmann
                                                   ---------------------
                                             Title: Commercial Loan Officer
                                                    -----------------------

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