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 FEBRUARY 1, 2002,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT
                            dated as of July 1, 2001

                 Mortgage Asset-Backed Pass-Through Certificates

                                 Series 2002-QS2

================================================================================

<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/Issuance of
                      Certificates.........................................................15

        Section 2.06. [Reserved]...........................................................15

        Section 2.07. [Reserved]...........................................................15

        Section 2.08. Purposes and Powers of the Trust (See Section 2.08 of the
                      Standard Terms)......................................................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).............................27

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.  (See Section
                      4.07 of the Standard Terms)..........................................27

        Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)................27

Article V  THE CERTIFICATES................................................................28

<PAGE>

        Section 5.01. The Certificates.  (See Section 5.01 of the Standard Terms)..........28

        Section 5.02. Registration of Transfer and Exchange of Certificates................28

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates. (See Section
                      5.03 of the Standard Terms)..........................................28

        Section 5.04. Persons Deemed Owners. (See Section 5.04 of the Standard Terms)......28

        Section 5.05. Appointment of Paying Agent. (See Section 5.05 of the Standard
                      Terms)...............................................................28

Article VI    THE COMPANY AND THE MASTER SERVICER..........................................29

Article VII   DEFAULT......................................................................30

Article VIII  CONCERNING THE TRUSTEE.......................................................31

Article IX    TERMINATION..................................................................32

Article X      REMIC PROVISIONS............................................................33

        Section 10.01.REMIC Administration.  (See Section 10.01 of the Standard Terms).....33

        Section 10.02.Master Servicer; REMIC Administrator and Trustee
                      Indemnification.  (See Section 10.02 of the Standard Terms)..........33

        Section 10.03.Designation of REMIC.................................................33

        Section 10.04.[Reserved]...........................................................33

        Section 10.05.Compliance with Withholding Requirements.............................33

Article XI   MISCELLANEOUS PROVISIONS......................................................34

        Section 11.01.Amendment.  (See Section 11.01 of the Standard Terms)................34

        Section 11.02.Recordation of Agreement;  Counterparts.  (See Section 11.02 of
                      the Standard Terms)..................................................34

        Section 11.03.Limitation on Rights of Certificateholders.  (See Section 11.03
                      of the Standard Terms)...............................................34

        Section 11.04.Governing Laws.  (See Section 11.04 of the Standard Terms)...........34

        Section 11.05.Notices..............................................................34

        Section 11.06.Required Notices to Rating Agency and Subservicer.  (See
                      Section 11.06 of the Standard Terms).................................35

        Section 11.07.Severability of Provisions. (See Section 11.07 of the Standard
                      Terms)...............................................................35

        Section 11.08.Supplemental Provisions for Resecuritization.  (See Section
                      11.08 of the Standard Terms).........................................35

        Section 11.09.Allocation of Voting Rights..........................................35

        Section 11.10.No Petition..........................................................35

</TABLE>

<PAGE>

                                    EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement Dated as of July 1, 2001

<PAGE>

        This is a Series  Supplement,  dated as of February 1, 2002 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of July 1, 2001 and attached as Exhibit Four hereto (the  "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among RESIDENTIAL  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 conduit (a "REMIC") for federal income tax
purposes.

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

<PAGE>

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

                               AGGREGATE
                                INITIAL
                              CERTIFICATE                                        MOODY'S/
               PASS-THROUGH    PRINCIPAL                        MATURITY       ------------     MINIMUM
 DESIGNATION      RATE         BALANCE       FEATURES1            DATE            FITCH      DENOMINATIONS2
                                      -
                                             Senior/Accretio
<S>     <C>       <C>       <C>                                      <C> <C>                   <C>
Class A-1         6.75%     $119,904,000.00    Directed     February 25, 2032    Aaa/AAA       $25,000.00
Class A-2         6.75%     $107,500,000.00  Senior/AccretioFebruary 25, 2032    Aaa/AAA       $25,000.00
                                               Directed
Class A-3         6.75%     $25,000,000.00   Senior/Accrual February 25, 2032    Aaa/AAA       $25,000.00
Class A-4         6.75%     $48,721,000.00   Senior/AccretioFebruary 25, 2032    Aaa/AAA       $25,000.00
                                               Directed
Class A-P         0.00%      $2,907,201.62     Principal    February 25, 2032    Aaa/AAA       $25,000.00
                                              Only/Senior
Class A-V       Variable             $0.00     Variable     February 25, 2032    Aaa/AAA     4
               Rate3                         Strip/Interest
                                              Only/Senior
Class R           6.75%            $100.00   Residual/SeniorFebruary 25, 2032    Aaa/AAA     5
Class M-1         6.75%      $8,490,500.00     Mezzanine    February 25, 2032     NA/AA        $25,000.00
Class M-2         6.75%      $2,883,400.00     Mezzanine    February 25, 2032      NA/A       $250,000.00
Class M-3         6.75%      $1,281,500.00     Mezzanine    February 25, 2032     NA/BBB      $250,000.00
Class B-1         6.75%      $1,601,900.00    Subordinate   February 25, 2032     NA/BB       $250,000.00
Class B-2         6.75%        $961,200.00    Subordinate   February 25, 2032      NA/B       $206,900.00
Class B-3         6.75%      $1,121,417.36    Subordinate   February 25, 2032     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 0.4132%.

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 $320,372,218.98.

        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  Balances  of the  Accretion  Directed
Certificates  have been  reduced to zero and (ii) the Credit  Support  Depletion
Date.

        Accrual Certificates:  Any of the Class A-3 Certificates.

     Accretion Directed  Certificates:  Any of the Class A-1, Class A-2 or Class
A-4 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
Accrued  Certificate  Interest on the Accrual  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)  (i)  if  the  aggregate   principal  balance  of  the
               Non-Primary  Residence  Loans as of the Relevant  Anniversary  is
               less than 10% of the Stated  Principal  Balance  of the  Mortgage
               Loans  as of the  Relevant  Anniversary,  $0.00,  or  (ii) if the
               aggregate principal balance of the Non-Primary Residence Loans as
               of the  Relevant  Anniversary  is equal to or greater than 10% of
               the  Stated  Principal  Balance of the  Mortgage  Loans as of the
               Relevant  Anniversary,  the  sum of (I) the  aggregate  principal
               balance of the  Non-Primary  Residence Loans with a Loan-to-Value
               Ratio of  greater  than  80.00%  but less than or equal to 90.00%
               (other than Additional  Collateral Loans),  times 0.25%, (II) the
               aggregate  principal  balance of the Non-Primary  Residence Loans
               with a  Loan-to-Value  Ratio of greater than 90.00% but less than
               or equal to 95.00%  (other  than  Additional  Collateral  Loans),
               times 0.50%,  and (III) the  aggregate  principal  balance of the

                                       3
<PAGE>

               Non-Primary Residence Loans with a Loan-to-Value Ratio of greater
               than 95.00% (other than Additional Collateral Loans) times 0.75%,
               in each case as of the Relevant Anniversary; and

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

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

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

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

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled "Bankers Trust Company, as trustee, in trust for the registered holders
of  Residential  Accredit  Loans,  Inc.,  Mortgage   Asset-Backed   Pass-Through
Certificates, Series 2002-QS2" 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-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.

                                       4
<PAGE>

        Closing Date:  February 27, 2002.

     Corporate Trust Office: The principal office of the Trustee at which at any
particular  time its corporate  trust  business  with respect to this  Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument  is  located at 1761 East St.  Andrew  Place,  Santa Ana,  California
92705-4934, Attention: Residential Funding Corporation Series 2002-QS2.

        Cut-off Date:  February 1, 2002.

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

     Discount Net Mortgage Rate: 6.75% per annum.

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

        Eligible Funds: On any  Distribution  Date, the portion,  if any, of the
Available  Distribution  Amount  remaining after reduction by the sum of (i) the
aggregate  amount of Accrued  Certificate  Interest on the Senior  Certificates,
(ii) the Senior  Principal  Distribution  Amount  (determined  without regard to
Section  4.02(a)(ii)(Y)(D)  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 3.00% 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,  (Y) from the first to, but not  including,  the
second anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a)
the Fraud Loss Amount as of the most recent  anniversary of the Cut-off Date and
(b) 2.00% 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,  and (Z) from
the second to the fifth  anniversary of the Cut-off Date, an amount equal to (1)
the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of the
Cut-off Date and (b) 1.00% of the aggregate 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.

                                       5
<PAGE>

        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: $2,871,  representing  scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on March 1, 2002,  for those  Mortgage  Loans for which the Trustee  will not be
entitled to receive such payment.

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

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

        Class M-1:  2.65%           Class B-1:  0.50%
        Class M-2:  0.90%           Class B-2:  0.30%
        Class M-3:  0.40%           Class B-3:  0.35%

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

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

     Maturity  Date:  February  25,  2032,  the  Distribution  Date  immediately
following the latest scheduled maturity date of any Mortgage Loan.

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

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

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

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

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

                                       6
<PAGE>

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

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

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

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

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

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

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

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

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

        Notional Amount: As of any Distribution  Date, with respect to any Class
A-V  Certificates or Subclass  thereof issued pursuant to Section  5.01(c),  the
aggregate  Stated Principal  Balance of the Mortgage Loans  corresponding to the
Uncertificated  Class A-V REMIC Regular  Interests  represented by such Class or
Subclass immediately prior to such date.

        Pass-Through Rate: With respect to the Senior  Certificates  (other than
the Class A-V Certificates and Class A-P Certificates), Class M Certificates and
Class B Certificates and any Distribution Date, the per annum rates set forth in
the Preliminary  Statement  hereto.  With respect to the Class A-V  Certificates
(other than any Subclass thereof) and any Distribution Date, a rate equal to the
weighted  average,  expressed  as a  percentage,  of the Pool Strip Rates of all
Mortgage  Loans as of the Due Date in the related  Due  Period,  weighted on the
basis of the respective  Stated Principal  Balances of such Mortgage Loans as of
the day immediately  preceding such  Distribution  Date (or, with respect to the
initial  Distribution  Date, at the close of business on the Cut-off Date). With
respect to the Class A-V  Certificates  and the  initial  Distribution  Date the
Pass-Through Rate is equal to 0.4132% 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.

                                       7
<PAGE>

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

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

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

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

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

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

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

                                       8
<PAGE>

               to any Non-Maturing Class, the "Adjustment Percentage");  and (d)
               for  purposes  of  such   Distribution   Date,   the   Prepayment
               Distribution Percentage of each Non-Maturing Class shall be equal
               to the sum of (1) the Prepayment Distribution Percentage thereof,
               calculated in accordance  with the  provisions in paragraph  (ii)
               above as if the  Certificate  Principal  Balance of each Maturing
               Class  had not  been  reduced  to  zero,  plus  (2)  the  related
               Adjustment Percentage.

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

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

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

        Senior Principal Distribution Amount: As to any Distribution Date before
the  Credit  Support  Depletion  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) 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. As to any Distribution Date on or after
the  Credit  Support  Depletion  Date,  the  lesser  of (a) the  balance  of the
Available  Distribution  Amount  remaining  after  the  distribution  of (i) all
amounts required to be distributed  pursuant to Section  4.02(a)(i) and (ii) 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
$3,203,722  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the  greater  of (A)  the  greater  of (i) the  product  of the  Special  Hazard
Percentage for such anniversary  multiplied by the outstanding principal balance
of all the Mortgage Loans on the Distribution  Date  immediately  preceding such
anniversary  and (ii) twice the  outstanding  principal  balance of the Mortgage
Loan with the largest outstanding  principal balance as of the Distribution Date
immediately preceding such anniversary and (B) the greater of (i) the product of
0.50% multiplied by the outstanding  principal  balance of all Mortgage Loans on

                                       9
<PAGE>

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  30.5%  (which
percentage is equal to the percentage of Mortgage  Loans by aggregate  principal
balance  initially  secured  by  Mortgaged  Properties  located  in the State of
California)  and (ii) the  aggregate  outstanding  principal  balance (as of the
immediately preceding Distribution Date) of the largest Mortgage Loan secured by
a Mortgaged  Property  (or,  with  respect to a  Cooperative  Loan,  the related
Cooperative Apartment) located in the State of California.

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

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

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

                                       10
<PAGE>

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.

        Uncertificated Class A-V REMIC Regular Interests or Uncertificated REMIC
Regular Interests: Each of the 1,512 uncertificated partial undivided beneficial
ownership  interests in the Trust Fund,  numbered  sequentially from 1 to 1,512,
each  relating to the  particular  Mortgage Loan  identified by such  sequential
number on the Mortgage Loan Schedule, each having no principal balance, and each
bearing  interest  at the  respective  Pool Strip  Rate on the Stated  Principal
Balance of the related Mortgage Loan.

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.

                                       11
<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 in the case of five Mortgage
     Loans representing  approximately 0.1% of the Mortgage Loans, if a Mortgage
     Loan is secured  by a  Mortgaged  Property  with a  Loan-to-Value  Ratio at
     origination  in excess  of 80%,  such  Mortgage  Loan is the  subject  of a
     Primary  Insurance  Policy  that  insures  (a) at least  35% of the  Stated
     Principal  Balance of the Mortgage Loan at origination if the Loan-to-Value
     Ratio  is  between  100.00%  and  95.01%,  (b) at least  30% of the  Stated
     Principal  Balance of the Mortgage Loan at origination if the Loan-to-Value
     Ratio is between 95.00% and 90.01%, (c) at least 25% of such balance if the
     Loan-to-Value  Ratio is  between  90.00% and 85.01% and (d) at least 12% of
     such balance if the  Loan-to-Value  Ratio is between 85.00% and 80.01%.  To
     the best of the Company's knowledge,  each such Primary Insurance Policy is
     in full force and  effect  and the  Trustee  is  entitled  to the  benefits
     thereunder;

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

                                       12
<PAGE>

(vi)    No more than 0.5% 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 0.5% of
        the  Mortgage  Loans by  aggregate  Stated  Principal  Balance as of the
        Cut-off Date are secured by Mortgaged  Properties located in any one zip
        code area outside California;

(vii)   The improvements upon the Mortgaged  Properties are insured against loss
        by fire and other  hazards as required by the Program  Guide,  including
        flood  insurance if required under the National  Flood  Insurance Act of
        1968, as amended.  The Mortgage  requires the Mortgagor to maintain such
        casualty  insurance at the Mortgagor's  expense,  and on the Mortgagor's
        failure to do so,  authorizes  the holder of the  Mortgage to obtain and
        maintain  such  insurance  at  the  Mortgagor's   expense  and  to  seek
        reimbursement therefor from the Mortgagor;

(viii)  Immediately  prior  to the  assignment  of  the  Mortgage  Loans  to the
        Trustee,  the Company had good title to, and was the sole owner of, each
        Mortgage  Loan  free  and  clear of any  pledge,  lien,  encumbrance  or
        security   interest   (other  than  rights  to  servicing   and  related
        compensation)  and such assignment  validly  transfers  ownership of the
        Mortgage  Loans to the  Trustee  free and  clear  of any  pledge,  lien,
        encumbrance or security interest;

(ix)    Approximately 56.71% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  14.88% of the Mortgage  Loans by
        aggregate  Stated  Principal   Balance  as  of  the  Cut-off  Date  were
        underwritten under a no-stated income program,  and approximately  2.58%
        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  13.32% of the  Mortgage  Loans by
        aggregate Stated Principal Balance as of the Cut-off Date, the Mortgagor
        represented in its loan application with respect to the related Mortgage
        Loan that the Mortgaged Property would be owner-occupied;

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

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

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

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

                                       13
<PAGE>

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

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

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

(xviii) None  of the  Mortgage  Loans  will  have  been  made  to  International
     Borrowers;

(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

                                       14
<PAGE>

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

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

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

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

Section 2.06.  [Reserved].

Section 2.07.  [Reserved].

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

                                       15
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

                     (SEE ARTICLE III OF THE STANDARD TERMS)

                                       16
<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),  (c) and (e) below), in each case
to the extent of the Available Distribution Amount remaining:

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

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

                      (X) to the  Accretion  Directed  Certificates,  until  the
        Certificate Principal Balance of the Accretion Directed Certificates has
        been reduced to zero, 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)  and  (c),  the sum of the  following  (applied  to  reduce  the
        Certificate   Principal  Balances  of  such  Senior   Certificates,   as
        applicable):

                                       17
<PAGE>

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

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

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

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

(B)  with respect to each  Mortgage Loan for which a Cash  Liquidation  or a REO
     Disposition  occurred during the preceding calendar month (or was deemed to
     have occurred  during such period in accordance with Section 3.07(b) of the
     Standard  Terms) and did not result in any Excess  Special  Hazard  Losses,
     Excess Fraud Losses,  Excess Bankruptcy Losses or 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,

                                       18
<PAGE>

     Liquidation  Proceeds and REO Proceeds) to the extent applied by the Master
     Servicer as recoveries  of principal of the related  Mortgage Loan pursuant
     to Section 3.14 of the Standard  Terms (in each case other than the portion
     of such unscheduled collections,  with respect to a Discount Mortgage Loan,
     included in Section 4.02(b)(i)(C) of this Series Supplement);

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

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

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

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

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

               (v) to the Holders of the Class M-1 Certificates, an amount equal
        to (x) the Subordinate  Principal  Distribution Amount for such Class of
        Certificates  for such  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

                                       19
<PAGE>

        remaining unpaid for all previous  Distribution Dates, to the extent the
        amounts available pursuant to clause (x) of Sections 4.02(a) (ix), (xi),
        (xiii), (xiv) and (xv) are insufficient  therefor,  applied in reduction
        of the Certificate Principal Balance of the Class M-2 Certificates;

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

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

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

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

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

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

               (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;

                                       20
<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 or the related Liquidation  Proceeds,  Insurance Proceeds and
REO Proceeds have not yet been distributed to the Certificateholders.

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

(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,

                                       21
<PAGE>

     whether or not  received  on or prior to the  related  Determination  Date,
     minus the Discount  Fraction of the  principal  portion of any related Debt
     Service  Reduction which together with other Bankruptcy  Losses exceeds the
     Bankruptcy Amount;

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

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

                      (A)  17.6445450430%  of the  amount  described  in Section
        4.02(b)(ii) above to the Class A-4  Certificates,  until the Certificate
        Principal  Balance  of the Class A-4  Certificates  has been  reduced to
        zero; and

                      (B)  82.3554549570%  of the  amount  described  in Section
        4.02(b)(ii)  above  sequentially to the Class A-2 Certificates and Class
        A-1 Certificates, in that order, until the Certificate Principal Balance
        of each of the Class A-2  Certificates  and Class A-1  Certificates  has
        been reduced to zero;

(iii)   third, the Senior Principal  Distribution Amount shall be distributed to
        the  Class R  Certificates,  until  the  Certificate  Principal  Balance
        thereof has been reduced to zero; and

                                       22
<PAGE>

(iv)    fourth, the balance of the Senior Principal Distribution Amount shall be
        distributed in the following manner and priority:

                  (A) first,  after the payment of principal  made in accordance
               with Section  4.02(b)(ii)(A) above,  17.6445450430% of the amount
               described  in  Section   4.02(b)(iv)   above  to  the  Class  A-4
               Certificates,  until the  Certificate  Principal  Balance  of the
               Class A-4 Certificates has been reduced to zero;

                  (B) second, after the payments of principal made in accordance
               with Sections  4.02(b)(ii)(B)  and  4.02(b)(iv)(A)  above,  up to
               $1,000  to the  Class A-2  Certificates,  until  the  Certificate
               Principal  Balance of the Class A-2 Certificates has been reduced
               to zero;

                  (C) third,  after the payments of principal made in accordance
               with Sections  4.02(b)(ii)(B),  4.02(b)(iv)(A) and 4.02(b)(iv)(B)
               above, up to $1,158,000 to the Class A-1 Certificates,  until the
               Certificate  Principal  Balance of the Class A-1 Certificates has
               been reduced to zero;

                  (D) fourth, after the payments of principal made in accordance
               with   Sections   4.02(b)(ii)(B)   and   4.02(b)(iv)(A)   through
               4.02(b)(iv)(C)  above,  after the Distribution  Date occurring on
               the earlier of August 2002 or the Distribution  Date on which the
               Certificate  Principal  Balance of the Class A-1 Certificates has
               been reduced to zero,  to the Class A-2  Certificates,  until the
               Certificate  Principal  Balance of the Class A-2 Certificates has
               been reduced to zero; and

                  (E) fifth,  after the payments of principal made in accordance
               with   Sections   4.02(b)(ii)(B)   and   4.02(b)(iv)(A)   through
               4.02(b)(iv)(D) above,  sequentially to the Class A-1 Certificates
               and Class A-3 Certificates,  in that order, until the Certificate
               Principal Balance of each of the Class A-1 Certificates and Class
               A-3 Certificates 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.

                                       23
<PAGE>

(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 and assigned to the Trustee
pursuant to Section 2.04),  the Master Servicer shall distribute such amounts to
the applicable Certificateholders of the Class or Classes to which such Realized
Loss was  allocated  (with the amounts to be  distributed  allocated  among such
Classes in the same proportions as such Realized Loss was allocated), and within
each  such  Class to the  Certificateholders  of record  as of the  Record  Date
immediately  preceding  the  date of such  distribution  (or if  such  Class  of
Certificates is no longer outstanding,  to the  Certificateholders  of record at
the  time  that  such  Realized  Loss  was  allocated);  provided  that  no such
distribution to any Class of Certificates of subsequent  recoveries related to a
Mortgage Loan shall exceed, either individually or in the aggregate and together
with any other amounts paid in reimbursement therefor, the amount of the related
Realized Loss that was allocated to such Class of Certificates.  Notwithstanding
the  foregoing,  no  such  distribution  shall  be  made  with  respect  to  the
Certificates of any Class to the extent that either (i) such Class was protected
against the related Realized Loss pursuant to any instrument or fund established
under Section  11.01(e) or (ii) such Class of  Certificates  has been  deposited
into  a  separate  trust  fund  or  other   structuring   vehicle  and  separate
certificates  or other  instruments  representing  interests  therein  have been
issued in one or more classes,  and any of such separate  certificates  or other
instruments  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.

                                       24
<PAGE>

(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).

(h) On each Distribution Date preceding the Accretion  Termination Date, Accrued
Certificate  Interest  that  would  otherwise  be  distributed  to  the  Accrual
Certificates  will be added to the Certificate  Principal Balance of the Accrual
Certificates and such amount will thereafter  accrue interest at a rate of 6.75%
per annum. On the Accretion  Termination Date, the Accrued Certificate  Interest
on the Accrual  Certificates for such date will be payable to the holders of the
Accretion  Directed  Certificates  as a  distribution  of principal  pursuant to
Section  4.02(b)(ii) until the Certificate  Principal Balances thereof have been
reduced to zero,  any such  amount  will be added to the  Certificate  Principal
Balance  of the  Accrual  Certificates,  and any  remaining  amount  of  Accrued
Certificate  Interest will be paid to the holders of the Accrual 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
on the Accrual  Certificates for such date will be payable to the holders of the
Accrual  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

                                       25
<PAGE>

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

        As used herein,  an  allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates  on the  basis  of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation shall be deemed to have occurred on such Distribution Date;  provided
that the Certificate  Principal Balance of the Accrual Certificates for purposes
of this  Section  4.05  shall be the  lesser  of (a) the  Certificate  Principal
Balance  of the  Accrual  Certificates  as of  the  Closing  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.

                                       26
<PAGE>

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

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

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

                                       27
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

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

        Section 5.02. Registration of Transfer and Exchange of Certificates.

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

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

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

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

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

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

                                       28
<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       29
<PAGE>

                                  ARTICLE VII

                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       30
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       31
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       32
<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-P, Class M-1,
Class M-2, Class M-3, Class B-1,  Class B-2 and Class B-3  Certificates  and the
Uncertificated  Class A-V REMIC  Regular  Interests,  the rights in and to which
will be represented by the Class A-V Certificates,  will be "regular  interests"
in the REMIC,  and the Class R Certificates  will be the sole class of "residual
interests"  therein for  purposes of the REMIC  Provisions  (as defined  herein)
under federal  income tax law. On and after the date of issuance of any Subclass
of Class A-V Certificates  pursuant to Section  5.01(c),  any such Subclass will
represent  the  Uncertificated  Class A-V REMIC  Regular  Interest or  Interests
specified by the initial Holder of the Class A-V  Certificates  pursuant to said
Section.

Section 10.04..[Reserved].

Section 10.05..Compliance with Withholding Requirements.

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

                                       33
<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

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

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

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

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

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

<TABLE>
<CAPTION>

---------------------------------- --------------------------------------------------------------
            RECIPIENT                                         ADDRESS
---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
<S>                                <C>
Company                            8400 Normandale Lake Boulevard
                                   Suite 250, Minneapolis, Minnesota  55437,
                                   Attention: President

---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Master Servicer                    2255 N. Ontario Street, Suite 400
                                   -------------------------------------------------------------
                                   Burbank, California 91504-2130,
                                   Attention:  Managing Director/Master Servicing

---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Trustee                            Corporate Trust Office
                                   1761 East St. Andrew Place
                                   Santa Ana, California 92705-4934,
                                   Attention:  Residential Accredit Loans, Inc. Series 2002-QS2

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

---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Moody's Investors Service, Inc.    99 Church Street, 4th Floor
                                        New York, New York 10007

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

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

</TABLE>

                                       34
<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% 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.

Section 11.10..No Petition.

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

                                       35
<PAGE>

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

                                            RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]

                                            By: //s// Randy Van Zee
                                               --------------------------------
                                                 Name:   Randy Van Zee
                                                 Title:  Vice President

Attest: //s// Julie Steinhagen
        ------------------------------------ -
      Name:   Julie Steinhagen
      Title: Vice President

                                            RESIDENTIAL FUNDING CORPORATION
[Seal]

                                            By: //s// Julie Steinhagen
                                               --------------------------------
                                                 Name:  Julie Steinhagen
                                                 Title: Director

Attest: //s// Randy Van Zee
        ----------------------------
      Name: Randy Van Zee
      Title: Director

                                            BANKERS TRUST COMPANY,
                                                 as Trustee
[Seal]

                                            By: //s// Barbara Campbell
                                               --------------------------------
                                                 Name: Barbara Campbell
                                                 Title:   Assistant Secretary

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

                                       36
<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 27th day of February,  2002 before me, a notary  public in
and for said State,  personally appeared Randy Van Zee, known to me to be a Vice
President of Residential  Accredit  Loans,  Inc., one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

                                                   //s// Brian S. Bangerter
                                                   ---------------------------
                                                        Notary Public

[Notarial Seal]

                                       37
<PAGE>

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

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

                                                   //s// Brian S. Bangerter
                                                   ---------------------------
                                                        Notary Public

[Notarial Seal]

                                       38
<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 27th day of February,  2002 before me, a notary  public in
and for said State,  personally appeared Barbara Campbell,  known to me to be an
Assistant  Secretary 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.

                                                   //s// Thomas J. Baldwin
                                                   --------------------------
                                                        Notary Public

[Notarial Seal]

                                       39
<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 02/18/02           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 13.55.15           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2002-QS2                                  CUTOFF : 02/01/02
  POOL       : 0004573
             :
             :
  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
  ------------------------------------------------------------------------

      4358858                              .2500
      150,058.31                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            6.7500                        1.6700

      5079927                              .2500
      302,543.32                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5085339                              .2500
      125,507.20                          .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            6.7500                        1.9200

      5085352                              .2500
      119,571.81                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700

      5116454                              .2500
      330,166.12                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5128408                              .2500
      298,872.75                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1

      5216824                              .2500
       87,755.36                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5284404                              .2500
      183,291.31                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5292227                              .2500
      183,167.79                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5322228                              .2500
       59,796.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5346327                              .2500
       58,281.65                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5354241                              .2500
      182,249.39                          .0800
            7.9900                         .0000
            7.7400                         .0000
            7.6600                         .0000
            6.7500                         .9100

      5363249                              .2500
       98,711.05                          .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            6.7500                        1.6700

      5376845                              .2500
       90,734.04                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450
1

      5391789                              .2500
      174,227.85                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5462044                              .2500
       47,373.79                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5470180                              .2500
       78,508.08                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5534965                              .2500
       23,383.48                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5582359                              .5000
      493,842.64                          .0300
            7.2500                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5607165                              .2500
      260,274.38                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5632217                              .2500
      197,746.61                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700

      5633697                              .2500
      274,600.65                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450
1

      5653254                              .2500
       99,835.57                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5655001                              .2500
      365,075.09                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5660185                              .2500
       59,884.43                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700

      5678657                              .2500
      133,474.83                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700

      5680946                              .2500
      171,595.05                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5689211                              .2500
      124,785.65                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.7500                        1.2950

      5696415                              .2500
      635,385.30                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      5704678                              .2500
      147,996.66                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000
1

      5705114                              .2500
       59,352.84                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5716088                              .2500
       56,579.16                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5720686                              .2500
       85,384.35                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      5728962                              .2500
       89,694.94                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      5746138                              .2500
      217,447.39                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      5748054                              .2500
      125,289.34                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      5785374                              .2500
      280,569.75                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5785902                              .2500
       97,302.39                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200
1

      5819100                              .2500
       71,301.52                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      5890644                              .2500
       56,873.74                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5902874                              .2500
      130,834.32                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5907560                              .2500
      164,186.78                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5919326                              .2500
      359,393.37                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      5923100                              .2500
      134,550.71                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      5926310                              .2500
      123,685.69                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      5943802                              .2500
      186,832.76                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000
1

      5950952                              .2500
      291,907.25                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      5957780                              .2500
      384,093.53                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5962682                              .2500
       57,477.26                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5974192                              .2500
      303,462.08                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      5987880                              .2500
      129,865.61                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5987968                              .2500
      112,336.63                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      6015296                              .2500
       57,417.55                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      6018038                              .2500
      163,973.66                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1

      6020416                              .2500
      106,760.18                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      6029968                              .2500
      126,835.49                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      6048226                              .2500
      142,893.87                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      6049780                              .2500
      256,631.65                          .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      6063936                              .2500
      219,672.42                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      6069898                              .2500
      306,681.59                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      6084884                              .2500
      143,147.39                          .0300
            6.9500                         .0000
            6.7000                         .0000
            6.6700                         .0000
            6.6700                         .0000

      6094680                              .2500
      106,910.10                          .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000
1

      6124958                              .2500
      358,409.74                          .0300
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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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            7.0450                         .0000
            6.7500                         .2950

      7646914                              .2500
       86,250.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      7646922                              .2500
       96,500.00                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.7500                        1.2950

      7646958                              .2500
      304,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      7646996                              .2500
      295,630.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      7647018                              .2500
      378,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700
1

      7647040                              .2500
      315,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      7647050                              .2500
      171,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      7647054                              .2500
      222,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      7647066                              .2500
      135,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      7647096                              .2500
      102,500.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      7647162                              .2500
      344,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      7647164                              .2500
      431,250.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      7647176                              .2500
      173,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450
1

      7647206                              .2500
      242,250.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      7668016                              .2500
      136,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      7668038                              .2500
      160,000.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700

      7668064                              .2500
      153,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      7668096                              .2500
      304,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      7668100                              .2500
      250,750.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      7668126                              .2500
      138,550.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      7668172                              .2500
      274,500.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700
1

      7668196                              .2500
      298,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      7668200                              .2500
      240,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      7668240                              .2500
       92,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      7668284                              .2500
       99,900.00                          .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            6.7500                        1.4200

      7684362                              .2500
      191,900.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      7684366                              .2500
      276,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      7691404                              .2500
      228,000.00                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      7691428                              .2500
      144,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1

      7691442                              .2500
      142,800.00                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.7500                        1.2950

      7698808                              .2500
      396,000.00                          .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            6.7500                        1.2950

      7713322                              .2500
      235,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      7713354                              .2500
      100,800.00                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.7500                        1.1700

      7713430                              .2500
      507,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      7713488                              .2500
      140,000.00                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      7713534                              .2500
      253,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      7713540                              .2500
      344,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1

      7713570                              .2500
      143,000.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      7713576                              .2500
      386,000.00                          .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

  TOTAL NUMBER OF LOANS:     1512
  TOTAL BALANCE........:        320,372,218.98

  RUN ON     : 02/18/02            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 13.55.15            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2002-QS2        FIXED SUMMARY REPORT      CUTOFF : 02/01/02
  POOL       : 0004573
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        7.4226            6.2500      9.0000
  RFC NET RATE                          7.1669            6.0000      8.7500
  NET MTG RATE(INVSTR RATE)             7.1020            5.9700      8.6700
  POST STRIP RATE                       6.6887            5.9700      6.7500
  SUB SERV FEE                           .2557             .2500       .7500
  MSTR SERV FEE                          .0650             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .4132             .0000      1.9200

  TOTAL NUMBER OF LOANS:  1512
  TOTAL BALANCE........:     320,372,218.98

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 02/18/02           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 13.55.15          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2002-QS2                                  CUTOFF : 02/01/02
  POOL       : 0004573
             :
             :
  POOL STATUS: F

  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ORIG RATE                                      ORIGINAL P+I     LTV
  CURR NET                                       CURRENT P+I
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________

    4358858          738/G02             F          151,050.00         ZZ
                                         360        150,058.31          4
                                       8.750          1,188.32         95
                                       8.500          1,188.32
    FORT LAUDERDALE  FL   33304          1            02/27/01         10
    0432675510                           05           04/01/01         30
    5499872                              O            03/01/31
    0

    5079927          168/168             F          304,000.00         ZZ
                                         360        302,543.32          1
                                       8.000          2,230.64         80
                                       7.750          2,230.64
    YONKERS          NY   10710          1            06/19/01         00
    0059505346                           05           08/01/01          0
    0059505346                           O            07/01/31
    0

    5085339          074/G02             F          126,000.00         ZZ
                                         360        125,507.20          1
                                       9.000          1,013.83         80
                                       8.750          1,013.83
    PEMBROKE PINES   FL   33028          1            06/19/01         00
    0432937019                           03           08/01/01          0
    1589625044                           O            07/01/31
    0

    5085352          074/G02             F          120,200.00         T
                                         360        119,571.81          1
                                       8.250            903.03         80
                                       8.000            903.03
    ORLANDO          FL   32824          1            05/31/01         00
    0432932341                           03           07/01/01          0
1

    1589584264                           O            06/01/31
    0

    5116454          664/G02             F          332,500.00         ZZ
                                         360        330,166.12          1
                                       7.375          2,296.50         70
                                       7.125          2,296.50
    TOPANGA          CA   90290          5            04/24/01         00
    0432931509                           05           06/01/01          0
    0008067803                           O            05/01/31
    0

    5128408          676/G02             F          300,000.00         ZZ
                                         360        298,872.75          1
                                       7.500          2,097.65         62
                                       7.250          2,097.65
    HAIKU            HI   96708          1            08/03/01         00
    0433606423                           05           10/01/01          0
    6001270940                           O            09/01/31
    0

    5216824          A35/G02             F           88,000.00         ZZ
                                         360         87,755.36          1
                                       7.875            638.06         80
                                       7.625            638.06
    MIDDLE ISLAND    NY   11953          1            09/06/01         00
    0433515418                           01           11/01/01          0
    12393                                O            10/01/31
    0

    5284404          K56/G02             F          184,000.00         ZZ
                                         360        183,291.31          1
                                       7.375          1,270.84         80
                                       7.125          1,270.84
    THE DALLES       OR   97058          2            08/13/01         00
    0433608288                           05           10/01/01          0
    6020197                              O            09/01/31
    0

    5292227          D03/D03             F          184,000.00         ZZ
                                         360        183,167.79          1
                                       7.500          1,286.55        100
                                       7.250          1,286.55
    CLIFTON PARK     NY   12065          1            07/27/01         10
    1102593                              05           09/01/01         35
    1102593                              O            08/01/31
    0

1

    5322228          U05/G02             F           60,000.00         ZZ
                                         360         59,796.00          1
                                       8.000            440.26         80
                                       7.750            440.26
    IDALOU           TX   79329          5            08/17/01         00
    0433406147                           05           10/01/01          0
    3153074                              O            09/01/31
    0

    5346327          U05/G02             F           58,400.00         ZZ
                                         360         58,281.65          1
                                       8.000            428.52         80
                                       7.750            428.52
    AMARILLO         TX   79109          5            10/15/01         00
    0433342276                           09           12/01/01          0
    3161020                              O            11/01/31
    0

    5354241          U59/G02             F          183,000.00         ZZ
                                         360        182,249.39          1
                                       7.990          1,341.51         80
                                       7.740          1,341.51
    CHELSEA          MI   48118          1            08/27/01         00
    0433188794                           05           09/27/01          0
    800869227                            O            08/27/31
    0

    5363249          E22/G02             F           99,000.00         ZZ
                                         360         98,711.05          1
                                       8.750            778.83         90
                                       8.500            778.83
    NORTH ATTLEBORO  MA   02760          1            08/16/01         01
    0412930653                           01           10/01/01         25
    0412930653                           N            09/01/31
    0

    5376845          U05/G02             F           91,000.00         ZZ
                                         360         90,734.04          1
                                       7.625            644.09         77
                                       7.375            644.09
    MESQUITE         TX   75150          5            09/18/01         00
    0433295532                           05           11/01/01          0
    3159821                              O            10/01/31
    0

    5391789          K56/G02             F          175,000.00         ZZ
                                         360        174,227.85          1
                                       7.625          1,238.64         75
                                       7.375          1,238.64
1

    BEND             OR   97701          5            07/17/01         00
    0433499845                           05           09/01/01          0
    5002511                              O            08/01/31
    0

    5462044          623/G02             F           47,600.00         ZZ
                                         360         47,373.79          1
                                       7.250            324.72         80
                                       7.000            324.72
    MONETA           VA   24121          1            07/31/01         00
    0433144136                           01           09/01/01          0
    5365658                              O            08/01/31
    0

    5470180          R84/G02             F           78,750.00         ZZ
                                         360         78,508.08          1
                                       7.375            543.91         75
                                       7.125            543.91
    EPHRATA          WA   98823          5            09/13/01         00
    0433512340                           05           11/01/01          0
    WA349403                             O            10/01/31
    0

    5534965          L48/G02             F           23,400.00         ZZ
                                         360         23,383.48          1
                                       7.750            167.64         89
                                       7.500            167.64
    MUSKEGON         MI   49442          1            12/06/01         10
    0433501319                           05           02/01/02         20
    120093                               N            01/01/32
    0

    5582359          405/405             F          495,800.00         ZZ
                                         360        493,842.64          1
                                       7.250          3,382.23         72
                                       6.750          3,382.23
    SAN JOSE         CA   95125          5            08/21/01         00
    0017717976                           05           10/01/01          0
    0017717976                           O            09/01/31
    0

    5607165          676/G02             F          261,000.00         ZZ
                                         360        260,274.38          2
                                       7.875          1,892.44         90
                                       7.625          1,892.44
    MAKAWAO          HI   96768          1            09/25/01         10
    0433564127                           05           11/01/01         30
    6001446940                           N            10/01/31
    0
1

    5632217          601/G02             F          198,000.00         ZZ
                                         360        197,746.61          2
                                       8.250          1,487.51         90
                                       8.000          1,487.51
    KEYPORT          NJ   07735          1            11/30/01         11
    0433571015                           05           01/01/02         25
    60867256                             O            12/01/31
    0

    5633697          601/G02             F          275,000.00         ZZ
                                         360        274,600.65          1
                                       7.625          1,946.44         80
                                       7.375          1,946.44
    WOODMERE         NY   11598          1            11/06/01         00
    0433547924                           05           01/01/02          0
    60795143                             O            12/01/31
    0

    5653254          575/G02             F          100,000.00         T
                                         360         99,835.57          1
                                       7.000            665.31         50
                                       6.750            665.31
    NAPLES           FL   34103          5            11/09/01         00
    0433533148                           01           01/01/02          0
    0009423088                           O            12/01/31
    0

    5655001          E84/G02             F          366,200.00         ZZ
                                         360        365,075.09          1
                                       7.375          2,529.25         90
                                       7.125          2,529.25
    WEST LINN        OR   97068          1            07/30/01         10
    0433357456                           03           09/01/01         25
    61302003                             O            08/01/31
    0

    5660185          K81/G02             F           60,000.00         T
                                         360         59,884.43          1
                                       8.250            450.76         80
                                       8.000            450.76
    GARDEN VALLEY    ID   83622          1            10/08/01         00
    0433544319                           01           12/01/01          0
    5502330                              O            11/01/31
    0

    5678657          601/G02             F          133,560.00         ZZ
                                         360        133,474.83          4
1

                                       8.250          1,003.40         90
                                       8.000          1,003.40
    WASHINGTON       DC   20011          1            12/17/01         11
    0433578648                           05           02/01/02         25
    60894094                             N            01/01/32
    0

    5680946          588/G02             F          172,000.00         ZZ
                                         360        171,595.05          1
                                       7.250          1,173.34         80
                                       7.000          1,173.34
    SPRINGFIELD      VA   22152          1            10/02/01         00
    0433405859                           09           12/01/01          0
    1048690                              O            11/01/31
    0

    5689211          455/G02             F          125,100.00         ZZ
                                         360        124,785.65          1
                                       8.375            950.86         90
                                       8.125            950.86
    FLOWERY BRANCH   GA   30542          1            10/02/01         01
    0433462066                           05           11/01/01         25
    22001089                             O            10/01/31
    0

    5696415          601/G02             F          637,000.00         ZZ
                                         360        635,385.30          1
                                       6.875          4,184.64         75
                                       6.625          4,184.64
    FORT COLLINS     CO   80525          5            10/26/01         00
    0433556628                           05           12/01/01          0
    60906948                             O            11/01/31
    0

    5704678          E22/G02             F          148,500.00         ZZ
                                         360        147,996.66          1
                                       6.875            975.54         90
                                       6.625            975.54
    JERSEY CITY      NJ   07306          1            09/28/01         04
    0413066408                           06           11/01/01         17
    0413066408                           O            10/01/31
    0

    5705114          N74/G02             F           59,500.00         ZZ
                                         360         59,352.84          1
                                       7.000            395.85         80
                                       6.750            395.85
    PHILADELPHIA     MS   39350          5            10/04/01         10
    0433300407                           05           12/01/01         30
1

    0029390010                           O            11/01/31
    0

    5716088          E66/G02             F           56,700.00         ZZ
                                         360         56,579.16          1
                                       7.750            406.21         85
                                       7.500            406.21
    CHARLOTTE        NC   28213          5            10/04/01         01
    0433299302                           05           12/01/01         25
    600686750                            O            11/01/31
    0

    5720686          286/286             F           86,000.00         ZZ
                                         360         85,384.35          2
                                       7.125            579.40         80
                                       6.875            579.40
    ZEELAND          MI   49464          1            08/28/01         00
    519752                               05           10/01/01          0
    519752                               O            09/01/31
    0

    5728962          S54/G02             F           90,000.00         ZZ
                                         360         89,694.94          1
                                       6.875            591.24         85
                                       6.625            591.24
    FRANKLIN         IN   46131          5            10/09/01         10
    0433314630                           05           11/15/01         12
    5547307                              O            10/15/31
    0

    5746138          601/G02             F          218,000.00         ZZ
                                         360        217,447.39          1
                                       6.875          1,432.11         68
                                       6.625          1,432.11
    THORNTON         CO   80241          2            10/26/01         00
    0433544103                           05           12/01/01          0
    60878386                             O            11/01/31
    0

    5748054          H93/G02             F          125,600.00         ZZ
                                         360        125,289.34          1
                                       7.000            835.62         80
                                       6.750            835.62
    SAINT JOSEPH     MO   64506          5            10/10/01         00
    0433311768                           03           12/01/01          0
    2001001518                           O            11/01/31
    0

1

    5785374          E22/G02             F          282,000.00         ZZ
                                         360        280,569.75          2
                                       7.750          2,020.28         95
                                       7.500          2,020.28
    EAST RUTHERFORD  NJ   07073          1            08/03/01         14
    0413039082                           05           10/01/01         30
    0413039082                           O            09/01/31
    0

    5785902          601/G02             F           97,500.00         ZZ
                                         360         97,302.39          1
                                       8.000            715.43         75
                                       7.750            715.43
    ATLANTA          GA   30315          5            10/15/01         00
    0433549052                           05           12/01/01          0
    60927910                             N            11/01/31
    0

    5819100          737/G02             F           71,450.00         ZZ
                                         360         71,301.52          1
                                       7.875            518.06         80
                                       7.625            518.06
    JONESBORO        GA   30236          1            10/15/01         00
    0433570371                           05           12/01/01          0
    2040365                              N            11/01/31
    0

    5890644          U05/G02             F           57,200.00         ZZ
                                         360         56,873.74          1
                                       7.625            404.86         80
                                       7.375            404.86
    BEAUMONT         TX   77703          5            10/25/01         00
    0433357753                           05           12/01/01          0
    3176517                              O            11/01/31
    0

    5902874          737/G02             F          131,100.00         ZZ
                                         360        130,834.32          2
                                       8.000            961.97         95
                                       7.750            961.97
    EAST ORANGE      NJ   07018          2            10/17/01         01
    0433365343                           05           12/01/01         30
    2040703                              O            11/01/31
    0

    5907560          253/253             F          164,700.00         ZZ
                                         360        164,186.78          1
                                       7.500          1,151.61         90
                                       7.250          1,151.61
1

    GUNNISON         CO   81230          1            09/28/01         19
    981910                               05           11/01/01         25
    981910                               O            10/01/31
    0

    5919326          601/G02             F          360,000.00         ZZ
                                         360        359,393.37          2
                                       6.875          2,364.95         80
                                       6.625          2,364.95
    FLUSHING         NY   11355          5            11/02/01         00
    0433557139                           05           01/01/02          0
    060956158                            O            12/01/31
    0

    5923100          964/G02             F          135,000.00         ZZ
                                         360        134,550.71          1
                                       7.125            909.52        100
                                       6.875            909.52
    LAS VEGAS        NV   89119          2            10/21/01         10
    0433350519                           09           12/01/01         35
    158140                               O            11/01/31
    0

    5926310          K81/G02             F          124,000.00         ZZ
                                         360        123,685.69          1
                                       6.875            814.59         80
                                       6.625            814.59
    PACOIMA          CA   91331          5            10/16/01         00
    0433539202                           05           12/01/01          0
    150258                               O            11/01/31
    0

    5943802          601/G02             F          187,500.00         ZZ
                                         360        186,832.76          1
                                       6.625          1,200.59         75
                                       6.375          1,200.59
    DENVER           CO   80227          5            11/05/01         00
    0433552932                           05           12/01/01          0
    60923588                             O            11/01/31
    0

    5950952          601/G02             F          292,500.00         ZZ
                                         360        291,907.25          1
                                       8.000          2,146.27         90
                                       7.750          2,146.27
    ATLANTA          GA   30310          1            10/22/01         10
    0433564309                           05           12/01/01         25
    60891280                             O            11/01/31
    0
1

    5957780          601/G02             F          385,000.00         ZZ
                                         360        384,093.53          1
                                       7.250          2,626.38         75
                                       7.000          2,626.38
    DALY CITY        CA   94014          2            10/26/01         00
    0433590742                           05           12/01/01          0
    60907581                             O            11/01/31
    0

    5962682          X19/G02             F           57,600.00         ZZ
                                         360         57,477.26          1
                                       7.750            412.65         80
                                       7.500            412.65
    HANCOCK          NY   13783          1            10/30/01         00
    0433384591                           05           12/01/01          0
    21081302                             O            11/01/31
    0

    5974192          601/G02             F          304,000.00         ZZ
                                         360        303,462.08          1
                                       6.625          1,946.55         80
                                       6.375          1,946.55
    OCEANPORT        NJ   07757          5            11/06/01         00
    0433553013                           05           01/01/02          0
    60952413                             O            12/01/31
    0

    5987880          U05/G02             F          130,150.00         ZZ
                                         360        129,865.61          1
                                       7.625            921.19         95
                                       7.375            921.19
    LOGANVILLE       GA   30052          5            10/25/01         11
    0433507381                           05           12/01/01         30
    3175559                              O            11/01/31
    0

    5987968          601/G02             F          112,500.00         ZZ
                                         360        112,336.63          3
                                       7.625            796.27         90
                                       7.375            796.27
    ASBURY PARK      NJ   07712          1            11/09/01         11
    0433567393                           05           01/01/02         25
    060957776                            N            12/01/31
    0

    6015296          076/076             F           57,600.00         ZZ
                                         360         57,417.55          1
1

                                       7.750            412.66         80
                                       7.500            412.66
    LAKELAND         FL   33803          1            09/14/01         00
    0822020                              05           11/01/01          0
    0822020                              O            10/01/31
    0

    6018038          601/G02             F          165,000.00         ZZ
                                         360        163,973.66          1
                                       7.375          1,139.62         77
                                       7.125          1,139.62
    HOUSTON          TX   77095          1            05/04/01         00
    0433572377                           05           07/01/01          0
    60567765                             O            06/01/31
    0

    6020416          K31/G02             F          107,000.00         ZZ
                                         360        106,760.18          1
                                       7.500            748.16         90
                                       7.250            748.16
    LAWRENCEVILLE    GA   30045          2            10/24/01         14
    0433566643                           01           12/01/01         25
    1122410971                           O            11/01/31
    0

    6029968          601/G02             F          127,150.00         ZZ
                                         360        126,835.49          1
                                       7.000            845.93         74
                                       6.750            845.93
    MISSOURI CITY    TX   77459          2            10/29/01         00
    0433561016                           05           12/01/01          0
    60955473                             O            11/01/31
    0

    6048226          313/G02             F          143,000.00         ZZ
                                         360        142,893.87          3
                                       7.500            999.88         80
                                       7.250            999.88
    CHICAGO          IL   60653          5            12/07/01         00
    0433586542                           05           02/01/02          0
    0008417685                           O            01/01/32
    0

    6049780          601/G02             F          257,300.00         ZZ
                                         360        256,631.65          1
                                       6.750          1,668.84         78
                                       6.500          1,668.84
    BOULDER          CO   80305          2            10/26/01         00
    0433533619                           05           12/01/01          0
1

    60907037                             O            11/01/31
    0

    6063936          601/G02             F          220,000.00         ZZ
                                         360        219,672.42          4
                                       7.500          1,538.28         80
                                       7.250          1,538.28
    ASBURY PARK      NJ   07712          2            11/02/01         00
    0433570447                           05           01/01/02          0
    60973120                             N            12/01/31
    0

    6069898          601/G02             F          307,500.00         ZZ
                                         360        306,681.59          1
                                       6.625          1,968.96         75
                                       6.375          1,968.96
    BIRMINGHAM       AL   35244          5            10/26/01         00
    0433537420                           05           12/01/01          0
    60941754                             O            11/01/31
    0

    6084884          Q14/G02             F          144,000.00         ZZ
                                         360        143,147.39          1
                                       6.950            953.20         80
                                       6.700            953.20
    STANWOOD         IA   52337          5            08/30/01         00
    0433314945                           05           10/05/01          0
    0105097                              O            09/05/31
    0

    6094680          313/G02             F          107,000.00         ZZ
                                         360        106,910.10          1
                                       6.875            702.92         37
                                       6.625            702.92
    DALLAS           TX   75220          5            12/03/01         00
    0433591955                           05           02/01/02          0
    0008506701                           O            01/01/32
    0

    6124958          J54/G02             F          359,000.00         ZZ
                                         360        358,409.74          1
                                       7.000          2,388.44         80
                                       6.750          2,388.44
    SANTA CRUZ       CA   95065          5            11/09/01         00
    0433596012                           05           01/01/02          0
    999999999                            O            12/01/31
    0

1

    6161198          E22/G02             F           60,000.00         ZZ
                                         360         59,778.04          1
                                       7.875            435.04         80
                                       7.625            435.04
    APPLING          GA   30802          2            10/15/01         00
    0412908493                           05           12/01/01          0
    0412908493                           O            11/01/31
    0

    6169452          313/G02             F           99,200.00         ZZ
                                         360         98,972.16          1
                                       7.375            685.15         80
                                       7.125            685.15
    GILBERT          AZ   85234          1            10/26/01         00
    0433615044                           09           12/01/01          0
    0008422099                           N            11/01/31
    0

    6172786          964/G02             F          600,000.00         ZZ
                                         360        599,587.08          1
                                       7.875          4,350.42         80
                                       7.625          4,350.42
    SAN JOSE         CA   95135          1            12/14/01         00
    0433633807                           05           02/01/02          0
    165333                               O            01/01/32
    0

    6190228          601/G02             F          160,000.00         ZZ
                                         360        159,428.83          1
                                       7.375          1,105.09         79
                                       7.125          1,105.09
    IMPERIAL         MO   63052          2            10/31/01         00
    0433535689                           03           12/01/01          0
    60945755                             O            11/01/31
    0

    6206230          601/G02             F          212,000.00         T
                                         360        211,642.76          1
                                       6.875          1,392.69         80
                                       6.625          1,392.69
    SANTA FE         NM   87505          1            11/14/01         00
    0433536513                           05           01/01/02          0
    60993672                             O            12/01/31
    0

    6213366          E22/G02             F           73,600.00         ZZ
                                         360         73,408.82          1
                                       6.750            477.37         80
                                       6.500            477.37
1

    IRVING           TX   75061          5            10/23/01         00
    0413135146                           03           12/01/01          0
    0413135146                           O            11/01/31
    0

    6232814          U05/G02             F           99,000.00         ZZ
                                         360         98,841.19          1
                                       7.125            666.98         80
                                       6.875            666.98
    STAFFORD         TX   77472          2            11/12/01         00
    0433500782                           05           01/01/02          0
    3179616                              O            12/01/31
    0

    6236898          E22/G02             F           83,000.00         ZZ
                                         360         82,779.10          1
                                       6.625            531.46         79
                                       6.375            531.46
    JEFFERSONVILLE   IN   47130          5            10/25/01         00
    0413017336                           05           12/01/01          0
    0413017336                           O            11/01/31
    0

    6243406          313/G02             F           62,100.00         ZZ
                                         360         62,002.80          2
                                       7.250            423.64         90
                                       7.000            423.64
    SAINT LOUIS      MO   63118          2            11/30/01         10
    0433563723                           05           01/01/02         25
    1                                    N            12/01/31
    0

    6244636          964/G02             F          340,000.00         ZZ
                                         360        339,427.08          1
                                       6.875          2,233.56         80
                                       6.625          2,233.56
    SAN PEDRO        CA   90732          5            11/05/01         00
    0433398401                           05           01/01/02          0
    149419                               O            12/01/31
    0

    6245926          P09/G02             F          104,000.00         ZZ
                                         360        103,841.25          1
                                       7.375            718.30         79
                                       7.125            718.30
    PALMERTON        PA   18071          5            11/10/01         00
    0433394053                           05           01/01/02          0
    R0110302                             O            12/01/31
    0
1

    6251326          A50/G02             F          142,000.00         ZZ
                                         360        141,584.95          1
                                       7.625          1,005.07         62
                                       7.375          1,005.07
    HILTON HEAD ISL  SC   29926          1            09/06/01         00
    0433618097                           05           11/01/01          0
    460520                               O            10/01/31
    0

    6253916          601/G02             F          112,000.00         ZZ
                                         360        111,908.19          1
                                       7.000            745.14         80
                                       6.750            745.14
    GLENDALE         AZ   85302          1            12/13/01         00
    0433576139                           05           02/01/02          0
    61004669                             O            01/01/32
    0

    6256748          X08/G02             F          458,000.00         ZZ
                                         360        457,318.08          1
                                       7.500          3,202.40         70
                                       7.250          3,202.40
    CEDAR HILLS      UT   84062          5            11/19/01         00
    0433626785                           05           01/01/02          0
    6000222                              O            12/01/31
    0

    6264944          E22/G02             F           65,600.00         ZZ
                                         360         65,460.20          1
                                       7.750            469.97         78
                                       7.500            469.97
    MESQUITE         TX   75150          5            10/25/01         00
    0413195652                           05           12/01/01          0
    0413195652                           O            11/01/31
    0

    6266306          P01/G02             F          140,000.00         ZZ
                                         360        139,896.10          1
                                       7.500            978.90         80
                                       7.250            978.90
    WARREN           CT   06754          1            12/07/01         00
    0433482254                           05           02/01/02          0
    01006643                             O            01/01/32
    0

    6282018          676/G02             F          128,000.00         ZZ
                                         360        127,799.68          1
1

                                       7.250            873.19         78
                                       7.000            873.19
    WAILUKU          HI   96793          2            11/15/01         00
    0433499373                           05           01/01/02          0
    6001632140                           O            12/01/31
    0

    6282590          601/G02             F          186,750.00         ZZ
                                         360        186,464.91          1
                                       7.375          1,289.84         95
                                       7.125          1,289.84
    LOGANVILLE       GA   30052          1            11/30/01         10
    0433559069                           05           01/01/02         30
    60825080                             O            12/01/31
    0

    6285238          X31/G02             F          180,000.00         ZZ
                                         360        179,696.69          1
                                       6.875          1,182.47         71
                                       6.625          1,182.47
    IRVINE           CA   92612          5            11/16/01         00
    0433555265                           01           01/01/02          0
    40100336                             O            12/01/31
    0

    6291544          E82/G02             F           89,750.00         ZZ
                                         360         89,595.01          1
                                       6.750            582.12         78
                                       6.500            582.12
    STOCKBRIDGE      GA   30281          5            10/31/01         00
    0400526562                           05           01/01/02          0
    0400526562                           O            12/01/31
    0

    6313736          601/G02             F          204,000.00         ZZ
                                         360        203,647.71          1
                                       6.750          1,323.15         80
                                       6.500          1,323.15
    PILOT POINT      TX   76258          1            11/09/01         00
    0433610300                           05           01/01/02          0
    61023545                             O            12/01/31
    0

    6315292          601/G02             F          399,999.00         ZZ
                                         360        399,308.27          1
                                       6.750          2,594.39         80
                                       6.500          2,594.39
    COLORADO SPRING  CO   80920          5            11/12/01         00
    0433538915                           05           01/01/02          0
1

    60967429                             O            12/01/31
    0

    6319736          E22/G02             F          135,000.00         ZZ
                                         360        134,712.30          3
                                       7.750            967.16         90
                                       7.500            967.16
    PLAINFIELD       NJ   07060          1            11/02/01         01
    0413178849                           05           12/01/01         25
    0413178849                           O            11/01/31
    0

    6320540          163/G02             F          300,000.00         ZZ
                                         360        299,518.76          1
                                       7.125          2,021.16         79
                                       6.875          2,021.16
    MORRIS PLAINS    NJ   07950          5            11/15/01         00
    0433527173                           05           01/01/02          0
    1000363530                           O            12/01/31
    0

    6323572          601/G02             F          501,750.00         ZZ
                                         360        501,002.93          1
                                       7.500          3,508.31         75
                                       7.250          3,508.31
    BISHOPVILLE      MD   21813          5            11/13/01         00
    0433540713                           05           01/01/02          0
    61006771                             O            12/01/31
    0

    6323880          601/G02             F          259,000.00         ZZ
                                         360        258,518.95          4
                                       6.375          1,615.82         48
                                       6.125          1,615.82
    CLEARWATER       FL   33767          2            11/09/01         00
    0433572021                           05           01/01/02          0
    61012977                             O            12/01/31
    0

    6326270          964/G02             F          320,000.00         ZZ
                                         360        319,717.67          1
                                       6.625          2,049.00         80
                                       6.375          2,049.00
    MESA             AZ   85207          2            12/05/01         00
    0433616703                           03           02/01/02          0
    158167                               O            01/01/32
    0

1

    6330004          601/G02             F          137,600.00         ZZ
                                         360        137,423.92          1
                                       8.250          1,033.74         84
                                       8.000          1,033.74
    CULVER CITY      CA   90230          5            11/27/01         11
    0433558038                           05           01/01/02         12
    60821055                             O            12/01/31
    0

    6330864          N47/G02             F          152,000.00         ZZ
                                         360        151,731.06          1
                                       6.625            973.27         70
                                       6.375            973.27
    SEASIDE          CA   93955          5            11/12/01         00
    0433564382                           05           01/01/02          0
    20112287                             O            12/01/31
    0

    6336086          601/G02             F           97,200.00         ZZ
                                         360         97,062.34          2
                                       7.750            696.36         90
                                       7.500            696.36
    TAMPA            FL   33619          1            11/20/01         10
    0433549342                           05           01/01/02         25
    60999919                             N            12/01/31
    0

    6336538          601/G02             F           97,200.00         ZZ
                                         360         96,992.84          2
                                       7.750            696.36         90
                                       7.500            696.36
    TAMPA            FL   33617          1            11/20/01         11
    0433566155                           05           01/01/02         25
    61000048                             N            12/01/31
    0

    6337062          286/286             F           63,000.00         ZZ
                                         360         62,829.18          1
                                       8.000            462.28         90
                                       7.750            462.28
    MESA             AZ   85202          1            09/21/01         12
    575925                               03           11/01/01         25
    575925                               N            10/01/31
    0

    6337378          286/286             F          243,000.00         ZZ
                                         360        242,389.47          4
                                       8.375          1,846.98         90
                                       8.125          1,846.98
1

    ADDISON          IL   60101          1            09/24/01         11
    9894283                              05           11/01/01         25
    9894283                              N            10/01/31
    0

    6359676          H37/G02             F          211,500.00         ZZ
                                         360        211,169.03          1
                                       7.250          1,442.80         90
                                       7.000          1,442.80
    FOXBORO          MA   02035          1            11/30/01         14
    0433548377                           05           01/01/02         30
    E8011014                             O            12/01/31
    0

    6360360          X31/G02             F          337,000.00         ZZ
                                         360        336,389.05          1
                                       6.500          2,130.07         80
                                       6.250          2,130.07
    LONG BEACH       CA   90808          5            11/09/01         00
    0433479771                           05           01/01/02          0
    40100184                             O            12/01/31
    0

    6366364          A48/G02             F          320,000.00         ZZ
                                         360        319,790.68          1
                                       8.125          2,375.99         80
                                       7.875          2,375.99
    SAN JOSE         CA   95111          5            12/07/01         00
    0433591708                           05           02/01/02          0
    8511015808                           O            01/01/32
    0

    6369890          L60/F27             F          104,000.00         ZZ
                                         360        103,799.66          1
                                       8.250            781.32         80
                                       8.000            781.32
    ATLANTA          GA   30316          5            09/07/01         00
    6610807214                           05           11/01/01          0
    6610807214                           O            10/01/31
    0

    6374514          U05/G02             F           91,850.00         ZZ
                                         360         91,706.26          1
                                       7.250            626.58         80
                                       7.000            626.58
    AUSTIN           TX   78745          5            11/27/01         00
    0433484821                           05           01/01/02          0
    3177143                              O            12/01/31
    0
1

    6385958          601/G02             F           97,500.00         ZZ
                                         360         97,292.20          1
                                       7.750            698.51         75
                                       7.500            698.51
    CAPE GIRARDEAU   MO   63701          5            11/29/01         00
    0433579349                           05           01/01/02          0
    61022836                             N            12/01/31
    0

    6386804          163/G02             F          291,000.00         ZZ
                                         360        291,000.00          1
                                       7.500          2,034.72         62
                                       7.250          2,034.72
    GLEN ROCK        NJ   07452          5            12/27/01         00
    0433610326                           05           03/01/02          0
    1000354070                           O            02/01/32
    0

    6390736          A21/G02             F          140,000.00         ZZ
                                         360        139,775.42          2
                                       7.125            943.21         80
                                       6.875            943.21
    POINT PLEASANT   NJ   08742          1            11/30/01         00
    0433491743                           05           01/01/02          0
    0100126943                           O            12/01/31
    0

    6396954          964/G02             F          126,400.00         ZZ
                                         360        126,211.79          1
                                       7.500            883.81         80
                                       7.250            883.81
    OREGON CITY      OR   97045          5            11/21/01         00
    0433491909                           05           01/01/02          0
    169645                               O            12/01/31
    0

    6398022          700/G02             F          265,000.00         ZZ
                                         360        264,782.78          1
                                       7.000          1,763.05         61
                                       6.750          1,763.05
    HUNTINGTON BEAC  CA   92646          5            12/04/01         00
    0433554094                           05           02/01/02          0
    00263250                             O            01/01/32
    0

    6405816          964/G02             F          147,200.00         ZZ
                                         360        146,945.81          1
1

                                       6.750            954.74         80
                                       6.500            954.74
    HILLSBORO        OR   97123          1            11/14/01         00
    0433406121                           05           01/01/02          0
    160419                               O            12/01/31
    0

    6417830          N47/G02             F          376,000.00         ZZ
                                         360        375,366.43          1
                                       6.875          2,470.05         80
                                       6.625          2,470.05
    SANTA CRUZ       CA   95060          1            11/14/01         00
    0433565397                           05           01/01/02          0
    20112312                             O            12/01/31
    0

    6418504          601/G02             F          125,500.00         ZZ
                                         360        125,272.47          1
                                       6.500            793.25         74
                                       6.250            793.25
    JASPER           GA   30143          2            11/21/01         00
    0433539525                           05           01/01/02          0
    60987153                             O            12/01/31
    0

    6433802          601/G02             F          120,000.00         ZZ
                                         360        119,816.80          1
                                       7.375            828.82         80
                                       7.125            828.82
    DUNEDIN          FL   34698          5            11/19/01         00
    0433535325                           05           01/01/02          0
    60963089                             O            12/01/31
    0

    6434052          163/G02             F          170,000.00         ZZ
                                         360        169,599.74          1
                                       7.250          1,159.70         53
                                       7.000          1,159.70
    WADING RIVER     NY   11792          5            10/12/01         00
    0433459757                           05           12/01/01          0
    1000322729                           O            11/01/31
    0

    6435296          883/G02             F          136,000.00         ZZ
                                         360        135,724.34          1
                                       8.000            997.92         80
                                       7.750            997.92
    PRUDENVILLE      MI   48651          4            11/01/01         00
    0433605714                           05           12/01/01          0
1

    01000241                             O            11/01/31
    0

    6448342          E23/G02             F          267,500.00         ZZ
                                         360        267,301.48          1
                                       7.500          1,870.40         56
                                       7.250          1,870.40
    SOUTH SAN FRANC  CA   94080          5            12/17/01         00
    0433612678                           05           02/01/02          0
    51009590                             O            01/01/32
    0

    6460804          E22/G02             F          176,000.00         ZZ
                                         360        175,696.09          1
                                       6.750          1,141.53         80
                                       6.500          1,141.53
    PLANO            TX   75093          5            11/05/01         00
    0413142985                           03           01/01/02          0
    0413142985                           O            12/01/31
    0

    6473408          B60/G02             F          135,000.00         ZZ
                                         360        134,892.04          1
                                       7.125            909.52         75
                                       6.875            909.52
    GARY             IN   46403          5            12/06/01         00
    0433514361                           05           02/01/02          0
    365443                               O            01/01/32
    0

    6478330          A35/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       7.375          1,049.82         80
                                       7.125          1,049.82
    COPIAGUE         NY   11726          5            01/23/02         00
    0433632395                           05           03/01/02          0
    12884                                O            02/01/32
    0

    6479590          E46/G02             F          140,000.00         ZZ
                                         360        139,739.97          1
                                       6.375            873.42         78
                                       6.125            873.42
    WEST MIFFLIN     PA   15122          5            11/20/01         00
    0433476744                           05           01/01/02          0
    00507384                             O            12/01/31
    0

1

    6489290          N74/G02             F          102,000.00         ZZ
                                         360        101,905.53          1
                                       6.375            636.35         80
                                       6.125            636.35
    SAN ANTONIO      TX   78201          5            12/10/01         00
    0433544608                           05           02/01/02          0
    0029634010                           O            01/01/32
    0

    6491304          U05/G02             F          108,500.00         T
                                         360        108,334.58          1
                                       7.375            749.38         79
                                       7.125            749.38
    CALUMET CITY     IL   60409          2            11/16/01         00
    0433427846                           05           01/01/02          0
    3178442                              O            12/01/31
    0

    6493440          601/G02             F          236,700.00         ZZ
                                         360        236,347.57          1
                                       7.500          1,655.04         90
                                       7.250          1,655.04
    WESTBURY         NY   11590          1            11/27/01         11
    0433538261                           05           01/01/02         25
    61013504                             O            12/01/31
    0

    6494572          601/G02             F           80,000.00         ZZ
                                         360         79,943.54          1
                                       7.750            573.13         80
                                       7.500            573.13
    MONTROSE         CO   81401          2            12/13/01         00
    0433578804                           05           02/01/02          0
    691006680                            N            01/01/32
    0

    6495240          964/G02             F          112,500.00         ZZ
                                         360        112,412.24          4
                                       7.250            767.45         77
                                       7.000            767.45
    PHOENIX          AZ   85014          5            12/18/01         00
    0433561644                           05           02/01/02          0
    165606                               O            01/01/32
    0

    6497968          313/G02             F           78,500.00         ZZ
                                         360         78,354.58          1
                                       7.750            562.39         90
                                       7.500            562.39
1

    CICERO           IL   60804          1            11/15/01         26
    0433471703                           01           01/01/02         25
    0008491425                           O            12/01/31
    0

    6499394          601/G02             F          140,000.00         ZZ
                                         360        139,780.90          1
                                       7.250            955.05         78
                                       7.000            955.05
    DALLAS           GA   30132          5            11/20/01         00
    0433563285                           05           01/01/02          0
    61033528                             O            12/01/31
    0

    6501160          738/G02             F           48,600.00         ZZ
                                         360         48,506.38          1
                                       8.250            365.12         90
                                       8.000            365.12
    JACKSONVILLE     FL   32216          1            10/12/01         10
    0433594157                           05           12/01/01         25
    5877135                              N            11/01/31
    0

    6501636          144/144             F          520,000.00         ZZ
                                         360        519,263.61          1
                                       7.750          3,725.34         70
                                       7.500          3,725.34
    WESTHAMPTON      NY   11977          5            11/26/01         00
    00ESALOMONJ                          05           01/01/02          0
    00ESALOMONJ                          O            12/01/31
    0

    6508472          J54/G02             F          292,000.00         ZZ
                                         360        291,495.77          1
                                       6.750          1,893.91         80
                                       6.500          1,893.91
    STONE MOUNTAIN   GA   30087          5            11/20/01         00
    0433495280                           03           01/01/02          0
    895350                               O            12/01/31
    0

    6509062          E47/G02             F           96,800.00         ZZ
                                         360         96,643.88          1
                                       7.125            652.16         80
                                       6.875            652.16
    HOUSTON          TX   77068          1            11/16/01         00
    0433444965                           05           01/01/02          0
    7323011435                           O            12/01/31
    0
1

    6509512          E76/G02             F          121,000.00         ZZ
                                         360        120,796.12          1
                                       6.875            794.88         80
                                       6.625            794.88
    LAKEWOOD         CO   80226          2            11/20/01         00
    0433526928                           05           01/01/02          0
    10009722                             O            12/01/31
    0

    6515250          E82/G02             F          122,500.00         ZZ
                                         360        122,277.92          4
                                       6.500            774.28         54
                                       6.250            774.28
    ANN ARBOR        MI   48104          2            11/15/01         00
    0400530804                           05           01/01/02          0
    1487661                              N            12/01/31
    0

    6515434          H19/G02             F           64,999.00         ZZ
                                         360         64,955.39          4
                                       8.000            476.94         90
                                       7.750            476.94
    DAYTON           OH   45405          1            12/11/01         10
    0433494739                           05           02/01/02         25
    0002298628                           N            01/01/32
    0

    6531680          601/G02             F          489,000.00         ZZ
                                         360        488,568.56          1
                                       6.625          3,131.13         75
                                       6.375          3,131.13
    POTOMAC          MD   20854          5            12/05/01         00
    0433543428                           05           02/01/02          0
    60997921                             O            01/01/32
    0

    6534812          889/G02             F          217,000.00         ZZ
                                         360        216,544.91          4
                                       8.000          1,592.27         90
                                       7.750          1,592.27
    LONG BEACH       CA   90805          1            10/30/01         11
    0433387693                           05           12/01/01         25
    1                                    N            11/01/31
    0

    6535764          964/G02             F           81,400.00         ZZ
                                         360         81,331.61          2
1

                                       6.875            534.74         80
                                       6.625            534.74
    PASCO            WA   99301          1            12/13/01         00
    0433567807                           05           02/01/02          0
    166986                               N            01/01/32
    0

    6536144          964/G02             F          140,000.00         ZZ
                                         360        139,879.46          1
                                       6.750            908.04         80
                                       6.500            908.04
    RENO             NV   89506          5            12/05/01         00
    0433606480                           05           02/01/02          0
    170982                               O            01/01/32
    0

    6539270          K31/G02             F          360,000.00         ZZ
                                         360        359,393.39          1
                                       6.875          2,364.94         53
                                       6.625          2,364.94
    DULUTH           GA   30097          5            11/19/01         00
    0433597564                           09           01/01/02          0
    1015110376                           O            12/01/31
    0

    6550386          H19/G02             F           85,050.00         ZZ
                                         360         84,981.98          1
                                       7.125            573.00         90
                                       6.875            573.00
    YUKON            OK   73099          1            12/14/01         10
    0433523420                           05           02/01/02         25
    0010115368                           O            01/01/32
    0

    6551500          601/G02             F          184,000.00         ZZ
                                         360        183,849.17          1
                                       7.000          1,224.16         80
                                       6.750          1,224.16
    COLORADO SPRING  CO   80908          1            12/14/01         00
    0433554912                           05           02/01/02          0
    61055075                             O            01/01/32
    0

    6559240          962/G02             F          127,200.00         ZZ
                                         360        127,105.60          1
                                       7.500            889.40         80
                                       7.250            889.40
    FARGO            ND   58103          1            12/14/01         00
    0433536067                           05           02/01/02          0
1

    201523                               O            01/01/32
    0

    6561986          F36/G02             F          121,200.00         ZZ
                                         360        120,995.77          2
                                       6.875            796.20         80
                                       6.625            796.20
    TUMWATER         WA   98501          5            11/23/01         00
    0433524444                           05           01/01/02          0
    06403488                             O            12/01/31
    0

    6562778          S11/G02             F          165,000.00         ZZ
                                         360        164,715.08          1
                                       6.750          1,070.19         35
                                       6.500          1,070.19
    TEMECULA         CA   92592          2            11/20/01         00
    0433512738                           05           01/01/02          0
    10204912                             O            12/01/31
    0

    6566098          601/G02             F          383,500.00         ZZ
                                         360        382,853.77          1
                                       6.875          2,519.33         85
                                       6.625          2,519.33
    WESTMINSTER      CO   80234          1            11/20/01         14
    0433540622                           05           01/01/02         12
    61008637                             O            12/01/31
    0

    6571320          N74/G02             F           46,500.00         ZZ
                                         240         46,320.96          1
                                       7.000            360.51         79
                                       6.750            360.51
    LITTLE ROCK      AR   72204          5            11/20/01         00
    0433616828                           05           01/01/02          0
    0029549010                           O            12/01/21
    0

    6584474          T90/G02             F          424,000.00         ZZ
                                         360        423,607.29          1
                                       6.375          2,645.21         78
                                       6.125          2,645.21
    BROWNSBURG       IN   46112          2            12/14/01         00
    0433591377                           05           02/01/02          0
    63910                                O            01/01/32
    0

1

    6584898          Q99/G02             F          522,000.00         ZZ
                                         360        521,141.74          1
                                       7.000          3,472.88         80
                                       6.750          3,472.88
    OMAHA            NE   68118          5            11/30/01         00
    0433506243                           05           01/01/02          0
    1                                    O            12/01/31
    0

    6586894          E22/G02             F           90,000.00         ZZ
                                         360         89,803.35          1
                                       7.625            637.01         69
                                       7.375            637.01
    RIO HONDO        TX   78583          5            11/09/01         00
    0413176744                           05           12/01/01          0
    0413176744                           O            11/01/31
    0

    6587062          E22/G02             F          123,500.00         ZZ
                                         360        123,316.12          1
                                       7.500            863.53         76
                                       7.250            863.53
    GLOUCESTER       MA   01930          5            11/12/01         00
    0413264979                           05           01/01/02          0
    0413264979                           O            12/01/31
    0

    6589300          964/G02             F          110,000.00         ZZ
                                         360        109,823.55          1
                                       7.125            741.09         71
                                       6.875            741.09
    SALEM            OR   97304          5            11/26/01         00
    0433487758                           05           01/01/02          0
    153200                               O            12/01/31
    0

    6591198          K31/G02             F          125,300.00         ZZ
                                         360        125,108.72          1
                                       7.375            865.42         80
                                       7.125            865.42
    POWDER SPRINGS   GA   30127          1            11/30/01         00
    0433500287                           05           01/01/02          0
    1190320164                           O            12/01/31
    0

    6598092          514/G02             F          300,000.00         ZZ
                                         360        299,765.97          3
                                       7.250          2,046.53         70
                                       7.000          2,046.53
1

    MALDEN           MA   02148          5            11/30/01         00
    0433608965                           05           02/01/02          0
    528626                               O            01/01/32
    0

    6600976          Q01/G02             F          135,850.00         ZZ
                                         360        135,637.40          1
                                       7.250            926.74         95
                                       7.000            926.74
    RIDLEY PARK      PA   19078          5            11/26/01         28
    0433549045                           05           01/01/02         30
    75328601                             O            12/01/31
    0

    6604548          E22/G02             F           80,000.00         ZZ
                                         360         79,874.81          1
                                       7.250            545.74         69
                                       7.000            545.74
    AMARILLO         TX   79110          5            11/14/01         00
    0413258724                           05           01/01/02          0
    0413258724                           O            12/01/31
    0

    6608154          E82/G02             F          152,500.00         ZZ
                                         360        152,206.51          1
                                       6.625            976.47         73
                                       6.375            976.47
    FAIR OAKS        CA   95628          2            11/16/01         00
    0400540357                           05           01/01/02          0
    1604759                              O            12/01/31
    0

    6612686          E86/G02             F          249,300.00         ZZ
                                         360        249,105.52          4
                                       7.250          1,700.67         90
                                       7.000          1,700.67
    BROOKLYN         NY   11203          1            12/26/01         11
    0433621554                           05           02/01/02         25
    0000150174                           N            01/01/32
    0

    6615620          601/G02             F          120,500.00         ZZ
                                         360        120,296.94          1
                                       6.875            791.60         66
                                       6.625            791.60
    WOODLAND PARK    CO   80863          5            11/27/01         00
    0433554458                           05           01/01/02          0
    61044772                             O            12/01/31
    0
1

    6620672          757/G02             F          397,500.00         ZZ
                                         360        397,166.05          1
                                       6.875          2,611.29         75
                                       6.625          2,611.29
    CHARLESTON       SC   29403          5            12/05/01         00
    0433581865                           05           02/01/02          0
    1000502045                           O            01/01/32
    0

    6624032          H58/G02             F          450,000.00         ZZ
                                         360        449,313.06          1
                                       7.375          3,108.04         74
                                       7.125          3,108.04
    SAN RAMON        CA   94583          5            11/30/01         00
    0433585023                           05           01/01/02          0
    0000080659                           O            12/01/31
    0

    6627592          462/G02             F          146,000.00         ZZ
                                         360        145,620.74          1
                                       6.750            946.96         75
                                       6.500            946.96
    MIAMI            FL   33178          1            10/30/01         00
    0433600558                           09           12/01/01          0
    0005431119                           O            11/01/31
    0

    6627708          Q64/G02             F          121,500.00         ZZ
                                         360        121,186.87          1
                                       8.250            912.79         90
                                       8.000            912.79
    LANTANA          FL   33462          1            10/03/01         10
    0433560745                           05           11/01/01         25
    0102413408                           N            10/01/31
    0

    6628518          Q64/G02             F          121,500.00         ZZ
                                         360        121,186.87          2
                                       8.250            912.79         90
                                       8.000            912.79
    LANTANA          FL   33462          1            10/03/01         12
    0433579190                           05           11/01/01         25
    0102413507                           N            10/01/31
    0

    6628724          Q64/G02             F          121,500.00         ZZ
                                         360        121,186.87          1
1

                                       8.250            912.79         90
                                       8.000            912.79
    LANTANA          FL   33462          1            10/03/01         10
    0433560968                           05           11/01/01         25
    0102413606                           N            10/01/31
    0

    6628890          Q64/G02             F          121,500.00         ZZ
                                         360        121,186.87          1
                                       8.250            912.79         90
                                       8.000            912.79
    LANTANA          FL   33462          1            10/03/01         12
    0433560448                           05           11/01/01         25
    0102413200                           N            10/01/31
    0

    6628932          601/G02             F          385,600.00         ZZ
                                         360        385,283.92          1
                                       7.000          2,565.41         80
                                       6.750          2,565.41
    LOVELAND         CO   80537          5            12/06/01         00
    0433564218                           05           02/01/02          0
    61054540                             O            01/01/32
    0

    6629026          E23/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       7.250          1,193.81         72
                                       7.000          1,193.81
    BUENA PARK       CA   90620          2            01/21/02         00
    0433619038                           05           03/01/02          0
    51009459                             N            02/01/32
    0

    6629972          588/G02             F          129,200.00         ZZ
                                         360        129,017.05          1
                                       7.750            925.60         80
                                       7.500            925.60
    ALEXANDRIA       VA   22315          1            11/29/01         00
    0433506144                           01           01/01/02          0
    1054590                              O            12/01/31
    0

    6632284          601/G02             F          126,400.00         ZZ
                                         360        126,291.17          1
                                       6.750            819.83         80
                                       6.500            819.83
    ALBUQUERQUE      NM   87120          2            12/11/01         00
    0433575230                           05           02/01/02          0
1

    610533575                            O            01/01/32
    0

    6632498          477/G02             F          150,000.00         ZZ
                                         360        149,798.03          1
                                       8.000          1,100.65         50
                                       7.750          1,100.65
    BENICIA          CA   94510          5            11/29/01         00
    0433505914                           05           01/01/02          0
    122917                               O            12/01/31
    0

    6637710          U05/G02             F          320,000.00         ZZ
                                         360        319,779.78          1
                                       7.875          2,320.22         80
                                       7.625          2,320.22
    WASHINGTON       MI   48094          5            12/21/01         00
    0433621141                           03           02/01/02          0
    3188569                              O            01/01/32
    0

    6640010          E22/G02             F           71,000.00         ZZ
                                         360         70,883.28          1
                                       7.000            472.36         72
                                       6.750            472.36
    PEARL            MS   39208          5            11/14/01         00
    0413212408                           05           01/01/02          0
    0413212408                           O            12/01/31
    0

    6640082          E22/G02             F           60,000.00         ZZ
                                         360         59,917.15          1
                                       7.875            435.04         82
                                       7.625            435.04
    WHISTLER         AL   36612          5            11/15/01         01
    0413251281                           05           01/01/02         12
    0413251281                           O            12/01/31
    0

    6640108          E22/G02             F           84,800.00         ZZ
                                         360         84,642.50          1
                                       6.375            529.04         80
                                       6.125            529.04
    AMARILLO         TX   79109          5            11/13/01         00
    0413265646                           05           01/01/02          0
    0413265646                           O            12/01/31
    0

1

    6640500          E82/G02             F          162,200.00         ZZ
                                         360        161,970.30          1
                                       7.750          1,162.02         87
                                       7.500          1,162.02
    KANSAS CITY      MO   64153          5            11/20/01         04
    0400523627                           05           01/01/02         25
    0400523627                           O            12/01/31
    0

    6640520          E82/G02             F          144,600.00         ZZ
                                         360        142,867.82          1
                                       6.625            925.89         80
                                       6.375            925.89
    NORWALK          CT   06854          2            11/20/01         00
    0400541199                           05           01/01/02          0
    1880393                              O            12/01/31
    0

    6640526          E82/G02             F          136,000.00         ZZ
                                         360        135,802.51          1
                                       7.625            962.60         77
                                       7.375            962.60
    BIRMINGHAM       AL   35216          5            11/20/01         00
    0400525515                           05           01/01/02          0
    0400525515                           O            12/01/31
    0

    6640572          E82/G02             F          146,250.00         ZZ
                                         360        145,982.39          1
                                       7.125            985.31         75
                                       6.875            985.31
    SOUTH MIAMI      FL   33143          5            11/20/01         00
    0400530648                           05           01/01/02          0
    0400530648                           O            12/01/31
    0

    6640588          E82/G02             F          130,750.00         ZZ
                                         360        130,529.69          2
                                       6.875            858.93         66
                                       6.625            858.93
    NEW ORLEANS      LA   70119          2            11/20/01         00
    0400516696                           05           01/01/02          0
    0400516696                           O            12/01/31
    0

    6640590          E82/G02             F          124,000.00         ZZ
                                         360        123,796.11          1
                                       7.000            824.98         80
                                       6.750            824.98
1

    LAS VEGAS        NV   89148          2            11/19/01         00
    0400533238                           03           01/01/02          0
    0400533238                           O            12/01/31
    0

    6641838          227/G02             F          147,150.00         ZZ
                                         360        147,056.17          4
                                       8.250          1,105.49         90
                                       8.000          1,105.49
    BALTIMORE        MD   21218          1            12/18/01         10
    0433552361                           05           02/01/02         25
    1968245                              N            01/01/32
    0

    6642798          A50/G02             F          500,000.00         T
                                         360        499,326.79          1
                                       8.000          3,668.82         80
                                       7.750          3,668.82
    ATLANTA          GA   30326          1            11/07/01         00
    0433585288                           06           01/01/02          0
    460469                               O            12/01/31
    0

    6644318          964/G02             F          108,800.00         ZZ
                                         360        108,726.99          2
                                       8.000            798.34         80
                                       7.750            798.34
    BEND             OR   97702          1            12/06/01         00
    0433609690                           05           02/01/02          0
    174807                               N            01/01/32
    0

    6645820          E23/G02             F           64,350.00         ZZ
                                         360         64,304.58          1
                                       7.750            461.01         89
                                       7.500            461.01
    VISALIA          CA   93291          2            12/11/01         04
    0433633302                           05           02/01/02         25
    51009875                             N            01/01/32
    0

    6656146          N74/G02             F          189,600.00         ZZ
                                         240        189,224.85          1
                                       6.750          1,441.65         80
                                       6.500          1,441.65
    STARKVILLE       MS   39759          2            11/30/01         00
    0433556305                           05           02/01/02          0
    0029578010                           O            01/01/22
    0
1

    6657102          F61/G02             F          234,000.00         ZZ
                                         360        233,834.85          1
                                       7.750          1,676.40         65
                                       7.500          1,676.40
    SEATTLE          WA   98136          5            12/20/01         00
    0433584828                           05           02/01/02          0
    011741S                              O            01/01/32
    0

    6661022          964/G02             F          355,000.00         ZZ
                                         360        354,371.87          1
                                       6.625          2,273.10         66
                                       6.375          2,273.10
    ELK GROVE        CA   95624          5            11/29/01         00
    0433612140                           05           01/01/02          0
    169515                               O            12/01/31
    0

    6664626          738/G02             F          136,400.00         ZZ
                                         360        136,175.72          1
                                       7.000            907.48         90
                                       6.750            907.48
    RALEIGH          NC   27609          1            11/30/01         12
    0433544665                           05           01/01/02         25
    00402374710008                       O            12/01/31
    0

    6669326          367/367             F          316,000.00         ZZ
                                         360        315,454.33          1
                                       6.750          2,049.57         80
                                       6.500          2,049.57
    ANNANDALE        VA   22003          5            10/30/01         00
    99197023                             05           01/01/02          0
    99197023                             O            12/01/31
    0

    6672048          N47/G02             F           78,000.00         ZZ
                                         360         77,937.63          1
                                       7.125            525.50         78
                                       6.875            525.50
    MARIETTA         GA   30067          5            12/05/01         00
    0433501673                           01           02/01/02          0
    40113091                             O            01/01/32
    0

    6672598          964/G02             F          560,000.00         ZZ
                                         360        559,517.85          1
1

                                       6.750          3,632.15         80
                                       6.500          3,632.15
    MORAGA           CA   94556          5            12/11/01         00
    0433611548                           05           02/01/02          0
    167241                               O            01/01/32
    0

    6675378          W02/G02             F           67,450.00         ZZ
                                         360         67,399.93          1
                                       7.500            471.63         95
                                       7.250            471.63
    YUCCA VALLEY     CA   92284          5            12/12/01         14
    0433594223                           05           02/01/02         30
    1000569872                           O            01/01/32
    0

    6678360          N74/G02             F          112,000.00         ZZ
                                         360        111,905.91          1
                                       6.875            735.76         78
                                       6.625            735.76
    LEXINGTON        KY   40504          5            12/03/01         00
    0433479243                           05           02/01/02          0
    0029588010                           O            01/01/32
    0

    6685810          N74/G02             F          106,165.00         ZZ
                                         360        105,967.82          1
                                       6.375            662.33         85
                                       6.125            662.33
    COLUMBIA         VA   23038          1            11/29/01         10
    0433597333                           05           01/01/02         12
    0029591010                           O            12/01/31
    0

    6686242          601/G02             F          150,000.00         ZZ
                                         360        149,464.03          1
                                       6.250            923.58         43
                                       6.000            923.58
    PONCE  INLET     FL   32127          1            12/03/01         00
    0433575909                           05           01/01/02          0
    61034294                             O            12/01/31
    0

    6687418          N74/G02             F          108,000.00         T
                                         360        107,909.27          1
                                       6.875            709.48         80
                                       6.625            709.48
    LEXINGTON        NC   27292          5            11/29/01         00
    0433603644                           05           02/01/02          0
1

    0029592010                           O            01/01/32
    0

    6688580          313/G02             F          309,350.00         ZZ
                                         360        308,877.76          1
                                       7.375          2,136.61         80
                                       7.125          2,136.61
    GILBERT          AZ   85296          1            11/30/01         00
    0433550951                           03           01/01/02          0
    0008006215                           O            12/01/31
    0

    6690754          964/G02             F          165,600.00         ZZ
                                         360        165,464.26          1
                                       7.000          1,101.74         80
                                       6.750          1,101.74
    MILWAUKIE        OR   97267          2            12/04/01         00
    0433501046                           05           02/01/02          0
    171110                               O            01/01/32
    0

    6692342          U96/G02             F          275,000.00         ZZ
                                         360        274,763.24          1
                                       6.750          1,783.64         62
                                       6.500          1,783.64
    HONOLULU         HI   96816          5            12/07/01         00
    0433579265                           05           02/01/02          0
    11100035                             O            01/01/32
    0

    6693624          N74/G02             F          140,000.00         ZZ
                                         360        139,882.38          1
                                       6.875            919.70         75
                                       6.625            919.70
    WOODBRIDGE       VA   22193          5            12/11/01         00
    0433502150                           05           02/01/02          0
    0029632010                           O            01/01/32
    0

    6701804          U05/G02             F          120,000.00         ZZ
                                         360        119,915.31          1
                                       7.750            859.69         80
                                       7.500            859.69
    FLOWER MOUND     TX   75028          5            12/10/01         00
    0433633419                           05           02/01/02          0
    3189923                              O            01/01/32
    0

1

    6701972          964/G02             F          330,000.00         ZZ
                                         360        329,748.89          1
                                       7.375          2,279.23         74
                                       7.125          2,279.23
    SANTA CRUZ       CA   95060          5            12/13/01         00
    0433587763                           05           02/01/02          0
    169633                               O            01/01/32
    0

    6707200          E22/G02             F          132,700.00         ZZ
                                         360        132,487.15          1
                                       7.125            894.02         95
                                       6.875            894.02
    GRAFTON          IL   62037          1            11/27/01         04
    0413147315                           05           01/01/02         30
    0413147315                           O            12/01/31
    0

    6707254          E22/G02             F          235,050.00         ZZ
                                         360        234,700.03          1
                                       7.500          1,643.50         85
                                       7.250          1,643.50
    OAKDALE          MN   55128          1            11/27/01         01
    0413211855                           05           01/01/02         12
    0413211855                           O            12/01/31
    0

    6707408          E22/G02             F           47,000.00         T
                                         360         46,566.61          1
                                       7.250            320.62         59
                                       7.000            320.62
    MATTAWA          WA   99349          5            11/12/01         00
    0413286915                           05           01/01/02          0
    0413286915                           O            12/01/31
    0

    6707424          E22/G02             F           57,600.00         ZZ
                                         360         57,518.44          1
                                       7.750            412.65         80
                                       7.500            412.65
    FAULKVILLE       AL   35622          5            11/21/01         00
    0413304569                           05           01/01/02          0
    0413304569                           O            12/01/31
    0

    6711276          A52/G02             F          112,625.00         ZZ
                                         360        112,553.19          1
                                       8.250            846.11         85
                                       8.000            846.11
1

    ELLIJAY          GA   30540          5            11/30/01         11
    0433444932                           05           02/01/02         12
    17379                                O            01/01/32
    0

    6713644          286/286             F          242,850.00         ZZ
                                         360        242,046.74          1
                                       7.000          1,615.69         97
                                       6.750          1,615.69
    ALEXANDRIA       VA   22309          1            09/28/01         12
    477578                               03           11/01/01         35
    477578                               O            10/01/31
    0

    6713696          286/286             F           58,000.00         ZZ
                                         360         57,858.78          1
                                       7.125            390.76         83
                                       6.875            390.76
    HUNTINGTON       IN   46750          5            10/03/01         11
    574004                               05           12/01/01         12
    574004                               O            11/01/31
    0

    6713782          286/286             F           58,000.00         ZZ
                                         240         57,658.90          1
                                       6.875            445.34         86
                                       6.625            445.34
    WARSAW           IN   46580          5            10/04/01         11
    549955                               05           12/01/01         12
    549955                               O            11/01/21
    0

    6714700          601/G02             F          162,900.00         ZZ
                                         360        162,772.92          1
                                       7.250          1,111.27         90
                                       7.000          1,111.27
    PEYTON           CO   80831          2            12/06/01         11
    0433557014                           05           02/01/02         25
    61057527                             O            01/01/32
    0

    6719366          A52/G02             F          112,000.00         ZZ
                                         360        111,930.39          2
                                       8.375            851.28         80
                                       8.125            851.28
    SAVANNAH         GA   31401          5            11/30/01         00
    0433603826                           05           02/01/02          0
    17295                                O            01/01/32
    0
1

    6723402          K15/G02             F          112,200.00         ZZ
                                         360        112,135.45          1
                                       8.750            882.68         85
                                       8.500            882.68
    WAREHAM          MA   02571          5            12/05/01         26
    0433498938                           05           02/01/02         12
    033105305877                         O            01/01/32
    0

    6724758          964/G02             F          400,000.00         ZZ
                                         360        399,672.12          1
                                       7.000          2,661.21         80
                                       6.750          2,661.21
    NOVATO           CA   94947          5            12/11/01         00
    0433585601                           05           02/01/02          0
    171714                               O            01/01/32
    0

    6730976          L76/G02             F           67,500.00         ZZ
                                         360         67,452.36          1
                                       7.750            483.58         90
                                       7.500            483.58
    CORYDON          IA   50060          5            12/10/01         11
    0433577756                           05           02/01/02         25
    990479                               O            01/01/32
    0

    6731196          E82/G02             F          113,547.00         ZZ
                                         360        113,301.28          1
                                       6.875            745.92         69
                                       6.625            745.92
    COLORADO SPRING  CO   80919          2            11/27/01         00
    0400545364                           05           01/01/02          0
    1837911                              N            12/01/31
    0

    6731260          E82/G02             F          118,300.00         ZZ
                                         360        118,110.23          1
                                       7.125            797.01         80
                                       6.875            797.01
    HELENA           AL   35080          2            11/15/01         00
    0400533899                           05           01/01/02          0
    3606821                              O            12/01/31
    0

    6732610          E22/G02             F           60,000.00         ZZ
                                         360         59,908.40          1
1

                                       7.375            414.41         41
                                       7.125            414.41
    FARMERS BRANCH   TX   75234          5            11/21/01         00
    0413222977                           05           01/01/02          0
    0413222977                           O            12/01/31
    0

    6734086          N74/G02             F           85,000.00         ZZ
                                         360         84,928.59          1
                                       6.875            558.39         85
                                       6.625            558.39
    TRINITY          NC   27370          2            12/03/01         10
    0433469889                           27           02/01/02         12
    0029613010                           O            01/01/32
    0

    6734368          601/G02             F          119,000.00         ZZ
                                         360        118,909.44          1
                                       7.375            821.91         89
                                       7.125            821.91
    BLUE SPRINGS     MO   64015          2            12/04/01         11
    0433571544                           05           02/01/02         25
    61069522                             O            01/01/32
    0

    6735068          P34/G02             F          119,000.00         ZZ
                                         360        118,911.68          3
                                       7.500            832.07         80
                                       7.250            832.07
    WOONSOCKET       RI   02895          2            12/07/01         00
    0433572856                           05           02/01/02          0
    61807                                N            01/01/32
    0

    6735402          U05/G02             F          138,700.00         ZZ
                                         360        138,589.08          1
                                       7.125            934.45         90
                                       6.875            934.45
    TEMPE            AZ   85282          5            12/12/01         10
    0433544475                           05           02/01/02         25
    3182095                              O            01/01/32
    0

    6737284          U05/G02             F          340,200.00         ZZ
                                         360        339,934.62          1
                                       7.250          2,320.76         90
                                       7.000          2,320.76
    CONCORD          CA   94521          5            12/17/01         01
    0433599651                           05           02/01/02         25
1

    3182423                              O            01/01/32
    0

    6739324          X31/G02             F          125,900.00         ZZ
                                         360        125,811.14          1
                                       7.750            901.96         84
                                       7.500            901.96
    TEMECULA         CA   92591          1            12/04/01         10
    0433506383                           01           02/01/02         12
    40100551                             O            01/01/32
    0

    6741006          E60/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.875          2,697.26         80
                                       7.625          2,697.26
    SANTA MARGARITA  CA   93453          1            01/09/02         00
    0433617750                           05           03/01/02          0
    513944                               N            02/01/32
    0

    6742930          700/G02             F          135,000.00         ZZ
                                         360        134,899.81          1
                                       7.500            943.94         72
                                       7.250            943.94
    SOUTH HOLLAND    IL   60473          5            12/06/01         00
    0433522117                           05           02/01/02          0
    00263222                             O            01/01/32
    0

    6746348          E23/G02             F          206,000.00         ZZ
                                         360        205,822.64          1
                                       6.750          1,336.11         77
                                       6.500          1,336.11
    LINCOLN          CA   95648          5            12/04/01         00
    0433562469                           05           02/01/02          0
    61003515                             O            01/01/32
    0

    6752596          144/144             F           80,000.00         ZZ
                                         360         79,940.63          1
                                       7.500            559.37         22
                                       7.250            559.37
    CROTON-ON-HUDSO  NY   10520          5            12/06/01         00
    160678912                            05           02/01/02          0
    160678912                            O            01/01/32
    0

1

    6753618          N34/G02             F          156,000.00         ZZ
                                         360        155,755.88          1
                                       7.250          1,064.19         80
                                       7.000          1,064.19
    ELK GROVE        IL   60007          1            11/12/01         00
    0433517257                           03           01/01/02          0
    BAKERR901                            O            12/01/31
    0

    6755544          737/G02             F          119,600.00         T
                                         360        119,519.75          1
                                       8.000            877.58         75
                                       7.750            877.58
    MUNDS PARK       AZ   86017          5            12/07/01         00
    0433609781                           05           02/01/02          0
    2050186                              O            01/01/32
    0

    6760236          G51/G02             F          150,000.00         ZZ
                                         360        149,740.97          1
                                       6.750            972.90         70
                                       6.500            972.90
    HOMOSASSA        FL   34448          5            11/21/01         00
    0433548294                           05           01/01/02          0
    740962                               O            12/01/31
    0

    6761370          H58/G02             F          131,000.00         ZZ
                                         360        130,897.81          1
                                       7.250            893.65         79
                                       7.000            893.65
    PORTLAND         OR   97214          1            12/04/01         00
    0433495686                           05           02/01/02          0
    0000083738                           O            01/01/32
    0

    6762208          163/G02             F          234,000.00         ZZ
                                         360        233,812.87          2
                                       7.125          1,576.51         90
                                       6.875          1,576.51
    NEW BRUNSWICK    NJ   08901          1            12/14/01         11
    0433539368                           05           02/01/02         25
    1000313249                           N            01/01/32
    0

    6763538          A35/G02             F          440,000.00         ZZ
                                         360        439,704.77          2
                                       8.000          3,228.56         80
                                       7.750          3,228.56
1

    WHITESTONE       NY   11357          1            12/06/01         00
    0433567849                           03           02/01/02          0
    12332                                O            01/01/32
    0

    6763832          K21/G02             F          390,000.00         ZZ
                                         360        389,680.32          1
                                       7.000          2,594.68         50
                                       6.750          2,594.68
    CAMARILLO        CA   93010          5            12/10/01         00
    0433600822                           05           02/01/02          0
    0115409                              O            01/01/32
    0

    6767302          964/G02             F          422,400.00         ZZ
                                         360        422,070.49          1
                                       7.250          2,881.51         80
                                       7.000          2,881.51
    SALEM            OR   97304          1            12/10/01         00
    0433562386                           05           02/01/02          0
    174013                               O            01/01/32
    0

    6769652          737/G02             F           62,400.00         ZZ
                                         360         62,361.21          1
                                       8.375            474.29         80
                                       8.125            474.29
    UNION CITY       GA   30291          5            12/18/01         00
    0433605326                           01           02/01/02          0
    2051395                              N            01/01/32
    0

    6770254          E22/G02             F          375,000.00         ZZ
                                         360        374,413.17          1
                                       7.250          2,558.16         49
                                       7.000          2,558.16
    FOREST GROVE     OR   97116          5            11/26/01         00
    0413263369                           05           01/01/02          0
    0413263369                           O            12/01/31
    0

    6770720          T61/G02             F          350,000.00         ZZ
                                         360        349,726.96          1
                                       7.250          2,387.62         67
                                       7.000          2,387.62
    FAIRFAX STATION  VA   22039          5            12/07/01         00
    0433616661                           05           02/01/02          0
    1                                    O            01/01/32
    0
1

    6770884          E82/G02             F          140,900.00         ZZ
                                         360        140,656.70          1
                                       6.750            913.87         40
                                       6.500            913.87
    FRANKLIN LAKES   NJ   07417          2            11/28/01         00
    0400538971                           05           01/01/02          0
    1622618                              O            12/01/31
    0

    6775494          601/G02             F           97,200.00         ZZ
                                         360         97,136.41          4
                                       8.125            721.71         90
                                       7.875            721.71
    TAMPA            FL   33619          1            12/07/01         14
    0433539061                           05           02/01/02         25
    61078937                             N            01/01/32
    0

    6778326          J95/G02             F           88,500.00         ZZ
                                         360         86,563.19          1
                                       8.125            657.12         74
                                       7.875            657.12
    N MYRTLE BEACH   SC   29582          5            09/28/01         00
    0433485737                           05           12/01/01          0
    0020235198                           O            11/01/31
    0

    6779882          601/G02             F          345,000.00         ZZ
                                         360        344,750.30          1
                                       7.625          2,441.89         69
                                       7.375          2,441.89
    ATLANTA          GA   30308          5            12/10/01         00
    0433556768                           05           02/01/02          0
    61087979                             O            01/01/32
    0

    6780874          U05/G02             F          315,000.00         ZZ
                                         360        314,777.67          1
                                       7.750          2,256.70         79
                                       7.500          2,256.70
    CARMICAEL        CA   95608          5            12/07/01         00
    0433590791                           05           02/01/02          0
    3192490                              O            01/01/32
    0

    6781836          E98/G02             F          140,250.00         ZZ
                                         360        140,013.68          1
1

                                       6.875            921.34         76
                                       6.625            921.34
    VADNAIS HEIGHTS  MN   55127          5            11/14/01         00
    0433485836                           09           01/01/02          0
    8113001609669                        O            12/01/31
    0

    6784724          M27/G02             F           85,500.00         T
                                         360         85,442.63          1
                                       8.000            627.37         90
                                       7.750            627.37
    NORTH MYRTLE BE  SC   29582          1            12/07/01         01
    0433597069                           05           02/01/02         25
    600713348                            O            01/01/32
    0

    6786696          G34/G02             F          116,250.00         T
                                         360        116,177.75          1
                                       8.375            883.58         75
                                       8.125            883.58
    HIRAM            GA   30141          5            12/13/01         00
    0433530797                           03           02/01/02          0
    1126201                              O            01/01/32
    0

    6786876          601/G02             F          148,000.00         ZZ
                                         360        147,884.54          1
                                       7.250          1,009.63         80
                                       7.000          1,009.63
    FLAGLER BEACH    FL   32136          5            12/14/01         00
    0433561461                           05           02/01/02          0
    61095303                             O            01/01/32
    0

    6792400          E23/G02             F          157,250.00         ZZ
                                         360        157,117.89          1
                                       6.875          1,033.02         85
                                       6.625          1,033.02
    LODI             CA   95242          5            12/07/01         04
    0433560315                           05           02/01/02         12
    51009719                             O            01/01/32
    0

    6793292          E22/G02             F           76,000.00         ZZ
                                         360         75,886.85          1
                                       7.500            531.40         86
                                       7.250            531.40
    VICKSBURG        MI   49097          5            11/28/01         04
    0413200767                           05           01/01/02         25
1

    0413200767                           O            12/01/31
    0

    6793334          E22/G02             F           22,800.00         ZZ
                                         360         22,769.30          1
                                       8.000            167.30         60
                                       7.750            167.30
    KANSAS CITY      KS   66104          5            11/29/01         00
    0413249541                           05           01/01/02          0
    0413249541                           N            12/01/31
    0

    6793788          E82/G02             F          170,900.00         ZZ
                                         360        170,651.83          2
                                       7.625          1,209.62         90
                                       7.375          1,209.62
    ENGLEWOOD        CO   80110          2            12/03/01         04
    0400534467                           05           01/01/02         25
    4109968                              N            12/01/31
    0

    6796458          N74/G02             F          152,000.00         ZZ
                                         360        151,872.30          1
                                       6.875            998.53         79
                                       6.625            998.53
    LAKE KIOWA       TX   76240          5            12/07/01         00
    0433600590                           05           02/01/02          0
    0029620010                           O            01/01/32
    0

    6801988          Q57/G02             F          400,000.00         ZZ
                                         360        399,672.12          1
                                       7.000          2,661.21         66
                                       6.750          2,661.21
    TUSTIN           CA   92782          5            12/10/01         00
    0433560075                           05           02/01/02          0
    46900016                             O            01/01/32
    0

    6801992          A52/G02             F          166,050.00         ZZ
                                         360        165,920.47          1
                                       7.250          1,132.75         90
                                       7.000          1,132.75
    LITHONIA         GA   30058          2            12/10/01         11
    0433495496                           05           02/01/02         25
    17516                                O            01/01/32
    0

1

    6809734          575/G02             F          514,000.00         ZZ
                                         360        513,568.17          1
                                       6.875          3,376.62         80
                                       6.625          3,376.62
    KENSINGTON       MD   20895          5            12/11/01         00
    0433597325                           05           02/01/02          0
    0012077616                           O            01/01/32
    0

    6813394          E22/G02             F          142,400.00         ZZ
                                         360        142,286.12          1
                                       7.125            959.38         80
                                       6.875            959.38
    SAN ANTONIO      TX   78230          1            12/04/01         00
    0413361916                           05           02/01/02          0
    0413361916                           O            01/01/32
    0

    6813760          E82/G02             F           56,000.00         ZZ
                                         360         55,952.95          2
                                       6.875            367.88         54
                                       6.625            367.88
    STUART           FL   34997          2            12/06/01         00
    0400539771                           05           02/01/02          0
    1664990                              N            01/01/32
    0

    6814170          N74/G02             F          111,000.00         ZZ
                                         360        110,927.39          1
                                       8.125            824.17         88
                                       7.875            824.17
    HIGH POINT       NC   27262          5            12/07/01         10
    0433490265                           05           02/01/02         25
    0029629010                           O            01/01/32
    0

    6816116          G34/G02             F           72,000.00         ZZ
                                         360         71,946.57          1
                                       7.500            503.43         80
                                       7.250            503.43
    CONVERSE         TX   78109          1            12/13/01         00
    0433530862                           05           02/01/02          0
    850212823                            O            01/01/32
    0

    6817810          964/G02             F          311,250.00         ZZ
                                         360        310,988.51          1
                                       6.875          2,044.69         75
                                       6.625          2,044.69
1

    SAN BRUNO        CA   94066          5            12/12/01         00
    0433612553                           05           02/01/02          0
    169607                               O            01/01/32
    0

    6818314          Q99/G02             F          106,000.00         ZZ
                                         240        105,808.57          1
                                       7.500            853.93         79
                                       7.250            853.93
    HAZLETON         PA   18201          5            12/28/01         00
    0433528841                           05           02/01/02          0
    99999                                O            01/01/22
    0

    6818522          S27/G02             F          369,000.00         ZZ
                                         360        368,739.55          1
                                       7.750          2,643.57         90
                                       7.500          2,643.57
    CHEVY CHASE      MD   20815          1            12/27/01         11
    0433560323                           05           02/01/02         25
    1130006331                           O            01/01/32
    0

    6819314          U05/G02             F          102,000.00         ZZ
                                         360        101,920.43          1
                                       7.250            695.82         75
                                       7.000            695.82
    DECATUR          GA   30032          5            12/12/01         00
    0433510930                           05           02/01/02          0
    3188199                              O            01/01/32
    0

    6820002          964/G02             F          113,800.00         ZZ
                                         360        113,711.22          1
                                       7.250            776.32         77
                                       7.000            776.32
    LAS VEGAS        NV   89128          5            12/11/01         00
    0433497328                           05           02/01/02          0
    175687                               O            01/01/32
    0

    6821938          N74/G02             F          122,500.00         ZZ
                                         360        122,402.03          1
                                       7.125            825.31         95
                                       6.875            825.31
    MEMPHIS          TN   38115          5            12/07/01         10
    0433497658                           05           02/01/02         35
    0029630010                           O            01/01/32
    0
1

    6822956          E23/G02             F          143,950.00         ZZ
                                         360        143,845.81          1
                                       7.625          1,018.87         80
                                       7.375          1,018.87
    PLACENTIA        CA   92870          2            12/10/01         00
    0433521739                           01           02/01/02          0
    51010071                             N            01/01/32
    0

    6826278          253/253             F          285,000.00         ZZ
                                         360        284,803.86          1
                                       7.875          2,066.45         70
                                       7.625          2,066.45
    AUSTIN           TX   78746          5            12/19/01         00
    989062                               05           02/01/02          0
    989062                               O            01/01/32
    0

    6828980          964/G02             F          515,500.00         ZZ
                                         360        515,066.92          1
                                       6.875          3,386.47         73
                                       6.625          3,386.47
    SNOQUALMIE       WA   98065          5            12/19/01         00
    0433616810                           03           02/01/02          0
    173881                               O            01/01/32
    0

    6830736          E23/G02             F          269,500.00         ZZ
                                         360        269,332.50          1
                                       8.375          2,048.39         70
                                       8.125          2,048.39
    LOS ANGELES      CA   90292          5            12/27/01         00
    0433567054                           05           02/01/02          0
    5101035                              N            01/01/32
    0

    6832756          H19/G02             F           76,500.00         ZZ
                                         360         76,447.35          4
                                       7.875            554.68         90
                                       7.625            554.68
    KANSAS CITY      MO   64111          1            12/12/01         10
    0433504123                           05           02/01/02         25
    0002303329                           O            01/01/32
    0

    6834762          601/G02             F          218,000.00         ZZ
                                         360        217,829.93          1
1

                                       7.250          1,487.15         77
                                       7.000          1,487.15
    BOHEMIA          NY   11716          2            12/18/01         00
    0433580586                           05           02/01/02          0
    61045969                             O            01/01/32
    0

    6835738          964/G02             F          328,000.00         ZZ
                                         360        327,768.50          1
                                       7.750          2,349.83         80
                                       7.500          2,349.83
    ROSEVILLE        CA   95661          5            12/20/01         00
    0433570462                           05           02/01/02          0
    168406                               O            01/01/32
    0

    6836866          E82/G02             F          144,000.00         ZZ
                                         360        143,700.03          1
                                       6.750            933.98         78
                                       6.500            933.98
    TALLMADGE        OH   44278          2            12/03/01         00
    0433504560                           05           01/01/02          0
    16144306                             O            12/01/31
    0

    6836890          E82/G02             F          183,700.00         ZZ
                                         360        183,545.67          1
                                       6.875          1,206.78         76
                                       6.625          1,206.78
    TAHOE VISTA      CA   96148          2            11/30/01         00
    0400537775                           05           02/01/02          0
    0400537775                           O            01/01/32
    0

    6837000          W35/G02             F          135,900.00         ZZ
                                         360        135,804.08          1
                                       7.750            973.61         80
                                       7.500            973.61
    INDIANAPOLIS     IN   46217          1            12/14/01         00
    0433534153                           01           02/01/02          0
    9090                                 O            01/01/32
    0

    6837898          M27/G02             F           72,250.00         ZZ
                                         360         72,197.71          1
                                       7.625            511.38         85
                                       7.375            511.38
    ANDERSON         SC   29621          5            12/14/01         04
    0433541471                           05           02/01/02         17
1

    600702315                            O            01/01/32
    0

    6838884          964/G02             F          225,000.00         ZZ
                                         360        225,000.00          4
                                       7.750          1,611.93         90
                                       7.500          1,611.93
    SCAPPOOSE        OR   97056          1            01/21/02         11
    0433631454                           05           03/01/02         25
    172363                               N            02/01/32
    0

    6844204          U05/G02             F           98,800.00         ZZ
                                         360         98,728.49          3
                                       7.625            699.30         95
                                       7.375            699.30
    PHILADELPHIA     PA   19119          1            12/13/01         10
    0433568144                           05           02/01/02         30
    3187936                              O            01/01/32
    0

    6844258          E23/G02             F          148,000.00         ZZ
                                         360        147,887.38          1
                                       7.375          1,022.20         80
                                       7.125          1,022.20
    TALENT           OR   97540          5            12/20/01         00
    0433544855                           05           02/01/02          0
    71002870                             O            01/01/32
    0

    6853058          F61/G02             F          159,950.00         ZZ
                                         360        159,828.30          1
                                       7.375          1,104.73         80
                                       7.125          1,104.73
    LYNNWOOD         WA   98036          1            12/21/01         00
    0433568490                           05           02/01/02          0
    010786B                              N            01/01/32
    0

    6856270          E22/G02             F          274,000.00         ZZ
                                         360        273,549.49          1
                                       7.000          1,822.93         51
                                       6.750          1,822.93
    TRUCKEE          CA   96161          5            11/26/01         00
    0413240607                           03           01/01/02          0
    0413240607                           O            12/01/31
    0

1

    6856400          E22/G02             F           88,000.00         ZZ
                                         360         87,934.69          1
                                       7.500            615.31         80
                                       7.250            615.31
    ALBUQUERQUE      NM   87108          1            12/04/01         00
    0413365206                           05           02/01/02          0
    0413365206                           O            01/01/32
    0

    6856758          E82/G02             F          131,400.00         ZZ
                                         360        131,294.92          1
                                       7.125            885.27         73
                                       6.875            885.27
    GEORGETOWN       TX   78628          2            12/04/01         00
    0400524732                           05           02/01/02          0
    3814317                              O            01/01/32
    0

    6858144          575/G02             F          392,000.00         ZZ
                                         360        391,730.23          1
                                       7.875          2,842.27         80
                                       7.625          2,842.27
    NORTH POTOMAC    MD   20878          1            12/24/01         00
    0433597861                           09           02/01/02          0
    0013021688                           O            01/01/32
    0

    6858802          S25/G02             F           78,410.00         ZZ
                                         360         78,278.52          1
                                       6.900            516.41         85
                                       6.650            516.41
    KINSTON          NC   28504          2            11/28/01         11
    0433531241                           05           01/04/02         12
    238371955                            O            12/04/31
    0

    6859366          E86/G02             F          405,000.00         ZZ
                                         360        403,724.76          1
                                       7.250          2,762.81         90
                                       7.000          2,762.81
    ANNAPOLIS        MD   21401          5            09/25/01         11
    0433615176                           05           11/01/01         25
    1                                    O            10/01/31
    0

    6860192          L60/F27             F           75,500.00         ZZ
                                         360         75,244.10          1
                                       6.875            495.98         45
                                       6.625            495.98
1

    SHARPSBURG       MD   21782          5            09/27/01         00
    6990433982                           05           11/01/01          0
    6990433982                           O            10/01/31
    0

    6860204          L60/F27             F          104,000.00         ZZ
                                         360        103,655.21          1
                                       8.125            772.20         80
                                       7.875            772.20
    JARVISBURG       NC   27947          2            08/16/01         00
    6610765066                           05           10/01/01          0
    6610765066                           O            09/01/31
    0

    6860208          L60/F27             F          109,200.00         ZZ
                                         360        108,799.78          1
                                       7.625            772.91         80
                                       7.375            772.91
    KEY WEST         FL   33040          1            08/31/01         00
    6960220909                           01           10/01/01          0
    6960220909                           O            09/01/31
    0

    6860216          L60/F27             F          140,800.00         ZZ
                                         360        140,385.86          1
                                       7.375            972.47         80
                                       7.125            972.47
    CARRBORO         NC   27510          1            10/17/01         00
    6610867314                           05           12/01/01          0
    6610867314                           O            11/01/31
    0

    6860218          L60/F27             F          150,000.00         T
                                         360        149,503.88          1
                                       7.000            997.95         35
                                       6.750            997.95
     SALEM           SC   29676          1            09/28/01         00
    6610492515                           03           11/01/01          0
    6610492515                           O            10/01/31
    0

    6860684          L16/G02             F          100,000.00         ZZ
                                         360         99,936.23          1
                                       8.250            751.27         77
                                       8.000            751.27
    OREM             UT   84097          5            12/17/01         00
    0433567112                           05           02/01/02          0
    W0112092                             O            01/01/32
    0
1

    6862774          737/G02             F          300,000.00         ZZ
                                         360        299,813.53          1
                                       8.375          2,280.22         86
                                       8.125          2,280.22
    ALPHARETTA       GA   30004          1            12/12/01         14
    0433589108                           05           02/01/02         25
    2047625                              O            01/01/32
    0

    6863770          W40/G02             F           67,500.00         ZZ
                                         360         67,453.55          2
                                       7.875            489.42         90
                                       7.625            489.42
    DETROIT          MI   48227          1            12/21/01         01
    0433562543                           05           02/01/02         25
    101001283                            N            01/01/32
    0

    6866776          E23/G02             F          190,000.00         ZZ
                                         360        189,851.79          3
                                       7.250          1,296.13         74
                                       7.000          1,296.13
    EL CAJON         CA   92020          2            12/04/01         00
    0433628948                           05           02/01/02          0
    11006545                             N            01/01/32
    0

    6874788          E60/G02             F          200,000.00         ZZ
                                         360        199,862.36          1
                                       7.875          1,450.14         71
                                       7.625          1,450.14
    LA JOLLA         CA   92037          5            12/21/01         00
    0433563475                           01           02/01/02          0
    525344                               O            01/01/32
    0

    6876132          X24/G02             F          131,440.00         ZZ
                                         360        131,440.00          1
                                       7.875            953.03         80
                                       7.625            953.03
    BOISE            ID   83702          1            01/17/02         00
    0433600673                           05           03/01/02          0
    00250748                             O            02/01/32
    0

    6876578          U05/G02             F          328,000.00         ZZ
                                         360        327,790.85          1
1

                                       8.250          2,464.15         80
                                       8.000          2,464.15
    REDWOOD CITY     CA   94063          5            12/12/01         00
    0433591203                           05           02/01/02          0
    3187864                              O            01/01/32
    0

    6877046          964/G02             F          615,000.00         ZZ
                                         360        614,495.89          1
                                       7.000          4,091.61         75
                                       6.750          4,091.61
    ISSAQUAH         WA   98027          5            12/11/01         00
    0433585627                           03           02/01/02          0
    168212                               O            01/01/32
    0

    6879194          E22/G02             F           91,192.00         ZZ
                                         360         91,117.25          1
                                       7.000            606.70         80
                                       6.750            606.70
    MIAMI LAKES      FL   33015          1            12/07/01         00
    0413088253                           01           02/01/02          0
    0413088253                           O            01/01/32
    0

    6879284          E22/G02             F           85,300.00         ZZ
                                         240         85,120.79          1
                                       6.250            623.48         75
                                       6.000            623.48
    ORLANDO          FL   32806          5            12/03/01         00
    0413293903                           05           02/01/02          0
    0413293903                           O            01/01/22
    0

    6879292          E22/G02             F          146,000.00         ZZ
                                         360        145,877.34          1
                                       6.875            959.12         74
                                       6.625            959.12
    HUMBLE           TX   77346          5            12/07/01         00
    0413297433                           03           02/01/02          0
    0413297433                           O            01/01/32
    0

    6879694          E82/G02             F           99,900.00         ZZ
                                         360         99,816.07          1
                                       6.875            656.27         80
                                       6.625            656.27
    DENHAM SPRINGS   LA   70726          2            12/06/01         00
    0400539953                           05           02/01/02          0
1

    0400539953                           O            01/01/32
    0

    6880548          883/G02             F          142,400.00         ZZ
                                         360        142,291.65          1
                                       7.375            983.52         80
                                       7.125            983.52
    WOODSTOCK        GA   30188          5            12/18/01         00
    0433534237                           05           02/01/02          0
    05015692                             O            01/01/32
    0

    6881646          964/G02             F          200,000.00         ZZ
                                         360        199,847.82          1
                                       7.375          1,381.35         80
                                       7.125          1,381.35
    CITRUS HEIGHTS   CA   95621          1            12/19/01         00
    0433590486                           05           02/01/02          0
    169513                               O            01/01/32
    0

    6883578          L76/G02             F          108,000.00         ZZ
                                         360        107,925.68          1
                                       7.875            783.07         90
                                       7.625            783.07
    FLORISSANT       MO   63031          5            12/14/01         11
    0433542701                           05           02/01/02         30
    990508                               O            01/01/32
    0

    6888292          964/G02             F          693,550.00         ZZ
                                         360        693,060.50          1
                                       7.750          4,968.68         24
                                       7.500          4,968.68
    SCOTTSDALE       AZ   85255          5            12/21/01         00
    0433592698                           05           02/01/02          0
    172989                               O            01/01/32
    0

    6889850          601/G02             F          161,100.00         ZZ
                                         360        160,999.86          4
                                       8.375          1,224.48         90
                                       8.125          1,224.48
    KENNER           LA   70065          2            12/13/01         10
    0433562758                           05           02/01/02         25
    61086823                             N            01/01/32
    0

1

    6892178          964/G02             F          332,900.00         T
                                         360        332,646.69          1
                                       7.375          2,299.26         90
                                       7.125          2,299.26
    BEND             OR   97701          1            12/14/01         04
    0433601630                           05           02/01/02         25
    178488                               O            01/01/32
    0

    6893234          F28/G02             F           85,500.00         ZZ
                                         360         85,303.62          1
                                       7.375            590.53         90
                                       7.125            590.53
    PALATINE         IL   60074          5            10/10/01         10
    0433453024                           01           12/01/01         25
    7454945                              O            11/01/31
    0

    6894758          W53/G02             F          132,000.00         ZZ
                                         360        131,897.03          1
                                       7.250            900.47         80
                                       7.000            900.47
    MANASSAS         VA   20109          1            12/14/01         00
    0433613833                           03           02/01/02          0
    8990908900                           O            01/01/32
    0

    6895820          R68/G02             F          117,600.00         ZZ
                                         360        117,514.88          1
                                       7.625            832.37         80
                                       7.375            832.37
    FT LAUDERDALE    FL   33334          1            12/17/01         00
    0433500030                           05           02/01/02          0
    20010892                             O            01/01/32
    0

    6896170          A21/G02             F          249,000.00         ZZ
                                         360        248,810.52          1
                                       7.375          1,719.79         62
                                       7.125          1,719.79
    CRESSKILL        NJ   07626          1            12/14/01         00
    0433618808                           05           02/01/02          0
    0100130018                           O            01/01/32
    0

    6901854          737/G02             F          148,500.00         ZZ
                                         360        148,407.70          4
                                       8.375          1,128.71         90
                                       8.125          1,128.71
1

    NEW ORLEANS      LA   70127          1            12/20/01         12
    0433571528                           05           02/01/02         25
    2051580                              N            01/01/32
    0

    6903036          E22/G02             F           97,000.00         ZZ
                                         360         96,926.20          1
                                       7.375            669.95         79
                                       7.125            669.95
    MIAMI            FL   33147          5            12/05/01         00
    0413345430                           05           02/01/02          0
    0413345430                           O            01/01/32
    0

    6905442          T68/G02             F          216,000.00         ZZ
                                         360        215,851.35          1
                                       7.875          1,566.15         78
                                       7.625          1,566.15
    TUCSON           AZ   85742          5            12/18/01         00
    0433600368                           05           02/01/02          0
    64133799S                            O            01/01/32
    0

    6906222          K89/G02             F          410,500.00         ZZ
                                         360        410,155.12          1
                                       6.875          2,696.70         74
                                       6.625          2,696.70
    MIAMI            FL   33173          2            12/13/01         00
    0433600038                           05           02/01/02          0
    200110041                            O            01/01/32
    0

    6907702          N74/G02             F          112,000.00         ZZ
                                         360        111,908.19          1
                                       7.000            745.14         80
                                       6.750            745.14
    SOUTHAVEN        MS   38671          2            12/14/01         00
    0433515855                           05           02/01/02          0
    6579509                              O            01/01/32
    0

    6909048          737/G02             F          151,200.00         ZZ
                                         360        151,098.55          1
                                       8.000          1,109.45         90
                                       7.750          1,109.45
    CARSON CITY      NV   89701          2            12/14/01         12
    0433602620                           05           02/01/02         25
    2051234                              O            01/01/32
    0
1

    6909058          N47/G02             F          134,400.00         ZZ
                                         360        134,295.16          1
                                       7.250            916.84         80
                                       7.000            916.84
    FRANKLIN         NC   28734          5            12/19/01         00
    0433524972                           05           02/01/02          0
    40113264                             O            01/01/32
    0

    6911164          U05/G02             F           88,000.00         ZZ
                                         360         87,933.04          1
                                       7.375            607.79         80
                                       7.125            607.79
    PEARLAND         TX   77584          1            12/21/01         00
    0433552783                           05           02/01/02          0
    3193732                              O            01/01/32
    0

    6911994          H58/G02             F          182,000.00         ZZ
                                         360        181,858.02          1
                                       7.250          1,241.56         74
                                       7.000          1,241.56
    SAN MARCOS       CA   92069          2            12/21/01         00
    0433604642                           05           02/01/02          0
    0000084509                           O            01/01/32
    0

    6912072          950/G02             F          166,500.00         ZZ
                                         360        166,396.51          4
                                       8.375          1,265.52         90
                                       8.125          1,265.52
    REDDING          CA   96003          1            12/27/01         11
    0433572120                           05           02/01/02         25
    A5112007                             N            01/01/32
    0

    6913458          737/G02             F          140,000.00         ZZ
                                         360        140,000.00          3
                                       8.250          1,051.77         80
                                       8.000          1,051.77
    CHICAGO          IL   60619          1            01/11/02         00
    0433604733                           05           03/01/02          0
    2050779                              O            02/01/32
    0

    6915006          313/G02             F          216,000.00         ZZ
                                         360        215,865.74          3
1

                                       8.375          1,641.76         90
                                       8.125          1,641.76
    CORVALLIS        OR   97330          1            12/21/01         11
    0433606431                           05           02/01/02         25
    0008347668                           N            01/01/32
    0

    6915314          N47/G02             F          145,000.00         ZZ
                                         360        144,895.05          1
                                       7.625          1,026.30         39
                                       7.375          1,026.30
    UNION CITY       CA   94587          5            12/18/01         00
    0433565686                           05           02/01/02          0
    20510931                             N            01/01/32
    0

    6916344          W39/G02             F           65,900.00         ZZ
                                         360         65,854.65          1
                                       7.875            477.82         77
                                       7.625            477.82
    LAFAYETTE        LA   70508          1            12/14/01         00
    0433526266                           05           02/01/02          0
    992595                               O            01/01/32
    0

    6916382          076/076             F           78,800.00         ZZ
                                         360         78,545.69          1
                                       7.125            530.89         80
                                       6.875            530.89
    LINCOLN          NE   68506          1            09/27/01         00
    0821522                              07           11/01/01          0
    0821522                              O            10/01/31
    0

    6916398          076/076             F          125,500.00         ZZ
                                         360        125,114.47          1
                                       7.375            866.80         79
                                       7.125            866.80
    OAK LAWN         IL   60453          5            09/22/01         00
    1747655                              05           11/01/01          0
    1747655                              O            10/01/31
    0

    6916408          076/076             F           98,000.00         ZZ
                                         360         97,774.91          1
                                       7.375            676.86         80
                                       7.125            676.86
    OMAHA            NE   68137          1            11/01/01         00
    1803054                              05           12/01/01          0
1

    1803054                              O            11/01/31
    0

    6916424          076/076             F          133,000.00         ZZ
                                         240        132,212.62          1
                                       6.875          1,021.19         88
                                       6.625          1,021.19
    BRISTOL          PA   19007          2            10/26/01         10
    1998429                              05           12/01/01         25
    1998429                              O            11/01/21
    0

    6916674          076/076             F          106,000.00         ZZ
                                         240        105,191.18          1
                                       7.125            829.79         61
                                       6.875            829.79
    WENTZVILLE       MO   63385          5            09/24/01         00
    0821521                              05           11/01/01          0
    0821521                              O            10/01/21
    0

    6917050          B39/G02             F          144,000.00         ZZ
                                         360        143,900.90          1
                                       7.875          1,044.10         80
                                       7.625          1,044.10
    ISANTI           MN   55040          5            12/17/01         00
    0433525516                           05           02/01/02          0
    20013205F                            O            01/01/32
    0

    6920918          830/G02             F          234,750.00         ZZ
                                         360        234,575.78          1
                                       7.500          1,641.41         75
                                       7.250          1,641.41
    ARROYO GRANDE    CA   93420          5            12/17/01         00
    0433571411                           05           02/01/02          0
    GIBBS546292                          O            01/01/32
    0

    6921104          U05/G02             F          303,500.00         ZZ
                                         360        302,730.67          1
                                       6.875          1,993.78         90
                                       6.625          1,993.78
    MISSION VIEJO    CA   92691          2            10/17/01         11
    0433449055                           03           12/01/01         25
    3174977                              O            11/01/31
    0

1

    6921198          T44/G02             F          126,400.00         ZZ
                                         360        126,310.78          1
                                       7.750            905.55         80
                                       7.500            905.55
    GRASS VALLEY     CA   95945          2            12/20/01         00
    0433595030                           09           02/01/02          0
    1028302                              O            01/01/32
    0

    6922432          964/G02             F          330,000.00         ZZ
                                         360        329,748.89          1
                                       7.375          2,279.23         79
                                       7.125          2,279.23
    LOS OSOS         CA   93402          5            12/19/01         00
    0433586708                           05           02/01/02          0
    174370                               O            01/01/32
    0

    6924582          E22/G02             F          138,400.00         ZZ
                                         360        138,297.29          1
                                       7.500            967.71         79
                                       7.250            967.71
    WAUNAKEE         WI   53597          2            12/06/01         00
    0413130691                           05           02/01/02          0
    0413130691                           O            01/01/32
    0

    6924640          E22/G02             F          124,800.00         ZZ
                                         360        124,700.20          1
                                       7.125            840.80         80
                                       6.875            840.80
    SELAH            WA   98942          5            11/30/01         00
    0413234915                           05           02/01/02          0
    0413234915                           O            01/01/32
    0

    6924666          E22/G02             F           89,300.00         ZZ
                                         360         89,221.21          1
                                       6.625            571.80         67
                                       6.375            571.80
    AUSTIN           TX   78753          5            11/28/01         00
    0413262619                           05           02/01/02          0
    0413262619                           O            01/01/32
    0

    6924682          E22/G02             F           54,000.00         ZZ
                                         360         53,967.29          1
                                       8.500            415.21         90
                                       8.250            415.21
1

    NORFOLK          VA   23513          2            12/11/01         01
    0413296567                           07           02/01/02         25
    0413296567                           N            01/01/32
    0

    6924728          E22/G02             F           84,800.00         ZZ
                                         360         84,741.64          1
                                       7.875            614.86         80
                                       7.625            614.86
    FORT WORTH       TX   76137          5            12/05/01         00
    0413327651                           05           02/01/02          0
    0413327651                           O            01/01/32
    0

    6925444          E82/G02             F           93,500.00         ZZ
                                         360         93,430.61          1
                                       7.500            653.77         89
                                       7.250            653.77
    CHICAGO          IL   60620          2            12/11/01         04
    0400539235                           05           02/01/02         25
    0400539235                           N            01/01/32
    0

    6925456          E82/G02             F          116,800.00         ZZ
                                         360        116,708.89          1
                                       7.250            796.78         80
                                       7.000            796.78
    EDMONDS          WA   98020          2            12/06/01         00
    0400504924                           01           02/01/02          0
    3461879                              O            01/01/32
    0

    6927792          S27/G02             F          111,920.00         ZZ
                                         360        111,834.83          1
                                       7.375            773.01         80
                                       7.125            773.01
    CAPE CORAL       FL   33914          1            12/17/01         00
    0433544590                           05           02/01/02          0
    1190000267                           O            01/01/32
    0

    6929148          964/G02             F          260,000.00         ZZ
                                         360        259,786.88          1
                                       7.000          1,729.79         80
                                       6.750          1,729.79
    SCOTTSDALE       AZ   85254          1            12/20/01         00
    0433595428                           03           02/01/02          0
    177710                               O            01/01/32
    0
1

    6932966          742/G02             F          221,900.00         ZZ
                                         360        221,743.38          1
                                       7.750          1,589.72         69
                                       7.500          1,589.72
    NEWBURGH         NY   12550          1            12/27/01         00
    0433605599                           05           02/01/02          0
    8576019                              O            01/01/32
    0

    6933224          A52/G02             F          270,200.00         ZZ
                                         240        269,741.27          1
                                       8.000          2,260.06         85
                                       7.750          2,260.06
    MARIETTA         GA   30060          2            12/14/01         11
    0433519303                           05           02/01/02         12
    17618                                O            01/01/22
    0

    6940768          K30/G02             F          193,000.00         ZZ
                                         360        192,853.15          1
                                       7.375          1,333.00         85
                                       7.125          1,333.00
    RANCHO CUCAMONG  CA   91739          5            12/21/01         26
    0433593381                           05           02/01/02         12
    0082691                              O            01/01/32
    0

    6940780          F89/G02             F          172,000.00         ZZ
                                         360        171,872.35          1
                                       7.500          1,202.65         80
                                       7.250          1,202.65
    RANCHO CUCAMONG  CA   91701          1            12/17/01         00
    0433613361                           05           02/01/02          0
    10816778                             O            01/01/32
    0

    6941376          964/G02             F          103,200.00         ZZ
                                         360        103,125.31          1
                                       7.625            730.44         80
                                       7.375            730.44
    OAKHURST         CA   93644          1            12/17/01         00
    0433552841                           05           02/01/02          0
    177103                               N            01/01/32
    0

    6943574          601/G02             F          150,400.00         ZZ
                                         360        150,288.38          1
1

                                       7.500          1,051.62         80
                                       7.250          1,051.62
    DUNEDIN          FL   34698          2            12/18/01         00
    0433553047                           05           02/01/02          0
    61085973                             O            01/01/32
    0

    6944668          G13/G02             F          111,200.00         ZZ
                                         360        111,113.25          1
                                       7.250            758.58         80
                                       7.000            758.58
    LITTLE ELM       TX   75068          2            12/03/01         00
    0433506169                           05           02/01/02          0
    15063                                O            01/01/32
    0

    6944914          462/G02             F          212,150.00         ZZ
                                         360        211,809.67          1
                                       7.125          1,429.30         71
                                       6.875          1,429.30
    VALLEJO          CA   94589          5            11/19/01         00
    0433539400                           03           01/01/02          0
    0005594213                           N            12/01/31
    0

    6946228          964/G02             F           96,950.00         ZZ
                                         360         96,950.00          1
                                       7.375            669.61         80
                                       7.125            669.61
    EUGENE           OR   97401          1            01/16/02         00
    0433628856                           05           03/01/02          0
    176108                               N            02/01/32
    0

    6947002          E22/G02             F           71,050.00         ZZ
                                         240         70,927.49          1
                                       7.875            588.78         75
                                       7.625            588.78
    BURLESON         TX   76028          5            12/03/01         00
    0413092503                           05           02/01/02          0
    0413092503                           O            01/01/22
    0

    6947078          E22/G02             F           53,000.00         ZZ
                                         360         52,963.52          1
                                       7.875            384.29         76
                                       7.625            384.29
    PUEBLO           CO   81003          2            12/07/01         00
    0413285263                           05           02/01/02          0
1

    0413285263                           N            01/01/32
    0

    6947100          E22/G02             F           67,200.00         ZZ
                                         360         67,153.75          1
                                       7.875            487.25         80
                                       7.625            487.25
    DENTON           TX   76201          1            12/11/01         00
    0413304981                           05           02/01/02          0
    0413304981                           O            01/01/32
    0

    6947268          E22/G02             F          220,000.00         ZZ
                                         360        219,844.72          1
                                       7.750          1,576.11         80
                                       7.500          1,576.11
    WHITE LAKE       MI   48386          5            12/07/01         00
    0413381484                           05           02/01/02          0
    0413381484                           O            01/01/32
    0

    6947278          E22/G02             F           87,000.00         ZZ
                                         360         86,938.59          1
                                       7.750            623.28         70
                                       7.500            623.28
    WATERFORD        MI   48328          5            12/07/01         00
    0413387259                           05           02/01/02          0
    0413387259                           O            01/01/32
    0

    6952446          Q14/G02             F          105,925.00         ZZ
                                         360        105,846.39          1
                                       7.500            740.64         95
                                       7.250            740.64
    LEE'S SUMMIT     MO   64064          1            12/17/01         01
    0433505989                           01           02/01/02         30
    0106476                              O            01/01/32
    0

    6952658          E86/G02             F          216,000.00         ZZ
                                         360        216,000.00          2
                                       8.375          1,641.76         80
                                       8.125          1,641.76
    NYACK            NY   10960          5            01/23/02         00
    0433634011                           05           03/01/02          0
    316741                               O            02/01/32
    0

1

    6952804          737/G02             F           82,400.00         ZZ
                                         360         82,348.78          1
                                       8.375            626.30         72
                                       8.125            626.30
    MIDLAND          MI   48642          5            12/18/01         00
    0433556883                           05           02/01/02          0
    2043912                              O            01/01/32
    0

    6956776          M27/G02             F          131,200.00         ZZ
                                         360        131,087.04          1
                                       6.750            850.96         80
                                       6.500            850.96
    ASHEBORO         NC   27203          2            12/19/01         00
    0433537347                           05           02/01/02          0
    600710961                            O            01/01/32
    0

    6959104          757/G02             F          314,000.00         ZZ
                                         360        313,736.20          1
                                       6.875          2,062.76         80
                                       6.625          2,062.76
    GREENLAND        NH   03840          2            12/21/01         00
    0433601705                           05           02/01/02          0
    1000507523                           O            01/01/32
    0

    6960720          U05/G02             F          332,500.00         ZZ
                                         360        332,500.00          1
                                       8.000          2,439.77         95
                                       7.750          2,439.77
    MIAMI            FL   33186          1            01/18/02         01
    0433620812                           05           03/01/02         30
    3195031                              O            02/01/32
    0

    6962160          Q01/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       8.500            692.02         75
                                       8.250            692.02
    PEGGS            OK   74452          5            01/03/02         00
    0433601531                           05           03/01/02          0
    76936701                             O            02/01/32
    0

    6964508          U05/G02             F          180,500.00         ZZ
                                         360        180,500.00          1
                                       8.500          1,387.89         95
                                       8.250          1,387.89
1

    MIAMI            FL   33134          1            01/03/02         11
    0433547536                           05           03/01/02         30
    3195269                              O            02/01/32
    0

    6965056          F60/G02             F           99,900.00         ZZ
                                         360         99,839.48          4
                                       8.500            768.14         90
                                       8.250            768.14
    HARVEY           LA   70058          1            12/19/01         10
    0433586286                           05           02/01/02         25
    GWINN446788                          N            01/01/32
    0

    6967108          S11/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
                                       7.500          1,468.35         68
                                       7.250          1,468.35
    FULLERTON        CA   92835          1            01/03/02         00
    0433605862                           05           03/01/02          0
    510206286                            O            02/01/32
    0

    6968600          E22/G02             F          212,000.00         ZZ
                                         360        211,861.33          1
                                       8.125          1,574.09         80
                                       7.875          1,574.09
    KELLER           TX   76248          2            12/12/01         00
    0413244765                           05           02/01/02          0
    0413244765                           N            01/01/32
    0

    6968696          E22/G02             F          148,000.00         ZZ
                                         360        147,878.68          1
                                       7.000            984.65         74
                                       6.750            984.65
    ARVADA           CO   80003          5            12/07/01         00
    0413357971                           05           02/01/02          0
    0413357971                           O            01/01/32
    0

    6968706          E22/G02             F          264,000.00         T
                                         360        263,799.12          1
                                       7.375          1,823.38         80
                                       7.125          1,823.38
    DENVER           CO   80206          1            12/12/01         00
    0413370990                           01           02/01/02          0
    0413370990                           O            01/01/32
    0
1

    6968860          E82/G02             F          199,500.00         ZZ
                                         360        199,351.95          1
                                       7.500          1,394.93         95
                                       7.250          1,394.93
    LISLE            IL   60532          2            12/12/01         04
    0400542916                           05           02/01/02         30
    0400542916                           O            01/01/32
    0

    6968862          E82/G02             F           91,800.00         ZZ
                                         360         91,738.40          1
                                       8.000            673.60         90
                                       7.750            673.60
    DECATUR          GA   30032          2            12/14/01         04
    0400544524                           05           02/01/02         25
    0400544524                           N            01/01/32
    0

    6971996          P09/G02             F          189,905.00         ZZ
                                         360        189,783.91          1
                                       8.250          1,426.69         95
                                       8.000          1,426.69
    NEW CARROLLTON   MD   20784          1            12/19/01         10
    0433610144                           05           02/01/02         30
    FT010407                             O            01/01/32
    0

    6972858          601/G02             F          192,000.00         ZZ
                                         360        191,874.40          2
                                       8.125          1,425.60         80
                                       7.875          1,425.60
    NEPTUNE BEACH    FL   32266          1            12/18/01         00
    0433560893                           05           02/01/02          0
    61119228                             N            01/01/32
    0

    6974134          B39/G02             F          155,925.00         ZZ
                                         360        155,825.57          1
                                       8.250          1,171.41         90
                                       8.000          1,171.41
    ZUMBRO FALLS     MN   55991          1            12/28/01         04
    0433532652                           05           02/01/02         25
    20013090F                            O            01/01/32
    0

    6974860          R21/G02             F           84,900.00         ZZ
                                         360         84,900.00          2
1

                                       8.500            652.81         90
                                       8.250            652.81
    CHICAGO          IL   60628          1            01/09/02         01
    0433598455                           05           03/01/02         30
    6623487                              N            02/01/32
    0

    6975150          T44/G02             F          515,000.00         ZZ
                                         360        514,598.25          1
                                       7.250          3,513.21         58
                                       7.000          3,513.21
    NEVADA CITY      CA   95959          5            12/22/01         00
    0433611712                           05           02/01/02          0
    1026675                              O            01/01/32
    0

    6976050          Q59/G02             F          269,000.00         ZZ
                                         360        268,824.03          3
                                       8.125          1,997.32         90
                                       7.875          1,997.32
    SHERMAN OAKS AR  CA   91403          1            12/18/01         04
    0433555539                           05           02/01/02         25
    304299                               O            01/01/32
    0

    6983110          E23/G02             F          151,500.00         ZZ
                                         360        151,398.35          1
                                       8.000          1,111.65         75
                                       7.750          1,111.65
    LOS ANGELES      CA   90003          5            12/21/01         00
    0433593787                           05           02/01/02          0
    51010269                             N            01/01/32
    0

    6983372          Q73/G02             F          139,234.00         ZZ
                                         360        139,133.23          1
                                       7.625            985.49         90
                                       7.375            985.49
    WAKE VILLAGE     TX   75501          1            12/28/01         10
    0433608924                           05           02/01/02         25
    2884907                              O            01/01/32
    0

    6984628          U68/G02             F          110,000.00         ZZ
                                         360        109,918.36          1
                                       7.500            769.14         80
                                       7.250            769.14
    NEW BRAUNFELS    TX   78130          5            12/18/01         00
    0433532488                           05           02/01/02          0
1

    01TX5034                             O            01/01/32
    0

    6985620          N74/G02             F          106,400.00         ZZ
                                         360        106,322.99          1
                                       7.625            753.09         80
                                       7.375            753.09
    HARRISONBURG     VA   22801          2            12/19/01         00
    0433591047                           05           02/01/02          0
    0029663011                           O            01/01/32
    0

    6986182          T90/G02             F          266,350.00         ZZ
                                         360        266,152.33          1
                                       7.500          1,862.36         80
                                       7.250          1,862.36
    HOUSTON          TX   77063          1            12/20/01         00
    0433552312                           05           02/01/02          0
    63191                                O            01/01/32
    0

    6988920          E82/G02             F          134,800.00         ZZ
                                         360        134,675.15          1
                                       6.375            840.98         80
                                       6.125            840.98
    ADDISON          IL   60101          2            12/13/01         00
    0400547568                           05           02/01/02          0
    1799617                              O            01/01/32
    0

    6988942          E82/G02             F          146,800.00         ZZ
                                         360        146,682.61          1
                                       7.125            989.02         74
                                       6.875            989.02
    MIAMI            FL   33187          2            12/13/01         00
    0400537205                           05           02/01/02          0
    0400537205                           O            01/01/32
    0

    6988994          E82/G02             F          192,000.00         ZZ
                                         360        191,826.43          1
                                       6.500          1,213.57         80
                                       6.250          1,213.57
    DOVER            NY   12594          2            12/10/01         00
    0400545307                           05           02/01/02          0
    3028340                              O            01/01/32
    0

1

    6989008          E82/G02             F          233,000.00         ZZ
                                         360        232,799.40          1
                                       6.750          1,511.23         80
                                       6.500          1,511.23
    CAVE CREEK       AZ   85331          2            12/12/01         00
    0400537221                           03           02/01/02          0
    1809148                              O            01/01/32
    0

    6990454          E22/G02             F           90,000.00         ZZ
                                         360         89,939.61          1
                                       8.000            660.39         50
                                       7.750            660.39
    CENTRAL ISLIP    NY   11722          5            12/10/01         00
    0413283383                           05           02/01/02          0
    0413283383                           O            01/01/32
    0

    6990460          E22/G02             F          124,000.00         ZZ
                                         360        123,905.64          1
                                       7.375            856.44         80
                                       7.125            856.44
    HOUSTON          TX   77095          5            12/04/01         00
    0413292483                           03           02/01/02          0
    0413292483                           O            01/01/32
    0

    6990498          E22/G02             F          128,500.00         ZZ
                                         360        128,397.24          1
                                       7.125            865.73         79
                                       6.875            865.73
    FRISCO           TX   75035          5            12/07/01         00
    0413323528                           03           02/01/02          0
    0413323528                           O            01/01/32
    0

    6990500          E22/G02             F           90,000.00         ZZ
                                         360         89,938.07          1
                                       7.875            652.56         95
                                       7.625            652.56
    VARNVILLE        SC   29944          2            12/10/01         10
    0413323650                           05           02/01/02         30
    0413323650                           O            01/01/32
    0

    6990660          E22/G02             F          125,800.00         ZZ
                                         360        125,515.75          1
                                       8.000            923.08         85
                                       7.750            923.08
1

    NICEVILLE        FL   32578          5            12/10/01         01
    0413381104                           05           02/01/02         25
    0413381104                           O            01/01/32
    0

    6990664          E22/G02             F           89,000.00         ZZ
                                         360         88,938.75          1
                                       7.875            645.31         65
                                       7.625            645.31
    NORTH CHARLESTO  SC   29418          5            12/10/01         00
    0413282938                           05           02/01/02          0
    0413382938                           O            01/01/32
    0

    6990678          E22/G02             F           95,999.00         ZZ
                                         360         95,932.93          1
                                       7.875            696.06         80
                                       7.625            696.06
    METAIRIE         LA   70006          1            12/14/01         00
    0413393240                           05           02/01/02          0
    0413393240                           N            01/01/32
    0

    6990682          E22/G02             F           67,000.00         ZZ
                                         360         66,955.05          1
                                       8.000            491.62         47
                                       7.750            491.62
    PORT SAINT LUCI  FL   34953          5            12/10/01         00
    0413394081                           05           02/01/02          0
    0413394081                           O            01/01/32
    0

    6990698          E22/G02             F          268,000.00         ZZ
                                         360        267,824.69          1
                                       8.125          1,989.89         80
                                       7.875          1,989.89
    LIBERTY HILL     TX   78642          1            12/14/01         00
    0413402413                           05           02/01/02          0
    0413402413                           O            01/01/32
    0

    6990704          E22/G02             F          171,000.00         ZZ
                                         360        170,890.96          1
                                       8.250          1,284.67         95
                                       8.000          1,284.67
    POMPANO BEACH    FL   33060          1            12/14/01         01
    0413409301                           05           02/01/02         30
    0413409301                           O            01/01/32
    0
1

    6991342          B28/G02             F          256,000.00         ZZ
                                         360        255,823.82          1
                                       7.875          1,856.18         74
                                       7.625          1,856.18
    DENVER           CO   80222          5            12/28/01         00
    0433589900                           05           02/01/02          0
    01001242                             O            01/01/32
    0

    6992118          601/G02             F          269,820.00         ZZ
                                         360        269,604.23          1
                                       7.125          1,817.83         90
                                       6.875          1,817.83
    PEARLAND         TX   77584          1            12/19/01         10
    0433569332                           05           02/01/02         25
    61082095                             O            01/01/32
    0

    6993428          U05/G02             F          220,500.00         ZZ
                                         360        220,352.05          3
                                       8.000          1,617.95         90
                                       7.750          1,617.95
    MONROVIA         CA   91016          1            12/12/01         11
    0433592391                           05           02/01/02         25
    3190225                              N            01/01/32
    0

    6993930          M37/G02             F           76,100.00         ZZ
                                         360         76,036.07          1
                                       6.875            499.92         75
                                       6.625            499.92
    FLAGSTAFF        AZ   86001          1            12/19/01         00
    0433602976                           03           02/01/02          0
    604851                               N            01/01/32
    0

    6994754          H47/G02             F          120,900.00         ZZ
                                         360        120,826.75          1
                                       8.500            929.62         90
                                       8.250            929.62
    LITTLETON        CO   80123          1            12/20/01         04
    0433636560                           01           02/01/02         25
    1621196855                           O            01/01/32
    0

    6995784          286/286             F          117,040.00         T
                                         360        116,777.76          1
1

                                       7.500            818.37         80
                                       7.250            818.37
    OVERGAARD        AZ   85933          1            10/31/01         00
    666768                               03           12/01/01          0
    666768                               O            11/01/31
    0

    6995786          286/286             F          123,000.00         ZZ
                                         360        122,724.42          1
                                       7.500            860.04         50
                                       7.250            860.04
    APACHE JUNCTION  AZ   85219          5            10/22/01         00
    669789                               05           12/01/01          0
    669789                               O            11/01/31
    0

    6995832          286/286             F          139,500.00         ZZ
                                         360        138,239.47          4
                                       7.375            963.49         90
                                       7.125            963.49
    MCSHERRYTOWN BO  PA   17344          5            09/26/01         21
    582472                               05           11/01/01         25
    582472                               O            10/01/31
    0

    6995838          286/286             F          110,000.00         ZZ
                                         360        109,714.27          1
                                       6.750            713.46         68
                                       6.500            713.46
    STANDISH         ME   04084          5            10/29/01         00
    561598                               05           12/01/01          0
    561598                               O            11/01/31
    0

    6995846          286/286             F          162,000.00         ZZ
                                         360        161,490.55          2
                                       7.000          1,077.80         90
                                       6.750          1,077.80
    CHICAGO          IL   60632          1            11/01/01         12
    587558                               05           12/01/01         25
    587558                               O            11/01/31
    0

    6995898          286/286             F           85,500.00         ZZ
                                         360         85,278.18          1
                                       7.500            597.83         80
                                       7.250            597.83
    CHESAPEAKE       VA   23321          1            10/31/01         00
    305865                               01           12/01/01          0
1

    305865                               O            11/01/31
    0

    6995900          286/286             F          145,500.00         ZZ
                                         360        145,197.62          1
                                       7.875          1,054.98         50
                                       7.625          1,054.98
    HARVARD          IL   60033          5            10/25/01         00
    609578                               05           12/01/01          0
    609578                               O            11/01/31
    0

    6995922          286/286             F          135,000.00         ZZ
                                         360        134,747.00          1
                                       7.375            932.42         90
                                       7.125            932.42
    UPPER DARBY      PA   19082          1            11/09/01         11
    172114                               05           01/01/02         25
    172114                               O            12/01/31
    0

    6995932          286/286             F          150,400.00         ZZ
                                         360        147,987.68          1
                                       7.250          1,026.00         80
                                       7.000          1,026.00
    BROOMALL         PA   19008          1            10/30/01         00
    172122                               05           12/01/01          0
    172122                               O            11/01/31
    0

    6995954          286/286             F          146,400.00         ZZ
                                         360        146,063.75          1
                                       7.375          1,011.15         80
                                       7.125          1,011.15
    STATELINE        NV   89449          1            10/29/01         00
    9910831                              01           12/01/01          0
    9910831                              O            11/01/31
    0

    6995968          286/286             F          157,600.00         ZZ
                                         360        157,190.64          1
                                       6.750          1,022.19         80
                                       6.500          1,022.19
    MARGATE          FL   33063          2            10/26/01         00
    9927757                              03           12/01/01          0
    9927757                              O            11/01/31
    0

1

    6995986          286/286             F          101,950.00         ZZ
                                         360        101,743.42          1
                                       8.000            748.07         93
                                       7.750            748.07
    SANDY            UT   84070          1            10/25/01         11
    9908415                              05           12/01/01         25
    9908415                              O            11/01/31
    0

    6995988          286/286             F          106,800.00         T
                                         360        106,542.27          1
                                       7.125            719.53         80
                                       6.875            719.53
    PROVO            UT   84606          1            10/29/01         00
    9927805                              01           12/01/01          0
    9927805                              O            11/01/31
    0

    6996014          286/286             F          151,050.00         ZZ
                                         360        150,711.60          1
                                       7.500          1,056.16         95
                                       7.250          1,056.16
    PARK CITY        UT   84098          1            11/01/01         11
    701349                               01           12/01/01         30
    701349                               O            11/01/31
    0

    6996332          601/G02             F           99,990.00         ZZ
                                         360         99,926.24          1
                                       8.250            751.19         80
                                       8.000            751.19
    ST AUGUSTINE     FL   32086          1            12/21/01         00
    0433538733                           05           02/01/02          0
    61113072                             N            01/01/32
    0

    6996876          H47/G02             F           89,762.00         ZZ
                                         360         89,695.38          1
                                       7.500            627.63         80
                                       7.250            627.63
    TUCSON           AZ   85745          1            12/21/01         00
    0433530375                           03           02/01/02          0
    1621196863                           O            01/01/32
    0

    6998722          J54/G02             F          210,000.00         ZZ
                                         360        209,679.43          1
                                       7.375          1,450.42         90
                                       7.125          1,450.42
1

    LAWRENCEVILLE    GA   30243          2            11/20/01         10
    0433633047                           05           01/01/02         25
    889288                               O            12/01/31
    0

    7002892          W17/G02             F          131,750.00         ZZ
                                         360        131,668.11          4
                                       8.375          1,001.40         85
                                       8.125          1,001.40
    LAUDERHILL       FL   33313          1            12/21/01         01
    0433577525                           05           02/01/02         20
    990846                               N            01/01/32
    0

    7005072          U05/G02             F          156,600.00         ZZ
                                         360        156,600.00          4
                                       8.500          1,204.12         90
                                       8.250          1,204.12
    MIAMI            FL   33135          1            01/07/02         01
    0433601010                           05           03/01/02         25
    3191332                              N            02/01/32
    0

    7007390          K30/G02             F          136,000.00         ZZ
                                         360        135,893.91          1
                                       7.250            927.76         80
                                       7.000            927.76
    AZUSA            CA   91702          5            12/20/01         00
    0433567930                           05           02/01/02          0
    0082760                              O            01/01/32
    0

    7007430          950/G02             F          257,000.00         ZZ
                                         360        256,809.27          1
                                       7.500          1,796.98         65
                                       7.250          1,796.98
    SNOHOMISH        WA   98296          5            12/27/01         00
    0433617131                           05           02/01/02          0
    E4111064                             O            01/01/32
    0

    7008878          S11/G02             F          355,000.00         ZZ
                                         360        354,430.54          1
                                       7.125          2,391.70         90
                                       6.875          2,391.70
    CHINO HILLS      CA   91709          5            11/16/01         11
    0433570256                           05           01/01/02         25
    10205604                             O            12/01/31
    0
1

    7010852          E22/G02             F           99,000.00         ZZ
                                         360         98,938.47          1
                                       8.375            752.47         90
                                       8.125            752.47
    BROKEN ARROW     OK   74012          1            12/14/01         01
    0413030560                           05           02/01/02         25
    0413030560                           O            01/01/32
    0

    7010856          E22/G02             F          114,000.00         ZZ
                                         360        113,911.07          1
                                       7.250            777.68         95
                                       7.000            777.68
    EAST HAVEN       CT   06513          5            12/11/01         01
    0413082058                           05           02/01/02         30
    0413082058                           O            01/01/32
    0

    7010864          E22/G02             F          130,400.00         ZZ
                                         360        130,293.12          1
                                       7.000            867.55         80
                                       6.750            867.55
    PLANO            TX   75093          5            12/11/01         00
    0413117102                           05           02/01/02          0
    0413117102                           O            01/01/32
    0

    7010874          E22/G02             F          148,500.00         ZZ
                                         360        148,389.80          1
                                       7.500          1,038.33         90
                                       7.250          1,038.33
    PERTH AMBOY      NJ   08861          1            12/17/01         04
    0413157371                           05           02/01/02         25
    0413157371                           O            01/01/32
    0

    7010894          E22/G02             F          121,500.00         ZZ
                                         360        121,397.92          1
                                       6.875            798.17         90
                                       6.625            798.17
    LA FAYETTE       GA   30728          5            12/11/01         10
    0413203704                           05           02/01/02         25
    0413203704                           O            01/01/32
    0

    7010906          E22/G02             F          128,000.00         ZZ
                                         360        127,884.28          1
1

                                       6.500            809.05         79
                                       6.250            809.05
    COLLINSVILLE     AL   35961          2            12/12/01         00
    0413242496                           05           02/01/02          0
    0413242496                           O            01/01/32
    0

    7010912          E22/G02             F          112,500.00         ZZ
                                         360        112,426.41          2
                                       8.125            835.31         90
                                       7.875            835.31
    MIAMI            FL   33137          1            12/17/01         04
    0413250168                           05           02/01/02         25
    0413250168                           O            01/01/32
    0

    7010934          E22/G02             F           69,600.00         ZZ
                                         360         69,549.63          1
                                       7.625            492.62         80
                                       7.375            492.62
    ROYCE CITY       TX   75189          5            12/11/01         00
    0413270802                           05           02/01/02          0
    0413270802                           O            01/01/32
    0

    7010956          E22/G02             F          170,000.00         ZZ
                                         360        169,880.02          1
                                       7.750          1,217.90         84
                                       7.500          1,217.90
    KNOXVILLE        TN   37918          5            12/12/01         01
    0413285156                           05           02/01/02         12
    0413285156                           O            01/01/32
    0

    7010964          E22/G02             F           77,425.00         ZZ
                                         360         77,364.61          1
                                       7.250            528.17         95
                                       7.000            528.17
    AMARILLO         TX   79110          2            12/12/01         04
    0413294711                           05           02/01/02         30
    0413294711                           O            01/01/32
    0

    7010980          E22/G02             F          146,000.00         ZZ
                                         360        145,877.34          1
                                       6.875            959.12         75
                                       6.625            959.12
    MONROE           NC   28112          5            12/12/01         00
    0413304692                           05           02/01/02          0
1

    0413304692                           O            01/01/32
    0

    7011002          E22/G02             F          162,000.00         ZZ
                                         360        161,888.52          1
                                       7.875          1,174.61         87
                                       7.625          1,174.61
    MIAMI            FL   33145          5            12/12/01         01
    0413315862                           05           02/01/02         25
    0413315862                           O            01/01/32
    0

    7011044          E22/G02             F           70,000.00         ZZ
                                         360         69,949.33          1
                                       7.625            495.46         72
                                       7.375            495.46
    GARLAND          TX   75040          5            12/12/01         00
    0413342882                           05           02/01/02          0
    0413342882                           O            01/01/32
    0

    7011106          E22/G02             F           85,000.00         ZZ
                                         360         84,935.33          1
                                       7.375            587.07         45
                                       7.125            587.07
    GRAND JUNCTION   MI   49056          5            12/11/01         00
    0413363565                           05           02/01/02          0
    0413363565                           O            01/01/32
    0

    7011108          E22/G02             F          275,000.00         ZZ
                                         360        274,790.74          1
                                       7.375          1,899.36         77
                                       7.125          1,899.36
    STEAMBOAT SPRIN  CO   80487          1            12/14/01         00
    0413366337                           05           02/01/02          0
    0413366337                           O            01/01/32
    0

    7011140          E22/G02             F           90,000.00         ZZ
                                         360         89,938.07          1
                                       7.875            652.56         90
                                       7.625            652.56
    BOCA RATON       FL   33487          1            12/13/01         01
    0413377052                           01           02/01/02         25
    0413377052                           O            01/01/32
    0

1

    7011200          E22/G02             F           59,400.00         ZZ
                                         360         59,364.02          1
                                       8.500            456.73         90
                                       8.250            456.73
    HUNTSVILLE       AL   35810          5            12/12/01         01
    0413412321                           05           02/01/02         25
    0413412321                           O            01/01/32
    0

    7011418          E82/G02             F          156,000.00         ZZ
                                         360        155,862.36          1
                                       6.625            998.89         74
                                       6.375            998.89
    MANALAPAN        NJ   07726          2            12/14/01         00
    0400543187                           09           02/01/02          0
    0400543187                           O            01/01/32
    0

    7011542          588/G02             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       8.125          3,155.61         79
                                       7.875          3,155.61
    ROCKVILLE        MD   20853          5            01/03/02         00
    0433579570                           05           03/01/02          0
    1056707                              O            02/01/32
    0

    7012294          076/076             F          140,000.00         ZZ
                                         360        139,348.21          1
                                       7.125            943.21         57
                                       6.875            943.21
    ZEELAND          MI   49464          1            10/25/01         00
    1749894                              05           12/01/01          0
    1749894                              O            11/01/31
    0

    7013010          N74/G02             F           81,000.00         ZZ
                                         240         80,853.72          1
                                       7.500            652.53         60
                                       7.250            652.53
    CORPUS CHRISTI   TX   78412          5            12/21/01         00
    0433553484                           05           02/01/02          0
    0029672010                           O            01/01/22
    0

    7013452          U05/G02             F           39,600.00         ZZ
                                         360         39,572.75          1
                                       7.875            287.13         90
                                       7.625            287.13
1

    WEST PALM BEACH  FL   33411          1            01/02/02         01
    0433555414                           01           02/01/02         25
    3192677                              N            01/01/32
    0

    7016198          588/G02             F          148,000.00         ZZ
                                         360        147,898.15          1
                                       7.875          1,073.10         80
                                       7.625          1,073.10
    FAIRFAX          VA   22033          1            12/26/01         00
    0433557964                           01           02/01/02          0
    1050348                              O            01/01/32
    0

    7018036          M96/G02             F          232,000.00         ZZ
                                         360        231,836.25          1
                                       7.750          1,662.08         73
                                       7.500          1,662.08
    GRANDVILLE       MI   49418          2            12/21/01         00
    0433603586                           05           02/01/02          0
    200102960                            O            01/01/32
    0

    7018456          N47/G02             F          456,000.00         ZZ
                                         360        455,616.90          1
                                       6.875          2,995.60         79
                                       6.625          2,995.60
    WALNUT CREEK     CA   94596          5            12/13/01         00
    0433565553                           05           02/01/02          0
    20212093                             O            01/01/32
    0

    7019188          700/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       7.875            543.80         46
                                       7.625            543.80
    MISSION VIEJO    CA   92691          2            01/02/02         00
    0433600624                           01           03/01/02          0
    00264205                             N            02/01/32
    0

    7019216          964/G02             F          464,000.00         ZZ
                                         360        463,590.63          1
                                       6.625          2,971.04         80
                                       6.375          2,971.04
    SAN RAFAEL       CA   94901          5            12/31/01         00
    0433612314                           05           02/01/02          0
    177047                               O            01/01/32
    0
1

    7019554          964/G02             F          557,000.00         ZZ
                                         360        556,576.17          1
                                       7.375          3,847.06         74
                                       7.125          3,847.06
    NEWPORT BEACH    CA   92660          5            12/10/01         00
    0433589397                           05           02/01/02          0
    171107                               O            01/01/32
    0

    7027116          U05/G02             F          124,000.00         ZZ
                                         360        123,796.11          1
                                       7.000            824.98         80
                                       6.750            824.98
    MCKINNEY         TX   75070          5            11/15/01         00
    0433507746                           05           01/01/02          0
    3183938                              O            12/01/31
    0

    7034080          Q57/G02             F          260,000.00         ZZ
                                         360        259,807.04          1
                                       7.500          1,817.96         80
                                       7.250          1,817.96
    LAKEWOOD         CA   90713          1            12/21/01         00
    0433562972                           05           02/01/02          0
    37800037                             O            01/01/32
    0

    7035094          P44/G02             F           92,000.00         ZZ
                                         360         91,942.81          1
                                       8.375            699.27         80
                                       8.125            699.27
    LYNN             MA   01910          1            12/28/01         00
    0433588845                           05           02/01/02          0
    1                                    N            01/01/32
    0

    7035630          163/G02             F          365,000.00         ZZ
                                         360        364,748.80          1
                                       7.875          2,646.51         78
                                       7.625          2,646.51
    NEWPORT          VT   05855          5            12/21/01         00
    0433561321                           05           02/01/02          0
    1000362332                           O            01/01/32
    0

    7036178          E11/G02             F          125,000.00         ZZ
                                         360        124,904.89          1
1

                                       7.375            863.34         76
                                       7.125            863.34
    CHANHASSEN       MN   55317          5            12/26/01         00
    0433533668                           09           02/01/02          0
    0010001039374                        O            01/01/32
    0

    7039498          K15/G02             F           99,000.00         ZZ
                                         360         99,000.00          3
                                       8.000            726.43         80
                                       7.750            726.43
    PAWTUCKET        RI   02860          1            01/02/02         00
    0433552759                           05           03/01/02          0
    029705304513                         N            02/01/32
    0

    7039584          M43/G02             F           99,000.00         ZZ
                                         360         98,931.87          1
                                       7.875            717.82         90
                                       7.625            717.82
    MIDLOTHIAN       VA   23112          5            12/21/01         11
    0433574944                           05           02/01/02         25
    73651450                             O            01/01/32
    0

    7040862          X05/G02             F          253,650.00         ZZ
                                         360        253,470.98          1
                                       7.750          1,817.18         95
                                       7.500          1,817.18
    ESCONDIDO        CA   92025          1            12/21/01         01
    0433580164                           05           02/01/02         30
    01112098                             O            01/01/32
    0

    7041540          E23/G02             F          364,000.00         ZZ
                                         360        364,000.00          1
                                       7.000          2,421.70         80
                                       6.750          2,421.70
    POWAY            CA   92064          5            01/11/02         00
    0433627478                           05           03/01/02          0
    11007988                             O            02/01/32
    0

    7041886          964/G02             F          576,000.00         ZZ
                                         360        575,504.07          1
                                       6.750          3,735.93         79
                                       6.500          3,735.93
    LOS ANGELES      CA   90049          2            12/17/01         00
    0433606167                           05           02/01/02          0
1

    170342                               O            01/01/32
    0

    7042424          E86/G02             F          300,000.00         ZZ
                                         360        299,818.26          1
                                       8.500          2,306.74         79
                                       8.250          2,306.74
    CHINO HILLS      CA   91709          5            12/29/01         00
    0433611662                           05           02/01/02          0
    0000163205                           O            01/01/32
    0

    7043762          E22/G02             F          252,000.00         ZZ
                                         360        251,843.37          2
                                       8.375          1,915.38         80
                                       8.125          1,915.38
    WHITE PLAINS     NY   10601          5            12/17/01         00
    0413294570                           05           02/01/02          0
    0413294570                           N            01/01/32
    0

    7043770          E22/G02             F          112,000.00         ZZ
                                         360        111,914.77          2
                                       7.375            773.56         80
                                       7.125            773.56
    FRUITA           CO   81521          5            12/13/01         00
    0413300286                           05           02/01/02          0
    0413300286                           O            01/01/32
    0

    7043788          E22/G02             F           84,500.00         ZZ
                                         360         84,440.36          1
                                       7.750            605.37         94
                                       7.500            605.37
    COLUMBUS         OH   43223          5            12/13/01         01
    0413324864                           05           02/01/02         30
    0413324864                           O            01/01/32
    0

    7043792          E22/G02             F          100,000.00         ZZ
                                         360         99,913.90          1
                                       6.750            648.60         80
                                       6.500            648.60
    GARLAND          TX   75043          5            12/13/01         00
    0413332362                           05           02/01/02          0
    0413332362                           O            01/01/32
    0

1

    7043806          E22/G02             F          176,000.00         ZZ
                                         360        175,862.70          1
                                       7.250          1,200.63         80
                                       7.000          1,200.63
    MONROE           OR   97456          2            12/11/01         00
    0413339904                           05           02/01/02          0
    0413339904                           O            01/01/32
    0

    7043826          E22/G02             F           66,000.00         ZZ
                                         360         65,956.82          1
                                       8.125            490.05         80
                                       7.875            490.05
    MORGANTON        NC   28655          1            12/18/01         00
    0413351180                           05           02/01/02          0
    0413351180                           O            01/01/32
    0

    7043886          E22/G02             F           66,045.00         ZZ
                                         360         65,994.74          1
                                       7.375            456.16         85
                                       7.125            456.16
    MOORE            OK   73160          5            12/13/01         01
    0413385295                           05           02/01/02         12
    0413385295                           O            01/01/32
    0

    7043896          E22/G02             F          119,600.00         ZZ
                                         360        119,513.44          1
                                       7.625            846.52         80
                                       7.375            846.52
    DALLAS           TX   75209          5            12/13/01         00
    0413391285                           05           02/01/02          0
    0413391285                           O            01/01/32
    0

    7043942          E22/G02             F           90,000.00         ZZ
                                         360         89,936.48          1
                                       7.750            644.77         79
                                       7.500            644.77
    CINCINNATI       OH   45239          1            12/18/01         00
    0413428244                           05           02/01/02          0
    0413428244                           O            01/01/32
    0

    7044286          E82/G02             F          237,400.00         ZZ
                                         360        237,190.55          1
                                       6.625          1,520.10         59
                                       6.375          1,520.10
1

    HONOLULU         HI   96821          2            12/14/01         00
    0400521019                           05           02/01/02          0
    1997869                              O            01/01/32
    0

    7046486          J40/G02             F          126,000.00         ZZ
                                         360        125,906.49          1
                                       7.500            881.01         84
                                       7.250            881.01
    HOPKINS          SC   29061          5            12/24/01         12
    0433575115                           05           02/01/02         12
    7731944                              O            01/01/32
    0

    7047400          624/G02             F          272,000.00         ZZ
                                         360        272,000.00          1
                                       7.500          1,901.86         80
                                       7.250          1,901.86
    HOLLISTER        CA   95023          1            01/03/02         00
    0433574902                           05           03/01/02          0
    88611011463F                         O            02/01/32
    0

    7047470          N74/G02             F          166,500.00         ZZ
                                         360        166,363.52          1
                                       7.000          1,107.73         88
                                       6.750          1,107.73
    ELKTON           VA   22827          2            12/21/01         10
    0433553450                           05           02/01/02         30
    0029675010                           O            01/01/32
    0

    7047610          601/G02             F          255,000.00         ZZ
                                         360        254,805.97          1
                                       7.375          1,761.22         79
                                       7.125          1,761.22
    PENSACOLA        FL   32501          5            12/21/01         00
    0433563780                           05           02/01/02          0
    61125886                             O            01/01/32
    0

    7048004          758/G02             F          440,000.00         ZZ
                                         360        439,697.19          1
                                       7.875          3,190.31         80
                                       7.625          3,190.31
    DALLAS           TX   75225          5            12/26/01         00
    0433607397                           03           02/01/02          0
    401079                               O            01/01/32
    0
1

    7048502          601/G02             F          100,500.00         ZZ
                                         360        100,435.91          1
                                       8.250            755.03         67
                                       8.000            755.03
    DENVER           CO   80219          5            12/28/01         00
    0433576303                           05           02/01/02          0
    61129540                             N            01/01/32
    0

    7049142          M37/G02             F          122,300.00         ZZ
                                         360        122,209.24          2
                                       7.500            855.14         80
                                       7.250            855.14
    FLAGSTAFF        AZ   86004          1            12/28/01         00
    0433599115                           05           02/01/02          0
    604955                               N            01/01/32
    0

    7049406          S27/G02             F          138,750.00         ZZ
                                         360        138,641.76          1
                                       7.250            946.52         75
                                       7.000            946.52
    NAPLES           FL   34109          5            12/21/01         00
    0433569704                           03           02/01/02          0
    1010015329                           O            01/01/32
    0

    7049464          964/G02             F          566,200.00         ZZ
                                         360        565,790.20          1
                                       7.625          4,007.53         75
                                       7.375          4,007.53
    CAMAS            WA   98607          5            12/28/01         00
    0433567591                           05           02/01/02          0
    178438                               O            01/01/32
    0

    7050918          E23/G02             F          347,000.00         ZZ
                                         360        347,000.00          1
                                       7.250          2,367.15         79
                                       7.000          2,367.15
    RANCHO SANTA MA  CA   92688          2            01/09/02         00
    0433603792                           03           03/01/02          0
    51010520                             O            02/01/32
    0

    7051480          R26/G02             F          432,000.00         ZZ
                                         360        432,000.00          1
1

                                       7.500          3,020.61         80
                                       7.250          3,020.61
    DANA POINT       CA   92629          5            01/08/02         00
    0433572559                           05           03/01/02          0
    BCC010002643                         O            02/01/32
    0

    7051796          964/G02             F          112,500.00         ZZ
                                         360        112,414.40          1
                                       7.375            777.01         78
                                       7.125            777.01
    CHIMACUM         WA   98325          2            12/27/01         00
    0433586781                           05           02/01/02          0
    179185                               N            01/01/32
    0

    7055354          964/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.625          2,123.38         80
                                       7.375          2,123.38
    BAKERSFIELD      CA   93312          2            12/28/01         00
    0433585825                           05           03/01/02          0
    175484                               O            02/01/32
    0

    7062352          E82/G02             F          113,800.00         ZZ
                                         360        113,706.72          1
                                       7.000            757.11         77
                                       6.750            757.11
    PHOENIX          AZ   85016          5            12/17/01         00
    0400544847                           05           02/01/02          0
    0400544847                           O            01/01/32
    0

    7062368          E82/G02             F          148,500.00         ZZ
                                         360        148,375.24          1
                                       6.875            975.54         79
                                       6.625            975.54
    ADKINS           TX   78101          2            12/17/01         00
    0400545323                           05           02/01/02          0
    1990193                              O            01/01/32
    0

    7062402          E82/G02             F          591,750.00         ZZ
                                         360        591,310.84          1
                                       7.500          4,137.60         75
                                       7.250          4,137.60
    SAN FRANCISCO    CA   94114          1            12/14/01         00
    0400432365                           05           02/01/02          0
1

    0400432365                           O            01/01/32
    0

    7062722          E22/G02             F          134,000.00         ZZ
                                         360        133,910.09          2
                                       8.000            983.24         55
                                       7.750            983.24
    BRADLEY BEACH    NJ   07720          2            12/19/01         00
    0413262460                           05           02/01/02          0
    0413262460                           N            01/01/32
    0

    7062736          E22/G02             F           88,000.00         ZZ
                                         360         87,943.89          1
                                       8.250            661.11         79
                                       8.000            661.11
    JACKSON          MI   49203          5            12/14/01         00
    0413290453                           05           02/01/02          0
    0413290453                           O            01/01/32
    0

    7062814          E22/G02             F          102,050.00         ZZ
                                         360        101,949.77          1
                                       7.625            722.30         58
                                       7.375            722.30
    FRISCO           TX   75035          5            12/14/01         00
    0413362500                           05           02/01/02          0
    0413362500                           O            01/01/32
    0

    7062832          E22/G02             F           66,400.00         ZZ
                                         360         66,345.57          1
                                       7.000            441.76         80
                                       6.750            441.76
    ARLINGTON        TX   76012          5            12/14/01         00
    0413377896                           05           02/01/02          0
    0413377896                           O            01/01/32
    0

    7062932          E22/G02             F          142,400.00         ZZ
                                         360        142,299.50          1
                                       7.750          1,020.17         80
                                       7.500          1,020.17
    DEERFIELD BEACH  FL   33442          1            12/19/01         00
    0413445750                           05           02/01/02          0
    0413445750                           O            01/01/32
    0

1

    7065064          E47/G02             F          323,000.00         ZZ
                                         360        322,783.27          3
                                       8.000          2,370.06         95
                                       7.750          2,370.06
    CHICAGO          IL   60637          1            12/28/01         11
    0433573474                           29           02/01/02         30
    7360513217                           O            01/01/32
    0

    7067812          E22/G02             F           55,350.00         ZZ
                                         360         55,316.47          1
                                       8.500            425.59         90
                                       8.250            425.59
    KANSAS CITY      KS   66106          1            12/20/01         04
    0413173626                           05           02/01/02         35
    0413173626                           N            01/01/32
    0

    7067848          E22/G02             F          140,400.00         ZZ
                                         360        140,303.38          3
                                       7.875          1,018.00         90
                                       7.625          1,018.00
    HAMDEN           CT   06514          1            12/20/01         04
    0413313735                           05           02/01/02         25
    0413313735                           O            01/01/32
    0

    7067912          E22/G02             F          131,200.00         ZZ
                                         360        131,105.04          1
                                       7.625            928.63         80
                                       7.375            928.63
    CARSON CITY      NV   89705          1            12/12/01         00
    0413379801                           03           02/01/02          0
    0413379801                           O            01/01/32
    0

    7067932          E22/G02             F          275,000.00         ZZ
                                         360        274,833.41          1
                                       8.500          2,114.51         90
                                       8.250          2,114.51
    GRAND JUNCTION   CO   81505          1            12/19/01         01
    0413399379                           05           02/01/02         25
    0413399379                           O            01/01/32
    0

    7067952          E22/G02             F           88,800.00         ZZ
                                         360         88,735.73          1
                                       7.625            628.52         80
                                       7.375            628.52
1

    COLORADO SPRING  CO   80909          1            12/20/01         00
    0413413303                           05           02/01/02          0
    0413413303                           N            01/01/32
    0

    7067960          E22/G02             F          199,750.00         ZZ
                                         360        199,598.01          1
                                       7.375          1,379.62         85
                                       7.125          1,379.62
    COLUMBIA         MD   21044          1            12/21/01         04
    0413423153                           09           02/01/02         12
    0413423153                           O            01/01/32
    0

    7069434          E47/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.375          3,453.38         76
                                       7.125          3,453.38
    SAN JOSE         CA   95121          5            01/02/02         00
    0433590411                           05           03/01/02          0
    7333011743                           O            02/01/32
    0

    7072854          588/G02             F          333,000.00         ZZ
                                         360        332,752.87          1
                                       7.500          2,328.38         61
                                       7.250          2,328.38
    ASHBURN          VA   20147          1            01/02/02         00
    0433558483                           03           02/01/02          0
    1056431                              O            01/01/32
    0

    7076248          E47/G02             F          120,800.00         ZZ
                                         360        120,716.87          1
                                       7.875            875.88         78
                                       7.625            875.88
    GARDEN GROVE     CA   92844          2            12/12/01         00
    0433598232                           09           02/01/02          0
    7331013581                           O            01/01/32
    0

    7078296          896/G02             F          425,000.00         ZZ
                                         360        424,729.00          1
                                       8.250          3,192.88         52
                                       8.000          3,192.88
    ATLANTA          GA   30342          5            12/26/01         00
    0433599933                           05           02/01/02          0
    24837                                O            01/01/32
    0
1

    7078574          964/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       7.875          2,088.20         80
                                       7.625          2,088.20
    FAIR OAKS        CA   95628          1            01/02/02         00
    0433586815                           05           03/01/02          0
    179611                               O            02/01/32
    0

    7079792          940/G02             F          162,000.00         ZZ
                                         360        162,000.00          1
                                       7.750          1,160.59         90
                                       7.500          1,160.59
    COVINA           CA   91723          5            01/18/02         01
    0433631637                           01           03/01/02         25
    40011228                             O            02/01/32
    0

    7081756          A39/G02             F          356,800.00         ZZ
                                         360        356,521.67          1
                                       7.250          2,434.00         80
                                       7.000          2,434.00
    THOUSAND OAKS    CA   91360          1            12/27/01         00
    0433568748                           05           02/01/02          0
    2102370                              O            01/01/32
    0

    7081890          K15/G02             F          240,000.00         ZZ
                                         360        239,830.61          2
                                       7.750          1,719.39         80
                                       7.500          1,719.39
    FAR ROCKAWAY     NY   11691          5            12/26/01         00
    0433552817                           05           02/01/02          0
    021205302959                         O            01/01/32
    0

    7082910          U05/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       7.750          1,611.93         61
                                       7.500          1,611.93
    ALEXANDRIA       VA   22309          5            01/16/02         00
    0433613759                           05           03/01/02          0
    3198356                              O            02/01/32
    0

    7083558          L16/G02             F          120,000.00         ZZ
                                         360        119,923.48          1
1

                                       8.250            901.52         69
                                       8.000            901.52
    BALDWIN PARK     CA   91706          5            12/28/01         00
    0433598364                           05           02/01/02          0
    W0112104                             O            01/01/32
    0

    7084068          F36/G02             F           92,250.00         ZZ
                                         360         92,250.00          1
                                       8.000            676.90         75
                                       7.750            676.90
    TACOMA           WA   98409          5            01/03/02         00
    0433609658                           05           03/01/02          0
    06403340                             N            02/01/32
    0

    7084524          975/G02             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       7.500          2,293.42         80
                                       7.250          2,293.42
    LOMITA           CA   90717          1            01/03/02         00
    0433581154                           01           03/01/02          0
    2016440                              O            02/01/32
    0

    7084814          U05/G02             F          608,600.00         ZZ
                                         360        608,181.16          1
                                       7.875          4,412.78         80
                                       7.625          4,412.78
    DALLAS           TX   75225          1            12/28/01         00
    0433571171                           05           02/01/02          0
    3197104                              O            01/01/32
    0

    7086374          E22/G02             F          461,000.00         ZZ
                                         360        460,640.38          1
                                       7.250          3,144.83         90
                                       7.000          3,144.83
    JAMAICA PLAIN    MA   02135          2            12/17/01         04
    0413196023                           05           02/01/02         25
    0413196023                           O            01/01/32
    0

    7086420          E22/G02             F          114,000.00         ZZ
                                         360        113,891.56          1
                                       6.750            739.40         70
                                       6.500            739.40
    AUSTIN           TX   78753          5            12/17/01         00
    0413300252                           05           02/01/02          0
1

    0413300252                           O            01/01/32
    0

    7086428          E22/G02             F          112,600.00         ZZ
                                         360        112,524.45          1
                                       8.000            826.22         80
                                       7.750            826.22
    THE WOODLANDS    TX   77380          5            12/13/01         00
    0413310301                           03           02/01/02          0
    0413310301                           O            01/01/32
    0

    7086438          E22/G02             F          144,000.00         ZZ
                                         360        143,900.90          1
                                       7.875          1,044.10         90
                                       7.625          1,044.10
    FLINT            MI   48532          5            12/17/01         04
    0413318734                           05           02/01/02         30
    0413318734                           O            01/01/32
    0

    7086484          E22/G02             F           60,000.00         ZZ
                                         360         59,960.75          1
                                       8.125            445.50         80
                                       7.875            445.50
    ABILENE          TX   79603          2            12/19/01         00
    0413358383                           05           02/01/02          0
    0413358383                           N            01/01/32
    0

    7086546          E22/G02             F           56,000.00         ZZ
                                         360         55,966.08          2
                                       8.500            430.59         80
                                       8.250            430.59
    ORLANDO          FL   32805          1            12/21/01         00
    0413380601                           05           02/01/02          0
    0413380601                           N            01/01/32
    0

    7086558          E22/G02             F          153,750.00         ZZ
                                         360        153,635.90          1
                                       7.500          1,075.04         75
                                       7.250          1,075.04
    OSTERVILLE       MA   02655          5            12/17/01         00
    0413386855                           05           02/01/02          0
    0413386855                           O            01/01/32
    0

1

    7086606          E22/G02             F           76,500.00         ZZ
                                         360         76,401.51          1
                                       8.375            581.46         90
                                       8.125            581.46
    COLUMBIA         SC   29204          5            12/17/01         01
    0413427139                           05           02/01/02         30
    0413427139                           O            01/01/32
    0

    7086634          E22/G02             F           84,000.00         ZZ
                                         360         83,943.64          1
                                       8.000            616.36         80
                                       7.750            616.36
    SWANNANOA        NC   28778          2            12/21/01         00
    0413455379                           27           02/01/02          0
    0413455379                           O            01/01/32
    0

    7089798          737/G02             F          126,900.00         ZZ
                                         360        126,821.13          4
                                       8.375            964.53         90
                                       8.125            964.53
    PHOENIX          AZ   85021          1            12/27/01         01
    0433589918                           05           02/01/02         25
    2050185                              N            01/01/32
    0

    7091232          U05/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       8.125            950.40         80
                                       7.875            950.40
    FORT LAUDERDALE  FL   33301          1            01/02/02         00
    0433562444                           08           03/01/02          0
    3193777                              O            02/01/32
    0

    7093432          964/G02             F          160,000.00         ZZ
                                         360        159,872.05          1
                                       7.125          1,077.95         80
                                       6.875          1,077.95
    PORTLAND         OR   97230          5            12/19/01         00
    0433558665                           05           02/01/02          0
    174456                               O            01/01/32
    0

    7095256          P44/G02             F          125,000.00         ZZ
                                         360        124,922.31          1
                                       8.375            950.09         44
                                       8.125            950.09
1

    DENNIS (SOUTH)   MA   02660          5            12/27/01         00
    0433599560                           05           02/01/02          0
    1                                    O            01/01/32
    0

    7098686          H58/G02             F          204,000.00         ZZ
                                         360        203,856.02          1
                                       7.750          1,461.48         73
                                       7.500          1,461.48
    SHASTA LAKE      CA   96019          5            12/31/01         00
    0433608809                           05           02/01/02          0
    0000079734                           O            01/01/32
    0

    7099492          964/G02             F          158,400.00         ZZ
                                         360        158,304.04          2
                                       8.500          1,217.96         80
                                       8.250          1,217.96
    REDMOND          OR   97756          2            12/04/01         00
    0433541141                           05           02/01/02          0
    174911                               N            01/01/32
    0

    7100266          A48/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       8.125          1,128.60         80
                                       7.875          1,128.60
    YUBA CITY        CA   95933          1            01/01/02         00
    0433597838                           05           03/01/02          0
    8111015565                           N            02/01/32
    0

    7101970          U05/G02             F          634,350.00         ZZ
                                         360        633,913.44          1
                                       7.875          4,599.48         75
                                       7.625          4,599.48
    DANVILLE         CA   94506          1            12/28/01         00
    0433571361                           03           02/01/02          0
    3186556                              O            01/01/32
    0

    7102108          B49/G02             F          200,000.00         ZZ
                                         360        199,872.47          2
                                       8.250          1,502.53         80
                                       8.000          1,502.53
    DENVER           CO   80204          5            01/02/02         00
    0433569258                           05           02/01/02          0
    0002214112                           N            01/01/32
    0
1

    7102342          313/G02             F          211,500.00         ZZ
                                         360        211,354.44          2
                                       7.875          1,533.53         90
                                       7.625          1,533.53
    CHICAGO          IL   60639          1            01/04/02         01
    0433608742                           05           02/01/02         25
    0008559353                           N            01/01/32
    0

    7102530          X31/G02             F          254,250.00         ZZ
                                         360        254,250.00          1
                                       7.875          1,843.49         90
                                       7.625          1,843.49
    DIAMOND BAR      CA   91765          1            01/03/02         19
    0433593639                           05           03/01/02         25
    40100818                             O            02/01/32
    0

    7102954          U05/G02             F          374,900.00         ZZ
                                         360        374,900.00          1
                                       7.000          2,494.22         75
                                       6.750          2,494.22
    MARTINEZ         CA   94553          1            01/08/02         00
    0433615218                           05           03/01/02          0
    3192362                              O            02/01/32
    0

    7103138          Q14/G02             F           70,000.00         ZZ
                                         360         69,949.33          1
                                       7.625            495.46         70
                                       7.375            495.46
    PHOENIX          AZ   85033          5            12/11/01         00
    0433583572                           05           02/01/02          0
    0106010                              O            01/01/32
    0

    7103500          Q57/G02             F          117,000.00         ZZ
                                         360        116,917.42          1
                                       7.750            838.20         90
                                       7.500            838.20
    VICTORVILLE      CA   92392          1            12/28/01         11
    0433627072                           05           02/01/02         25
    44500038                             O            01/01/32
    0

    7105394          E22/G02             F          112,500.00         ZZ
                                         360        112,195.01          1
1

                                       8.000            825.49         90
                                       7.750            825.49
    SHERWOOD         AR   72120          1            09/28/01         01
    0413025834                           05           11/01/01         30
    0413025834                           O            10/01/31
    0

    7105402          E22/G02             F          180,000.00         ZZ
                                         360        179,248.17          1
                                       7.875          1,305.12         80
                                       7.625          1,305.12
    SAN JOSE         CA   95110          1            11/08/01         00
    0413146945                           05           01/01/02          0
    0413146945                           O            12/01/31
    0

    7105480          E22/G02             F          272,000.00         ZZ
                                         360        271,835.23          1
                                       8.500          2,091.44         73
                                       8.250          2,091.44
    BAYFIELD         CO   81122          2            12/17/01         00
    0413350380                           03           02/01/02          0
    0413350380                           O            01/01/32
    0

    7106884          721/G02             F           87,000.00         ZZ
                                         360         86,938.59          1
                                       7.750            623.28         70
                                       7.500            623.28
    PELL LAKE        WI   53157          5            12/07/01         00
    0433542370                           05           02/01/02          0
    7891930079                           O            01/01/32
    0

    7107144          944/G02             F          178,000.00         ZZ
                                         360        177,225.07          1
                                       6.750          1,154.51         80
                                       6.500          1,154.51
    ANAHEIM          CA   92806          2            08/17/01         00
    0433624913                           05           10/01/01          0
    W88020579                            O            09/01/31
    0

    7109098          E82/G02             F          218,700.00         ZZ
                                         360        218,533.58          1
                                       7.375          1,510.51         73
                                       7.125          1,510.51
    DECATUR          TX   76234          2            12/13/01         00
    0400492740                           05           02/01/02          0
1

    0400492740                           O            01/01/32
    0

    7109126          E82/G02             F          100,000.00         ZZ
                                         360         99,920.03          2
                                       7.125            673.72         80
                                       6.875            673.72
    CONYERS          GA   30013          2            12/19/01         00
    0400540837                           05           02/01/02          0
    1701365                              N            01/01/32
    0

    7109128          E82/G02             F          100,000.00         ZZ
                                         360         99,920.03          2
                                       7.125            673.72         80
                                       6.875            673.72
    CONYERS          GA   30013          2            12/19/01         00
    0400541017                           05           02/01/02          0
    0400541017                           N            01/01/32
    0

    7109148          E82/G02             F          246,700.00         ZZ
                                         360        246,487.60          1
                                       6.750          1,600.09         71
                                       6.500          1,600.09
    LONG BEACH       CA   90807          2            12/20/01         00
    0400547733                           05           02/01/02          0
    0400547733                           O            01/01/32
    0

    7109162          E82/G02             F           45,100.00         ZZ
                                         360         44,957.21          1
                                       6.250            277.69         58
                                       6.000            277.69
    GEORGETOWN       TX   78626          2            12/26/01         00
    0400534202                           05           02/01/02          0
    1734957                              N            01/01/32
    0

    7109166          E82/G02             F          140,500.00         ZZ
                                         360        140,381.97          1
                                       6.875            922.98         56
                                       6.625            922.98
    TULSA            OK   74136          2            12/20/01         00
    0400515706                           05           02/01/02          0
    2946665                              O            01/01/32
    0

1

    7109188          E82/G02             F          122,000.00         ZZ
                                         360        121,904.82          1
                                       7.250            832.26         71
                                       7.000            832.26
    BURNSVILLE       MN   55337          2            12/21/01         00
    0400537197                           05           02/01/02          0
    1953275                              N            01/01/32
    0

    7109196          E82/G02             F          377,200.00         ZZ
                                         360        376,926.99          1
                                       7.625          2,669.80         85
                                       7.375          2,669.80
    TRABUCO CANYON   CA   92679          5            12/21/01         04
    0400547444                           05           02/01/02         12
    0400547444                           O            01/01/32
    0

    7109208          E82/G02             F           96,400.00         ZZ
                                         360         96,052.29          1
                                       6.875            633.28         65
                                       6.625            633.28
    SANDY            UT   84094          2            12/26/01         00
    0400534046                           05           02/01/02          0
    0400534046                           N            01/01/32
    0

    7109220          E82/G02             F          197,000.00         ZZ
                                         360        196,850.10          1
                                       7.375          1,360.63         80
                                       7.125          1,360.63
    TRACY            CA   95376          2            12/19/01         00
    0400544177                           05           02/01/02          0
    4248996                              O            01/01/32
    0

    7109230          E82/G02             F          155,500.00         ZZ
                                         360        155,366.12          1
                                       6.750          1,008.57         46
                                       6.500          1,008.57
    BALDWIN PLACE    NY   10505          2            12/19/01         00
    0400545315                           05           02/01/02          0
    1979964                              O            01/01/32
    0

    7109268          E82/G02             F          218,000.00         ZZ
                                         360        217,807.66          1
                                       6.625          1,395.88         65
                                       6.375          1,395.88
1

    HOPKINTON        NH   03229          2            12/17/01         00
    0400534566                           05           02/01/02          0
    1883034                              O            01/01/32
    0

    7111110          964/G02             F           81,400.00         ZZ
                                         360         81,400.00          1
                                       7.000            541.56         80
                                       6.750            541.56
    VISALIA          CA   93277          1            01/09/02         00
    0433586336                           05           03/01/02          0
    180678                               N            02/01/32
    0

    7111584          W39/G02             F           57,500.00         ZZ
                                         240         57,500.00          1
                                       7.500            463.22         80
                                       7.250            463.22
    BATON ROUGE      LA   70809          2            01/02/02         00
    0433591781                           01           03/01/02          0
    992839                               N            02/01/22
    0

    7111872          H58/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
                                       7.750          1,776.70         80
                                       7.500          1,776.70
    ANTIOCH          CA   94531          5            12/31/01         00
    0433610268                           05           03/01/02          0
    0000084840                           O            02/01/32
    0

    7112532          420/G02             F          210,400.00         ZZ
                                         360        210,400.00          1
                                       7.500          1,471.15         80
                                       7.250          1,471.15
    UKIAH            CA   95482          1            01/02/02         00
    0433590965                           05           03/01/02          0
    71003398                             O            02/01/32
    0

    7114528          U05/G02             F          184,500.00         ZZ
                                         360        184,376.20          1
                                       8.000          1,353.80         90
                                       7.750          1,353.80
    PISCATAWAY       NJ   08854          1            12/28/01         11
    0433552734                           01           02/01/02         25
    3196913                              O            01/01/32
    0
1

    7115052          Q99/G02             F          162,090.00         ZZ
                                         360        162,090.00          2
                                       8.750          1,275.16         90
                                       8.500          1,275.16
    PROVIDENCE       RI   02908          1            01/08/02         14
    0433557766                           05           03/01/02         25
    1                                    O            02/01/32
    0

    7118050          U05/G02             F          333,800.00         ZZ
                                         360        333,558.40          1
                                       7.625          2,362.62         76
                                       7.375          2,362.62
    COPPELL          TX   75019          2            12/28/01         00
    0433593936                           05           02/01/02          0
    3181186                              O            01/01/32
    0

    7119662          964/G02             F          380,000.00         ZZ
                                         360        379,710.85          1
                                       7.375          2,624.57         80
                                       7.125          2,624.57
    CARLSBAD         CA   92008          5            12/20/01         00
    0433586385                           05           02/01/02          0
    167387                               O            01/01/32
    0

    7119838          E76/G02             F           76,000.00         T
                                         360         76,000.00          1
                                       8.000            557.66         80
                                       7.750            557.66
    DENTON           TX   76201          1            01/02/02         00
    0433556636                           05           03/01/02          0
    10010647                             O            02/01/32
    0

    7121142          F89/G02             F          411,500.00         ZZ
                                         360        411,186.88          1
                                       7.375          2,842.13         78
                                       7.125          2,842.13
    RANCHO CUCAMONG  CA   91701          5            12/31/01         00
    0433610243                           05           02/01/02          0
    10815378                             O            01/01/32
    0

    7125728          E22/G02             F          120,000.00         ZZ
                                         360        119,913.15          1
1

                                       7.625            849.35         79
                                       7.375            849.35
    GRANBURY         TX   76049          5            12/18/01         00
    0413089426                           05           02/01/02          0
    0413089426                           O            01/01/32
    0

    7125738          E22/G02             F          275,000.00         ZZ
                                         360        274,810.75          1
                                       7.875          1,993.94         62
                                       7.625          1,993.94
    VALRICO          FL   33594          5            12/19/01         00
    0413215443                           05           02/01/02          0
    0413215443                           O            01/01/32
    0

    7125782          E22/G02             F          109,500.00         ZZ
                                         360        109,410.24          1
                                       7.000            728.51         79
                                       6.750            728.51
    MARBLE FALLS     TX   78654          5            12/20/01         00
    0413328386                           05           02/01/02          0
    0413328386                           O            01/01/32
    0

    7125796          E22/G02             F          139,200.00         ZZ
                                         240        138,955.53          1
                                       8.000          1,164.32         80
                                       7.750          1,164.32
    PORTLAND         TN   37148          5            12/19/01         00
    0413336470                           05           02/01/02          0
    0413336470                           O            01/01/22
    0

    7125818          E22/G02             F          200,000.00         ZZ
                                         360        199,862.36          1
                                       7.875          1,450.14         60
                                       7.625          1,450.14
    COPPELL          TX   75019          5            12/19/01         00
    0413348111                           05           02/01/02          0
    0413348111                           O            01/01/32
    0

    7125822          E22/G02             F          146,400.00         ZZ
                                         360        146,301.77          1
                                       8.000          1,074.23         80
                                       7.750          1,074.23
    WIMBERLEY        TX   78676          5            12/20/01         00
    0413348699                           03           02/01/02          0
1

    0413348699                           O            01/01/32
    0

    7125826          E22/G02             F           78,400.00         ZZ
                                         360         78,346.05          1
                                       7.875            568.45         80
                                       7.625            568.45
    ROSWELL          NM   88201          5            12/18/01         00
    0413353632                           05           02/01/02          0
    0413353632                           O            01/01/32
    0

    7125886          E22/G02             F          176,760.00         ZZ
                                         360        176,650.14          1
                                       8.375          1,343.50         90
                                       8.125          1,343.50
    AMARILLO         TX   79109          1            12/26/01         04
    0413411091                           05           02/01/02         30
    0413411091                           O            01/01/32
    0

    7125890          E22/G02             F          100,000.00         ZZ
                                         360         99,923.90          1
                                       7.375            690.68         80
                                       7.125            690.68
    PLANO            TX   75075          5            12/18/01         00
    0413413600                           05           02/01/02          0
    0413413600                           O            01/01/32
    0

    7125896          E22/G02             F          166,500.00         ZZ
                                         360        166,379.49          1
                                       7.625          1,178.48         90
                                       7.375          1,178.48
    HOUSTON          TX   77088          1            12/26/01         04
    0413420936                           01           02/01/02         25
    0413420936                           O            01/01/32
    0

    7125930          E22/G02             F          195,200.00         ZZ
                                         360        195,069.02          1
                                       8.000          1,432.31         80
                                       7.750          1,432.31
    FLOWER MOUND     TX   75028          1            12/26/01         00
    0413444209                           03           02/01/02          0
    0413444209                           O            01/01/32
    0

1

    7125946          E22/G02             F           72,900.00         ZZ
                                         360         72,854.69          1
                                       8.375            554.09         90
                                       8.125            554.09
    CHARLOTTE        NC   28213          1            12/26/01         01
    0413465550                           05           02/01/02         25
    0413465550                           N            01/01/32
    0

    7127768          N74/G02             F           66,000.00         ZZ
                                         360         65,955.72          1
                                       8.000            484.28         79
                                       7.750            484.28
    BELLA VISTA      AR   72714          5            12/31/01         00
    0433591278                           05           02/01/02          0
    0029698010                           N            01/01/32
    0

    7128942          Q73/G02             F          600,000.00         ZZ
                                         360        599,554.71          1
                                       7.500          4,195.29         80
                                       7.250          4,195.29
    MADISON          MS   39110          2            01/03/02         00
    0433562238                           05           02/01/02          0
    2873976                              O            01/01/32
    0

    7129232          514/G02             F          600,000.00         ZZ
                                         360        598,721.37          1
                                       7.750          4,298.47         75
                                       7.500          4,298.47
    LOS ANGELES      CA   91342          1            10/15/01         00
    0433624103                           05           12/01/01          0
    675706                               O            11/01/31
    0

    7129638          E82/G02             F          223,100.00         ZZ
                                         360        222,925.96          1
                                       7.250          1,521.94         75
                                       7.000          1,521.94
    ORANGE           CT   06477          2            12/19/01         00
    0400553038                           05           02/01/02          0
    0400553038                           O            01/01/32
    0

    7132962          N74/G02             F           46,000.00         ZZ
                                         360         45,967.53          1
                                       7.750            329.55         63
                                       7.500            329.55
1

    BELLA VISTA      AR   72714          2            12/31/01         00
    0433591674                           05           02/01/02          0
    0029700010                           N            01/01/32
    0

    7133190          G34/G02             F          225,000.00         ZZ
                                         360        225,000.00          4
                                       7.500          1,573.23         90
                                       7.250          1,573.23
    LOS ANGELES      CA   91343          1            01/04/02         01
    0433618741                           05           03/01/02         25
    44041399100                          N            02/01/32
    0

    7133950          E11/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       7.000            691.91         85
                                       6.750            691.91
    ELK RIVER        MN   55308          1            01/15/02         04
    0433607462                           07           03/01/02         20
    0008001039317                        N            02/01/32
    0

    7136062          E22/G02             F          359,200.00         ZZ
                                         360        358,940.02          1
                                       7.625          2,542.40         80
                                       7.375          2,542.40
    SUNNYVALE        CA   94085          1            12/20/01         00
    0413204009                           05           02/01/02          0
    0413204009                           O            01/01/32
    0

    7136078          E22/G02             F          112,000.00         ZZ
                                         360        111,916.88          1
                                       7.500            783.12         80
                                       7.250            783.12
    DANVILLE         IN   46122          5            12/21/01         00
    0413275702                           05           02/01/02          0
    0413275702                           O            01/01/32
    0

    7136160          E22/G02             F          352,500.00         ZZ
                                         360        352,218.11          1
                                       7.125          2,374.86         53
                                       6.875          2,374.86
    BIRMINGHAM       AL   35222          2            12/21/01         00
    0413363979                           05           02/01/02          0
    0413363979                           O            01/01/32
    0
1

    7136178          E22/G02             F          192,000.00         ZZ
                                         360        191,857.51          1
                                       7.500          1,342.49         80
                                       7.250          1,342.49
    BOCA RATON       FL   33498          5            12/21/01         00
    0413380205                           03           02/01/02          0
    0413380205                           O            01/01/32
    0

    7136232          E22/G02             F          124,000.00         ZZ
                                         360        123,839.58          1
                                       8.125            920.70         80
                                       7.875            920.70
    ROWLETT          TX   75088          5            12/20/01         00
    0413402793                           05           02/01/02          0
    0413402793                           O            01/01/32
    0

    7136234          E22/G02             F          436,000.00         ZZ
                                         360        435,699.95          1
                                       7.875          3,161.30         80
                                       7.625          3,161.30
    HOUSTON          TX   77041          5            12/20/01         00
    0413402884                           05           02/01/02          0
    0413402884                           O            01/01/32
    0

    7136244          E22/G02             F          135,000.00         ZZ
                                         360        134,909.42          1
                                       8.000            990.58         80
                                       7.750            990.58
    DALLAS           TX   75231          5            12/17/01         00
    0413405614                           05           02/01/02          0
    0413405614                           O            01/01/32
    0

    7136250          E22/G02             F          106,000.00         ZZ
                                         360        105,934.11          1
                                       8.375            805.68         90
                                       8.125            805.68
    SEVERNA PARK     MD   21146          1            12/27/01         01
    0413408311                           05           02/01/02         25
    0413408311                           N            01/01/32
    0

    7136266          E22/G02             F          151,000.00         ZZ
                                         360        150,133.70          1
1

                                       7.375          1,042.92         78
                                       7.125          1,042.92
    SAN DIEGO        CA   92107          5            12/19/01         00
    0413417650                           29           02/01/02          0
    0413417650                           O            01/01/32
    0

    7136268          E22/G02             F           74,351.00         ZZ
                                         360         74,302.37          1
                                       8.125            552.05         79
                                       7.875            552.05
    GAINESVILLE      TX   76240          5            12/21/01         00
    0413417932                           05           02/01/02          0
    0413417932                           O            01/01/32
    0

    7136286          E22/G02             F          188,000.00         ZZ
                                         360        187,849.66          1
                                       7.125          1,266.59         79
                                       6.875          1,266.59
    NEVADA CITY      CA   95959          5            12/19/01         00
    0413425919                           05           02/01/02          0
    0413425919                           O            01/01/32
    0

    7136288          E22/G02             F          116,000.00         ZZ
                                         360        115,918.13          1
                                       7.750            831.04         80
                                       7.500            831.04
    HURST            TX   76054          5            12/19/01         00
    0413426099                           05           02/01/02          0
    0413426099                           O            01/01/32
    0

    7136338          E22/G02             F          151,525.00         ZZ
                                         360        151,425.88          1
                                       8.125          1,125.07         95
                                       7.875          1,125.07
    LEBANON          OR   97355          1            12/20/01         01
    0413458183                           05           02/01/02         30
    0413458183                           O            01/01/32
    0

    7139332          E22/G02             F          179,750.00         ZZ
                                         360        179,623.14          1
                                       7.750          1,287.75         89
                                       7.500          1,287.75
    MIAMI            FL   33187          2            12/03/01         01
    0413232950                           05           02/01/02         25
1

    0413232950                           O            01/01/32
    0

    7139354          E22/G02             F          166,388.00         ZZ
                                         360        166,279.16          1
                                       8.125          1,235.43         80
                                       7.875          1,235.43
    COLORADO SPRING  CO   80917          1            12/27/01         00
    0413297565                           05           02/01/02          0
    0413297565                           O            01/01/32
    0

    7139360          E22/G02             F          121,500.00         ZZ
                                         360        121,418.48          2
                                       8.000            891.52         90
                                       7.750            891.52
    PATERSON         NJ   07501          1            12/28/01         04
    0413312026                           05           02/01/02         25
    0413312026                           N            01/01/32
    0

    7139376          E22/G02             F          161,500.00         ZZ
                                         360        161,388.85          1
                                       7.875          1,170.99         95
                                       7.625          1,170.99
    STEILACOOM       WA   98388          1            12/20/01         04
    0413324088                           01           02/01/02         30
    0413324088                           O            01/01/32
    0

    7139402          E22/G02             F          630,000.00         ZZ
                                         360        629,470.73          1
                                       6.875          4,138.65         75
                                       6.625          4,138.65
    LAGUNA HILLS     CA   92653          2            12/18/01         00
    0413359654                           03           02/01/02          0
    0413359654                           O            01/01/32
    0

    7139404          E22/G02             F          173,600.00         ZZ
                                         360        173,477.48          2
                                       7.750          1,243.69         80
                                       7.500          1,243.69
    CORAL SPRINGS    FL   33065          1            12/28/01         00
    0413360058                           05           02/01/02          0
    0413360058                           O            01/01/32
    0

1

    7139412          E22/G02             F           99,000.00         ZZ
                                         360         98,940.03          1
                                       8.500            761.22         90
                                       8.250            761.22
    CHICAGO          IL   60652          1            12/28/01         04
    0413367079                           05           02/01/02         25
    0413367079                           N            01/01/32
    0

    7139416          E22/G02             F           41,600.00         ZZ
                                         360         41,574.80          2
                                       8.500            319.87         80
                                       8.250            319.87
    ORLANDO          FL   32805          1            12/28/01         00
    0413376617                           05           02/01/02          0
    0413376617                           N            01/01/32
    0

    7139422          E22/G02             F          112,000.00         ZZ
                                         360        111,920.95          1
                                       7.750            802.38         80
                                       7.500            802.38
    SAN ANTONIO      TX   78232          5            12/28/01         00
    0413384447                           03           02/01/02          0
    0413384447                           N            01/01/32
    0

    7139424          E22/G02             F          161,100.00         ZZ
                                         360        161,002.40          4
                                       8.500          1,238.72         90
                                       8.250          1,238.72
    KENNER           LA   70062          2            12/28/01         04
    0413384884                           05           02/01/02         25
    0413384884                           N            01/01/32
    0

    7139426          E22/G02             F          103,050.00         ZZ
                                         360        102,979.09          1
                                       7.875            747.18         90
                                       7.625            747.18
    BELVIDERE        IL   61008          1            12/28/01         11
    0413388166                           05           02/01/02         25
    0413388166                           O            01/01/32
    0

    7139428          E22/G02             F          108,000.00         ZZ
                                         360        107,913.70          1
                                       7.875            783.07         80
                                       7.625            783.07
1

    SALT LAKE CITY   UT   84116          5            12/19/01         00
    0413390436                           05           02/01/02          0
    0413390436                           O            01/01/32
    0

    7139430          E22/G02             F          122,708.00         ZZ
                                         360        122,625.66          1
                                       8.000            900.39         80
                                       7.750            900.39
    COLORADO SPRING  CO   80918          1            12/28/01         00
    0413390683                           03           02/01/02          0
    0413390683                           N            01/01/32
    0

    7139442          E22/G02             F          111,000.00         ZZ
                                         360        110,919.66          1
                                       7.625            785.65         48
                                       7.375            785.65
    DENVER           CO   80210          1            12/26/01         00
    0413399064                           05           02/01/02          0
    0413399064                           N            01/01/32
    0

    7139450          E22/G02             F          370,500.00         ZZ
                                         360        370,275.55          4
                                       8.500          2,848.82         95
                                       8.250          2,848.82
    CHICAGO          IL   60639          1            12/28/01         04
    0413405275                           05           02/01/02         30
    0413405275                           O            01/01/32
    0

    7139482          E22/G02             F          168,000.00         ZZ
                                         360        167,875.32          1
                                       7.500          1,174.68         80
                                       7.250          1,174.68
    FT. LAUDERDALE   FL   33328          1            12/28/01         00
    0413422544                           05           02/01/02          0
    0413422544                           N            01/01/32
    0

    7139514          E22/G02             F           61,650.00         ZZ
                                         360         61,612.65          4
                                       8.500            474.04         90
                                       8.250            474.04
    GAINESVILLE      FL   32608          1            12/28/01         01
    0413438730                           05           02/01/02         25
    0413438730                           N            01/01/32
    0
1

    7139526          E22/G02             F          398,400.00         ZZ
                                         360        398,007.00          1
                                       7.250          2,717.79         80
                                       7.000          2,717.79
    AUSTIN           TX   78731          5            12/21/01         00
    0413447079                           05           02/01/02          0
    0413447079                           O            01/01/32
    0

    7139528          E22/G02             F          117,000.00         ZZ
                                         360        116,927.28          3
                                       8.375            889.28         90
                                       8.125            889.28
    KENNER           LA   70062          2            12/28/01         04
    0413447293                           05           02/01/02         25
    0413447293                           N            01/01/32
    0

    7139534          E22/G02             F          198,000.00         ZZ
                                         360        197,867.15          1
                                       8.000          1,452.85         75
                                       7.750          1,452.85
    BOYNTON BEACH    FL   33437          1            12/28/01         00
    0413449935                           03           02/01/02          0
    0413449935                           O            01/01/32
    0

    7139892          E82/G02             F          157,000.00         ZZ
                                         360        156,861.48          1
                                       6.625          1,005.29         78
                                       6.375          1,005.29
    ATLANTA          GA   30319          2            12/28/01         00
    0400540365                           05           02/01/02          0
    1752610                              N            01/01/32
    0

    7139908          E82/G02             F           93,700.00         ZZ
                                         360         93,628.70          2
                                       7.375            647.16         73
                                       7.125            647.16
    GALLOWAY         OH   43119          2            12/19/01         00
    0400547378                           05           02/01/02          0
    0400547378                           N            01/01/32
    0

    7139910          E82/G02             F          148,500.00         ZZ
                                         360        148,389.80          1
1

                                       7.500          1,038.33         85
                                       7.250          1,038.33
    HOLBROOK         MA   02343          5            12/26/01         04
    0400527073                           05           02/01/02          6
    0400527073                           O            01/01/32
    0

    7139920          E82/G02             F           99,000.00         ZZ
                                         360         98,928.34          1
                                       7.625            700.72         82
                                       7.375            700.72
    MARLETTE         MI   48453          5            12/24/01         04
    0400543229                           05           02/01/02         12
    0400543229                           O            01/01/32
    0

    7139926          E82/G02             F          167,500.00         ZZ
                                         360        167,362.70          1
                                       7.000          1,114.38         66
                                       6.750          1,114.38
    NAPLES           FL   34109          2            12/26/01         00
    0400526836                           03           02/01/02          0
    0400526836                           O            01/01/32
    0

    7139930          E82/G02             F           95,850.00         ZZ
                                         360         95,778.86          1
                                       7.500            670.20         80
                                       7.250            670.20
    MACOMB           MI   48042          2            12/27/01         00
    0400540779                           01           02/01/02          0
    3332810                              N            01/01/32
    0

    7139936          E82/G02             F          220,000.00         ZZ
                                         360        219,832.59          1
                                       7.375          1,519.49         52
                                       7.125          1,519.49
    AUBURN           CA   95603          5            12/26/01         00
    0400522017                           05           02/01/02          0
    0400522017                           O            01/01/32
    0

    7139946          E82/G02             F           83,900.00         ZZ
                                         360         83,827.65          3
                                       7.500            586.64         89
                                       7.250            586.64
    DAYTONA BEACH    FL   32118          2            12/28/01         04
    0400529160                           05           02/01/02         25
1

    0400529160                           N            01/01/32
    0

    7140120          H37/G02             F          161,250.00         ZZ
                                         360        160,978.28          1
                                       6.875          1,059.30         75
                                       6.625          1,059.30
    HARRISBURG       PA   17110          5            11/30/01         00
    0433509734                           05           01/01/02          0
    00290720                             O            12/01/31
    0

    7145262          736/G02             F          132,000.00         ZZ
                                         360        131,822.27          1
                                       8.000            968.57         80
                                       7.750            968.57
    LINDEN           NJ   07036          1            11/30/01         00
    0433495546                           05           01/01/02          0
    0104813365                           O            12/01/31
    0

    7145856          737/G02             F           82,800.00         ZZ
                                         360         82,800.00          4
                                       8.500            636.66         90
                                       8.250            636.66
    ST. LOUIS        MO   63110          1            01/08/02         12
    0433603446                           05           03/01/02         25
    2053797                              N            02/01/32
    0

    7147224          742/G02             F           39,150.00         ZZ
                                         360         39,088.74          3
                                       7.250            267.07         90
                                       7.000            267.07
    ALBANY           NY   12203          1            11/20/01         04
    0433582897                           05           01/01/02         25
    8616294                              N            12/01/31
    0

    7148152          M45/G02             F          484,000.00         ZZ
                                         360        483,583.28          1
                                       6.750          3,139.22         75
                                       6.500          3,139.22
    MILL VALLEY      CA   94941          5            12/11/01         00
    0433501665                           05           02/01/02          0
    A0310352                             O            01/01/32
    0

1

    7148780          Q57/G02             F          145,200.00         ZZ
                                         360        145,200.00          1
                                       7.500          1,015.26         80
                                       7.250          1,015.26
    PLEASANT GROVE   UT   84062          1            01/14/02         00
    0433625985                           05           03/01/02          0
    39800055                             O            02/01/32
    0

    7151488          F61/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       7.875          1,015.10         80
                                       7.625          1,015.10
    EVERETT          WA   98204          1            01/02/02         00
    0433619921                           05           03/01/02          0
    010890B                              N            02/01/32
    0

    7152058          K15/G02             F          176,400.00         ZZ
                                         360        176,287.52          1
                                       8.250          1,325.23         90
                                       8.000          1,325.23
    LITCHFIELD       MN   55355          5            12/26/01         26
    0433567310                           05           02/01/02         25
    001320005305470                      O            01/01/32
    0

    7152492          U05/G02             F          121,600.00         ZZ
                                         360        121,600.00          1
                                       7.250            829.53         80
                                       7.000            829.53
    DUMAS            TX   79029          5            01/07/02         00
    0433600863                           05           03/01/02          0
    3190340                              O            02/01/32
    0

    7155748          700/G02             F          193,000.00         ZZ
                                         360        193,000.00          1
                                       8.500          1,484.00         84
                                       8.250          1,484.00
    RANCHO CUCAMONG  CA   91701          2            01/03/02         01
    0433627890                           05           03/01/02         12
    00264439                             O            02/01/32
    0

    7156104          T44/G02             F           82,400.00         ZZ
                                         360         82,400.00          1
                                       8.000            604.62         80
                                       7.750            604.62
1

    TEHACHAPI        CA   93561          2            01/04/02         00
    0433601259                           05           03/01/02          0
    1024362                              N            02/01/32
    0

    7158284          E22/G02             F           49,500.00         ZZ
                                         360         49,468.43          3
                                       8.250            371.88         90
                                       8.000            371.88
    HINSDALE         NH   03451          1            12/31/01         01
    0413134206                           05           02/01/02         25
    0413134206                           N            01/01/32
    0

    7158288          E22/G02             F           66,400.00         ZZ
                                         360         66,354.30          1
                                       7.875            481.45         80
                                       7.625            481.45
    PASADENA         TX   77504          2            12/24/01         00
    0413149329                           05           02/01/02          0
    0413149329                           O            01/01/32
    0

    7158296          E22/G02             F           47,600.00         ZZ
                                         360         47,568.06          1
                                       8.000            349.27         70
                                       7.750            349.27
    DES MOINES       WA   98198          5            12/21/01         00
    0413193731                           01           02/01/02          0
    0413193731                           N            01/01/32
    0

    7158306          E22/G02             F          110,162.00         ZZ
                                         360        110,093.53          1
                                       8.375            837.31         95
                                       8.125            837.31
    MOORE            OK   73160          1            12/31/01         04
    0413239344                           05           02/01/02         30
    0413239344                           O            01/01/32
    0

    7158310          E22/G02             F          127,000.00         ZZ
                                         360        126,905.75          1
                                       7.500            888.00         64
                                       7.250            888.00
    CASTLE HILLS     TX   78213          5            12/26/01         00
    0413245408                           05           02/01/02          0
    0413245408                           O            01/01/32
    0
1

    7158318          E22/G02             F          134,950.00         ZZ
                                         360        134,868.25          2
                                       8.500          1,037.65         90
                                       8.250          1,037.65
    RANCHO CORDOVA   CA   95670          1            12/13/01         01
    0413283961                           05           02/01/02         25
    0413283961                           N            01/01/32
    0

    7158342          E22/G02             F          165,000.00         ZZ
                                         360        164,593.46          1
                                       7.000          1,097.75         75
                                       6.750          1,097.75
    BIRMINGHAM       AL   35243          2            12/26/01         00
    0413317710                           05           02/01/02          0
    0413317710                           O            01/01/32
    0

    7158350          E22/G02             F          230,000.00         ZZ
                                         360        229,833.53          1
                                       7.625          1,627.93         94
                                       7.375          1,627.93
    SAN DIEGO        CA   92121          5            12/20/01         04
    0413330549                           01           02/01/02         35
    0413330549                           O            01/01/32
    0

    7158358          E22/G02             F          500,000.00         ZZ
                                         360        499,609.95          1
                                       7.250          3,410.88         80
                                       7.000          3,410.88
    FORT WORTH       TX   76179          5            12/26/01         00
    0413338138                           05           02/01/02          0
    0413338138                           O            01/01/32
    0

    7158384          E22/G02             F          288,000.00         ZZ
                                         360        287,786.26          1
                                       7.500          2,013.74         90
                                       7.250          2,013.74
    VENETA           OR   97487          1            12/21/01         04
    0413353970                           05           02/01/02         25
    0413353970                           O            01/01/32
    0

    7158444          E22/G02             F          132,300.00         ZZ
                                         360        132,219.85          1
1

                                       8.500          1,017.27         95
                                       8.250          1,017.27
    ALBUQUERQUE      NM   87112          5            12/26/01         04
    0413392622                           05           02/01/02         30
    0413392622                           O            01/01/32
    0

    7158454          E22/G02             F          256,980.00         ZZ
                                         360        256,769.36          1
                                       7.000          1,709.69         95
                                       6.750          1,709.69
    CHARLOTTE        NC   28226          1            12/27/01         01
    0413398892                           09           02/01/02         30
    0413398892                           O            01/01/32
    0

    7158456          E22/G02             F          148,000.00         ZZ
                                         360        147,895.54          1
                                       7.750          1,060.29         80
                                       7.500          1,060.29
    HOPE             IN   47246          5            12/26/01         00
    0413398918                           05           02/01/02          0
    0413398918                           O            01/01/32
    0

    7158464          E22/G02             F           80,000.00         ZZ
                                         360         79,929.42          1
                                       6.625            512.25         77
                                       6.375            512.25
    WEST PALM BEACH  FL   33415          5            12/26/01         00
    0413402736                           05           02/01/02          0
    0413402736                           O            01/01/32
    0

    7158488          E22/G02             F          236,000.00         ZZ
                                         360        235,801.73          1
                                       6.875          1,550.35         80
                                       6.625          1,550.35
    MONTEREY PARK    CA   91754          5            12/19/01         00
    0413410978                           05           02/01/02          0
    0413410978                           O            01/01/32
    0

    7158500          E22/G02             F           76,000.00         ZZ
                                         360         75,947.70          1
                                       7.875            551.05         73
                                       7.625            551.05
    OMAHA            NE   68106          1            12/18/01         00
    0413420704                           05           02/01/02          0
1

    0413420704                           N            01/01/32
    0

    7158506          E22/G02             F           59,200.00         ZZ
                                         360         59,154.95          1
                                       7.375            408.88         80
                                       7.125            408.88
    KENNEWICK        WA   99337          2            12/21/01         00
    0413425216                           05           02/01/02          0
    0413425216                           O            01/01/32
    0

    7158508          E22/G02             F          107,000.00         ZZ
                                         360        106,930.01          1
                                       8.125            794.47         95
                                       7.875            794.47
    MADISON HEIGHTS  MI   48071          5            12/27/01         04
    0413425414                           05           02/01/02         30
    0413425414                           O            01/01/32
    0

    7158538          E22/G02             F          141,500.00         ZZ
                                         360        141,388.90          1
                                       7.250            965.28         46
                                       7.000            965.28
    GRAPEVINE        TX   76051          5            12/26/01         00
    0413436742                           05           02/01/02          0
    0413436742                           O            01/01/32
    0

    7158562          E22/G02             F          254,100.00         ZZ
                                         360        253,937.97          3
                                       8.250          1,908.97         66
                                       8.000          1,908.97
    NORTH ANDOVER    MA   01845          2            12/31/01         00
    0413449992                           05           02/01/02          0
    0413449992                           N            01/01/32
    0

    7158564          E22/G02             F          450,000.00         ZZ
                                         360        449,648.96          1
                                       7.250          3,069.79         45
                                       7.000          3,069.79
    LAGUNA BEACH     CA   92651          1            12/19/01         00
    0413450396                           05           02/01/02          0
    0413450396                           O            01/01/32
    0

1

    7158576          E22/G02             F          110,720.00         ZZ
                                         360        110,643.80          1
                                       7.875            802.80         80
                                       7.625            802.80
    EAGAN            MN   55122          1            12/31/01         00
    0413455098                           05           02/01/02          0
    0413455098                           N            01/01/32
    0

    7158580          E22/G02             F          311,920.00         ZZ
                                         360        311,710.71          1
                                       8.000          2,288.76         80
                                       7.750          2,288.76
    PEPPERELL        MA   01463          1            12/28/01         00
    0413455502                           05           02/01/02          0
    0413455502                           O            01/01/32
    0

    7158592          E22/G02             F          166,500.00         ZZ
                                         360        166,396.51          1
                                       8.375          1,265.52         90
                                       8.125          1,265.52
    WATERFORD        MI   48329          1            12/31/01         04
    0413458761                           05           02/01/02         25
    0413458761                           O            01/01/32
    0

    7158612          E22/G02             F          320,800.00         ZZ
                                         360        320,605.66          1
                                       8.500          2,466.67         75
                                       8.250          2,466.67
    DALLAS           TX   75208          5            12/26/01         00
    0413469511                           05           02/01/02          0
    0413469511                           O            01/01/32
    0

    7158616          E22/G02             F          396,000.00         ZZ
                                         360        395,706.11          1
                                       7.500          2,768.89         90
                                       7.250          2,768.89
    TAMPA            FL   33629          1            12/31/01         10
    0413472176                           05           02/01/02         25
    0413472176                           O            01/01/32
    0

    7160696          N74/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.500            839.06         80
                                       7.250            839.06
1

    FRIENDSWOOD      TX   77546          5            01/04/02         00
    0433611597                           03           03/01/02          0
    0029704010                           O            02/01/32
    0

    7161660          M66/G02             F          162,000.00         ZZ
                                         360        161,899.31          4
                                       8.375          1,231.32         90
                                       8.125          1,231.32
    IRVINGTON TWP    NJ   07111          1            12/10/01         11
    0433534294                           05           02/01/02         25
    218502                               O            01/01/32
    0

    7162340          L20/G02             F          147,600.00         ZZ
                                         360        147,600.00          1
                                       7.500          1,032.04         80
                                       7.250          1,032.04
    SALT LAKE CITY   UT   84102          1            01/03/02         00
    0433541620                           05           03/01/02          0
    283304                               O            02/01/32
    0

    7163030          Q30/G02             F          105,500.00         ZZ
                                         360        105,406.92          1
                                       6.625            675.53         80
                                       6.375            675.53
    PHILADELPHIA     PA   19115          1            12/17/01         00
    0433563012                           09           02/01/02          0
    18025573                             O            01/01/32
    0

    7163684          964/G02             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.125          2,526.44         79
                                       6.875          2,526.44
    SAN FRANCISCO    CA   94105          5            01/03/02         00
    0433627668                           06           03/01/02          0
    160763                               O            02/01/32
    0

    7167450          964/G02             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
                                       7.125          6,737.19         59
                                       6.875          6,737.19
    LOS GATOS        CA   95033          5            01/23/02         00
    0433635893                           05           03/01/02          0
    178893                               O            02/01/32
    0
1

    7167774          588/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
                                       7.125          1,320.49         80
                                       6.875          1,320.49
    ALEXANDRIA       VA   22301          1            01/14/02         00
    0433630654                           05           03/01/02          0
    1056859                              O            02/01/32
    0

    7167938          S27/G02             F          492,000.00         ZZ
                                         360        492,000.00          1
                                       7.875          3,567.35         80
                                       7.625          3,567.35
    WILLMETTE        IL   60091          1            01/11/02         00
    0433604634                           05           03/01/02          0
    1130001806                           O            02/01/32
    0

    7169380          286/286             F           67,875.00         ZZ
                                         360         67,550.68          1
                                       7.750            486.27         75
                                       7.500            486.27
    WINFIELD         KS   67156          5            11/05/01         00
    657022                               05           01/01/02          0
    657022                               O            12/01/31
    0

    7169392          286/286             F          103,500.00         ZZ
                                         360        103,338.01          1
                                       7.250            706.06         75
                                       7.000            706.06
    LEXINGTON        VA   24450          5            11/07/01         00
    683052                               05           01/01/02          0
    683052                               O            12/01/31
    0

    7169400          286/286             F           79,000.00         ZZ
                                         360         78,876.37          1
                                       7.250            538.92         72
                                       7.000            538.92
    METAIRIE         LA   70003          5            11/09/01         00
    9916018                              05           01/01/02          0
    9916018                              O            12/01/31
    0

    7169412          286/286             F          100,000.00         ZZ
                                         360         99,835.57          1
1

                                       7.000            665.31         34
                                       6.750            665.31
    STAFFORD         NJ   08050          5            11/08/01         00
    519569                               05           01/01/02          0
    519569                               O            12/01/31
    0

    7169414          286/286             F           79,500.00         ZZ
                                         360         79,362.71          1
                                       6.750            515.64         47
                                       6.500            515.64
    NEWARK           DE   19702          5            11/06/01         00
    9921233                              05           01/01/02          0
    9921233                              O            12/01/31
    0

    7169430          286/286             F          150,000.00         ZZ
                                         360        149,740.97          1
                                       6.750            972.90         75
                                       6.500            972.90
    LYNNWOOD         WA   98037          5            11/05/01         00
    9683381                              03           01/01/02          0
    9683381                              O            12/01/31
    0

    7169432          286/286             F           82,600.00         ZZ
                                         360         82,477.02          1
                                       7.500            577.55         70
                                       7.250            577.55
    PHOENIX          AZ   85053          5            11/06/01         00
    9921565                              05           01/01/02          0
    9921565                              O            12/01/31
    0

    7174974          N47/G02             F          528,500.00         ZZ
                                         360        528,500.00          1
                                       7.875          3,831.99         75
                                       7.625          3,831.99
    PLEASANTON       CA   94566          5            01/03/02         00
    0433600509                           05           03/01/02          0
    20112532                             O            02/01/32
    0

    7177162          893/G02             F          516,000.00         ZZ
                                         360        516,000.00          1
                                       7.250          3,520.03         80
                                       7.000          3,520.03
    SONOMA           CA   95476          1            01/10/02         00
    0433599487                           05           03/01/02          0
1

    A11226011                            O            02/01/32
    0

    7178608          E82/G02             F          136,000.00         ZZ
                                         360        135,896.51          1
                                       7.375            939.32         80
                                       7.125            939.32
    HALLANDALE       FL   33009          2            12/27/01         00
    0400563771                           05           02/01/02          0
    0400563771                           O            01/01/32
    0

    7178618          E82/G02             F           73,600.00         ZZ
                                         360         73,543.99          1
                                       7.375            508.34         80
                                       7.125            508.34
    ROCK HILL        NY   12775          2            12/28/01         00
    0400533311                           05           02/01/02          0
    3700566                              O            01/01/32
    0

    7178628          E82/G02             F          214,000.00         ZZ
                                         360        213,824.58          1
                                       7.000          1,423.75         80
                                       6.750          1,423.75
    LAS VEGAS        NV   89135          2            12/28/01         00
    0400544003                           03           02/01/02          0
    3469415                              O            01/01/32
    0

    7178648          E82/G02             F          226,300.00         ZZ
                                         360        226,140.28          1
                                       7.750          1,621.24         71
                                       7.500          1,621.24
    NEW ORLEANS      LA   70115          2            12/27/01         00
    0400556635                           05           02/01/02          0
    0400556635                           O            01/01/32
    0

    7178652          E82/G02             F          370,500.00         ZZ
                                         360        370,148.46          1
                                       6.250          2,281.23         56
                                       6.000          2,281.23
    WASHINGTON       DC   20012          2            12/28/01         00
    0400545182                           05           02/01/02          0
    1876322                              O            01/01/32
    0

1

    7178660          E82/G02             F          196,500.00         ZZ
                                         360        196,334.91          1
                                       6.875          1,290.87         52
                                       6.625          1,290.87
    SAN JOSE         CA   95111          5            12/28/01         00
    0400558979                           05           02/01/02          0
    0400558979                           O            01/01/32
    0

    7183106          964/G02             F          157,500.00         ZZ
                                         360        157,500.00          1
                                       7.750          1,128.35         80
                                       7.500          1,128.35
    HILLSBORO        OR   97123          1            01/08/02         00
    0433585205                           05           03/01/02          0
    177960                               O            02/01/32
    0

    7184434          U05/G02             F          127,800.00         ZZ
                                         360        127,800.00          1
                                       7.750            915.57         90
                                       7.500            915.57
    CLARKDALE        AZ   86324          1            01/09/02         10
    0433590049                           05           03/01/02         25
    3200264                              N            02/01/32
    0

    7186508          P04/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       7.500            943.94         75
                                       7.250            943.94
    MINNEAPOLIS      MN   55405          5            01/07/02         00
    0433592102                           05           03/01/02          0
    951896                               O            02/01/32
    0

    7188884          X19/G02             F          292,000.00         ZZ
                                         360        292,000.00          1
                                       8.250          2,193.70         80
                                       8.000          2,193.70
    WHITE PLAINS     NY   10605          1            01/15/02         00
    0433602851                           05           03/01/02          0
    21122103                             N            02/01/32
    0

    7188912          964/G02             F          420,000.00         ZZ
                                         360        419,664.13          1
                                       7.125          2,829.62         80
                                       6.875          2,829.62
1

    SALEM            OR   97301          5            12/31/01         00
    0433591740                           05           02/01/02          0
    153180                               O            01/01/32
    0

    7192776          737/G02             F          148,500.00         ZZ
                                         360        148,500.00          2
                                       8.500          1,141.84         90
                                       8.250          1,141.84
    NEW ORLEANS      LA   70127          1            01/07/02         12
    0433590031                           05           03/01/02         25
    2052142                              N            02/01/32
    0

    7193592          964/G02             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       7.375          2,679.82         80
                                       7.125          2,679.82
    ARROYO GRANDE    CA   93420          5            12/31/01         00
    0433587003                           05           03/01/02          0
    169982                               O            02/01/32
    0

    7193810          A52/G02             F           72,000.00         ZZ
                                         240         71,871.96          1
                                       7.625            585.54         90
                                       7.375            585.54
    FOREST PARK      GA   30294          5            01/07/02         11
    0433597937                           05           02/01/02         25
    17732                                O            01/01/22
    0

    7193822          N47/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
                                       7.875          1,073.10         80
                                       7.625          1,073.10
    BANDON           OR   97411          1            01/22/02         00
    0433631249                           05           03/01/02          0
    20420011                             O            02/01/32
    0

    7194422          783/G02             F          148,800.00         ZZ
                                         360        148,800.00          1
                                       7.250          1,015.08         80
                                       7.000          1,015.08
    YAKIMA           WA   98908          1            01/08/02         00
    0433605201                           05           03/01/02          0
    9420002026                           O            02/01/32
    0
1

    7201920          E22/G02             F          275,200.00         ZZ
                                         360        274,932.42          1
                                       7.875          1,995.39         80
                                       7.625          1,995.39
    SPRINGTOWN       TX   76082          4            01/02/02         00
    0412911992                           05           02/01/02          0
    0412911992                           O            01/01/32
    0

    7201940          E22/G02             F          149,000.00         ZZ
                                         360        148,880.85          1
                                       7.125          1,003.84         58
                                       6.875          1,003.84
    SAN JOSE         CA   95116          5            12/21/01         00
    0413296021                           09           02/01/02          0
    0413296021                           O            01/01/32
    0

    7201944          E22/G02             F          144,000.00         ZZ
                                         360        143,893.13          1
                                       7.500          1,006.87         64
                                       7.250          1,006.87
    FRANKLIN TOWNSH  NJ   08873          5            12/27/01         00
    0413329855                           01           02/01/02          0
    0413329855                           O            01/01/32
    0

    7201960          E22/G02             F          170,000.00         ZZ
                                         360        169,860.66          1
                                       7.000          1,131.01         73
                                       6.750          1,131.01
    WHITEFISH        MT   59937          5            12/20/01         00
    0413368085                           05           02/01/02          0
    0413368085                           O            01/01/32
    0

    7202002          E22/G02             F          159,200.00         ZZ
                                         360        159,081.85          1
                                       7.500          1,113.15         80
                                       7.250          1,113.15
    CORVALLIS        OR   97330          1            12/24/01         00
    0413402801                           05           02/01/02          0
    0413402801                           O            01/01/32
    0

    7202004          E22/G02             F          129,750.00         ZZ
                                         360        129,648.79          1
1

                                       7.250            885.12         75
                                       7.000            885.12
    SACRAMENTO       CA   95838          5            12/24/01         00
    0413404336                           05           02/01/02          0
    0413404336                           O            01/01/32
    0

    7202020          E22/G02             F           98,500.00         ZZ
                                         360         98,500.00          1
                                       6.625            630.71         66
                                       6.375            630.71
    DENVER           CO   80241          5            12/27/01         00
    0413415514                           09           03/01/02          0
    0413415514                           O            02/01/32
    0

    7202030          E22/G02             F          181,600.00         ZZ
                                         360        181,468.57          1
                                       7.625          1,285.35         80
                                       7.375          1,285.35
    CHULA VISTA      CA   91911          1            12/21/01         00
    0413429721                           05           02/01/02          0
    0413429721                           O            01/01/32
    0

    7205124          806/G02             F          158,150.00         ZZ
                                         360        158,038.38          1
                                       7.750          1,133.01         80
                                       7.500          1,133.01
    LAS VEGAS        NV   89141          1            12/05/01         00
    0433601051                           03           02/01/02          0
    1140006686                           O            01/01/32
    0

    7205700          F89/G02             F          171,100.00         ZZ
                                         360        171,100.00          1
                                       7.500          1,196.36         80
                                       7.250          1,196.36
    TEMECULA         CA   92592          1            01/07/02         00
    0433600129                           03           03/01/02          0
    16867                                O            02/01/32
    0

    7207478          964/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
                                       7.500            531.40         80
                                       7.250            531.40
    TACOMA           WA   98405          1            01/08/02         00
    0433628880                           05           03/01/02          0
1

    180457                               N            02/01/32
    0

    7208092          F62/G02             F          216,000.00         ZZ
                                         360        216,000.00          4
                                       7.750          1,547.45         90
                                       7.500          1,547.45
    FT. LAUDERDALE   FL   33308          1            01/08/02         04
    0433596202                           05           03/01/02         25
    0928890814                           O            02/01/32
    0

    7210886          714/G02             F          402,801.55         T
                                         360        402,446.17          1
                                       6.625          2,579.18         37
                                       6.375          2,579.18
    SISTER BAY       WI   54234          2            12/21/01         00
    0433573037                           05           02/01/02          0
    1                                    O            01/01/32
    0

    7211688          K88/G02             F          348,500.00         ZZ
                                         360        348,277.77          1
                                       8.250          2,618.17         79
                                       8.000          2,618.17
    UPPER FREEHOLD   NJ   08514          1            12/19/01         00
    0433560331                           05           02/01/02          0
    16400                                O            01/01/32
    0

    7216302          E44/G02             F          467,500.00         ZZ
                                         360        467,500.00          1
                                       7.875          3,389.70         85
                                       7.625          3,389.70
    HUNTSVILLE       UT   84317          2            01/08/02         14
    0433595972                           05           03/01/02         12
    58010614                             O            02/01/32
    0

    7216588          P33/G02             F           36,000.00         ZZ
                                         360         36,000.00          1
                                       8.000            264.16         90
                                       7.750            264.16
    KANSAS CITY      MO   64128          1            01/16/02         01
    0433601325                           05           03/01/02         25
    14560213                             N            02/01/32
    0

1

    7222436          E22/G02             F          443,000.00         ZZ
                                         360        443,000.00          2
                                       7.750          3,173.71         60
                                       7.500          3,173.71
    SAN FRANCISCO    CA   94122          5            12/27/01         00
    0413119843                           05           03/01/02          0
    0413119843                           O            02/01/32
    0

    7222438          E22/G02             F          275,000.00         ZZ
                                         360        274,820.11          1
                                       8.125          2,041.87         44
                                       7.875          2,041.87
    BAY POINT        CA   94565          5            12/13/01         00
    0413148420                           05           02/01/02          0
    0413148420                           O            01/01/32
    0

    7222446          E22/G02             F          116,250.00         ZZ
                                         360        116,177.75          1
                                       8.375            883.58         95
                                       8.125            883.58
    METAIRIE         LA   70003          1            01/03/02         04
    0413205618                           05           02/01/02         30
    0413205618                           O            01/01/32
    0

    7222464          E22/G02             F          121,000.00         ZZ
                                         360        120,920.85          1
                                       8.125            898.42         79
                                       7.875            898.42
    AMARILLO         TX   79109          2            12/28/01         00
    0413325739                           05           02/01/02          0
    0413325739                           O            01/01/32
    0

    7222466          E22/G02             F          175,500.00         ZZ
                                         360        175,376.14          4
                                       7.750          1,257.30         90
                                       7.500          1,257.30
    KENNER           LA   70065          1            01/03/02         01
    0413325945                           05           02/01/02         25
    0413325945                           O            01/01/32
    0

    7222468          E22/G02             F          123,250.00         ZZ
                                         360        123,158.53          1
                                       7.500            861.78         85
                                       7.250            861.78
1

    WILMER           AL   36587          2            12/28/01         01
    0413331836                           05           02/01/02         12
    0413331836                           O            01/01/32
    0

    7222492          E22/G02             F           98,000.00         ZZ
                                         360         97,930.84          1
                                       7.750            702.08         70
                                       7.500            702.08
    SANTA ROSA       CA   95403          5            12/19/01         00
    0413369646                           01           02/01/02          0
    0413369646                           N            01/01/32
    0

    7222494          E22/G02             F          100,000.00         ZZ
                                         360         99,925.79          1
                                       7.500            699.21         48
                                       7.250            699.21
    HUTTO            TX   78634          5            12/27/01         00
    0413371485                           05           02/01/02          0
    0413371485                           O            01/01/32
    0

    7222540          E22/G02             F          232,500.00         ZZ
                                         360        232,235.90          1
                                       7.750          1,665.66         64
                                       7.500          1,665.66
    TROY             MI   48098          2            12/28/01         00
    0413418013                           05           02/01/02          0
    0413418013                           O            01/01/32
    0

    7222550          E22/G02             F           88,200.00         ZZ
                                         360         88,134.54          1
                                       7.500            616.71         79
                                       7.250            616.71
    HOUSTON          TX   77080          5            12/27/01         00
    0413422551                           03           02/01/02          0
    0413422551                           O            01/01/32
    0

    7222558          E22/G02             F           76,000.00         ZZ
                                         360         75,945.00          1
                                       7.625            537.92         55
                                       7.375            537.92
    BEREA            OH   44017          5            12/28/01         00
    0413431388                           05           02/01/02          0
    0413431388                           O            01/01/32
    0
1

    7222564          E22/G02             F          119,700.00         ZZ
                                         360        119,627.48          1
                                       8.500            920.39         95
                                       8.250            920.39
    MARTINSBURG      WV   25401          5            12/28/01         04
    0413432659                           05           02/01/02         30
    0413432659                           O            01/01/32
    0

    7222568          E22/G02             F           71,250.00         ZZ
                                         360         71,206.84          1
                                       8.500            547.85         95
                                       8.250            547.85
    SALEM            IL   62881          5            12/26/01         04
    0413438375                           05           02/01/02         30
    0413438375                           O            01/01/32
    0

    7222570          E22/G02             F          175,000.00         ZZ
                                         360        174,888.41          1
                                       8.250          1,314.72         56
                                       8.000          1,314.72
    CARY             NC   27513          5            12/28/01         00
    0413439019                           05           02/01/02          0
    0413439019                           O            01/01/32
    0

    7222580          E22/G02             F          175,500.00         ZZ
                                         360        175,388.09          4
                                       8.250          1,318.47         90
                                       8.000          1,318.47
    KENNER           LA   70065          1            01/03/02         01
    0413444183                           05           02/01/02         25
    0413444183                           N            01/01/32
    0

    7222584          E22/G02             F          190,000.00         ZZ
                                         360        189,841.98          1
                                       7.250          1,296.13         42
                                       7.000          1,296.13
    SAYVILLE         NY   11782          5            12/28/01         00
    0413448374                           05           02/01/02          0
    0413448374                           O            01/01/32
    0

    7222594          E22/G02             F           92,000.00         ZZ
                                         360         91,938.27          1
1

                                       8.000            675.06         80
                                       7.750            675.06
    WYLIE            TX   75098          1            01/03/02         00
    0413454547                           05           02/01/02          0
    0413454547                           N            01/01/32
    0

    7222614          E22/G02             F          175,750.00         ZZ
                                         360        175,643.53          1
                                       8.500          1,351.37         80
                                       8.250          1,351.37
    OREGON CITY      OR   97045          1            12/27/01         00
    0413464694                           03           02/01/02          0
    0413464694                           O            01/01/32
    0

    7222618          E22/G02             F          138,400.00         ZZ
                                         360        138,318.29          1
                                       8.625          1,076.46         80
                                       8.375          1,076.46
    KATY             TX   77450          5            12/28/01         00
    0413466582                           03           02/01/02          0
    0413466582                           O            01/01/32
    0

    7223092          P01/G02             F           52,200.00         ZZ
                                         360         52,167.55          2
                                       8.375            396.76         90
                                       8.125            396.76
    TROY             NY   12180          1            12/17/01         10
    0433566585                           05           02/01/02         25
    01007705                             N            01/01/32
    0

    7223266          R21/G02             F           81,000.00         ZZ
                                         360         80,953.40          2
                                       8.750            637.23         90
                                       8.500            637.23
    CHICAGO          IL   60621          1            12/31/01         01
    0433588829                           05           02/01/02         25
    20011275                             N            01/01/32
    0

    7224430          U05/G02             F          288,000.00         ZZ
                                         360        288,000.00          1
                                       6.875          1,891.95         80
                                       6.625          1,891.95
    MONTGOMERY       TX   77356          2            01/11/02         00
    0433627494                           03           03/01/02          0
1

    3193573                              O            02/01/32
    0

    7226476          E11/G02             F          107,200.00         ZZ
                                         360        107,200.00          1
                                       7.875            777.27         80
                                       7.625            777.27
    MINNEAPOLIS      MN   55418          1            01/15/02         00
    0433604261                           05           03/01/02          0
    0002001038035                        O            02/01/32
    0

    7226592          E82/G02             F           86,800.00         ZZ
                                         360         86,727.08          2
                                       6.875            570.21         52
                                       6.625            570.21
    SACRAMENTO       CA   95842          2            01/04/02         00
    0400511785                           05           02/01/02          0
    1612950                              N            01/01/32
    0

    7226596          E82/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       7.625            679.48         80
                                       7.375            679.48
    ALBANY           NY   12203          2            01/03/02         00
    0400533105                           05           03/01/02          0
    0400533105                           N            02/01/32
    0

    7226608          E82/G02             F           98,000.00         ZZ
                                         360         98,000.00          2
                                       7.250            668.53         56
                                       7.000            668.53
    BROOKLYN         NY   11212          2            01/07/02         00
    0400545745                           05           03/01/02          0
    0400545745                           N            02/01/32
    0

    7226612          E82/G02             F          100,000.00         ZZ
                                         360         99,918.03          1
                                       7.000            665.30         54
                                       6.750            665.30
    ORO VALLEY       AZ   85737          2            01/02/02         00
    0400546693                           01           02/01/02          0
    7226612                              N            01/01/32
    0

1

    7226678          T90/G02             F          198,300.00         ZZ
                                         360        198,300.00          1
                                       7.250          1,352.76         80
                                       7.000          1,352.76
    MARIETTA         GA   30064          1            01/15/02         00
    0433626074                           03           03/01/02          0
    69598                                O            02/01/32
    0

    7227948          225/G02             F          104,000.00         ZZ
                                         360        103,716.41          1
                                       6.500            657.35         80
                                       6.250            657.35
    PHILADELPHIA     PA   19128          1            10/31/01         00
    0433546447                           05           12/01/01          0
    6555283                              O            11/01/31
    0

    7228012          225/G02             F          100,000.00         ZZ
                                         360         99,740.25          1
                                       6.750            648.60         80
                                       6.500            648.60
    IRVING           TX   75060          1            10/31/01         00
    0433543295                           05           12/01/01          0
    7317307                              O            11/01/31
    0

    7228042          225/G02             F          162,750.00         ZZ
                                         360        162,376.17          1
                                       7.375          1,124.08         75
                                       7.125          1,124.08
    HILLSBORO        NJ   08844          1            10/31/01         00
    0433545910                           01           12/01/01          0
    7318633                              O            11/01/31
    0

    7228068          225/G02             F          117,000.00         ZZ
                                         360        116,850.26          3
                                       8.250            878.99         90
                                       8.000            878.99
    WOONSOCKET       RI   02895          1            11/08/01         26
    0433524857                           05           01/01/02         25
    7284934                              O            12/01/31
    0

    7228070          225/G02             F          120,510.00         ZZ
                                         360        117,604.95          3
                                       7.375            832.34         90
                                       7.125            832.34
1

    WORCESTER        MA   01610          1            11/20/01         14
    0433531019                           05           01/01/02         25
    7286721                              O            12/01/31
    0

    7228078          225/G02             F          158,000.00         ZZ
                                         360        157,406.33          2
                                       7.500          1,104.76         95
                                       7.250          1,104.76
    CICERO           IL   60804          1            08/30/01         11
    0433546124                           05           10/01/01         30
    7300122                              O            09/01/31
    0

    7228096          225/G02             F          152,000.00         ZZ
                                         360        151,767.97          3
                                       7.375          1,049.83         80
                                       7.125          1,049.83
    WORCESTER        MA   01606          5            11/13/01         00
    0433545316                           05           01/01/02          0
    7319293                              O            12/01/31
    0

    7231728          L20/G02             F          247,500.00         ZZ
                                         360        247,500.00          1
                                       7.750          1,773.12         90
                                       7.500          1,773.12
    SALT LAKE CITY   UT   84117          1            01/10/02         14
    0433574753                           05           03/01/02         25
    287113                               O            02/01/32
    0

    7231894          967/G02             F          205,000.00         ZZ
                                         360        205,000.00          2
                                       7.875          1,486.39         50
                                       7.625          1,486.39
    KETCHUM          ID   83340          5            01/11/02         00
    0433605367                           05           03/01/02          0
    8661969                              O            02/01/32
    0

    7233386          562/G02             F          123,250.00         ZZ
                                         360        123,250.00          1
                                       7.375            851.26         85
                                       7.125            851.26
    GREENWOOD LAKE   NY   10925          5            01/02/02         04
    0433596988                           05           03/01/02         12
    297029846                            O            02/01/32
    0
1

    7241088          Q14/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       8.375          1,299.72         90
                                       8.125          1,299.72
    QUEEN CREEK      AZ   85242          1            01/10/02         01
    0433573946                           05           03/01/02         25
    0106500                              O            02/01/32
    0

    7241484          N47/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       7.625          1,167.86         59
                                       7.375          1,167.86
    WATSONVILLE      CA   95076          5            01/09/02         00
    0433612819                           05           03/01/02          0
    20112337                             N            02/01/32
    0

    7245128          E22/G02             F          408,000.00         ZZ
                                         360        407,719.22          1
                                       7.875          2,958.28         85
                                       7.625          2,958.28
    FREMONT          CA   94538          5            12/24/01         01
    0413228081                           05           02/01/02         12
    0413228081                           O            01/01/32
    0

    7245134          E22/G02             F           68,730.00         ZZ
                                         360         68,730.00          1
                                       7.750            492.39         79
                                       7.500            492.39
    PUEBLO           CO   81004          2            01/04/02         00
    0413290644                           05           03/01/02          0
    0413290644                           N            02/01/32
    0

    7245152          E22/G02             F          180,000.00         ZZ
                                         360        179,852.46          1
                                       7.000          1,197.54         25
                                       6.750          1,197.54
    NOVATO           CA   94945          5            12/19/01         00
    0413392747                           05           02/01/02          0
    0413392747                           O            01/01/32
    0

    7245172          E22/G02             F          218,500.00         ZZ
                                         360        218,500.00          2
1

                                       7.250          1,490.56         95
                                       7.000          1,490.56
    HOUSTON          TX   77004          1            01/04/02         04
    0413418062                           05           03/01/02         30
    0413418062                           O            02/01/32
    0

    7245192          E22/G02             F          123,500.00         ZZ
                                         360        123,408.35          1
                                       7.500            863.53         95
                                       7.250            863.53
    MIAMI            FL   33182          1            01/04/02         01
    0413436155                           09           02/01/02         30
    0413436155                           O            01/01/32
    0

    7245198          E22/G02             F          251,750.00         ZZ
                                         360        251,750.00          1
                                       8.625          1,958.09         95
                                       8.375          1,958.09
    JAMAICA          NY   11435          1            01/04/02         04
    0413439068                           05           03/01/02         35
    0413439068                           O            02/01/32
    0

    7245210          E22/G02             F          109,600.00         ZZ
                                         360        109,533.60          2
                                       8.500            842.73         80
                                       8.250            842.73
    WEST PALM BEACH  FL   33413          1            01/04/02         00
    0413444837                           05           02/01/02          0
    0413444837                           N            01/01/32
    0

    7245226          E22/G02             F          161,100.00         ZZ
                                         360        161,002.40          4
                                       8.500          1,238.72         90
                                       8.250          1,238.72
    KENNER           LA   70062          2            01/04/02         01
    0413456930                           05           02/01/02         25
    0413456930                           N            01/01/32
    0

    7245232          E22/G02             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       7.125          2,627.50         78
                                       6.875          2,627.50
    WOBURN           MA   01801          1            01/04/02         00
    0413460510                           05           03/01/02          0
1

    0413460510                           O            02/01/32
    0

    7245234          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       7.750            429.85         70
                                       7.500            429.85
    BAY CITY         MI   48706          1            01/04/02         00
    0413461096                           01           03/01/02          0
    0413461096                           N            02/01/32
    0

    7245244          E22/G02             F           83,300.00         ZZ
                                         360         83,249.54          1
                                       8.500            640.50         85
                                       8.250            640.50
    LOUISVILLE       KY   40229          5            12/28/01         04
    0413466814                           05           02/01/02         12
    0413466814                           O            01/01/32
    0

    7245636          E82/G02             F          177,650.00         ZZ
                                         360        177,650.00          4
                                       7.000          1,181.91         50
                                       6.750          1,181.91
    OAKLAND          CA   94601          2            01/03/02         00
    0400523775                           05           03/01/02          0
    3823171                              O            02/01/32
    0

    7245638          E82/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       6.875            762.04         80
                                       6.625            762.04
    CLINTON TWP.     MI   48036          2            01/03/02         00
    0400561015                           05           03/01/02          0
    4772206                              O            02/01/32
    0

    7245654          E82/G02             F          140,850.00         ZZ
                                         360        140,850.00          1
                                       6.875            925.28         90
                                       6.625            925.28
    RIALTO           CA   92376          2            01/03/02         04
    0400560173                           05           03/01/02         25
    3345485                              O            02/01/32
    0

1

    7245658          E82/G02             F          194,500.00         ZZ
                                         360        194,340.57          1
                                       7.000          1,294.01         72
                                       6.750          1,294.01
    CHARLOTTE        NC   28270          2            12/20/01         00
    0400533071                           05           02/01/02          0
    0400533071                           O            01/01/32
    0

    7245666          A80/G02             F          148,500.00         ZZ
                                         360        148,500.00          1
                                       7.500          1,038.34         90
                                       7.250          1,038.34
    MIAMI            FL   33175          1            01/11/02         01
    0433575669                           05           03/01/02         25
    020130036                            O            02/01/32
    0

    7246582          U05/G02             F          113,250.00         ZZ
                                         360        113,002.52          1
                                       7.625            801.58         76
                                       7.375            801.58
    PRINCETON        TX   75407          2            10/22/01         00
    0433598505                           05           12/01/01          0
    3172734                              O            11/01/31
    0

    7250488          K39/G02             F          234,000.00         ZZ
                                         360        233,846.92          1
                                       8.125          1,737.45         90
                                       7.875          1,737.45
    JONESBOROUGH     TN   37659          2            01/11/02         10
    0433601358                           05           02/16/02         25
    235684105                            O            01/16/32
    0

    7251038          076/076             F          480,000.00         ZZ
                                         360        479,191.17          1
                                       6.875          3,153.26         79
                                       6.625          3,153.26
    PALM COAST       FL   32137          1            11/21/01         00
    2645162                              03           01/01/02          0
    2645162                              O            12/01/31
    0

    7254710          N74/G02             F          164,800.00         ZZ
                                         360        164,800.00          1
                                       7.500          1,152.31         80
                                       7.250          1,152.31
1

    MADISON          VA   22727          5            01/11/02         00
    0433611522                           05           03/01/02          0
    0029213010                           O            02/01/32
    0

    7255530          A46/G02             F           82,700.00         ZZ
                                         360         82,700.00          1
                                       7.750            592.48         83
                                       7.500            592.48
    HOUSTON          TX   77084          2            01/08/02         04
    0433604311                           05           03/01/02         17
    0182004                              N            02/01/32
    0

    7256116          253/253             F           86,250.00         ZZ
                                         360         86,192.12          1
                                       8.000            632.88         75
                                       7.750            632.88
    SANTA FE         NM   87501          5            12/14/01         00
    989452                               09           02/01/02          0
    989452                               N            01/01/32
    0

    7256844          E23/G02             F          229,600.00         ZZ
                                         360        229,429.60          1
                                       7.500          1,605.40         80
                                       7.250          1,605.40
    PITTSBURG        CA   94565          1            12/20/01         00
    0433588290                           05           02/01/02          0
    61003886                             O            01/01/32
    0

    7257764          W17/G02             F          124,000.00         ZZ
                                         360        124,000.00          4
                                       8.250            931.57         80
                                       8.000            931.57
    MIAMI            FL   33161          1            01/11/02         00
    0433615598                           05           03/01/02          0
    990873                               N            02/01/32
    0

    7259980          737/G02             F          148,500.00         ZZ
                                         360        148,500.00          4
                                       8.125          1,102.61         90
                                       7.875          1,102.61
    NEW ORLEANS      LA   70127          1            01/11/02         12
    0433593738                           05           03/01/02         25
    2053523                              N            02/01/32
    0
1

    7262722          975/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.500          2,517.17         80
                                       7.250          2,517.17
    LOS ANGELES      CA   90005          2            01/11/02         00
    0433620705                           05           03/01/02          0
    2016273                              O            02/01/32
    0

    7266032          E22/G02             F           30,800.00         ZZ
                                         360         30,782.73          1
                                       8.875            245.06         90
                                       8.625            245.06
    CHICAGO          IL   60649          1            01/04/02         04
    0413212606                           08           02/01/02         25
    0413212606                           N            01/01/32
    0

    7266036          E22/G02             F          136,800.00         ZZ
                                         360        136,800.00          4
                                       8.625          1,064.02         90
                                       8.375          1,064.02
    TERRYTOWN        LA   70056          1            01/07/02         01
    0413231853                           05           03/01/02         25
    0413231853                           N            02/01/32
    0

    7266038          E22/G02             F          275,000.00         ZZ
                                         360        274,768.97          1
                                       6.875          1,806.55         80
                                       6.625          1,806.55
    VISTA            CA   92084          5            12/14/01         00
    0413236506                           05           02/01/02          0
    0413236506                           O            01/01/32
    0

    7266040          E22/G02             F          136,800.00         ZZ
                                         360        136,800.00          4
                                       8.625          1,064.02         90
                                       8.375          1,064.02
    TERRYTOWN        LA   70056          1            01/07/02         01
    0413245937                           05           03/01/02         25
    0413245937                           N            02/01/32
    0

    7266042          E22/G02             F          136,800.00         ZZ
                                         360        136,800.00          4
1

                                       8.625          1,064.02         90
                                       8.375          1,064.02
    TERRYTOWN        LA   70056          1            01/07/02         01
    0413246463                           05           03/01/02         25
    0413246463                           N            02/01/32
    0

    7266044          E22/G02             F          136,800.00         ZZ
                                         360        136,800.00          4
                                       8.625          1,064.02         90
                                       8.375          1,064.02
    TERRYTOWN        LA   70056          1            01/07/02         01
    0413246521                           05           03/01/02         25
    0413246521                           N            02/01/32
    0

    7266046          E22/G02             F          136,800.00         ZZ
                                         360        136,800.00          4
                                       8.625          1,064.02         90
                                       8.375          1,064.02
    TERRYTOWN        LA   70056          1            01/07/02         04
    0413246604                           05           03/01/02         25
    0413246604                           N            02/01/32
    0

    7266052          E22/G02             F           53,000.00         ZZ
                                         360         52,960.67          1
                                       7.500            370.58         78
                                       7.250            370.58
    FLORENCE         MS   39073          5            01/04/02         00
    0413282021                           05           02/01/02          0
    0413282021                           N            01/01/32
    0

    7266064          E22/G02             F          390,000.00         ZZ
                                         360        389,703.24          1
                                       7.375          2,693.63         76
                                       7.125          2,693.63
    FRANKTOWN        CO   80116          2            01/02/02         00
    0413308909                           05           02/01/02          0
    0413308909                           O            01/01/32
    0

    7266080          E22/G02             F          184,000.00         ZZ
                                         360        183,891.37          1
                                       8.625          1,431.13         78
                                       8.375          1,431.13
    HOUSTON          TX   77006          2            01/02/02         00
    0413354820                           05           02/01/02          0
1

    0413354820                           O            01/01/32
    0

    7266096          E22/G02             F           97,200.00         ZZ
                                         360         97,200.00          1
                                       9.000            782.09         90
                                       8.750            782.09
    NEW ORLEANS      LA   70119          1            01/04/02         10
    0413378431                           05           03/01/02         25
    0413378431                           N            02/01/32
    0

    7266104          E22/G02             F          224,000.00         ZZ
                                         360        223,829.56          2
                                       7.375          1,547.11         80
                                       7.125          1,547.11
    NEW ORLEANS      LA   70118          5            12/27/01         00
    0413382318                           05           02/01/02          0
    0413382318                           O            01/01/32
    0

    7266118          E22/G02             F          118,750.00         ZZ
                                         360        118,750.00          4
                                       8.000            871.35         95
                                       7.750            871.35
    HARVEY           LA   70058          1            01/07/02         04
    0413404948                           05           03/01/02         30
    0413404948                           O            02/01/32
    0

    7266136          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       7.875          1,044.10         80
                                       7.625          1,044.10
    CLIFTON          NJ   07011          1            01/07/02         00
    0413424003                           05           03/01/02          0
    0413424003                           O            02/01/32
    0

    7266150          E22/G02             F          103,000.00         ZZ
                                         360        102,926.52          1
                                       8.000            755.78         90
                                       7.750            755.78
    WENATCHEE        WA   98801          2            12/24/01         01
    0413432238                           05           02/01/02         30
    0413432238                           O            01/01/32
    0

1

    7266156          E22/G02             F          139,200.00         ZZ
                                         360        139,085.90          1
                                       7.000            926.10         80
                                       6.750            926.10
    CARROLLTON       TX   75007          5            01/02/02         00
    0413434796                           05           02/01/02          0
    0413434796                           O            01/01/32
    0

    7266166          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.375            690.68         59
                                       7.125            690.68
    HORSESHOE BAY    TX   78657          5            01/02/02         00
    0413439175                           09           03/01/02          0
    0413439175                           O            02/01/32
    0

    7266176          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.250          2,046.53         38
                                       7.000          2,046.53
    WATSONVILLE      CA   95076          5            12/28/01         00
    0413444795                           05           03/01/02          0
    0413444795                           O            02/01/32
    0

    7266184          E22/G02             F           81,900.00         ZZ
                                         360         81,900.00          4
                                       8.500            629.74         90
                                       8.250            629.74
    RUTLAND          VT   05701          1            01/07/02         04
    0413449752                           05           03/01/02         25
    0413449752                           N            02/01/32
    0

    7266190          E22/G02             F          165,300.00         ZZ
                                         360        165,300.00          4
                                       8.250          1,241.84         95
                                       8.000          1,241.84
    NORTH POLE       AK   99705          2            12/26/01         01
    0413455874                           05           03/01/02         30
    0413455874                           O            02/01/32
    0

    7266194          E22/G02             F          146,800.00         ZZ
                                         360        146,685.49          1
                                       7.250          1,001.43         80
                                       7.000          1,001.43
1

    SAN ANTONIO      TX   78258          5            12/28/01         00
    0413457037                           03           02/01/02          0
    0413457037                           O            01/01/32
    0

    7266210          E22/G02             F          526,000.00         ZZ
                                         360        525,628.75          1
                                       7.750          3,768.33         70
                                       7.500          3,768.33
    DANVILLE         CA   94506          5            12/26/01         00
    0413465808                           03           02/01/02          0
    0413465808                           O            01/01/32
    0

    7266212          E22/G02             F          199,500.00         ZZ
                                         360        199,500.00          1
                                       7.875          1,446.51         79
                                       7.625          1,446.51
    HOUSTON          TX   77007          2            01/07/02         00
    0413466319                           07           03/01/02          0
    0413466319                           N            02/01/32
    0

    7266220          E22/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       7.500            524.41         42
                                       7.250            524.41
    VALLEJO          CA   94590          5            12/26/01         00
    0413470659                           01           03/01/02          0
    0413470659                           O            02/01/32
    0

    7266238          E22/G02             F          150,000.00         ZZ
                                         360        149,885.86          1
                                       7.375          1,036.01         84
                                       7.125          1,036.01
    MEDFORD          OR   97504          5            12/26/01         04
    0413479866                           05           02/01/02         12
    0413479866                           O            01/01/32
    0

    7266244          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       7.750            386.86         80
                                       7.500            386.86
    AMARILLO         TX   79109          5            01/04/02         00
    0413483702                           07           03/01/02          0
    0413483702                           N            02/01/32
    0
1

    7266246          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       8.125          1,069.20         83
                                       7.875          1,069.20
    RENO             NV   89509          1            01/04/02         04
    0413485954                           03           03/01/02         25
    0413485954                           N            02/01/32
    0

    7266570          E82/G02             F          244,500.00         ZZ
                                         360        244,323.03          1
                                       7.625          1,730.56         73
                                       7.375          1,730.56
    BROOKLYN         NY   11219          2            12/31/01         00
    0400508628                           07           02/01/02          0
    0400508628                           O            01/01/32
    0

    7266576          E82/G02             F          238,700.00         ZZ
                                         360        238,700.00          1
                                       7.000          1,588.08         44
                                       6.750          1,588.08
    BERKELEY         CA   94708          2            01/04/02         00
    0400561395                           05           03/01/02          0
    1683043                              O            02/01/32
    0

    7266594          E82/G02             F          135,200.00         ZZ
                                         360        135,200.00          1
                                       7.000            899.49         62
                                       6.750            899.49
    RENO             NV   89509          2            01/03/02         00
    0400548442                           03           03/01/02          0
    1564412                              O            02/01/32
    0

    7266606          E82/G02             F          223,850.00         ZZ
                                         360        223,850.00          1
                                       6.875          1,470.54         79
                                       6.625          1,470.54
    PEARL RIVER      NY   10965          2            01/03/02         00
    0400534517                           05           03/01/02          0
    0400534517                           O            02/01/32
    0

    7266872          J54/G02             F          290,000.00         ZZ
                                         360        289,756.36          1
1

                                       6.875          1,905.10         79
                                       6.625          1,905.10
    ROCKVILLE        MD   20850          5            12/07/01         00
    0433633229                           09           02/01/02          0
    885622                               O            01/01/32
    0

    7267406          822/G02             F          251,000.00         ZZ
                                         360        250,626.28          2
                                       7.500          1,755.03         75
                                       7.250          1,755.03
    REVERE           MA   02151          5            11/26/01         00
    0433599099                           05           01/01/02          0
    3446015167                           O            12/01/31
    0

    7267490          P09/G02             F          230,000.00         ZZ
                                         360        230,000.00          1
                                       7.375          1,588.55         75
                                       7.125          1,588.55
    ALEXANDRIA       VA   22302          5            01/14/02         00
    0433616190                           05           03/01/02          0
    R0111001                             O            02/01/32
    0

    7268158          J54/G02             F          184,000.00         ZZ
                                         360        183,697.46          1
                                       7.000          1,224.16         66
                                       6.750          1,224.16
    MINTURN          CO   81645          5            11/29/01         00
    0433633005                           05           01/01/02          0
    901342                               O            12/01/31
    0

    7268520          R68/G02             F          405,000.00         ZZ
                                         360        405,000.00          1
                                       8.500          3,114.10         90
                                       8.250          3,114.10
    MIAMI BEACH      FL   33140          1            01/11/02         10
    0433590973                           05           03/01/02         25
    20010957                             O            02/01/32
    0

    7270510          S68/G02             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       8.125            556.87         70
                                       7.875            556.87
    NEEDHAM          IN   46162          5            01/14/02         00
    0433601481                           05           03/01/02          0
1

    43747                                O            02/01/32
    0

    7272506          M96/G02             F          299,000.00         ZZ
                                         360        299,000.00          1
                                       7.875          2,167.96         92
                                       7.625          2,167.96
    BELDING          MI   48809          2            01/14/02         10
    0433630449                           05           03/01/02         30
    200103135                            O            02/01/32
    0

    7273060          940/G02             F          161,910.00         ZZ
                                         360        161,910.00          1
                                       8.250          1,216.38         90
                                       8.000          1,216.38
    HIGHLAND         CA   92346          1            01/17/02         14
    0433612108                           05           03/01/02         25
    40011315                             N            02/01/32
    0

    7275034          X43/G02             F          265,500.00         ZZ
                                         360        265,321.86          1
                                       8.000          1,948.14         90
                                       7.750          1,948.14
    PALM SPRINGS     CA   92262          1            12/21/01         04
    0433598331                           05           02/01/02         25
    R1001056                             O            01/01/32
    0

    7275308          K21/G02             F          610,000.00         ZZ
                                         360        610,000.00          1
                                       7.625          4,317.54         72
                                       7.375          4,317.54
    LOS ANGELES      CA   90292          5            01/11/02         00
    0433631207                           05           03/01/02          0
    0116315                              O            02/01/32
    0

    7275692          A50/G02             F          135,400.00         ZZ
                                         360        135,171.85          1
                                       6.875            889.48         80
                                       6.625            889.48
    TUSCALOOSA       AL   35405          1            11/29/01         00
    0433634227                           03           01/01/02          0
    553252                               O            12/01/31
    0

1

    7276380          994/X14             F          431,250.00         ZZ
                                         360        430,929.95          1
                                       7.500          3,015.36         75
                                       7.250          3,015.36
    BELVIEDERE       IL   61008          5            11/29/01         00
    404574240                            05           02/01/02          0
    404574240                            O            01/01/32
    0

    7276386          994/X14             F          399,150.00         ZZ
                                         360        398,540.69          2
                                       7.375          2,756.83         90
                                       7.125          2,756.83
    BRONX            NY   10471          1            11/19/01         10
    404345563                            05           01/01/02         25
    404345563                            O            12/01/31
    0

    7277400          R68/G02             F          158,800.00         ZZ
                                         360        158,800.00          2
                                       8.000          1,165.22         80
                                       7.750          1,165.22
    HOLLYWOOD        FL   33020          1            01/15/02         00
    0433575388                           05           03/01/02          0
    20010930                             N            02/01/32
    0

    7277922          L20/G02             F          100,500.00         ZZ
                                         360        100,500.00          1
                                       8.375            763.87         75
                                       8.125            763.87
    RENO             NV   89502          5            01/11/02         00
    0433573995                           05           03/01/02          0
    616013                               N            02/01/32
    0

    7278764          U05/G02             F          131,100.00         ZZ
                                         360        131,100.00          1
                                       7.625            927.92         95
                                       7.375            927.92
    STONE MOUNTAIN   GA   30083          5            01/11/02         11
    0433617644                           05           03/01/02         30
    3184807                              O            02/01/32
    0

    7282216          940/G02             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       8.250          2,313.90         95
                                       8.000          2,313.90
1

    FOUNTAIN VALLEY  CA   92708          1            01/11/02         14
    0433602166                           05           03/01/02         30
    40011424                             O            02/01/32
    0

    7286354          U05/G02             F          334,000.00         ZZ
                                         360        334,000.00          1
                                       7.875          2,421.73         76
                                       7.625          2,421.73
    CARROLLTON       TX   75007          5            01/11/02         00
    0433616331                           05           03/01/02          0
    3193904                              O            02/01/32
    0

    7287374          E22/G02             F          157,500.00         ZZ
                                         360        157,500.00          3
                                       7.875          1,141.98         90
                                       7.625          1,141.98
    DOVER            NY   12522          1            01/08/02         04
    0413140062                           05           03/01/02         25
    0413140062                           N            02/01/32
    0

    7287388          E22/G02             F          110,675.00         ZZ
                                         360        110,594.90          1
                                       7.625            783.35         95
                                       7.375            783.35
    BURNEY           CA   96013          2            12/24/01         04
    0413243379                           05           02/01/02         30
    0413243379                           O            01/01/32
    0

    7287394          E22/G02             F          107,000.00         ZZ
                                         360        107,000.00          1
                                       7.500            748.16         80
                                       7.250            748.16
    TOLEDO           OH   43611          5            01/03/02         00
    0413287343                           05           03/01/02          0
    0413287343                           O            02/01/32
    0

    7287428          E22/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       7.500          1,328.51         51
                                       7.250          1,328.51
    LEANDER          TX   78645          5            01/03/02         00
    0413413782                           03           03/01/02          0
    0413413782                           O            02/01/32
    0
1

    7287440          E22/G02             F           45,960.00         ZZ
                                         360         45,933.56          1
                                       8.750            361.57         80
                                       8.500            361.57
    NORTH MIAMI BEA  FL   33160          1            01/08/02         00
    0413431719                           08           02/01/02          0
    0413431719                           N            01/01/32
    0

    7287458          E22/G02             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       7.500          2,405.30         80
                                       7.250          2,405.30
    GARDNERVILLE     NV   89410          5            01/02/02         00
    0413450529                           05           03/01/02          0
    0413450529                           O            02/01/32
    0

    7287472          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          2
                                       8.500            584.37         95
                                       8.250            584.37
    BLACKFOOT        ID   83221          1            01/03/02         01
    0413464843                           05           03/01/02         30
    0413464843                           O            02/01/32
    0

    7287486          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.375          1,899.36         46
                                       7.125          1,899.36
    MENLO PARK       CA   94025          5            01/02/02         00
    0413480039                           05           03/01/02          0
    0413480039                           O            02/01/32
    0

    7287492          E22/G02             F          125,000.00         ZZ
                                         360        124,928.08          2
                                       8.750            983.38         74
                                       8.500            983.38
    DELRAY BEACH     FL   33444          5            01/08/02         00
    0413487950                           05           02/01/02          0
    0413487950                           N            01/01/32
    0

    7287496          E22/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
1

                                       7.250          1,391.64         80
                                       7.000          1,391.64
    OVILLA           TX   75154          1            01/07/02         00
    0413495896                           05           03/01/02          0
    0413495896                           O            02/01/32
    0

    7287876          E82/G02             F          164,000.00         T
                                         360        164,000.00          1
                                       7.250          1,118.77         80
                                       7.000          1,118.77
    SELMA            OR   97538          2            01/07/02         00
    0400550349                           05           03/01/02          0
    0400550349                           O            02/01/32
    0

    7287878          E82/G02             F          111,500.00         ZZ
                                         360        111,500.00          1
                                       7.125            751.20         62
                                       6.875            751.20
    CHERRY HILL      NJ   08003          2            01/10/02         00
    0400537999                           01           03/01/02          0
    1875290                              N            02/01/32
    0

    7289260          642/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       7.250          1,296.13         74
                                       7.000          1,296.13
    CORCORAN         MN   55340          1            01/11/02         00
    0433584570                           05           03/01/02          0
    12159901                             O            02/01/32
    0

    7293318          Q99/G02             F          140,250.00         ZZ
                                         360        140,155.90          1
                                       8.000          1,029.10         85
                                       7.750          1,029.10
    NASHUA           NH   03063          5            01/22/02         14
    0433603982                           01           02/28/02         12
    1                                    O            01/28/32
    0

    7293372          S48/S48             F          476,000.00         ZZ
                                         360        474,255.37          1
                                       7.625          3,369.10         70
                                       7.375          3,369.10
    NAPERVILLE       IL   60540          5            08/16/01         00
    0099151250                           03           10/01/01          0
1

    0099151250                           O            09/01/31
    0

    7293374          S48/S48             F          373,200.00         ZZ
                                         360        372,586.40          1
                                       7.000          2,482.91         48
                                       6.750          2,482.91
    NOVATO           CA   94947          5            11/18/01         00
    6024657204                           03           01/01/02          0
    6024657204                           O            12/01/31
    0

    7293376          S48/S48             F          360,000.00         ZZ
                                         360        359,436.62          1
                                       7.250          2,455.84         80
                                       7.000          2,455.84
    LA HABRA         CA   90631          2            11/13/01         00
    6036263603                           05           01/01/02          0
    6036263603                           O            12/01/31
    0

    7293378          S48/S48             F          941,000.00         ZZ
                                         360        940,352.40          1
                                       7.875          6,822.91         59
                                       7.625          6,822.91
    SANIBEL          FL   33957          2            11/29/01         00
    6049832089                           03           02/01/02          0
    6049832089                           O            01/01/32
    0

    7293380          S48/S48             F          315,000.00         ZZ
                                         360        314,469.20          1
                                       6.875          2,069.33         68
                                       6.625          2,069.33
    CLAYTON          CA   94517          1            11/07/01         00
    6130468678                           05           01/01/02          0
    6130468678                           O            12/01/31
    0

    7293382          S48/S48             F          397,500.00         ZZ
                                         360        396,830.17          1
                                       6.875          2,611.30         75
                                       6.625          2,611.30
    PACIFIC GROVE    CA   93950          5            11/02/01         00
    6170322991                           05           01/01/02          0
    6170322991                           O            12/01/31
    0

1

    7293384          S48/S48             F          434,500.00         ZZ
                                         360        434,177.54          1
                                       7.500          3,038.09         58
                                       7.250          3,038.09
    HALLANDALE       FL   33009          5            12/26/01         00
    6171525261                           05           02/01/02          0
    6171525261                           O            01/01/32
    0

    7293386          S48/S48             F          345,000.00         ZZ
                                         360        344,710.15          1
                                       6.875          2,266.41         75
                                       6.625          2,266.41
    ANTIOCH          CA   94531          1            12/10/01         00
    6180542661                           05           02/01/02          0
    6180542661                           O            01/01/32
    0

    7293388          S48/S48             F          400,000.00         ZZ
                                         360        399,655.60          1
                                       6.750          2,594.40         49
                                       6.500          2,594.40
    BERKELEY         CA   94708          5            12/07/01         00
    6254710335                           05           02/01/02          0
    6254710335                           O            01/01/32
    0

    7293390          S48/S48             F          390,000.00         ZZ
                                         360        389,703.23          1
                                       7.375          2,693.64         75
                                       7.125          2,693.64
    SAN LEANDRO      CA   94577          1            11/29/01         00
    6268824528                           05           02/01/02          0
    6268824528                           O            01/01/32
    0

    7293392          S48/S48             F          648,000.00         ZZ
                                         360        647,442.08          1
                                       6.750          4,202.92         58
                                       6.500          4,202.92
    BOCA RATON       FL   33487          2            12/03/01         00
    6285244585                           03           02/01/02          0
    6285244585                           O            01/01/32
    0

    7293394          S48/S48             F          400,000.00         ZZ
                                         360        399,325.97          1
                                       6.875          2,627.72         80
                                       6.625          2,627.72
1

    MT. PLEASANT     SC   29464          2            11/07/01         00
    6304317651                           05           01/01/02          0
    6304317651                           O            12/01/31
    0

    7293396          S48/S48             F          645,000.00         ZZ
                                         360        643,886.21          1
                                       6.750          4,183.46         72
                                       6.500          4,183.46
    NAPLES           FL   34110          2            11/15/01         00
    6367591267                           03           01/01/02          0
    6367591267                           O            12/01/31
    0

    7293398          S48/S48             F          420,000.00         ZZ
                                         360        419,274.73          1
                                       6.750          2,724.12         65
                                       6.500          2,724.12
    DAYTONA BEACH    FL   32118          5            11/15/01         00
    6377769028                           05           01/01/02          0
    6377769028                           O            12/01/31
    0

    7293400          S48/S48             F          408,000.00         ZZ
                                         360        407,329.17          1
                                       7.000          2,714.44         46
                                       6.750          2,714.44
    SAN MATEO        CA   94402          5            11/23/01         00
    6389870798                           05           01/01/02          0
    6389870798                           O            12/01/31
    0

    7293402          S48/S48             F          305,000.00         ZZ
                                         360        304,498.52          1
                                       7.000          2,029.18         68
                                       6.750          2,029.18
    ROSLYN HEIGHTS   NY   11577          5            11/23/01         00
    6396389550                           05           01/01/02          0
    6396389550                           O            12/01/31
    0

    7293404          S48/S48             F          425,000.00         ZZ
                                         360        424,642.95          1
                                       6.875          2,791.95         51
                                       6.625          2,791.95
    FALLBROOK        CA   92028          2            12/12/01         00
    6475983174                           05           02/01/02          0
    6475983174                           O            01/01/32
    0
1

    7293406          S48/S48             F          308,000.00         ZZ
                                         360        307,753.69          1
                                       7.125          2,075.06         80
                                       6.875          2,075.06
    LONG BEACH       CA   90808          2            12/18/01         00
    6507054127                           05           02/01/02          0
    6507054127                           O            01/01/32
    0

    7293408          S48/S48             F          508,000.00         ZZ
                                         360        507,593.75          1
                                       7.125          3,422.50         54
                                       6.875          3,422.50
    MILLBRAE         CA   94030          2            12/20/01         00
    6546181543                           05           02/01/02          0
    6546181543                           O            01/01/32
    0

    7293410          S48/S48             F          344,800.00         ZZ
                                         360        344,273.65          1
                                       7.375          2,381.45         80
                                       7.125          2,381.45
    PLACENTIA        CA   92870          1            11/26/01         00
    6560483734                           05           01/01/02          0
    6560483734                           O            12/01/31
    0

    7293412          S48/S48             F          500,000.00         ZZ
                                         360        499,609.94          1
                                       7.250          3,410.89         75
                                       7.000          3,410.89
    SANTA FE         NM   87505          1            12/18/01         00
    6669464460                           05           02/01/02          0
    6669464460                           O            01/01/32
    0

    7293414          S48/S48             F          326,000.00         ZZ
                                         360        324,790.09          1
                                       7.000          2,168.89         49
                                       6.750          2,168.89
    SAN CARLOS       CA   94070          2            11/14/01         00
    6698474613                           05           01/01/02          0
    6698474613                           O            12/01/31
    0

    7293416          S48/S48             F          357,000.00         ZZ
                                         360        356,481.58          1
1

                                       7.625          2,526.83         80
                                       7.375          2,526.83
    AUSTIN           TX   78737          2            11/30/01         00
    6703150463                           03           01/01/02          0
    6703150463                           O            12/01/31
    0

    7293418          S48/S48             F          363,000.00         ZZ
                                         360        362,709.71          1
                                       7.125          2,445.60         74
                                       6.875          2,445.60
    LOS ANGELES      CA   91364          2            12/05/01         00
    6711889433                           05           02/01/02          0
    6711889433                           O            01/01/32
    0

    7293420          S48/S48             F          400,000.00         ZZ
                                         360        399,655.60          1
                                       6.750          2,594.40         48
                                       6.500          2,594.40
    SANTA FE         NM   87505          5            12/06/01         00
    6740985020                           05           02/01/02          0
    6740985020                           O            01/01/32
    0

    7293422          S48/S48             F          400,000.00         ZZ
                                         360        399,655.60          1
                                       6.750          2,594.40         80
                                       6.500          2,594.40
    WASHINGTON       DC   20001          1            12/14/01         00
    6745535192                           05           02/01/02          0
    6745535192                           O            01/01/32
    0

    7293424          S48/S48             F          394,500.00         ZZ
                                         360        394,168.57          1
                                       6.875          2,591.59         76
                                       6.625          2,591.59
    SAN MATEO        CA   94401          2            12/24/01         00
    6748267710                           05           02/01/02          0
    6748267710                           O            01/01/32
    0

    7293426          S48/S48             F          487,000.00         ZZ
                                         360        486,159.04          1
                                       6.750          3,158.68         54
                                       6.500          3,158.68
    ALAMO            CA   94507          2            11/15/01         00
    6750330067                           05           01/01/02          0
1

    6750330067                           O            12/01/31
    0

    7293428          S48/S48             F          318,000.00         ZZ
                                         360        317,732.84          1
                                       6.875          2,089.04         52
                                       6.625          2,089.04
    SAN FRANCISCO    CA   94115          2            11/26/01         00
    6898748899                           08           02/01/02          0
    6898748899                           O            01/01/32
    0

    7293430          S48/S48             F          595,000.00         ZZ
                                         360        593,997.38          1
                                       6.875          3,908.73         57
                                       6.625          3,908.73
    LOVELAND         CO   80537          2            11/29/01         00
    6903186218                           05           01/01/02          0
    6903186218                           O            12/01/31
    0

    7293432          S48/S48             F          522,500.00         T
                                         360        522,071.71          1
                                       7.000          3,476.21         55
                                       6.750          3,476.21
    LONGBOAT KEY     FL   34228          2            12/14/01         00
    6915144676                           05           02/01/02          0
    6915144676                           O            01/01/32
    0

    7293434          S48/S48             F          358,400.00         ZZ
                                         360        358,127.29          1
                                       7.375          2,475.38         80
                                       7.125          2,475.38
    HALF MOON BAY    CA   94019          1            12/07/01         00
    6925313519                           03           02/01/02          0
    6925313519                           O            01/01/32
    0

    7293436          S48/S48             F          352,000.00         ZZ
                                         360        351,725.40          1
                                       7.250          2,401.27         47
                                       7.000          2,401.27
    SANTA CRUZ       CA   95062          5            12/26/01         00
    6063904996                           05           02/01/02          0
    6063904996                           O            01/01/32
    0

1

    7293438          S48/S48             F          347,000.00         ZZ
                                         360        346,415.27          1
                                       6.875          2,279.55         54
                                       6.625          2,279.55
    KIRKLAND         WA   98033          5            11/20/01         00
    6076443347                           05           01/01/02          0
    6076443347                           O            12/01/31
    0

    7293440          S48/S48             F          877,000.00         ZZ
                                         360        869,010.02          1
                                       7.500          6,132.12         64
                                       7.250          6,132.12
    FRANKLIN         TN   37069          5            12/07/01         00
    6081797273                           03           02/01/02          0
    6081797273                           O            01/01/32
    0

    7293442          S48/S48             F          350,000.00         ZZ
                                         360        349,438.55          1
                                       7.125          2,358.02         66
                                       6.875          2,358.02
    ASHBURN          VA   20147          1            11/19/01         00
    6085793252                           03           01/01/02          0
    6085793252                           O            12/01/31
    0

    7293444          S48/S48             F          370,000.00         ZZ
                                         360        369,718.46          1
                                       7.375          2,555.50         56
                                       7.125          2,555.50
    SAN MARINO       CA   91108          5            11/26/01         00
    6182777265                           05           02/01/02          0
    6182777265                           O            01/01/32
    0

    7293446          S48/S48             F          650,000.00         ZZ
                                         360        648,904.71          1
                                       6.875          4,270.04         65
                                       6.625          4,270.04
    SUDBURY          MA   01776          2            11/21/01         00
    6184473772                           05           01/01/02          0
    6184473772                           O            12/01/31
    0

    7293448          S48/S48             F          336,750.00         ZZ
                                         360        336,467.09          1
                                       6.875          2,212.21         75
                                       6.625          2,212.21
1

    LOS ANGELES      CA   90019          2            12/05/01         00
    6194585888                           05           02/01/02          0
    6194585888                           O            01/01/32
    0

    7293450          S48/S48             F          345,000.00         ZZ
                                         360        344,418.64          1
                                       6.875          2,266.41         80
                                       6.625          2,266.41
    LOS ANGELES      CA   90034          2            11/20/01         00
    6216868700                           05           01/01/02          0
    6216868700                           O            12/01/31
    0

    7293452          S48/S48             F          359,000.00         ZZ
                                         360        358,409.74          1
                                       7.000          2,388.44         51
                                       6.750          2,388.44
    CHICO            CA   95928          2            11/26/01         00
    6332896403                           05           01/01/02          0
    6332896403                           O            12/01/31
    0

    7293454          S48/S48             F          345,000.00         ZZ
                                         360        344,418.64          1
                                       6.875          2,266.41         76
                                       6.625          2,266.41
    SANTA CRUZ       CA   95062          1            11/27/01         00
    6347978949                           03           01/01/02          0
    6347978949                           O            12/01/31
    0

    7293456          S48/S48             F          350,000.00         ZZ
                                         360        349,439.89          1
                                       7.250          2,387.62         70
                                       7.000          2,387.62
    SAN DIEGO        CA   92122          2            11/26/01         00
    6348034056                           05           01/01/02          0
    6348034056                           O            12/01/31
    0

    7293458          S48/S48             F          371,250.00         ZZ
                                         360        370,967.50          1
                                       7.375          2,564.14         75
                                       7.125          2,564.14
    WILTON           CA   95693          2            12/12/01         00
    6348355071                           05           02/01/02          0
    6348355071                           O            01/01/32
    0
1

    7293460          S48/S48             F          445,000.00         ZZ
                                         360        444,231.56          1
                                       6.750          2,886.27         47
                                       6.500          2,886.27
    EL CERRITO       CA   94530          2            11/19/01         00
    6400300783                           05           01/01/02          0
    6400300783                           O            12/01/31
    0

    7293462          S48/S48             F          364,000.00         ZZ
                                         360        363,416.09          1
                                       7.125          2,452.34         80
                                       6.875          2,452.34
    LA SELVA BEACH   CA   95076          1            11/28/01         00
    6438645217                           05           01/01/02          0
    6438645217                           O            12/01/31
    0

    7293464          S48/S48             F          855,000.00         ZZ
                                         360        853,559.26          1
                                       6.875          5,616.75         65
                                       6.625          5,616.75
    APTOS            WA   98003          2            11/14/01         00
    6452630046                           03           01/01/02          0
    6452630046                           O            12/01/31
    0

    7293466          S48/S48             F          325,000.00         ZZ
                                         360        324,720.18          1
                                       6.750          2,107.95         63
                                       6.500          2,107.95
    ROSEVILLE        CA   95661          5            12/24/01         00
    6460969725                           05           02/01/02          0
    6460969725                           O            01/01/32
    0

    7293468          S48/S48             F          313,600.00         ZZ
                                         360        313,058.46          1
                                       6.750          2,034.01         80
                                       6.500          2,034.01
    SAN DIEGO        CA   92131          1            11/19/01         00
    6588951613                           05           01/01/02          0
    6588951613                           O            12/01/31
    0

    7293470          S48/S48             F          385,000.00         ZZ
                                         360        384,366.98          1
1

                                       7.000          2,561.42         46
                                       6.750          2,561.42
    LAGUNA BEACH     CA   92651          2            11/27/01         00
    6592888918                           05           01/01/02          0
    6592888918                           O            12/01/31
    0

    7293472          S48/S48             F          431,600.00         ZZ
                                         360        431,254.86          1
                                       7.125          2,907.77         75
                                       6.875          2,907.77
    HAMPSTEAD        MD   21074          2            12/20/01         00
    6600185240                           05           02/01/02          0
    6600185240                           O            01/01/32
    0

    7293474          S48/S48             F          375,000.00         ZZ
                                         360        374,427.54          1
                                       7.375          2,590.04         75
                                       7.125          2,590.04
    SANTA BARBARA    CA   93105          5            11/13/01         00
    6656103774                           05           01/01/02          0
    6656103774                           O            12/01/31
    0

    7293476          S48/S48             F          521,250.00         ZZ
                                         360        520,853.37          1
                                       7.375          3,600.15         75
                                       7.125          3,600.15
    NAPLES           FL   34108          1            12/19/01         00
    6722966535                           08           02/01/02          0
    6722966535                           O            01/01/32
    0

    7293478          S48/S48             F          400,000.00         ZZ
                                         360        399,325.97          1
                                       6.875          2,627.72         62
                                       6.625          2,627.72
    NAPA             CA   94559          5            11/15/01         00
    6723157456                           05           01/01/02          0
    6723157456                           O            12/01/31
    0

    7293480          S48/S48             F          352,000.00         ZZ
                                         360        351,449.14          1
                                       7.250          2,401.27         80
                                       7.000          2,401.27
    BROKEN ARROW     OK   74014          1            11/21/01         00
    6730897763                           03           01/01/02          0
1

    6730897763                           O            12/01/31
    0

    7293482          S48/S48             F          650,000.00         ZZ
                                         360        648,904.71          1
                                       6.875          4,270.04         47
                                       6.625          4,270.04
    SAN JOSE         CA   95138          1            11/20/01         00
    6738975934                           03           01/01/02          0
    6738975934                           O            12/01/31
    0

    7293484          S48/S48             F          324,400.00         ZZ
                                         360        324,127.46          1
                                       6.875          2,131.08         70
                                       6.625          2,131.08
    COLLEYVILLE      TX   76034          2            12/07/01         00
    6751906790                           05           02/01/02          0
    6751906790                           O            01/01/32
    0

    7293486          S48/S48             F          320,000.00         ZZ
                                         360        319,731.15          1
                                       6.875          2,102.18         32
                                       6.625          2,102.18
    ATLANTA          GA   30327          5            12/19/01         00
    6862970677                           05           02/01/02          0
    6862970677                           O            01/01/32
    0

    7293488          S48/S48             F          378,600.00         ZZ
                                         360        377,962.02          1
                                       6.875          2,487.14         60
                                       6.625          2,487.14
    WAYZATA          MN   55391          2            11/16/01         00
    6867416411                           05           01/01/02          0
    6867416411                           O            12/01/31
    0

    7293490          S48/S48             F          357,750.00         ZZ
                                         360        357,449.44          1
                                       6.875          2,350.17         75
                                       6.625          2,350.17
    SAN JOSE         CA   95119          1            11/30/01         00
    6897995574                           05           02/01/02          0
    6897995574                           O            01/01/32
    0

1

    7293492          S48/S48             F          484,000.00         ZZ
                                         360        483,622.43          1
                                       7.250          3,301.74         74
                                       7.000          3,301.74
    HUNTINGTON BEAC  CA   92649          2            12/14/01         00
    6935725090                           05           02/01/02          0
    6935725090                           O            01/01/32
    0

    7293494          S48/S48             F          597,000.00         ZZ
                                         360        596,018.43          1
                                       7.000          3,971.86         70
                                       6.750          3,971.86
    HERMOSA BEACH    CA   90254          5            11/16/01         00
    6954526825                           01           01/01/02          0
    6954526825                           O            12/01/31
    0

    7297268          883/G02             F          124,650.00         ZZ
                                         360        124,650.00          1
                                       8.000            914.64         90
                                       7.750            914.64
    ORLANDO          FL   32825          1            01/16/02         10
    0433614815                           09           03/01/02         25
    05015907                             O            02/01/32
    0

    7298080          U87/G02             F          262,500.00         ZZ
                                         360        262,500.00          2
                                       8.375          1,995.19         70
                                       8.125          1,995.19
    NEWPORT BEACH    CA   92663          1            01/08/02         00
    0433602711                           05           03/01/02          0
    AAA2687                              N            02/01/32
    0

    7299064          P34/G02             F          103,500.00         ZZ
                                         360        103,423.19          4
                                       7.500            723.69         90
                                       7.250            723.69
    WOONSOCKET       RI   02895          5            12/07/01         04
    0433591195                           05           02/01/02         25
    61806                                N            01/01/32
    0

    7299508          T68/G02             F          155,625.00         ZZ
                                         360        155,369.12          1
                                       7.000          1,035.38         75
                                       6.750          1,035.38
1

    ANNISTON         AL   36207          1            12/07/01         00
    0433612611                           05           01/01/02          0
    64135716S                            O            12/01/31
    0

    7302098          E98/G02             F          135,200.00         ZZ
                                         360        135,097.13          1
                                       7.375            933.79         80
                                       7.125            933.79
    VADNAIS HEIGHTS  MN   55127          1            12/28/01         00
    0433634441                           05           02/01/02          0
    ABRAHAM                              O            01/01/32
    0

    7302364          E23/G02             F          323,000.00         ZZ
                                         360        323,000.00          1
                                       7.375          2,230.88         85
                                       7.125          2,230.88
    UPLAND           CA   91784          5            01/11/02         04
    0433630951                           05           03/01/02         12
    51010286                             O            02/01/32
    0

    7305022          420/G02             F          222,000.00         ZZ
                                         360        222,000.00          1
                                       7.875          1,609.65         62
                                       7.625          1,609.65
    CAZADERO         CA   95421          5            01/16/02         00
    0433615317                           05           03/01/02          0
    71003700                             O            02/01/32
    0

    7311140          E22/G02             F          338,500.00         ZZ
                                         360        338,500.00          1
                                       7.500          2,366.84         95
                                       7.250          2,366.84
    LADERA RANCH     CA   92694          1            01/07/02         04
    0412775736                           03           03/01/02         30
    0412775736                           O            02/01/32
    0

    7311142          E22/G02             F          355,000.00         ZZ
                                         360        354,723.06          1
                                       7.250          2,421.73         58
                                       7.000          2,421.73
    MILL VALLEY      CA   94941          1            12/26/01         00
    0412909194                           05           02/01/02          0
    0412909194                           O            01/01/32
    0
1

    7311146          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          2
                                       8.750            566.42         80
                                       8.500            566.42
    DETROIT          MI   48224          1            01/09/02         00
    0413168592                           05           03/01/02          0
    0413168592                           N            02/01/32
    0

    7311152          E22/G02             F           81,200.00         ZZ
                                         360         81,200.00          1
                                       8.500            624.36         80
                                       8.250            624.36
    MAGNOLIA         TX   77355          5            01/04/02         00
    0413200247                           05           03/01/02          0
    0413200247                           O            02/01/32
    0

    7311156          E22/G02             F          108,800.00         ZZ
                                         360        108,719.25          1
                                       7.500            760.75         80
                                       7.250            760.75
    SAN ANTONIO      TX   78232          5            12/27/01         00
    0413251273                           05           02/01/02          0
    0413251273                           O            01/01/32
    0

    7311162          E22/G02             F          107,000.00         ZZ
                                         360        107,000.00          1
                                       7.500            748.16         77
                                       7.250            748.16
    ROSSVILLE        TN   38066          2            01/09/02         00
    0413292996                           05           03/01/02          0
    0413292996                           N            02/01/32
    0

    7311164          E22/G02             F           57,600.00         ZZ
                                         360         57,564.20          4
                                       8.375            437.80         90
                                       8.125            437.80
    FLINT            MI   48503          1            12/18/01         04
    0413298944                           05           02/01/02         25
    0413298944                           N            01/01/32
    0

    7311172          E22/G02             F           90,250.00         ZZ
                                         360         90,250.00          1
1

                                       7.000            600.44         95
                                       6.750            600.44
    BETTENDORF       IA   52722          5            01/04/02         04
    0413335712                           09           03/01/02         35
    0413335712                           O            02/01/32
    0

    7311218          E22/G02             F          132,000.00         ZZ
                                         360        131,909.16          1
                                       7.875            957.09         60
                                       7.625            957.09
    ANAHEIM          CA   92804          5            12/21/01         00
    0413413691                           05           02/01/02          0
    0413413691                           O            01/01/32
    0

    7311220          E22/G02             F          245,700.00         ZZ
                                         360        245,700.00          1
                                       8.000          1,802.86         95
                                       7.750          1,802.86
    BROOKLYN         NY   11234          1            01/09/02         01
    0413414079                           05           03/01/02         30
    0413414079                           O            02/01/32
    0

    7311222          E22/G02             F          186,000.00         ZZ
                                         360        185,872.00          1
                                       7.875          1,348.63         89
                                       7.625          1,348.63
    SUN CITY         CA   92585          2            12/26/01         04
    0413416793                           05           02/01/02         25
    0413416793                           O            01/01/32
    0

    7311230          E22/G02             F          140,000.00         ZZ
                                         360        139,910.73          1
                                       8.250          1,051.77         75
                                       8.000          1,051.77
    SANGER           TX   76266          5            12/27/01         00
    0413421835                           05           02/01/02          0
    0413421835                           O            01/01/32
    0

    7311276          E22/G02             F           73,500.00         ZZ
                                         360         73,500.00          1
                                       8.875            584.80         75
                                       8.625            584.80
    NASHVILLE        TN   37206          5            01/03/02         00
    0413452145                           05           03/01/02          0
1

    0413452145                           O            02/01/32
    0

    7311286          E22/G02             F          141,400.00         ZZ
                                         360        141,400.00          1
                                       7.750          1,013.01         79
                                       7.500          1,013.01
    AMARILLO         TX   79109          5            01/04/02         00
    0413456500                           05           03/01/02          0
    0413456500                           O            02/01/32
    0

    7311298          E22/G02             F          182,390.00         ZZ
                                         360        182,390.00          1
                                       7.750          1,306.66         95
                                       7.500          1,306.66
    MIAMI            FL   33185          1            01/09/02         01
    0413461997                           03           03/01/02         30
    0413461997                           O            02/01/32
    0

    7311336          E22/G02             F          192,400.00         ZZ
                                         360        192,400.00          1
                                       7.750          1,378.38         90
                                       7.500          1,378.38
    FAIR OAKS        CA   95628          1            01/04/02         01
    0413480831                           05           03/01/02         25
    0413480831                           O            02/01/32
    0

    7311338          E22/G02             F           97,800.00         ZZ
                                         360         97,800.00          1
                                       7.875            709.12         95
                                       7.625            709.12
    CLEMMONS         NC   27012          1            01/09/02         01
    0413486457                           01           03/01/02         30
    0413486457                           O            02/01/32
    0

    7311344          E22/G02             F           40,000.00         ZZ
                                         360         40,000.00          1
                                       8.500            307.57         80
                                       8.250            307.57
    MEMPHIS          TN   38127          1            01/09/02         00
    0413487216                           05           03/01/02          0
    0413487216                           N            02/01/32
    0

1

    7311348          E22/G02             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       7.250          1,330.24         77
                                       7.000          1,330.24
    RICHMOND         CA   94806          1            01/03/02         00
    0413492174                           05           03/01/02          0
    0413492174                           O            02/01/32
    0

    7311352          E22/G02             F          111,150.00         ZZ
                                         360        111,150.00          1
                                       7.875            805.91         95
                                       7.625            805.91
    WEST COLUMBIA    SC   29169          5            01/04/02         01
    0413493313                           05           03/01/02         30
    0413493313                           O            02/01/32
    0

    7311356          E22/G02             F          364,000.00         ZZ
                                         360        364,000.00          1
                                       8.000          2,670.90         80
                                       7.750          2,670.90
    HIGHLAND VILLAG  TX   75077          1            01/09/02         00
    0413498833                           03           03/01/02          0
    0413498833                           O            02/01/32
    0

    7311636          E82/G02             F          149,700.00         ZZ
                                         360        149,700.00          1
                                       7.000            995.96         60
                                       6.750            995.96
    LOUISVILLE       TN   37777          2            01/07/02         00
    0400561494                           05           03/01/02          0
    3109553                              O            02/01/32
    0

    7311644          E82/G02             F           98,800.00         ZZ
                                         360         98,800.00          2
                                       7.625            699.30         39
                                       7.375            699.30
    WHEAT RIDGE      CO   80033          2            01/10/02         00
    0400554994                           05           03/01/02          0
    1517612                              N            02/01/32
    0

    7311658          E82/G02             F          120,900.00         ZZ
                                         360        120,900.00          1
                                       6.625            774.14         21
                                       6.375            774.14
1

    PERRINEVILLE     NJ   08535          2            01/07/02         00
    0400533659                           05           03/01/02          0
    1640846                              O            02/01/32
    0

    7311660          E82/G02             F          169,900.00         ZZ
                                         360        169,900.00          1
                                       6.875          1,116.12         72
                                       6.625          1,116.12
    CLIFFWOOD BCH    NJ   07735          1            01/11/02         00
    0400528014                           05           03/01/02          0
    0400528014                           O            02/01/32
    0

    7315886          N47/G02             F          233,000.00         ZZ
                                         360        233,000.00          1
                                       7.250          1,589.47         69
                                       7.000          1,589.47
    EL CAJON         CA   92020          5            01/15/02         00
    0433618667                           05           03/01/02          0
    30112720                             O            02/01/32
    0

    7317154          601/G02             F          217,500.00         ZZ
                                         360        216,682.73          1
                                       7.500          1,520.80         75
                                       7.250          1,520.80
    CHAMBLEE         GA   30341          5            08/20/01         00
    0433588308                           05           10/01/01          0
    607650                               O            09/01/31
    0

    7317304          758/G02             F          405,650.00         ZZ
                                         360        405,650.00          1
                                       7.125          2,732.94         80
                                       6.875          2,732.94
    AUSTIN           TX   78730          2            01/11/02         00
    0433629151                           05           03/01/02          0
    500919                               O            02/01/32
    0

    7317344          964/G02             F          196,000.00         ZZ
                                         360        196,000.00          4
                                       7.375          1,353.72         80
                                       7.125          1,353.72
    BLACKFOOT        ID   83221          1            01/16/02         00
    0433628708                           05           03/01/02          0
    180044                               N            02/01/32
    0
1

    7319338          601/G02             F           96,000.00         ZZ
                                         360         95,864.04          1
                                       7.750            687.76         80
                                       7.500            687.76
    ODENTON          MD   21113          5            11/05/01         00
    0433581352                           05           01/01/02          0
    6099364                              N            12/01/31
    0

    7328020          967/G02             F          215,100.00         ZZ
                                         360        215,100.00          4
                                       8.000          1,578.33         90
                                       7.750          1,578.33
    MESA             AZ   85201          1            01/15/02         04
    0433621901                           05           03/01/02         25
    8709099                              N            02/01/32
    0

    7332578          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       7.250          1,200.63         79
                                       7.000          1,200.63
    OXNARD           CA   93033          5            12/31/01         00
    0413249442                           05           03/01/02          0
    0413249442                           O            02/01/32
    0

    7332598          E22/G02             F          276,000.00         ZZ
                                         360        275,805.20          1
                                       7.750          1,977.30         78
                                       7.500          1,977.30
    SANGER           AR   72666          5            01/03/02         00
    0413376872                           05           02/01/02          0
    0413376872                           O            01/01/32
    0

    7332610          E22/G02             F          150,000.00         ZZ
                                         360        149,882.99          1
                                       7.250          1,023.26         39
                                       7.000          1,023.26
    PLACENTIA        CA   92870          5            12/28/01         00
    0413414477                           05           02/01/02          0
    0413413477                           O            01/01/32
    0

    7332620          E22/G02             F          112,800.00         ZZ
                                         360        112,720.39          1
1

                                       7.750            808.11         80
                                       7.500            808.11
    RICHARDSON       TX   75080          5            01/04/02         00
    0413426529                           05           02/01/02          0
    0413426529                           O            01/01/32
    0

    7332622          E22/G02             F           83,300.00         ZZ
                                         360         83,300.00          1
                                       8.500            640.50         70
                                       8.250            640.50
    WEST PALM BEACH  FL   33405          2            01/10/02         00
    0413431644                           05           03/01/02          0
    0413431644                           N            02/01/32
    0

    7332628          E22/G02             F          145,000.00         ZZ
                                         360        145,000.00          4
                                       8.500          1,114.92         85
                                       8.250          1,114.92
    KALAMAZOO        MI   49001          2            01/10/02         04
    0413441551                           05           03/01/02         20
    0413441551                           N            02/01/32
    0

    7332632          E22/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       8.000          1,584.93         80
                                       7.750          1,584.93
    KELLER           TX   76248          2            01/10/02         00
    0413453192                           05           03/01/02          0
    0413453192                           N            02/01/32
    0

    7332636          E22/G02             F          137,750.00         ZZ
                                         360        137,750.00          1
                                       8.375          1,047.00         95
                                       8.125          1,047.00
    CHICAGO          IL   60632          1            01/10/02         04
    0413455569                           05           03/01/02         30
    0413455569                           O            02/01/32
    0

    7332668          E22/G02             F          210,600.00         ZZ
                                         360        210,600.00          1
                                       8.500          1,619.33         90
                                       8.250          1,619.33
    ST LOUIS         MO   63130          1            01/10/02         04
    0413476391                           05           03/01/02         30
1

    0413476391                           O            02/01/32
    0

    7332670          E22/G02             F          105,600.00         ZZ
                                         360        105,600.00          1
                                       7.500            738.37         80
                                       7.250            738.37
    SAN ANTONIO      TX   78209          5            01/10/02         00
    0413481474                           05           03/01/02          0
    0413481474                           N            02/01/32
    0

    7333538          964/G02             F          212,000.00         ZZ
                                         360        211,830.47          1
                                       7.125          1,428.28         78
                                       6.875          1,428.28
    CASTLE ROCK      CO   80104          5            12/03/01         00
    0433579497                           03           02/01/02          0
    157095                               O            01/01/32
    0

    7338478          N74/G02             F          134,000.00         ZZ
                                         360        134,000.00          1
                                       7.500            936.95         83
                                       7.250            936.95
    ROCK HILL        SC   29732          2            01/10/02         10
    0433611464                           05           03/01/02         12
    0029216010                           O            02/01/32
    0

    7344456          X19/G02             F          470,000.00         ZZ
                                         360        470,000.00          1
                                       7.125          3,166.48         76
                                       6.875          3,166.48
    WEST HARRISON    NY   10604          2            01/18/02         00
    0433623279                           05           03/01/02          0
    21100301                             O            02/01/32
    0

    7347378          069/G02             F          183,350.00         ZZ
                                         360        183,210.48          1
                                       7.375          1,266.36         75
                                       7.125          1,266.36
    SANTA CLARITA    CA   91354          1            12/12/01         00
    0433557659                           01           02/01/02          0
    88246996                             N            01/01/32
    0

1

    7347428          L94/G02             F          184,000.00         ZZ
                                         360        184,000.00          2
                                       8.250          1,382.33         80
                                       8.000          1,382.33
    SALT LAKE CITY   UT   84103          1            01/18/02         00
    0433609716                           05           03/01/02          0
    1000008277                           N            02/01/32
    0

    7347914          P59/G02             F          248,000.00         ZZ
                                         360        248,000.00          2
                                       7.125          1,670.83         70
                                       6.875          1,670.83
    GROVER BEACH     CA   93433          5            01/15/02         00
    0433615473                           05           03/01/02          0
    AT002961                             O            02/01/32
    0

    7350864          E47/G02             F           90,000.00         ZZ
                                         360         90,000.00          2
                                       8.000            660.39         75
                                       7.750            660.39
    RANCHO CORDOVA   CA   95670          1            01/03/02         00
    0433588688                           05           03/01/02          0
    7333011870                           N            02/01/32
    0

    7355214          E22/G02             F           42,000.00         ZZ
                                         360         42,000.00          1
                                       8.250            315.53         67
                                       8.000            315.53
    ALBUQUERQUE      NM   87105          2            01/11/02         00
    0413029422                           05           03/01/02          0
    0413029422                           N            02/01/32
    0

    7355242          E22/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       7.875            957.09         80
                                       7.625            957.09
    GARLAND          TX   75043          1            01/11/02         00
    0413350984                           03           03/01/02          0
    0413350984                           O            02/01/32
    0

    7355300          E22/G02             F           71,250.00         ZZ
                                         360         71,250.00          1
                                       8.750            560.52         95
                                       8.500            560.52
1

    BIRMINGHAM       AL   35221          2            01/07/02         04
    0413426479                           05           03/01/02         30
    0413426479                           O            02/01/32
    0

    7355308          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       8.125            861.30         80
                                       7.875            861.30
    FARMINGTON HILL  MI   48336          5            01/07/02         00
    0413436452                           05           03/01/02          0
    0413436452                           O            02/01/32
    0

    7355316          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       8.000            770.45         56
                                       7.750            770.45
    HOUSTON          TX   77096          5            01/07/02         00
    0413439720                           03           03/01/02          0
    0413439720                           O            02/01/32
    0

    7355336          E22/G02             F          424,000.00         ZZ
                                         360        424,000.00          1
                                       6.875          2,785.38         80
                                       6.625          2,785.38
    LOS ANGELES      CA   90291          5            12/31/01         00
    0413456708                           05           03/01/02          0
    0413456708                           O            02/01/32
    0

    7355344          E22/G02             F          159,000.00         ZZ
                                         360        159,000.00          1
                                       7.500          1,111.75         64
                                       7.250          1,111.75
    SEATTLE          WA   98168          2            01/03/02         00
    0413458506                           05           03/01/02          0
    0413458506                           O            02/01/32
    0

    7355346          E22/G02             F          133,000.00         ZZ
                                         360        133,000.00          1
                                       7.250            907.29         95
                                       7.000            907.29
    FT LUPTON        CO   80621          5            01/03/02         01
    0413460122                           05           03/01/02         30
    0413460122                           O            02/01/32
    0
1

    7355348          E22/G02             F          107,000.00         ZZ
                                         360        107,000.00          1
                                       7.750            766.56         64
                                       7.500            766.56
    MIAMI            FL   33145          5            01/04/02         00
    0413461476                           05           03/01/02          0
    0413461476                           O            02/01/32
    0

    7355360          E22/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
                                       7.250          1,009.62         71
                                       7.000          1,009.62
    DENTON           TX   76209          5            01/07/02         00
    0413467812                           05           03/01/02          0
    0413467812                           O            02/01/32
    0

    7355362          E22/G02             F           66,000.00         ZZ
                                         360         66,000.00          1
                                       8.750            519.22         29
                                       8.500            519.22
    WINTHROP         MA   02152          5            01/07/02         00
    0413467929                           06           03/01/02          0
    0413467929                           O            02/01/32
    0

    7355382          E22/G02             F          210,000.00         ZZ
                                         360        210,000.00          1
                                       7.500          1,468.35         80
                                       7.250          1,468.35
    NASHVILLE        TN   37209          1            01/11/02         00
    0413477803                           05           03/01/02          0
    0413477803                           O            02/01/32
    0

    7355392          E22/G02             F          295,200.00         ZZ
                                         360        295,200.00          1
                                       7.375          2,038.87         80
                                       7.125          2,038.87
    TAHOE CITY       CA   96145          1            01/08/02         00
    0413483009                           05           03/01/02          0
    0413483009                           O            02/01/32
    0

    7355396          E22/G02             F          390,400.00         ZZ
                                         360        390,400.00          1
1

                                       7.500          2,729.73         80
                                       7.250          2,729.73
    ELK GROVE        CA   95758          2            12/31/01         00
    0413483579                           03           03/01/02          0
    0413483579                           O            02/01/32
    0

    7355420          E22/G02             F           65,600.00         ZZ
                                         360         65,600.00          1
                                       8.125            487.08         80
                                       7.875            487.08
    LARGO            FL   33774          1            01/09/02         00
    0413502501                           05           03/01/02          0
    0413502501                           N            02/01/32
    0

    7355450          E22/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       8.125          2,598.74         55
                                       7.875          2,598.74
    WESTON           MA   02493          5            01/11/02         00
    0413519703                           05           03/01/02          0
    0413519703                           N            02/01/32
    0

    7355706          601/G02             F          361,000.00         ZZ
                                         360        360,406.44          1
                                       7.000          2,401.75         79
                                       6.750          2,401.75
    GOLDEN           CO   80401          2            11/08/01         00
    0433542792                           05           01/01/02          0
    61005567                             O            12/01/31
    0

    7355810          601/G02             F          241,000.00         ZZ
                                         360        240,583.83          1
                                       6.750          1,563.13         77
                                       6.500          1,563.13
    LITTLETON        CO   80122          2            11/07/01         00
    0433580982                           03           01/01/02          0
    60978343                             O            12/01/31
    0

    7355862          E82/G02             F          139,350.00         ZZ
                                         360        139,350.00          1
                                       6.750            903.82         78
                                       6.500            903.82
    UNION            NJ   07083          2            01/10/02         00
    0400547386                           05           03/01/02          0
1

    2776056                              O            02/01/32
    0

    7355864          E82/G02             F           98,800.00         ZZ
                                         360         98,800.00          1
                                       7.625            699.30         55
                                       7.375            699.30
    WEST COVINA      CA   91792          2            01/07/02         00
    0400564027                           05           03/01/02          0
    3956359                              N            02/01/32
    0

    7355882          E82/G02             F           70,300.00         ZZ
                                         360         70,300.00          1
                                       7.875            509.72         95
                                       7.625            509.72
    ST. CLAIR SHORE  MI   48082          2            01/10/02         04
    0400562773                           01           03/01/02         30
    0400562773                           O            02/01/32
    0

    7355894          E82/G02             F          223,900.00         ZZ
                                         360        223,900.00          1
                                       7.000          1,489.61         80
                                       6.750          1,489.61
    LEBANON          TN   37087          2            01/10/02         00
    0400563805                           05           03/01/02          0
    1725064                              O            02/01/32
    0

    7355902          E82/G02             F           84,500.00         ZZ
                                         360         84,500.00          1
                                       7.250            576.44         65
                                       7.000            576.44
    NORTH LAS VEGAS  NV   89031          2            01/11/02         00
    0400561577                           05           03/01/02          0
    1655456                              N            02/01/32
    0

    7355912          E82/G02             F           61,500.00         ZZ
                                         360         61,500.00          2
                                       7.625            435.29         66
                                       7.375            435.29
    DALLAS           TX   75249          2            01/07/02         00
    0400527537                           05           03/01/02          0
    7355912                              N            02/01/32
    0

1

    7355914          E82/G02             F           82,500.00         T
                                         360         82,500.00          1
                                       8.250            619.79         62
                                       8.000            619.79
    MORENO VALLEY    CA   92553          5            01/11/02         00
    0400505707                           05           03/01/02          0
    0400505707                           O            02/01/32
    0

    7355922          E82/G02             F          104,500.00         ZZ
                                         360        104,500.00          3
                                       6.750            677.79         67
                                       6.500            677.79
    FITCHBURG        MA   01420          2            01/11/02         00
    0400549101                           05           03/01/02          0
    0400549101                           N            02/01/32
    0

    7358288          462/G02             F          314,200.00         ZZ
                                         360        313,960.91          1
                                       7.375          2,170.11         75
                                       7.125          2,170.11
    VALLEJO          CA   94591          1            12/14/01         00
    0433598174                           05           02/01/02          0
    NO6ST05                              N            01/01/32
    0

    7360760          N74/G02             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       7.375          2,313.76         71
                                       7.125          2,313.76
    DALLAS           TX   75252          5            01/18/02         00
    0433634920                           03           03/01/02          0
    0029732010                           O            02/01/32
    0

    7360900          T90/G02             F          492,000.00         ZZ
                                         360        491,170.95          1
                                       6.875          3,232.09         80
                                       6.625          3,232.09
    DALLAS           TX   75214          1            11/07/01         00
    0433604543                           05           01/01/02          0
    63334                                O            12/01/31
    0

    7369534          E47/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       7.375          1,491.86         80
                                       7.125          1,491.86
1

    ARCADIA AREA     CA   91007          1            01/08/02         00
    0433606738                           05           03/01/02          0
    7331013743                           O            02/01/32
    0

    7370188          J95/G02             F          168,000.00         T
                                         360        167,483.94          1
                                       7.375          1,160.33         80
                                       7.125          1,160.33
    ATLANTIC BEACH   NC   28512          1            10/04/01         00
    0433559564                           05           11/01/01          0
    0020256889                           O            10/01/31
    0

    7370220          J95/G02             F          103,500.00         ZZ
                                         360        103,360.64          2
                                       8.000            759.45         73
                                       7.750            759.45
    ARAGON           GA   30104          2            12/03/01         00
    0433554706                           05           01/01/02          0
    0027710565                           N            12/01/31
    0

    7370230          J95/G02             F          163,605.00         ZZ
                                         360        163,367.41          3
                                       7.625          1,157.99         65
                                       7.375          1,157.99
    CHAPEL HILL      NC   27516          5            11/19/01         00
    0433559960                           05           01/01/02          0
    0027816636                           N            12/01/31
    0

    7370234          J95/G02             F          395,550.00         ZZ
                                         360        394,400.07          1
                                       7.875          2,868.02         80
                                       7.625          2,868.02
    SPRINGFIELD      VA   22150          1            12/03/01         00
    0433558723                           05           01/01/02          0
    0018822114                           O            12/01/31
    0

    7376890          E22/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       7.250            845.90         78
                                       7.000            845.90
    MUNCIE           IN   47304          2            01/08/02         00
    0413138710                           01           03/01/02          0
    0413138710                           O            02/01/32
    0
1

    7376896          E22/G02             F          114,750.00         ZZ
                                         360        114,750.00          1
                                       8.125            852.02         85
                                       7.875            852.02
    FRANKLIN         NH   03235          5            01/08/02         01
    0413182742                           05           03/01/02         20
    0413182742                           O            02/01/32
    0

    7376906          E22/G02             F          241,500.00         ZZ
                                         360        241,500.00          1
                                       8.125          1,793.13         70
                                       7.875          1,793.13
    SALEM            OR   97303          2            01/03/02         00
    0413311747                           05           03/01/02          0
    0413311747                           N            02/01/32
    0

    7376910          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       7.500          1,678.11         75
                                       7.250          1,678.11
    LONG BEACH       CA   90807          5            01/07/02         00
    0413322454                           05           03/01/02          0
    0413322454                           O            02/01/32
    0

    7376918          E22/G02             F          217,800.00         ZZ
                                         360        217,800.00          1
                                       7.250          1,485.78         64
                                       7.000          1,485.78
    LUCAS            TX   75002          5            01/09/02         00
    0413346370                           05           03/01/02          0
    0413346370                           O            02/01/32
    0

    7376920          E22/G02             F          161,600.00         ZZ
                                         360        161,600.00          1
                                       7.500          1,129.93         79
                                       7.250          1,129.93
    COOPER CITY      FL   33328          5            01/09/02         00
    0413351941                           05           03/01/02          0
    0413351941                           O            02/01/32
    0

    7376922          E22/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
1

                                       8.000          1,144.67         80
                                       7.750          1,144.67
    AUSTIN           TX   78725          5            01/08/02         00
    0413358516                           05           03/01/02          0
    0413358516                           O            02/01/32
    0

    7376930          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.500            839.06         80
                                       7.250            839.06
    TRIMBLE          MO   64492          5            01/09/02         00
    0413382128                           05           03/01/02          0
    0413382128                           O            02/01/32
    0

    7376932          E22/G02             F          356,500.00         ZZ
                                         360        356,500.00          1
                                       7.250          2,431.96         57
                                       7.000          2,431.96
    KENSINGTON       CA   94708          2            01/08/02         00
    0413384231                           05           03/01/02          0
    0413384231                           O            02/01/32
    0

    7376934          E22/G02             F          274,500.00         ZZ
                                         360        274,500.00          1
                                       7.500          1,919.34         75
                                       7.250          1,919.34
    PLYMOUTH         MA   02360          5            01/09/02         00
    0413386558                           05           03/01/02          0
    0413386558                           O            02/01/32
    0

    7376936          E22/G02             F          326,400.00         ZZ
                                         360        326,400.00          1
                                       7.875          2,366.63         80
                                       7.625          2,366.63
    PLANO            TX   75025          5            01/09/02         00
    0413388000                           05           03/01/02          0
    0413388000                           O            02/01/32
    0

    7376938          E22/G02             F          158,000.00         ZZ
                                         360        158,000.00          1
                                       7.875          1,145.61         77
                                       7.625          1,145.61
    ALBION           MI   49224          2            01/09/02         00
    0413389008                           05           03/01/02          0
1

    0413389008                           O            02/01/32
    0

    7376982          E22/G02             F          218,500.00         ZZ
                                         360        218,500.00          1
                                       7.750          1,565.36         95
                                       7.500          1,565.36
    MIAMI            FL   33157          1            01/14/02         04
    0413436841                           05           03/01/02         30
    0413436841                           O            02/01/32
    0

    7376984          E22/G02             F          176,000.00         ZZ
                                         240        176,000.00          1
                                       7.000          1,364.53         80
                                       6.750          1,364.53
    GULFPORT         MS   39501          5            01/08/02         00
    0413438052                           05           03/01/02          0
    0413438052                           O            02/01/22
    0

    7376988          E22/G02             F          156,750.00         ZZ
                                         360        156,750.00          1
                                       7.750          1,122.98         95
                                       7.500          1,122.98
    ALBUQUERQUE      NM   87111          1            01/11/02         04
    0413441023                           05           03/01/02         30
    0413441023                           O            02/01/32
    0

    7377020          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       8.375            608.06         80
                                       8.125            608.06
    DALLAS           TX   75243          5            01/08/02         00
    0413458746                           05           03/01/02          0
    0413458746                           O            02/01/32
    0

    7377022          E22/G02             F          115,500.00         ZZ
                                         360        115,500.00          4
                                       7.750            827.46         68
                                       7.500            827.46
    CORTEZ           CO   81321          5            01/08/02         00
    0413460932                           05           03/01/02          0
    0413460932                           N            02/01/32
    0

1

    7377034          E22/G02             F          387,200.00         ZZ
                                         360        387,200.00          1
                                       7.375          2,674.29         65
                                       7.125          2,674.29
    ATLANTA          GA   30328          2            01/04/02         00
    0413465089                           03           03/01/02          0
    0413465089                           O            02/01/32
    0

    7377038          E22/G02             F          256,000.00         ZZ
                                         360        256,000.00          1
                                       7.500          1,789.99         79
                                       7.250          1,789.99
    FLOWER MOUND     TX   75022          5            01/08/02         00
    0413465618                           03           03/01/02          0
    0413465618                           O            02/01/32
    0

    7377056          E22/G02             F          341,250.00         ZZ
                                         360        341,250.00          1
                                       8.375          2,593.75         75
                                       8.125          2,593.75
    SAN JOSE         CA   95125          1            01/08/02         00
    0413469891                           05           03/01/02          0
    0413469891                           N            02/01/32
    0

    7377060          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       7.625            821.04         80
                                       7.375            821.04
    LAKE JACKSON     TX   77566          5            01/08/02         00
    0413470675                           05           03/01/02          0
    0413470675                           O            02/01/32
    0

    7377064          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       7.625          1,840.26         80
                                       7.375          1,840.26
    TAYLOR           TX   76574          5            01/09/02         00
    0413471467                           05           03/01/02          0
    0413471467                           O            02/01/32
    0

    7377066          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          4
                                       8.250            405.68         90
                                       8.000            405.68
1

    PENSACOLA        FL   32503          1            01/14/02         01
    0413473059                           05           03/01/02         25
    0413473059                           N            02/01/32
    0

    7377070          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       8.500            522.86         80
                                       8.250            522.86
    PUEBLO           CO   81008          2            01/11/02         00
    0413473950                           05           03/01/02          0
    0413473950                           N            02/01/32
    0

    7377090          E22/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       7.875          1,812.67         31
                                       7.625          1,812.67
    SAN JOSE         CA   95127          5            01/04/02         00
    0413486317                           05           03/01/02          0
    0413486317                           O            02/01/32
    0

    7377092          E22/G02             F          118,750.00         ZZ
                                         360        118,750.00          1
                                       8.500            913.08         95
                                       8.250            913.08
    NORFOLK          VA   23513          5            01/09/02         01
    0413486598                           05           03/01/02         30
    0413486598                           O            02/01/32
    0

    7377094          E22/G02             F          139,300.00         ZZ
                                         360        139,300.00          1
                                       7.750            997.96         90
                                       7.500            997.96
    FRESNO           CA   93711          5            01/03/02         04
    0413486770                           05           03/01/02         25
    0413486770                           O            02/01/32
    0

    7377104          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.500            559.37         73
                                       7.250            559.37
    DALLAS           TX   75208          5            01/08/02         00
    0413492711                           05           03/01/02          0
    0413492711                           O            02/01/32
    0
1

    7377108          E22/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       8.625            661.12         85
                                       8.375            661.12
    BOCA RATON       FL   33428          5            01/08/02         01
    0413495342                           01           03/01/02         12
    0413495342                           O            02/01/32
    0

    7377132          E22/G02             F          244,000.00         ZZ
                                         360        244,000.00          1
                                       7.875          1,769.17         63
                                       7.625          1,769.17
    BIRMINGHAM       AL   35223          5            01/08/02         00
    0413509456                           05           03/01/02          0
    0413509456                           O            02/01/32
    0

    7377140          E22/G02             F           66,000.00         ZZ
                                         360         66,000.00          1
                                       8.125            490.05         80
                                       7.875            490.05
    OGDEN            UT   84401          2            01/07/02         00
    0413511650                           05           03/01/02          0
    0413511650                           N            02/01/32
    0

    7377908          601/G02             F          189,000.00         ZZ
                                         360        188,404.36          1
                                       8.375          1,436.54         90
                                       8.125          1,436.54
    SIMBSBURY        CT   06070          1            09/26/01         14
    0433588514                           05           11/01/01         25
    60862315                             N            10/01/31
    0

    7378016          E82/G02             F          106,500.00         ZZ
                                         360        106,500.00          1
                                       7.500            744.66         69
                                       7.250            744.66
    PRESCOTT VALLEY  AZ   86314          2            01/09/02         00
    0400563862                           05           03/01/02          0
    1978231                              O            02/01/32
    0

    7378342          L49/G02             F          467,000.00         ZZ
                                         360        466,653.41          1
1

                                       7.500          3,265.34         80
                                       7.250          3,265.34
    FULLERTON        CA   92835          1            12/05/01         00
    0433548229                           03           02/01/02          0
    10007072                             O            01/01/32
    0

    7378350          L49/G02             F          515,000.00         ZZ
                                         360        514,636.51          1
                                       7.750          3,689.53         80
                                       7.500          3,689.53
    SAN DIEGO        CA   92130          1            12/14/01         00
    0433544715                           05           02/01/02          0
    10008380                             O            01/01/32
    0

    7378352          L49/G02             F          410,000.00         ZZ
                                         360        409,680.15          1
                                       7.250          2,796.93         58
                                       7.000          2,796.93
    SAN CLEMENTE     CA   92673          1            12/13/01         00
    0433546827                           03           02/01/02          0
    10008676                             O            01/01/32
    0

    7378354          L49/G02             F          378,000.00         ZZ
                                         360        377,733.21          1
                                       7.750          2,708.04         70
                                       7.500          2,708.04
    IRVINE           CA   92602          1            12/01/01         00
    0433546926                           03           02/01/02          0
    550489811                            O            01/01/32
    0

    7378368          L49/G02             F          511,900.00         ZZ
                                         360        511,520.10          1
                                       7.500          3,579.28         80
                                       7.250          3,579.28
    UNION CITY       CA   94587          1            12/06/01         00
    0433543915                           05           02/01/02          0
    10008164                             O            01/01/32
    0

    7378370          L49/G02             F          424,000.00         ZZ
                                         360        423,652.44          1
                                       7.000          2,820.89         80
                                       6.750          2,820.89
    DUBLIN           CA   94568          1            12/11/01         00
    0433548633                           03           02/01/02          0
1

    10008769                             O            01/01/32
    0

    7378378          L49/G02             F          413,600.00         ZZ
                                         360        413,285.28          1
                                       7.375          2,856.64         80
                                       7.125          2,856.64
    FAIRFIELD        CA   94533          1            12/19/01         00
    0433546272                           05           02/01/02          0
    10008768                             O            01/01/32
    0

    7379288          286/286             F          143,000.00         ZZ
                                         360        142,759.03          1
                                       6.875            939.41         50
                                       6.625            939.41
    DECATUR          GA   30030          5            11/16/01         00
    682719                               01           01/01/02          0
    682719                               O            12/01/31
    0

    7379290          286/286             F          230,000.00         ZZ
                                         360        229,612.43          1
                                       6.875          1,510.94         74
                                       6.625          1,510.94
    TIPP CITY        OH   45371          2            11/15/01         00
    678264                               05           01/01/02          0
    678264                               O            12/01/31
    0

    7379292          286/286             F          194,000.00         ZZ
                                         360        193,696.39          1
                                       7.250          1,323.43         71
                                       7.000          1,323.43
    OCEANSIDE        CA   92056          2            11/07/01         00
    656085                               03           01/01/02          0
    656085                               O            12/01/31
    0

    7379294          286/286             F          506,000.00         ZZ
                                         360        503,940.47          1
                                       6.875          3,324.07         76
                                       6.625          3,324.07
    BOULDER          CO   80304          2            11/16/01         00
    520599                               05           01/01/02          0
    520599                               O            12/01/31
    0

1

    7379296          286/286             F          303,000.00         ZZ
                                         360        301,987.45          1
                                       6.750          1,965.25         74
                                       6.500          1,965.25
    ATLANTA          GA   30306          5            11/13/01         00
    697868                               05           01/01/02          0
    697868                               O            12/01/31
    0

    7379298          286/286             F          641,250.00         ZZ
                                         360        640,169.01          1
                                       6.875          4,212.56         75
                                       6.625          4,212.56
    KEY LARGO        FL   33037          2            11/16/01         00
    661519                               05           01/01/02          0
    661519                               O            12/01/31
    0

    7379300          286/286             F           98,000.00         ZZ
                                         360         97,826.58          1
                                       6.625            627.51         73
                                       6.375            627.51
    SCOTTSDALE       AZ   85251          5            11/14/01         00
    839102                               05           01/01/02          0
    839102                               O            12/01/31
    0

    7379304          286/286             F          440,000.00         ZZ
                                         360        439,202.31          1
                                       6.500          2,781.10         80
                                       6.250          2,781.10
    FLAGSTAFF        AZ   86001          2            11/16/01         00
    566234                               03           01/01/02          0
    566234                               O            12/01/31
    0

    7379306          286/286             F          650,000.00         ZZ
                                         360        648,904.71          1
                                       6.875          4,270.04         75
                                       6.625          4,270.04
    LAGUNA BEACH     CA   92651          5            11/01/01         00
    372295                               05           01/01/02          0
    372295                               O            12/01/31
    0

    7379308          286/286             F          342,000.00         ZZ
                                         360        341,451.39          1
                                       7.125          2,304.12         80
                                       6.875          2,304.12
1

    SANTA MONICA     CA   90405          2            11/16/01         00
    533829                               08           01/01/02          0
    533829                               O            12/01/31
    0

    7379310          286/286             F          478,000.00         ZZ
                                         360        477,194.52          1
                                       6.875          3,140.13         80
                                       6.625          3,140.13
    FLAGSTAFF        AZ   86001          5            11/09/01         00
    829015                               03           01/01/02          0
    829015                               O            12/01/31
    0

    7379312          286/286             F          600,000.00         ZZ
                                         360        598,553.21          1
                                       6.750          3,891.59         75
                                       6.500          3,891.59
    MONROE           MI   48161          5            11/19/01         00
    637611                               05           01/01/02          0
    637611                               O            12/01/31
    0

    7379314          286/286             F          329,500.00         ZZ
                                         360        328,944.75          1
                                       6.875          2,164.59         72
                                       6.625          2,164.59
    CENTERVILLE      OH   45459          2            11/15/01         00
    694190                               05           01/01/02          0
    694190                               O            12/01/31
    0

    7379316          286/286             F          358,500.00         ZZ
                                         276        357,483.01          1
                                       7.250          2,672.90         75
                                       7.000          2,672.90
    WATTERTOWN       MA   02472          2            11/13/01         00
    563926                               05           01/01/02          0
    563926                               O            12/01/24
    0

    7379318          286/286             F          400,000.00         ZZ
                                         360        399,325.97          1
                                       6.875          2,627.72         80
                                       6.625          2,627.72
    ST ALBANS        MO   63073          5            11/16/01         00
    669833                               05           01/01/02          0
    669833                               O            12/01/31
    0
1

    7379320          286/286             F          348,000.00         ZZ
                                         360        347,413.59          1
                                       6.875          2,286.12         65
                                       6.625          2,286.12
    MCHENRY          IL   60050          2            11/14/01         00
    624270                               05           01/01/02          0
    624270                               O            12/01/31
    0

    7379324          286/286             F          600,000.00         ZZ
                                         360        598,963.91          1
                                       6.750          3,891.59         72
                                       6.500          3,891.59
    PORTLAND         OR   97210          5            11/12/01         00
    685857                               05           01/01/02          0
    685857                               O            12/01/31
    0

    7379326          286/286             F          500,000.00         ZZ
                                         360        499,177.91          2
                                       7.000          3,326.52         59
                                       6.750          3,326.52
    EDGEWATER        NJ   07020          5            11/14/01         00
    666231                               05           01/01/02          0
    666231                               O            12/01/31
    0

    7379328          286/286             F          313,400.00         ZZ
                                         360        312,871.89          1
                                       6.875          2,058.82         81
                                       6.625          2,058.82
    DES PLAINES      IL   60016          2            11/16/01         12
    620684                               05           01/01/02         12
    620684                               O            12/01/31
    0

    7379330          286/286             F          326,300.00         ZZ
                                         360        325,763.50          1
                                       7.000          2,170.89         79
                                       6.750          2,170.89
    HAYMARKET        VA   20169          2            11/19/01         00
    673412                               05           01/01/02          0
    673412                               O            12/01/31
    0

    7379332          286/286             F          443,000.00         ZZ
                                         360        442,235.03          1
1

                                       6.750          2,873.29         78
                                       6.500          2,873.29
    UPPER SADDLE RI  NJ   07458          5            11/15/01         00
    683857                               05           01/01/02          0
    683857                               O            12/01/31
    0

    7379334          286/286             F          332,500.00         ZZ
                                         360        331,953.29          1
                                       7.000          2,212.14         82
                                       6.750          2,212.14
    VENTURA          CA   93003          2            11/13/01         10
    584932                               05           01/01/02         12
    584932                               O            12/01/31
    0

    7379336          286/286             F          600,000.00         ZZ
                                         360        598,963.91          1
                                       6.750          3,891.59         72
                                       6.500          3,891.59
    VIENNA           VA   22182          5            11/16/01         00
    671384                               03           01/01/02          0
    671384                               O            12/01/31
    0

    7379340          286/286             F          423,000.00         ZZ
                                         360        422,287.22          1
                                       6.875          2,778.81         61
                                       6.625          2,778.81
    SCOTTSDALE       AZ   85259          2            11/15/01         00
    668468                               03           01/01/02          0
    668468                               O            12/01/31
    0

    7379342          286/286             F          483,200.00         ZZ
                                         360        482,385.76          1
                                       6.875          3,174.29         80
                                       6.625          3,174.29
    CORAL GABLES     FL   33143          1            11/19/01         00
    855353                               05           01/01/02          0
    855353                               O            12/01/31
    0

    7379344          286/286             F          488,000.00         ZZ
                                         360        487,177.67          1
                                       6.875          3,205.82         80
                                       6.625          3,205.82
    MILLSTONE        NJ   08691          5            11/13/01         00
    689622                               05           01/01/02          0
1

    689622                               O            12/01/31
    0

    7379346          286/286             F          520,000.00         ZZ
                                         360        519,102.04          1
                                       6.750          3,372.72         78
                                       6.500          3,372.72
    ARLINGTON        VA   22207          2            11/20/01         00
    687732                               05           01/01/02          0
    687732                               O            12/01/31
    0

    7379348          286/286             F          542,850.00         ZZ
                                         360        541,912.59          1
                                       6.750          3,520.92         80
                                       6.500          3,520.92
    RIVERSIDE        IL   60546          2            11/13/01         00
    652432                               05           01/01/02          0
    652432                               O            12/01/31
    0

    7379352          286/286             F          612,000.00         ZZ
                                         360        610,943.18          1
                                       6.750          3,969.43         78
                                       6.500          3,969.43
    FAIRFAX          VA   22030          2            11/14/01         00
    830137                               03           01/01/02          0
    830137                               O            12/01/31
    0

    7379354          286/286             F          401,000.00         ZZ
                                         360        400,324.29          1
                                       6.875          2,634.29         77
                                       6.625          2,634.29
    FAIRFAX          VA   22030          2            11/15/01         00
    827062                               03           01/01/02          0
    827062                               O            12/01/31
    0

    7379356          286/286             F          310,000.00         ZZ
                                         360        309,451.47          1
                                       6.625          1,984.97         60
                                       6.375          1,984.97
    NEWARK           DE   19711          2            11/13/01         00
    612751                               05           01/01/02          0
    612751                               O            12/01/31
    0

1

    7379358          286/286             F          333,100.00         ZZ
                                         360        332,552.31          1
                                       7.000          2,216.13         77
                                       6.750          2,216.13
    CHAMPION         PA   15622          2            11/15/01         00
    649355                               05           01/01/02          0
    649355                               O            12/01/31
    0

    7379360          286/286             F          470,000.00         ZZ
                                         360        469,227.23          1
                                       7.000          3,126.93         70
                                       6.750          3,126.93
    RANCHO PALOS VE  CA   90275          5            11/16/01         00
    702493                               05           01/01/02          0
    702493                               O            12/01/31
    0

    7379362          286/286             F          543,000.00         ZZ
                                         360        542,085.02          1
                                       6.875          3,567.12         78
                                       6.625          3,567.12
    SAN JUAN CAPIST  CA   92675          2            11/09/01         00
    9920719                              05           01/01/02          0
    9920719                              O            12/01/31
    0

    7379364          286/286             F          312,000.00         ZZ
                                         360        311,461.23          1
                                       6.750          2,023.63         80
                                       6.500          2,023.63
    MISSION VIEJO    CA   92692          5            11/13/01         00
    9683005                              03           01/01/02          0
    9683005                              O            12/01/31
    0

    7379366          286/286             F          324,000.00         ZZ
                                         360        323,426.70          1
                                       6.625          2,074.61         80
                                       6.375          2,074.61
    CARLSBAD         CA   92009          1            11/16/01         00
    773374                               03           01/01/02          0
    773374                               O            12/01/31
    0

    7379368          286/286             F          180,000.00         ZZ
                                         360        179,704.06          1
                                       7.000          1,197.54         59
                                       6.750          1,197.54
1

    ROHNERT PARK     CA   94928          5            11/14/01         00
    9914579                              05           01/01/02          0
    9914579                              O            12/01/31
    0

    7379370          286/286             F          650,000.00         ZZ
                                         360        648,904.71          1
                                       6.875          4,270.04         74
                                       6.625          4,270.04
    AUSTIN           TX   78738          2            11/21/01         00
    773339                               03           01/01/02          0
    773339                               O            12/01/31
    0

    7379372          286/286             F          300,000.00         ZZ
                                         360        299,542.04          1
                                       7.375          2,072.03         67
                                       7.125          2,072.03
    ARLINGTON HEIGH  IL   60004          5            11/15/01         00
    9918290                              05           01/01/02          0
    9918290                              O            12/01/31
    0

    7379374          286/286             F          168,000.00         ZZ
                                         360        167,737.09          1
                                       7.250          1,146.06         63
                                       7.000          1,146.06
    HUGHESVILLE      MD   20637          5            11/16/01         00
    9919014                              05           01/01/02          0
    9919014                              O            12/01/31
    0

    7379376          286/286             F          513,500.00         ZZ
                                         360        512,655.72          1
                                       7.000          3,416.33         65
                                       6.750          3,416.33
    SAN DIEGO        CA   92103          2            11/14/01         00
    9922289                              05           01/01/02          0
    9922289                              O            12/01/31
    0

    7379378          286/286             F          355,000.00         ZZ
                                         360        354,150.36          1
                                       6.875          2,332.10         79
                                       6.625          2,332.10
    BERNVILLE        PA   19506          2            11/15/01         00
    9923381                              05           01/01/02          0
    9923381                              O            12/01/31
    0
1

    7379380          286/286             F          300,000.00         ZZ
                                         360        299,518.76          1
                                       7.125          2,021.16         69
                                       6.875          2,021.16
    CASTRO VALLEY    CA   94560          5            11/13/01         00
    9910361                              05           01/01/02          0
    9910361                              O            12/01/31
    0

    7379382          286/286             F          457,500.00         ZZ
                                         360        456,729.08          1
                                       6.875          3,005.45         75
                                       6.625          3,005.45
    GURNEE           IL   60031          2            11/21/01         00
    705859                               03           01/01/02          0
    705859                               O            12/01/31
    0

    7379384          286/286             F          116,250.00         ZZ
                                         360        116,029.64          1
                                       7.000            773.41         75
                                       6.750            773.41
    SPRING VALLEY    CA   91977          2            11/07/01         00
    9919160                              01           01/01/02          0
    9919160                              O            12/01/31
    0

    7379386          286/286             F          161,000.00         ZZ
                                         360        160,728.70          3
                                       6.875          1,057.66         70
                                       6.625          1,057.66
    LOS ANGELES      CA   90011          2            11/12/01         00
    9914933                              05           01/01/02          0
    9914933                              O            12/01/31
    0

    7379388          286/286             F          525,000.00         ZZ
                                         360        524,014.76          1
                                       6.875          3,448.88         75
                                       6.625          3,448.88
    WILTON           CT   06897          5            11/14/01         00
    9922198                              05           01/01/02          0
    9922198                              O            12/01/31
    0

    7379390          286/286             F          315,213.00         ZZ
                                         360        314,731.82          1
1

                                       7.375          2,177.10         80
                                       7.125          2,177.10
    CHICAGO          IL   60610          1            11/13/01         00
    709202                               06           01/01/02          0
    709202                               O            12/01/31
    0

    7379392          286/286             F          448,000.00         ZZ
                                         360        447,206.57          1
                                       6.625          2,868.59         88
                                       6.375          2,868.59
    RIPON            CA   95366          1            11/14/01         21
    9928778                              05           01/01/02         25
    9928778                              O            12/01/31
    0

    7379394          286/286             F          156,000.00         ZZ
                                         360        155,737.13          1
                                       6.875          1,024.81         75
                                       6.625          1,024.81
    HUGO             MN   55038          5            11/13/01         00
    700356                               03           01/01/02          0
    700356                               O            12/01/31
    0

    7379396          286/286             F          136,000.00         ZZ
                                         360        135,770.84          1
                                       6.875            893.42         54
                                       6.625            893.42
    SAN DIEGO        CA   92128          5            11/08/01         00
    699542                               01           01/01/02          0
    699542                               O            12/01/31
    0

    7380440          L76/G02             F          134,400.00         ZZ
                                         360        134,400.00          1
                                       7.250            916.84         80
                                       7.000            916.84
    FARIBAULT        MN   55021          1            01/22/02         00
    0433608577                           05           03/01/02          0
    9506263                              O            02/01/32
    0

    7381912          944/G02             F          413,500.00         ZZ
                                         360        413,500.00          1
                                       7.750          2,962.37         75
                                       7.500          2,962.37
    DANVILLE         CA   94526          5            12/27/01         00
    0433599461                           03           03/01/02          0
1

    W01104284                            O            02/01/32
    0

    7383060          K39/G02             F           71,400.00         ZZ
                                         360         71,351.11          1
                                       7.900            518.94         80
                                       7.650            518.94
    WYNNE            AR   72396          2            12/19/01         00
    0433597309                           05           02/01/02          0
    459802501                            O            01/01/32
    0

    7386632          642/G02             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       7.500          2,712.95         80
                                       7.250          2,712.95
    SAN MATEO        CA   94403          5            01/10/02         00
    0433599875                           05           03/01/02          0
    01001802                             O            02/01/32
    0

    7395144          L33/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       7.250          1,036.91         80
                                       7.000          1,036.91
    NORTHGLENN       CO   80233          1            01/18/02         00
    0433603198                           09           03/01/02          0
    00931142                             O            02/01/32
    0

    7400376          E22/G02             F          397,000.00         ZZ
                                         360        397,000.00          1
                                       7.500          2,775.88         75
                                       7.250          2,775.88
    WINDSOR          CA   95492          5            12/31/01         00
    0413141185                           05           03/01/02          0
    0413141185                           O            02/01/32
    0

    7400398          E22/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
                                       7.875            619.93         90
                                       7.625            619.93
    MIDLAND          MI   48642          5            01/10/02         04
    0413345489                           05           03/01/02         25
    0413345489                           O            02/01/32
    0

1

    7400402          E22/G02             F          186,000.00         ZZ
                                         360        186,000.00          3
                                       7.000          1,237.46         54
                                       6.750          1,237.46
    EAST BOSTON      MA   02128          5            01/10/02         00
    0413354242                           05           03/01/02          0
    0413354242                           O            02/01/32
    0

    7400404          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       8.375            516.85         80
                                       8.125            516.85
    NEW BEDFORD      MA   02740          1            01/15/02         00
    0413364332                           05           03/01/02          0
    0413364332                           O            02/01/32
    0

    7400424          E22/G02             F          382,000.00         ZZ
                                         360        382,000.00          1
                                       8.375          2,903.48         73
                                       8.125          2,903.48
    MANCOS           CO   81328          5            01/10/02         00
    0413381997                           05           03/01/02          0
    0413381997                           O            02/01/32
    0

    7400450          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       7.125            943.21         78
                                       6.875            943.21
    THE WOODLANDS    TX   77382          5            01/10/02         00
    0413419235                           03           03/01/02          0
    0413419235                           O            02/01/32
    0

    7400464          E22/G02             F           99,760.00         ZZ
                                         360         99,760.00          1
                                       7.875            723.33         80
                                       7.625            723.33
    GRANITE CITY     IL   62040          2            01/10/02         00
    0413433988                           05           03/01/02          0
    0413433988                           O            02/01/32
    0

    7400472          E22/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       7.250          1,296.13         72
                                       7.000          1,296.13
1

    LIVONIA          MI   48154          5            01/10/02         00
    0413443466                           05           03/01/02          0
    0413443466                           O            02/01/32
    0

    7400474          E22/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       7.750            608.95         57
                                       7.500            608.95
    NEWINGTON        CT   06111          5            01/10/02         00
    0413444019                           05           03/01/02          0
    0413444019                           O            02/01/32
    0

    7400510          E22/G02             F           79,000.00         ZZ
                                         360         78,945.64          1
                                       7.875            572.80         73
                                       7.625            572.80
    INDIO            CA   92201          5            01/03/02         00
    0413465956                           05           02/01/02          0
    0413465956                           O            01/01/32
    0

    7400530          E22/G02             F           79,900.00         ZZ
                                         360         79,900.00          1
                                       7.625            565.53         80
                                       7.375            565.53
    POMPANO BEACH    FL   33064          5            01/10/02         00
    0413487687                           01           03/01/02          0
    0413487687                           O            02/01/32
    0

    7400554          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       7.750            802.38         76
                                       7.500            802.38
    WOODSTOCK        GA   30189          5            01/10/02         00
    0413503376                           05           03/01/02          0
    0413503376                           O            02/01/32
    0

    7400566          E22/G02             F          153,200.00         ZZ
                                         360        153,200.00          1
                                       7.000          1,019.24         80
                                       6.750          1,019.24
    SACRAMENTO       CA   95821          1            01/07/02         00
    0413508516                           05           03/01/02          0
    0413508516                           O            02/01/32
    0
1

    7400568          E22/G02             F           97,750.00         ZZ
                                         360         97,750.00          1
                                       7.625            691.87         85
                                       7.375            691.87
    PUEBLO           CO   81005          5            01/10/02         04
    0413510694                           05           03/01/02         12
    0413510694                           O            02/01/32
    0

    7400570          E22/G02             F           69,700.00         ZZ
                                         360         69,700.00          2
                                       8.250            523.63         90
                                       8.000            523.63
    KALAMAZOO        MI   49007          1            01/15/02         04
    0413512955                           05           03/01/02         25
    0413512955                           N            02/01/32
    0

    7400580          E22/G02             F          138,000.00         ZZ
                                         360        138,000.00          2
                                       7.750            988.65         75
                                       7.500            988.65
    DALLAS           TX   75243          2            01/15/02         00
    0413520271                           05           03/01/02          0
    0413520271                           N            02/01/32
    0

    7400582          E22/G02             F           78,300.00         ZZ
                                         360         78,300.00          1
                                       8.125            581.38         90
                                       7.875            581.38
    WELLINGTON       FL   33414          1            01/15/02         01
    0413526807                           01           03/01/02         25
    0413526807                           N            02/01/32
    0

    7401024          601/G02             F          242,900.00         ZZ
                                         360        241,978.17          1
                                       8.375          1,846.22         90
                                       8.125          1,846.22
    ESSEX            CT   06426          1            07/17/01         14
    0433610177                           05           09/01/01         25
    60625852                             O            08/01/31
    0

    7401426          K31/G02             F          132,400.00         ZZ
                                         360        132,400.00          1
1

                                       7.125            892.00         28
                                       6.875            892.00
    LILBURN          GA   30047          5            01/03/02         00
    0433599198                           05           03/01/02          0
    509226                               O            02/01/32
    0

    7403610          X01/G02             F          118,999.00         ZZ
                                         360        118,999.00          2
                                       8.375            904.48         90
                                       8.125            904.48
    AUSTIN           TX   78748          1            01/09/02         01
    0433608007                           05           03/01/02         25
    011252                               O            02/01/32
    0

    7413344          F28/G02             F          506,250.00         ZZ
                                         360        505,855.07          1
                                       7.250          3,453.52         75
                                       7.000          3,453.52
    WEST HOLLYWOOD   CA   90069          5            12/17/01         00
    0433589843                           05           02/01/02          0
    7365988                              O            01/01/32
    0

    7413346          F28/G02             F          487,000.00         ZZ
                                         360        486,237.89          2
                                       7.250          3,322.20         76
                                       7.000          3,322.20
    WASHINTON        DC   20009          5            11/30/01         00
    0433602810                           05           01/01/02          0
    7524477                              O            12/01/31
    0

    7413418          F28/G02             F          581,250.00         ZZ
                                         360        580,749.55          1
                                       6.750          3,769.98         75
                                       6.500          3,769.98
    SEATTLE          WA   98144          5            12/20/01         00
    0433602992                           05           02/01/02          0
    7874567                              O            01/01/32
    0

    7413436          F28/G02             F          425,000.00         ZZ
                                         360        424,668.46          1
                                       7.250          2,899.25         71
                                       7.000          2,899.25
    BROOKFIELD       WI   53045          5            12/14/01         00
    0433607371                           05           02/01/02          0
1

    791515                               O            01/01/32
    0

    7413596          F28/G02             F          647,000.00         ZZ
                                         360        646,442.95          1
                                       6.750          4,196.43         78
                                       6.500          4,196.43
    WASHINGTON       DC   20008          5            12/11/01         00
    0433603677                           05           02/01/02          0
    7827045                              O            01/01/32
    0

    7413610          F28/G02             F          318,750.00         ZZ
                                         360        318,275.40          1
                                       7.500          2,228.75         75
                                       7.250          2,228.75
    VIRGINIA BEACH   VA   23456          5            11/28/01         00
    0433591682                           05           01/01/02          0
    104998                               N            12/01/31
    0

    7414106          A06/G02             F          183,200.00         ZZ
                                         360        183,077.07          1
                                       8.000          1,344.26         80
                                       7.750          1,344.26
    KISSIMMEE        FL   34747          1            12/19/01         00
    0433582681                           03           02/01/02          0
    1                                    N            01/01/32
    0

    7425096          E22/G02             F          366,800.00         ZZ
                                         360        366,800.00          1
                                       7.500          2,564.72         68
                                       7.250          2,564.72
    YAKIMA           WA   98901          5            01/09/02         00
    0412994196                           05           03/01/02          0
    0412994196                           O            02/01/32
    0

    7425108          E22/G02             F          131,670.00         ZZ
                                         360        131,670.00          1
                                       7.875            954.70         90
                                       7.625            954.70
    SAGINAW          TX   76131          1            01/15/02         01
    0413218942                           03           03/01/02         30
    0413218942                           O            02/01/32
    0

1

    7425112          E22/G02             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       7.375          2,458.80         80
                                       7.125          2,458.80
    SAN JOSE         CA   95121          2            01/09/02         00
    0413281569                           05           03/01/02          0
    0413281569                           O            02/01/32
    0

    7425114          E22/G02             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       7.500          2,125.61         80
                                       7.250          2,125.61
    DAHLONEGA        GA   30533          5            01/11/02         00
    0413281635                           05           03/01/02          0
    0413281635                           O            02/01/32
    0

    7425118          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          3
                                       8.375          1,094.50         90
                                       8.125          1,094.50
    BELLEVILLE       NJ   07109          1            01/16/02         04
    0413298803                           05           03/01/02         25
    0413298803                           N            02/01/32
    0

    7425120          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.875          1,160.11         80
                                       7.625          1,160.11
    AUSTIN           TX   78736          5            01/08/02         00
    0413309287                           05           03/01/02          0
    0413309287                           O            02/01/32
    0

    7425124          E22/G02             F           75,900.00         ZZ
                                         360         75,900.00          1
                                       7.250            517.77         63
                                       7.000            517.77
    KAWKAWLIN        MI   48631          5            01/11/02         00
    0413317835                           05           03/01/02          0
    0413317835                           O            02/01/32
    0

    7425126          E22/G02             F          201,150.00         ZZ
                                         360        201,150.00          1
                                       7.250          1,372.20         90
                                       7.000          1,372.20
1

    COLUMBIA FALLS   MT   59912          1            01/15/02         01
    0413324112                           05           03/01/02         25
    0413324112                           O            02/01/32
    0

    7425130          E22/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       7.250            886.83         82
                                       7.000            886.83
    MONROE           GA   30655          5            01/11/02         04
    0413326356                           05           03/01/02         12
    0413326356                           O            02/01/32
    0

    7425144          E22/G02             F          647,000.00         ZZ
                                         360        647,000.00          1
                                       7.375          4,468.67         77
                                       7.125          4,468.67
    SOUTHLAKE        TX   76092          5            01/11/02         00
    0413379124                           05           03/01/02          0
    0413379124                           O            02/01/32
    0

    7425146          E22/G02             F          169,600.00         ZZ
                                         360        169,600.00          1
                                       7.250          1,156.97         80
                                       7.000          1,156.97
    HOUSTON          TX   77019          5            01/09/02         00
    0413381187                           05           03/01/02          0
    0413381187                           O            02/01/32
    0

    7425152          E22/G02             F          150,100.00         ZZ
                                         360        150,100.00          1
                                       7.125          1,011.25         95
                                       6.875          1,011.25
    TAYLORSVILLE     UT   84118          2            01/09/02         04
    0413392358                           05           03/01/02         30
    0413392358                           O            02/01/32
    0

    7425160          E22/G02             F          152,800.00         ZZ
                                         360        152,800.00          1
                                       7.500          1,068.40         80
                                       7.250          1,068.40
    PFAFFTOWN        NC   27040          5            01/11/02         00
    0413396508                           05           03/01/02          0
    0413396508                           O            02/01/32
    0
1

    7425166          E22/G02             F          560,000.00         ZZ
                                         360        560,000.00          1
                                       7.375          3,867.78         80
                                       7.125          3,867.78
    BIRMINGHAM       MI   48009          2            01/11/02         00
    0413401324                           05           03/01/02          0
    0413401324                           O            02/01/32
    0

    7425204          E22/G02             F          114,000.00         ZZ
                                         360        114,000.00          1
                                       7.750            816.71         87
                                       7.500            816.71
    KANSAS CITY      MO   64153          5            01/10/02         04
    0413456880                           05           03/01/02         25
    0413456880                           O            02/01/32
    0

    7425232          E22/G02             F           75,500.00         ZZ
                                         360         75,500.00          1
                                       8.250            567.21         79
                                       8.000            567.21
    NAMPA            ID   83686          2            01/08/02         00
    0413476474                           05           03/01/02          0
    0413476474                           N            02/01/32
    0

    7425236          E22/G02             F           56,000.00         ZZ
                                         240         56,000.00          1
                                       8.625            490.42         80
                                       8.375            490.42
    AUGUSTA          GA   30901          5            01/08/02         00
    0413479296                           05           03/01/02          0
    0413479296                           N            02/01/22
    0

    7425244          E22/G02             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       7.375          1,312.28         74
                                       7.125          1,312.28
    RANCHO CUCAMONG  CA   91701          5            01/07/02         00
    0413483215                           05           03/01/02          0
    0413483215                           O            02/01/32
    0

    7425258          E22/G02             F           80,100.00         ZZ
                                         360         80,100.00          1
1

                                       7.875            580.78         90
                                       7.625            580.78
    ANNISTON         AL   36207          5            01/11/02         01
    0413486739                           05           03/01/02         25
    0413486739                           O            02/01/32
    0

    7425262          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       7.750          1,088.95         80
                                       7.500          1,088.95
    CENTER POINT     TX   78010          5            01/11/02         00
    0413488834                           05           03/01/02          0
    0413488834                           O            02/01/32
    0

    7425282          E22/G02             F          183,750.00         ZZ
                                         360        183,750.00          1
                                       7.500          1,284.81         75
                                       7.250          1,284.81
    LAKE ORION       MI   48360          1            01/17/02         00
    0413497660                           05           03/01/02          0
    0413497660                           O            02/01/32
    0

    7425294          E22/G02             F           76,050.00         ZZ
                                         360         76,050.00          4
                                       8.000            558.03         90
                                       7.750            558.03
    METAIRIE         LA   70003          1            01/16/02         04
    0413500117                           05           03/01/02         25
    0413500117                           N            02/01/32
    0

    7425298          E22/G02             F          138,500.00         ZZ
                                         360        138,500.00          1
                                       7.500            968.41         88
                                       7.250            968.41
    RINCON           GA   31326          5            01/11/02         04
    0413501057                           05           03/01/02         25
    0413501057                           O            02/01/32
    0

    7425320          E22/G02             F          138,300.00         ZZ
                                         360        138,300.00          1
                                       7.625            978.88         78
                                       7.375            978.88
    PINCKNEY         MI   48169          1            01/16/02         00
    0413523002                           05           03/01/02          0
1

    0413523002                           O            02/01/32
    0

    7427902          Q99/G02             F          242,000.00         ZZ
                                         360        242,000.00          1
                                       8.000          1,775.71         75
                                       7.750          1,775.71
    BETHSEDA         MD   20814          5            01/24/02         00
    0433612785                           06           03/01/02          0
    1                                    O            02/01/32
    0

    7441742          470/G02             F          394,250.00         ZZ
                                         360        394,250.00          1
                                       7.750          2,824.46         95
                                       7.500          2,824.46
    CLOVIS           CA   93611          1            01/07/02         04
    0433627213                           05           03/01/02         35
    84000141                             O            02/01/32
    0

    7442618          X43/G02             F          156,400.00         ZZ
                                         360        156,289.61          1
                                       7.750          1,120.47         80
                                       7.500          1,120.47
    CITY OF LA QUIN  CA   92253          1            12/28/01         00
    0433573961                           03           02/01/02          0
    R1201022663491                       O            01/01/32
    0

    7444090          964/G02             F          400,000.00         ZZ
                                         360        399,724.72          1
                                       7.875          2,900.28         77
                                       7.625          2,900.28
    SALT LAKE CITY   UT   84109          2            12/21/01         00
    0433591948                           05           02/01/02          0
    175804                               O            01/01/32
    0

    7446236          G75/G75             F          136,000.00         ZZ
                                         360        135,896.51          1
                                       7.375            939.32         80
                                       7.125            939.32
    CROSS JUNCTION   VA   22625          1            12/05/01         00
    04454435                             03           02/01/02          0
    04454435                             O            01/01/32
    0

1

    7446238          G75/G75             F          400,000.00         ZZ
                                         360        399,724.72          1
                                       7.875          2,900.28         69
                                       7.625          2,900.28
    EASTTOWN         PA   19312          1            12/10/01         00
    04558613                             05           02/01/02          0
    04558613                             N            01/01/32
    0

    7446242          G75/G75             F          337,600.00         ZZ
                                         360        336,541.99          1
                                       7.000          2,246.07         70
                                       6.750          2,246.07
    EDGEWATER        MD   21037          2            11/19/01         00
    04510788                             03           01/01/02          0
    04510788                             O            12/01/31
    0

    7446246          G75/G75             F          256,000.00         ZZ
                                         360        255,557.92          1
                                       6.750          1,660.42         80
                                       6.500          1,660.42
    ALEXANDRIA       VA   22310          1            11/16/01         00
    04488121                             09           01/01/02          0
    04488121                             O            12/01/31
    0

    7446248          G75/G75             F          190,000.00         ZZ
                                         360        189,553.87          1
                                       6.750          1,232.34         95
                                       6.500          1,232.34
    FREDERICKSBURG   VA   22408          5            11/15/01         10
    04509141                             05           01/01/02         30
    04509141                             O            12/01/31
    0

    7446250          G75/G75             F          190,400.00         ZZ
                                         360        190,102.03          1
                                       7.250          1,298.87         80
                                       7.000          1,298.87
    CARY             NC   27513          1            11/13/01         00
    04480531                             03           01/01/02          0
    04480531                             O            12/01/31
    0

    7446252          G75/G75             F           84,600.00         ZZ
                                         360         84,537.21          4
                                       7.500            591.54         90
                                       7.250            591.54
1

    PENNSAUKEN       NJ   08110          1            12/18/01         14
    04509228                             05           02/01/02         25
    04509228                             N            01/01/32
    0

    7446254          G75/G75             F          256,800.00         ZZ
                                         360        256,436.33          1
                                       7.750          1,839.75         80
                                       7.500          1,839.75
    ALEXANDRIA       VA   22310          1            11/30/01         00
    04519457                             09           01/01/02          0
    04519457                             O            12/01/31
    0

    7446256          G75/G75             F          108,000.00         ZZ
                                         360        107,925.67          4
                                       7.875            783.08         90
                                       7.625            783.08
    NORFOLK          VA   23502          1            12/28/01         10
    04546973                             05           02/01/02         25
    04546973                             N            01/01/32
    0

    7446258          G75/G75             F          115,500.00         ZZ
                                         360        115,363.13          1
                                       8.625            898.35         75
                                       8.375            898.35
    ST AUGUSTINE     FL   32084          1            11/27/01         00
    04501260                             05           01/01/02          0
    04501260                             O            12/01/31
    0

    7446262          G75/G75             F          180,000.00         ZZ
                                         360        179,888.11          4
                                       8.375          1,368.14         90
                                       8.125          1,368.14
    KEYPORT          NJ   07735          1            12/14/01         10
    04553396                             05           02/01/02         25
    04553396                             N            01/01/32
    0

    7446404          700/G02             F          214,200.00         ZZ
                                         360        214,037.01          4
                                       7.375          1,479.43         85
                                       7.125          1,479.43
    LOS ANGELES      CA   90031          2            12/17/01         01
    0433606035                           05           02/01/02         12
    00263624                             O            01/01/32
    0
1

    7447290          E11/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       7.125          1,482.18         65
                                       6.875          1,482.18
    DELANO           MN   55328          5            01/25/02         00
    0433632221                           05           03/01/02          0
    0003001036621                        O            02/01/32
    0

    7448538          462/G02             F          200,000.00         ZZ
                                         360        199,662.98          1
                                       6.875          1,313.86         75
                                       6.625          1,313.86
    MIAMI            FL   33178          1            11/29/01         00
    0433618196                           09           01/01/02          0
    0004712493                           O            12/01/31
    0

    7462622          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.250          2,046.53         58
                                       7.000          2,046.53
    OAKLAND          CA   94610          2            01/09/02         00
    0413136284                           05           03/01/02          0
    0413136284                           O            02/01/32
    0

    7462630          E22/G02             F          151,995.00         ZZ
                                         360        151,995.00          1
                                       7.125          1,024.02         95
                                       6.875          1,024.02
    TACOMA           WA   98444          1            01/10/02         04
    0413226374                           05           03/01/02         30
    0413226374                           O            02/01/32
    0

    7462646          E22/G02             F          245,000.00         ZZ
                                         360        245,000.00          1
                                       7.000          1,629.99         67
                                       6.750          1,629.99
    UNION CITY       CA   94587          5            01/11/02         00
    0413359951                           05           03/01/02          0
    0413359951                           O            02/01/32
    0

    7462668          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
1

                                       8.125          1,544.39         88
                                       7.875          1,544.39
    WATERLOO         IL   62298          2            01/10/02         04
    0413423880                           05           03/01/02         30
    0413423880                           O            02/01/32
    0

    7462690          E22/G02             F           86,000.00         ZZ
                                         360         86,000.00          1
                                       7.625            608.70         60
                                       7.375            608.70
    LAKE ORION       MI   48362          5            01/16/02         00
    0413461740                           05           03/01/02          0
    0413461740                           O            02/01/32
    0

    7462696          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       7.750            831.04         67
                                       7.500            831.04
    SPRING           TX   77386          5            01/10/02         00
    0413480054                           05           03/01/02          0
    0413480054                           O            02/01/32
    0

    7462730          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          2
                                       7.625          1,019.22         80
                                       7.375          1,019.22
    NEW ORLEANS      LA   70125          5            01/15/02         00
    0413498551                           05           03/01/02          0
    0413498551                           N            02/01/32
    0

    7462742          E22/G02             F          129,500.00         ZZ
                                         360        129,500.00          1
                                       8.000            950.23         61
                                       7.750            950.23
    WASHINGTON       DC   20003          1            01/15/02         00
    0413503152                           01           03/01/02          0
    0413503152                           N            02/01/32
    0

    7463612          E82/G02             F          168,000.00         ZZ
                                         360        168,000.00          1
                                       7.750          1,203.57         68
                                       7.500          1,203.57
    PARK RIDGE       NJ   07656          5            01/15/02         00
    0400564076                           05           03/01/02          0
1

    0400564076                           O            02/01/32
    0

    7463618          E82/G02             F           91,000.00         ZZ
                                         360         91,000.00          1
                                       6.875            597.81         63
                                       6.625            597.81
    MILACA           MN   56353          5            01/15/02         00
    0400532586                           05           03/01/02          0
    0400532586                           O            02/01/32
    0

    7463626          E82/G02             F          247,300.00         ZZ
                                         360        247,300.00          1
                                       6.750          1,603.98         74
                                       6.500          1,603.98
    MOORPARK AREA    CA   93021          2            01/14/02         00
    0400535217                           05           03/01/02          0
    1670927                              O            02/01/32
    0

    7463636          E82/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       6.750          1,349.08         59
                                       6.500          1,349.08
    HOHOKUS          NJ   07423          2            01/15/02         00
    0400477683                           05           03/01/02          0
    0400477683                           O            02/01/32
    0

    7463640          E82/G02             F          142,000.00         ZZ
                                         360        142,000.00          1
                                       7.000            944.73         71
                                       6.750            944.73
    WEST SACRAMENTO  CA   95691          2            01/16/02         00
    0400527479                           05           03/01/02          0
    0400527479                           O            02/01/32
    0

    7463642          E82/G02             F          256,300.00         ZZ
                                         360        256,300.00          1
                                       7.875          1,858.35         66
                                       7.625          1,858.35
    ATLANTA          GA   30331          2            01/15/02         00
    0400564043                           05           03/01/02          0
    1939995                              O            02/01/32
    0

1

    7463658          E82/G02             F          235,500.00         ZZ
                                         360        235,500.00          1
                                       7.375          1,626.54         80
                                       7.125          1,626.54
    SAN LUIS OBISPO  CA   93401          2            01/18/02         00
    0400509444                           05           03/01/02          0
    0400509444                           N            02/01/32
    0

    7463696          E82/G02             F          193,800.00         ZZ
                                         360        193,800.00          1
                                       7.375          1,338.53         80
                                       7.125          1,338.53
    HOLLISTER        CA   95023          2            01/14/02         00
    0400564852                           05           03/01/02          0
    1823711                              O            02/01/32
    0

    7471492          964/G02             F          471,750.00         ZZ
                                         360        471,750.00          1
                                       7.250          3,218.17         75
                                       7.000          3,218.17
    MESA             AZ   85207          5            01/25/02         00
    0433635836                           03           03/01/02          0
    184369                               O            02/01/32
    0

    7471708          964/G02             F          150,000.00         ZZ
                                         360        149,867.65          1
                                       6.625            960.47         62
                                       6.375            960.47
    STOCKTON         CA   95212          1            12/13/01         00
    0433582566                           05           02/01/02          0
    143064                               O            01/01/32
    0

    7477586          286/286             F          296,115.00         ZZ
                                         360        295,684.98          1
                                       7.625          2,095.89         60
                                       7.375          2,095.89
    PLANTATION       FL   33323          2            11/21/01         00
    315564                               05           01/01/02          0
    315564                               O            12/01/31
    0

    7477588          286/286             F          274,400.00         ZZ
                                         360        273,942.30          1
                                       7.250          1,871.90         80
                                       7.000          1,871.90
1

    GEORGETOWN       CO   80444          5            11/16/01         00
    323308                               05           01/01/02          0
    323308                               O            12/01/31
    0

    7477590          286/286             F          577,550.00         ZZ
                                         360        576,646.18          1
                                       7.250          3,939.91         80
                                       7.000          3,939.91
    THOUSAND OAKS    CA   91320          1            11/20/01         00
    348158                               03           01/01/02          0
    348158                               O            12/01/31
    0

    7477594          286/286             F           89,550.00         ZZ
                                         360         89,432.44          3
                                       8.125            664.91         90
                                       7.875            664.91
    BRIDGEPORT       CT   06606          1            11/19/01         11
    363713                               05           01/01/02         30
    363713                               N            12/01/31
    0

    7477598          286/286             F          187,000.00         ZZ
                                         360        186,707.36          1
                                       7.250          1,275.67         23
                                       7.000          1,275.67
    KEY LARGO        FL   33037          5            11/12/01         00
    487132                               05           01/01/02          0
    487132                               O            12/01/31
    0

    7477600          286/286             F          160,800.00         ZZ
                                         360        160,294.34          1
                                       7.000          1,069.81         84
                                       6.750          1,069.81
    THORNTON         CO   80233          2            10/19/01         10
    511447                               05           12/01/01         12
    511447                               O            11/01/31
    0

    7477608          286/286             F          152,000.00         ZZ
                                         360        151,762.13          1
                                       7.250          1,036.91         80
                                       7.000          1,036.91
    ROCHESTER HILLS  MI   48309          1            11/13/01         00
    542676                               05           01/01/02          0
    542676                               O            12/01/31
    0
1

    7477612          286/286             F          350,000.00         ZZ
                                         360        349,540.53          3
                                       8.125          2,598.75         78
                                       7.875          2,598.75
    JERSEY CITY      NJ   07302          1            11/28/01         00
    546222                               05           01/01/02          0
    546222                               O            12/01/31
    0

    7477614          286/286             F          500,000.00         ZZ
                                         360        499,291.92          1
                                       7.750          3,582.07         80
                                       7.500          3,582.07
    TOMS RIVER       NJ   08755          5            11/16/01         00
    546286                               05           01/01/02          0
    546286                               O            12/01/31
    0

    7477616          286/286             F          108,000.00         ZZ
                                         360        107,861.79          3
                                       8.250            811.37         90
                                       8.000            811.37
    NEW HAVEN        CT   06519          1            11/19/01         12
    546389                               05           01/01/02         25
    546389                               N            12/01/31
    0

    7477618          286/286             F          356,250.00         ZZ
                                         360        355,649.70          1
                                       6.875          2,340.31         75
                                       6.625          2,340.31
    EAST WALPOLE     MA   02032          5            11/13/01         00
    555091                               05           01/01/02          0
    555091                               O            12/01/31
    0

    7477620          286/286             F          315,000.00         ZZ
                                         360        314,530.41          1
                                       7.500          2,202.53         75
                                       7.250          2,202.53
    MIAMI            FL   33133          1            11/19/01         00
    558337                               05           01/01/02          0
    558337                               N            12/01/31
    0

    7477622          286/286             F          100,800.00         ZZ
                                         360        100,547.44          4
1

                                       8.250            757.28         90
                                       8.000            757.28
    SPRINGFIELD      MA   01108          1            11/28/01         11
    564244                               05           01/01/02         25
    564244                               N            12/01/31
    0

    7477624          286/286             F          199,300.00         ZZ
                                         360        197,645.31          1
                                       7.125          1,342.72         72
                                       6.875          1,342.72
    VIENNA           VA   22182          5            09/21/01         00
    568486                               05           11/01/01          0
    568486                               O            10/01/31
    0

    7477628          286/286             F          124,800.00         ZZ
                                         360        124,615.37          1
                                       7.750            894.09         80
                                       7.500            894.09
    ONTARIO          CA   91764          1            11/09/01         00
    571565                               05           01/01/02          0
    571565                               N            12/01/31
    0

    7477634          286/286             F          152,100.00         ZZ
                                         360        151,775.84          3
                                       7.750          1,089.67         90
                                       7.500          1,089.67
    MESA             AZ   85201          1            10/03/01         12
    575864                               05           12/01/01         25
    575864                               N            11/01/31
    0

    7477638          286/286             F          137,250.00         ZZ
                                         360        137,029.83          4
                                       7.125            924.68         90
                                       6.875            924.68
    TEMPE            AZ   85281          1            11/06/01         12
    581813                               05           01/01/02         25
    581813                               N            12/01/31
    0

    7477640          286/286             F          342,500.00         ZZ
                                         360        341,788.21          1
                                       7.875          2,483.37         60
                                       7.625          2,483.37
    FALLS CHURCH     VA   22042          2            10/15/01         00
    584986                               05           12/01/01          0
1

    584986                               O            11/01/31
    0

    7477644          286/286             F          165,000.00         ZZ
                                         360        164,760.40          1
                                       7.625          1,167.86         58
                                       7.375          1,167.86
    STERLING HEIGHT  MI   48314          5            11/02/01         00
    588226                               05           01/01/02          0
    588226                               O            12/01/31
    0

    7477648          286/286             F          118,500.00         ZZ
                                         360        118,221.00          1
                                       7.250            808.38         72
                                       7.000            808.38
    SCOTTSDALE       AZ   85254          2            10/09/01         00
    591537                               05           12/01/01          0
    591537                               N            11/01/31
    0

    7477650          286/286             F          316,700.00         ZZ
                                         360        315,810.06          1
                                       7.000          2,107.02         80
                                       6.750          2,107.02
    TUCSON           AZ   85745          5            10/15/01         00
    592035                               05           12/01/01          0
    592035                               O            11/01/31
    0

    7477652          286/286             F          215,000.00         ZZ
                                         360        214,637.71          1
                                       6.875          1,412.40         51
                                       6.625          1,412.40
    DANA POINT       CA   92629          5            11/05/01         00
    598564                               03           01/01/02          0
    598564                               N            12/01/31
    0

    7477654          286/286             F          116,750.00         ZZ
                                         360        116,562.71          1
                                       7.125            786.57         80
                                       6.875            786.57
    GILBERT          AZ   85234          1            11/16/01         00
    599642                               03           01/01/02          0
    599642                               N            12/01/31
    0

1

    7477656          286/286             F          138,000.00         ZZ
                                         360        137,778.62          1
                                       7.125            929.74         77
                                       6.875            929.74
    WESTON           FL   33327          2            11/21/01         00
    600284                               03           01/01/02          0
    600284                               O            12/01/31
    0

    7477660          286/286             F          132,000.00         ZZ
                                         360        131,229.18          4
                                       8.000            968.57         80
                                       7.750            968.57
    PHOENIX          AZ   85020          1            10/04/01         00
    610378                               05           12/01/01          0
    610378                               N            11/01/31
    0

    7477664          286/286             F           60,000.00         ZZ
                                         360         59,919.21          2
                                       8.000            440.26         80
                                       7.750            440.26
    PHOENIX          AZ   85017          1            11/05/01         00
    623668                               05           01/01/02          0
    623668                               N            12/01/31
    0

    7477666          286/286             F          154,800.00         ZZ
                                         360        154,580.77          2
                                       7.750          1,109.01         60
                                       7.500          1,109.01
    LAKEWOOD         CO   80215          5            11/13/01         00
    629694                               05           01/01/02          0
    629694                               N            12/01/31
    0

    7477668          286/286             F           74,400.00         ZZ
                                         360         74,294.64          1
                                       7.750            533.01         60
                                       7.500            533.01
    LAKEWOOD         CO   80228          5            11/13/01         00
    629708                               03           01/01/02          0
    629708                               N            12/01/31
    0

    7477672          286/286             F          141,000.00         ZZ
                                         360        140,774.51          1
                                       7.500            985.90         80
                                       7.250            985.90
1

    EASTLAKE         OH   44095          2            11/19/01         00
    631805                               05           01/01/02          0
    631805                               O            12/01/31
    0

    7477676          286/286             F          200,160.00         ZZ
                                         360        199,784.90          1
                                       7.375          1,382.46         80
                                       7.125          1,382.46
    BRIGHTON         MI   48116          1            11/28/01         00
    637908                               05           01/01/02          0
    637908                               O            12/01/31
    0

    7477680          286/286             F          146,250.00         ZZ
                                         360        145,725.51          1
                                       8.375          1,111.61         75
                                       8.125          1,111.61
    LAGRANGE PARK    IL   60526          5            10/25/01         00
    640879                               05           12/01/01          0
    640879                               O            11/01/31
    0

    7477692          286/286             F          150,000.00         ZZ
                                         360        149,728.07          1
                                       6.500            948.10         74
                                       6.250            948.10
    DENVER           CO   80212          5            11/13/01         00
    656434                               05           01/01/02          0
    656434                               O            12/01/31
    0

    7477694          286/286             F          650,000.00         ZZ
                                         360        648,821.58          1
                                       6.500          4,108.45         52
                                       6.250          4,108.45
    PURCELLVILLE     VA   20132          1            11/21/01         00
    660292                               05           01/01/02          0
    660292                               O            12/01/31
    0

    7477696          286/286             F          184,000.00         ZZ
                                         360        183,682.25          1
                                       6.750          1,193.43         80
                                       6.500          1,193.43
    MONSON           MA   01057          5            11/06/01         00
    661651                               05           01/01/02          0
    661651                               O            12/01/31
    0
1

    7477702          286/286             F           80,000.00         ZZ
                                         360         79,865.18          1
                                       6.875            525.55         79
                                       6.625            525.55
    PEORIA           AZ   85345          5            11/09/01         00
    665016                               05           01/01/02          0
    665016                               N            12/01/31
    0

    7477704          286/286             F          132,750.00         ZZ
                                         360        132,466.03          2
                                       7.875            962.53         59
                                       7.625            962.53
    JERSEY CITY      NJ   07307          5            11/26/01         00
    666529                               05           01/01/02          0
    666529                               N            12/01/31
    0

    7477708          286/286             F          129,000.00         ZZ
                                         360        128,803.08          1
                                       7.375            890.97         75
                                       7.125            890.97
    JACOBUS          PA   17407          5            11/02/01         00
    669016                               05           01/01/02          0
    669016                               O            12/01/31
    0

    7477710          286/286             F          468,000.00         ZZ
                                         360        466,984.99          1
                                       7.750          3,352.81         90
                                       7.500          3,352.81
    MANHASSET HILLS  NY   11040          1            11/21/01         12
    669265                               05           01/01/02         25
    669265                               O            12/01/31
    0

    7477712          286/286             F          166,500.00         ZZ
                                         360        166,226.24          4
                                       7.000          1,107.73         90
                                       6.750          1,107.73
    PENSACOLA        FL   32514          1            11/08/01         21
    669704                               05           01/01/02         25
    669704                               N            12/01/31
    0

    7477714          286/286             F          166,500.00         ZZ
                                         360        166,226.24          4
1

                                       7.000          1,107.73         90
                                       6.750          1,107.73
    PENSACOLA        FL   32514          1            11/09/01         11
    669705                               05           01/01/02         25
    669705                               N            12/01/31
    0

    7477718          286/286             F          118,875.00         ZZ
                                         360        118,632.32          1
                                       6.750            771.03         75
                                       6.500            771.03
    MANCHESTER       MO   63011          5            11/27/01         00
    671553                               03           01/01/02          0
    671553                               O            12/01/31
    0

    7477720          286/286             F          155,600.00         ZZ
                                         360        155,379.65          1
                                       7.750          1,114.74         80
                                       7.500          1,114.74
    CHICAGO          IL   60610          1            11/15/01         00
    672449                               01           01/01/02          0
    672449                               O            12/01/31
    0

    7477726          286/286             F          377,000.00         ZZ
                                         360        376,452.53          1
                                       7.625          2,668.39         68
                                       7.375          2,668.39
    ANTIOCH          CA   94509          5            11/09/01         00
    676973                               05           01/01/02          0
    676973                               N            12/01/31
    0

    7477728          286/286             F          128,500.00         ZZ
                                         360        128,308.66          1
                                       7.500            898.50         62
                                       7.250            898.50
    MICHIGAN CITY    IN   46360          2            11/12/01         00
    680142                               05           01/01/02          0
    680142                               N            12/01/31
    0

    7477730          286/286             F          211,495.00         ZZ
                                         360        211,066.39          1
                                       8.000          1,551.88         90
                                       7.750          1,551.88
    MIAMI BEACH      FL   33140          1            10/31/01         21
    682744                               06           12/01/01         25
1

    682744                               O            11/01/31
    0

    7477732          286/286             F          356,000.00         ZZ
                                         360        355,442.89          1
                                       7.250          2,428.55         80
                                       7.000          2,428.55
    SAN DIEGO        CA   92106          5            11/06/01         00
    685055                               05           01/01/02          0
    685055                               N            12/01/31
    0

    7477738          286/286             F          316,000.00         ZZ
                                         360        315,552.48          1
                                       7.750          2,263.87         80
                                       7.500          2,263.87
    WESTMINSTER      CO   80021          2            11/27/01         00
    685944                               03           01/01/02          0
    685944                               N            12/01/31
    0

    7477748          286/286             F          124,800.00         ZZ
                                         360        123,614.18          1
                                       7.500            872.62         90
                                       7.250            872.62
    AVONDALE         AZ   85232          1            11/01/01         12
    688899                               03           01/01/02         25
    688899                               N            12/01/31
    0

    7477752          286/286             F          160,000.00         ZZ
                                         360        159,730.39          1
                                       6.875          1,051.09         80
                                       6.625          1,051.09
    RANCHO MIRAGE    CA   92770          5            11/08/01         00
    689048                               05           01/01/02          0
    689048                               O            12/01/31
    0

    7477756          286/286             F          350,000.00         ZZ
                                         360        349,365.47          1
                                       6.500          2,212.24         38
                                       6.250          2,212.24
    ANDOVER          MA   01810          2            11/06/01         00
    689541                               05           01/01/02          0
    689541                               O            12/01/31
    0

1

    7477762          286/286             F          274,000.00         ZZ
                                         360        273,592.03          1
                                       7.500          1,915.85         63
                                       7.250          1,915.85
    MICHIGAN CITY    IN   46360          2            11/12/01         00
    689773                               05           01/01/02          0
    689773                               N            12/01/31
    0

    7477764          286/286             F          266,400.00         ZZ
                                         360        265,764.71          1
                                       7.250          1,817.32         80
                                       7.000          1,817.32
    ROSEVILLE        CA   95661          1            10/29/01         00
    689881                               05           12/01/01          0
    689881                               O            11/01/31
    0

    7477766          286/286             F          266,800.00         ZZ
                                         360        266,283.49          1
                                       7.125          1,797.49         80
                                       6.875          1,797.49
    POMPANO BEACH    FL   33062          5            11/08/01         00
    690170                               03           01/01/02          0
    690170                               O            12/01/31
    0

    7477768          286/286             F          229,000.00         ZZ
                                         360        228,675.69          2
                                       7.750          1,640.59         74
                                       7.500          1,640.59
    ATLANTA          GA   30312          2            11/28/01         00
    691790                               05           01/01/02          0
    691790                               O            12/01/31
    0

    7477770          286/286             F          232,000.00         ZZ
                                         360        231,508.49          1
                                       6.875          1,524.08         77
                                       6.625          1,524.08
    HUDSON           CO   80642          5            11/28/01         00
    692831                               05           01/01/02          0
    692831                               O            12/01/31
    0

    7477778          286/286             F          155,000.00         ZZ
                                         360        154,769.20          1
                                       7.500          1,083.79         65
                                       7.250          1,083.79
1

    ALGONQUIN        IL   60102          5            11/16/01         00
    696047                               05           01/01/02          0
    696047                               O            12/01/31
    0

    7477780          286/286             F          150,400.00         ZZ
                                         360        150,207.52          1
                                       8.250          1,129.90         80
                                       8.000          1,129.90
    NEDERLAND        CO   80466          5            11/19/01         00
    697274                               05           01/01/02          0
    697274                               O            12/01/31
    0

    7477782          286/286             F          250,000.00         ZZ
                                         360        249,618.37          1
                                       7.375          1,726.69         65
                                       7.125          1,726.69
    INDIANAPOLIS     IN   46220          5            11/20/01         00
    697635                               05           01/01/02          0
    697635                               O            12/01/31
    0

    7477790          286/286             F          160,000.00         ZZ
                                         360        159,716.88          1
                                       6.625          1,024.50         67
                                       6.375          1,024.50
    MIAMI            FL   33165          5            11/08/01         00
    702543                               05           01/01/02          0
    702543                               O            12/01/31
    0

    7477794          286/286             F          256,410.00         ZZ
                                         360        256,046.87          1
                                       7.750          1,836.96         90
                                       7.500          1,836.96
    HOUSTON          TX   77079          1            11/08/01         11
    703694                               05           01/01/02         25
    703694                               O            12/01/31
    0

    7477796          286/286             F          156,000.00         ZZ
                                         360        155,767.72          2
                                       7.500          1,090.78         80
                                       7.250          1,090.78
    MANCHESTER       NH   03102          2            11/16/01         00
    825769                               05           01/01/02          0
    825769                               O            12/01/31
    0
1

    7477798          286/286             F          176,400.00         ZZ
                                         360        176,150.18          4
                                       7.750          1,263.76         90
                                       7.500          1,263.76
    ST LOUIS         MO   63109          1            11/14/01         11
    827951                               05           01/01/02         25
    827951                               N            12/01/31
    0

    7477800          286/286             F          151,450.00         ZZ
                                         360        151,251.17          4
                                       8.125          1,124.52         65
                                       7.875          1,124.52
    MANCHESTER       NH   03102          5            11/16/01         00
    828317                               05           01/01/02          0
    828317                               N            12/01/31
    0

    7477802          286/286             F          157,500.00         ZZ
                                         360        157,221.31          1
                                       6.625          1,008.49         70
                                       6.375          1,008.49
    ARVADA           CO   80004          5            11/14/01         00
    830075                               05           01/01/02          0
    830075                               N            12/01/31
    0

    7477804          286/286             F          190,000.00         ZZ
                                         360        189,683.73          1
                                       7.250          1,296.14         80
                                       7.000          1,296.14
    NORTHBEND        WA   98045          5            11/20/01         00
    831230                               05           01/01/02          0
    831230                               O            12/01/31
    0

    7477808          286/286             F          538,803.00         ZZ
                                         360        537,882.76          1
                                       7.750          3,860.06         80
                                       7.500          3,860.06
    FORTVILLE        IN   46040          1            11/13/01         00
    833215                               03           01/01/02          0
    833215                               O            12/01/31
    0

    7477810          286/286             F          242,400.00         ZZ
                                         360        242,036.28          1
1

                                       7.750          1,736.59         80
                                       7.500          1,736.59
    ARLINGTON        VA   22204          2            11/29/01         00
    833937                               05           01/01/02          0
    833937                               O            12/01/31
    0

    7477814          286/286             F          164,800.00         ZZ
                                         360        164,566.61          1
                                       7.750          1,180.65         80
                                       7.500          1,180.65
    LAS VEGAS        NV   89143          1            11/09/01         00
    835964                               03           01/01/02          0
    835964                               O            12/01/31
    0

    7477818          286/286             F           87,250.00         ZZ
                                         360         87,123.28          4
                                       7.625            617.56         90
                                       7.375            617.56
    MIAMI            FL   33138          1            11/28/01         12
    843435                               05           01/01/02         25
    843435                               N            12/01/31
    0

    7477822          286/286             F          107,000.00         ZZ
                                         360        106,832.55          4
                                       7.250            729.93         85
                                       7.000            729.93
    NEW OXFORD       PA   17350          2            12/05/01         10
    844900                               05           01/01/02         20
    844900                               N            12/01/31
    0

    7477824          286/286             F          225,000.00         T
                                         360        224,128.13          1
                                       7.000          1,496.94         90
                                       6.750          1,496.94
    OLD GREENWICH    CT   06870          1            11/29/01         12
    846048                               01           01/01/02         25
    846048                               O            12/01/31
    0

    7477826          286/286             F           90,240.00         ZZ
                                         360         90,098.77          1
                                       7.250            615.60         80
                                       7.000            615.60
    HOUSTON          TX   77064          1            11/16/01         00
    852122                               03           01/01/02          0
1

    852122                               N            12/01/31
    0

    7477828          286/286             F           75,150.00         ZZ
                                         360         75,065.43          1
                                       8.875            597.93         90
                                       8.625            597.93
    ST LOUIS         MO   63139          1            11/19/01         11
    855626                               05           01/01/02         25
    855626                               N            12/01/31
    0

    7477830          286/286             F          371,250.00         ZZ
                                         360        370,697.22          1
                                       7.500          2,595.84         75
                                       7.250          2,595.84
    ORLANDO          FL   32835          1            11/28/01         00
    856523                               03           01/01/02          0
    856523                               N            12/01/31
    0

    7477834          286/286             F          166,000.00         ZZ
                                         360        165,764.91          2
                                       7.750          1,189.25         90
                                       7.500          1,189.25
    MANCHESTER       NH   03103          1            11/21/01         11
    9057162                              05           01/01/02         25
    9057162                              N            12/01/31
    0

    7477838          286/286             F          130,500.00         ZZ
                                         360        130,319.79          4
                                       7.875            946.22         90
                                       7.625            946.22
    GRETNA           LA   70056          1            11/16/01         12
    9919515                              05           01/01/02         25
    9919515                              N            12/01/31
    0

    7477840          286/286             F          145,350.00         ZZ
                                         360        145,154.29          1
                                       8.000          1,066.53         90
                                       7.750          1,066.53
    LAWRENCE         MA   01841          1            11/13/01         14
    9908168                              05           01/01/02         25
    9908168                              N            12/01/31
    0

1

    7477842          286/286             F          101,850.00         ZZ
                                         360        101,712.86          4
                                       8.000            747.34         90
                                       7.750            747.34
    WOONSOCKET       RI   02895          1            11/27/01         14
    700856                               05           01/01/02         25
    700856                               N            12/01/31
    0

    7477844          286/286             F          306,500.00         ZZ
                                         360        305,983.52          1
                                       6.875          2,013.49         83
                                       6.625          2,013.49
    ROSWELL          GA   30075          2            11/20/01         11
    708798                               05           01/01/02         12
    708798                               O            12/01/31
    0

    7477852          286/286             F          112,500.00         ZZ
                                         360        112,344.65          3
                                       7.875            815.70         90
                                       7.625            815.70
    WORCESTER        MA   01604          1            11/16/01         12
    9954642                              05           01/01/02         25
    9954642                              N            12/01/31
    0

    7477854          286/286             F          244,000.00         ZZ
                                         360        243,823.40          1
                                       7.625          1,727.02         80
                                       7.375          1,727.02
    LIMERICK         PA   19473          5            12/04/01         00
    712183                               05           02/01/02          0
    712183                               O            01/01/32
    0

    7477862          286/286             F          171,000.00         ZZ
                                         360        170,536.44          4
                                       8.000          1,254.74         90
                                       7.750          1,254.74
    MARIETTA         GA   30067          1            10/03/01         10
    9907011                              05           11/01/01         25
    9907011                              N            10/01/31
    0

    7477866          286/286             F          300,000.00         ZZ
                                         360        299,528.17          1
                                       7.500          2,097.64         90
                                       7.250          2,097.64
1

    ATLANTA          GA   30316          1            11/20/01         10
    710965                               05           01/01/02         25
    710965                               N            12/01/31
    0

    7477868          286/286             F          292,500.00         ZZ
                                         360        292,096.08          1
                                       7.875          2,120.83         90
                                       7.625          2,120.83
    ATLANTA          GA   30315          1            11/06/01         10
    701523                               05           01/01/02         25
    701523                               N            12/01/31
    0

    7477870          286/286             F          116,000.00         ZZ
                                         360        115,809.28          1
                                       7.000            771.75         80
                                       6.750            771.75
    EDEN PRAIRIE     MN   55346          1            11/16/01         00
    9883383                              01           01/01/02          0
    9883383                              O            12/01/31
    0

    7477872          286/286             F           74,400.00         ZZ
                                         360         74,297.26          1
                                       7.875            539.45         80
                                       7.625            539.45
    ATWATER          CA   95301          1            11/20/01         00
    9924918                              05           01/01/02          0
    9924918                              N            12/01/31
    0

    7477874          286/286             F          165,000.00         ZZ
                                         360        164,728.71          2
                                       7.000          1,097.75         36
                                       6.750          1,097.75
    APTOS            CA   95003          5            11/19/01         00
    700546                               05           01/01/02          0
    700546                               N            12/01/31
    0

    7477876          286/286             F          164,000.00         ZZ
                                         360        163,730.35          1
                                       7.000          1,091.10         80
                                       6.750          1,091.10
    SAN PABLO        CA   94806          1            11/19/01         00
    700451                               01           01/01/02          0
    700451                               N            12/01/31
    0
1

    7477878          286/286             F          176,000.00         ZZ
                                         360        175,710.64          1
                                       7.000          1,170.93         80
                                       6.750          1,170.93
    WALNUT CREEK     CA   94596          1            11/19/01         00
    700453                               01           01/01/02          0
    700453                               N            12/01/31
    0

    7477880          286/286             F          212,000.00         ZZ
                                         360        211,642.76          1
                                       6.875          1,392.69         80
                                       6.625          1,392.69
    KENMORE          WA   98028          5            11/15/01         00
    701377                               05           01/01/02          0
    701377                               O            12/01/31
    0

    7477896          286/286             F          155,800.00         ZZ
                                         360        155,543.84          1
                                       7.000          1,036.54         80
                                       6.750          1,036.54
    UPLAND           CA   91784          2            11/15/01         00
    711400                               03           01/01/02          0
    711400                               N            12/01/31
    0

    7477898          286/286             F          268,000.00         ZZ
                                         360        267,580.61          1
                                       7.250          1,828.23         80
                                       7.000          1,828.23
    ORANGEVALE       CA   95662          5            11/20/01         00
    9907361                              05           01/01/02          0
    9907361                              O            12/01/31
    0

    7477900          286/286             F          239,500.00         ZZ
                                         360        239,125.21          1
                                       7.250          1,633.81         76
                                       7.000          1,633.81
    LATHROP          CA   95330          5            11/07/01         00
    9897658                              05           01/01/02          0
    9897658                              O            12/01/31
    0

    7477902          286/286             F          217,800.00         ZZ
                                         360        217,224.29          4
1

                                       8.125          1,617.16         90
                                       7.875          1,617.16
    SACRAMENTO       CA   95816          1            09/26/01         12
    9933676                              05           11/01/01         25
    9933676                              N            10/01/31
    0

    7477908          286/286             F          130,000.00         ZZ
                                         360        129,786.26          1
                                       7.000            864.89         71
                                       6.750            864.89
    RICHMOND         CA   94801          5            11/13/01         00
    9904036                              05           01/01/02          0
    9904036                              O            12/01/31
    0

    7477910          286/286             F           62,950.00         ZZ
                                         360         62,863.08          1
                                       7.875            456.43         90
                                       7.625            456.43
    RED BLUFF        CA   96080          1            11/07/01         12
    9910915                              05           01/01/02         30
    9910915                              N            12/01/31
    0

    7477912          286/286             F          161,250.00         ZZ
                                         360        161,021.66          1
                                       7.750          1,155.21         75
                                       7.500          1,155.21
    CLEARWATER       FL   33756          5            11/15/01         00
    708025                               05           01/01/02          0
    708025                               O            12/01/31
    0

    7477914          286/286             F          134,900.00         ZZ
                                         360        134,713.71          3
                                       7.875            978.12         95
                                       7.625            978.12
    HARTFORD         CT   06114          1            11/14/01         14
    9923755                              05           01/01/02         30
    9923755                              O            12/01/31
    0

    7477916          286/286             F          339,350.00         ZZ
                                         360        338,734.79          1
                                       6.500          2,144.92         75
                                       6.250          2,144.92
    SAN FRANCISCO    CA   94116          1            11/21/01         00
    706349                               05           01/01/02          0
1

    706349                               O            12/01/31
    0

    7477920          286/286             F          222,000.00         ZZ
                                         360        221,661.11          1
                                       7.375          1,533.30         60
                                       7.125          1,533.30
    UNION CITY       CA   94587          1            11/07/01         00
    9916350                              05           01/01/02          0
    9916350                              N            12/01/31
    0

    7477922          286/286             F          244,800.00         ZZ
                                         360        244,470.39          4
                                       8.000          1,796.26         90
                                       7.750          1,796.26
    UPLAND           CA   91786          1            11/30/01         14
    713083                               05           01/01/02         25
    713083                               N            12/01/31
    0

    7477926          286/286             F          397,100.00         ZZ
                                         360        396,551.65          1
                                       7.875          2,879.25         67
                                       7.625          2,879.25
    BUFFALO GROVE    IL   60089          2            11/12/01         00
    707095                               05           01/01/02          0
    707095                               O            12/01/31
    0

    7477928          286/286             F           62,250.00         ZZ
                                         360         62,164.03          1
                                       7.875            451.36         75
                                       7.625            451.36
    BAKERSFIELD      CA   93305          2            11/20/01         00
    707931                               05           01/01/02          0
    707931                               N            12/01/31
    0

    7477930          286/286             F          111,500.00         T
                                         360        111,305.35          1
                                       7.875            808.45         90
                                       7.625            808.45
    FOUNTAIN HILLS   AZ   85268          1            11/01/01         11
    9917871                              01           01/01/02         25
    9917871                              O            12/01/31
    0

1

    7477934          286/286             F          376,600.00         ZZ
                                         360        376,010.65          1
                                       7.250          2,569.08         80
                                       7.000          2,569.08
    FREMONT          CA   94555          5            11/15/01         00
    9913546                              05           01/01/02          0
    9913546                              N            12/01/31
    0

    7477936          286/286             F           88,200.00         ZZ
                                         360         88,081.25          2
                                       8.000            647.18         90
                                       7.750            647.18
    HARVEY           IL   60426          1            11/12/01         10
    9923659                              05           01/01/02         25
    9923659                              N            12/01/31
    0

    7477938          286/286             F          139,500.00         ZZ
                                         360        139,270.63          4
                                       7.000            928.10         90
                                       6.750            928.10
    FRESNO           CA   93702          1            11/16/01         12
    9924501                              05           01/01/02         25
    9924501                              N            12/01/31
    0

    7477942          286/286             F          206,300.00         ZZ
                                         360        205,780.60          1
                                       6.750          1,338.06         36
                                       6.500          1,338.06
    SALINAS          CA   93907          5            11/02/01         00
    9902656                              03           01/01/02          0
    9902656                              O            12/01/31
    0

    7477946          286/286             F          300,000.00         ZZ
                                         360        299,644.49          1
                                       8.625          2,333.37         77
                                       8.375          2,333.37
    PHILADELPHIA     PA   19103          1            11/28/01         00
    711094                               01           01/01/02          0
    711094                               O            12/01/31
    0

    7477948          286/286             F          124,000.00         ZZ
                                         360        123,796.11          1
                                       7.000            824.98         62
                                       6.750            824.98
1

    CAMP MEEKER      CA   95419          5            11/01/01         00
    9905983                              05           01/01/02          0
    9905983                              N            12/01/31
    0

    7477950          286/286             F          156,000.00         ZZ
                                         360        155,805.40          2
                                       8.375          1,185.71         65
                                       8.125          1,185.71
    MINNEAPOLIS      MN   55418          5            11/21/01         00
    701327                               05           01/01/02          0
    701327                               N            12/01/31
    0

    7477954          286/286             F          592,000.00         ZZ
                                         360        589,515.10          1
                                       7.875          4,292.41         80
                                       7.625          4,292.41
    SAN JOSE         CA   95123          5            07/02/01         00
    9861427                              03           09/01/01          0
    9861427                              O            08/01/31
    0

    7477956          286/286             F          208,000.00         ZZ
                                         360        207,674.50          1
                                       7.250          1,418.93         80
                                       7.000          1,418.93
    ISSAQUAH         WA   98027          1            11/19/01         00
    9882626                              05           01/01/02          0
    9882626                              O            12/01/31
    0

    7477958          286/286             F          140,800.00         ZZ
                                         360        140,533.45          1
                                       6.625            901.56         80
                                       6.375            901.56
    PHOENIX          AZ   85050          5            11/08/01         00
    9922673                              05           01/01/02          0
    9922673                              O            12/01/31
    0

    7477960          286/286             F           99,000.00         ZZ
                                         360         98,870.04          1
                                       8.125            735.07         90
                                       7.875            735.07
    MODESTO          CA   95356          1            11/15/01         12
    9921454                              01           01/01/02         25
    9921454                              N            12/01/31
    0
1

    7477964          286/286             F           33,600.00         ZZ
                                         360         33,528.41          1
                                       7.750            240.71         70
                                       7.500            240.71
    PHOENIX          AZ   85021          1            10/03/01         00
    9900806                              01           12/01/01          0
    9900806                              N            11/01/31
    0

    7477966          286/286             F          357,750.00         ZZ
                                         360        357,203.89          1
                                       7.375          2,470.89         75
                                       7.125          2,470.89
    SAN JOSE         CA   95116          5            11/13/01         00
    9868219                              05           01/01/02          0
    9868219                              O            12/01/31
    0

    7477968          286/286             F          219,000.00         ZZ
                                         360        218,602.97          1
                                       6.500          1,384.23         75
                                       6.250          1,384.23
    GAINESVILLE      GA   30506          5            11/14/01         00
    9911977                              05           01/01/02          0
    9911977                              N            12/01/31
    0

    7477970          286/286             F          183,300.00         ZZ
                                         360        182,991.13          1
                                       6.875          1,204.15         65
                                       6.625          1,204.15
    CHANDLER         AZ   85226          5            11/14/01         00
    701533                               03           01/01/02          0
    701533                               O            12/01/31
    0

    7477972          286/286             F          117,000.00         ZZ
                                         360        116,838.43          3
                                       7.875            848.33         90
                                       7.625            848.33
    LACONIA          NH   03246          1            11/14/01         12
    9920913                              05           01/01/02         25
    9920913                              N            12/01/31
    0

    7477974          286/286             F          131,950.00         ZZ
                                         360        131,727.65          1
1

                                       6.875            866.82         57
                                       6.625            866.82
    STOCKTON         CA   95207          5            11/14/01         00
    9912444                              05           01/01/02          0
    9912444                              O            12/01/31
    0

    7477976          286/286             F          179,000.00         ZZ
                                         360        178,733.49          1
                                       7.500          1,251.59         80
                                       7.250          1,251.59
    LOS ANGELES      CA   90018          5            11/09/01         00
    9923424                              05           01/01/02          0
    9923424                              O            12/01/31
    0

    7486154          E22/G02             F          484,400.00         ZZ
                                         360        484,400.00          1
                                       7.125          3,263.49         61
                                       6.875          3,263.49
    NAPA             CA   94558          2            01/09/02         00
    0413214198                           05           03/01/02          0
    0413214198                           O            02/01/32
    0

    7486156          E22/G02             F          257,600.00         ZZ
                                         360        257,600.00          1
                                       7.000          1,713.82         80
                                       6.750          1,713.82
    DENTON           TX   76208          4            01/18/02         00
    0413258336                           03           03/01/02          0
    0413258336                           O            02/01/32
    0

    7486164          E22/G02             F           65,250.00         ZZ
                                         360         65,250.00          4
                                       7.875            473.11         75
                                       7.625            473.11
    DAYTON           OH   45410          2            01/18/02         00
    0413295155                           05           03/01/02          0
    0413295155                           N            02/01/32
    0

    7486176          E22/G02             F          224,800.00         ZZ
                                         360        224,800.00          1
                                       7.375          1,552.64         80
                                       7.125          1,552.64
    CROSBY           TX   77532          5            01/14/02         00
    0413366683                           03           03/01/02          0
1

    0413366683                           O            02/01/32
    0

    7486188          E22/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       7.125            889.31         65
                                       6.875            889.31
    HOLT             MO   64048          2            01/14/02         00
    0413387622                           05           03/01/02          0
    0413387622                           O            02/01/32
    0

    7486192          E22/G02             F          135,120.00         ZZ
                                         360        135,120.00          1
                                       7.375            933.24         80
                                       7.125            933.24
    HIALEAH          FL   33016          1            01/18/02         00
    0413390659                           05           03/01/02          0
    0413390659                           O            02/01/32
    0

    7486218          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       8.375          1,368.13         80
                                       8.125          1,368.13
    OTTER LAKE       MI   48464          5            01/14/02         00
    0413417023                           05           03/01/02          0
    0413417023                           O            02/01/32
    0

    7486236          E22/G02             F          387,000.00         ZZ
                                         360        387,000.00          1
                                       7.750          2,772.52         90
                                       7.500          2,772.52
    MINDEN           NV   89423          1            01/11/02         01
    0413444720                           05           03/01/02         25
    0413444720                           O            02/01/32
    0

    7486254          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       7.500            559.37         64
                                       7.250            559.37
    HOUSTON          TX   77004          5            01/11/02         00
    0413460916                           05           03/01/02          0
    0413460916                           O            02/01/32
    0

1

    7486260          E22/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
                                       7.250          1,009.62         80
                                       7.000          1,009.62
    ALBANY           OR   97321          1            01/10/02         00
    0413466004                           05           03/01/02          0
    0413466004                           O            02/01/32
    0

    7486272          E22/G02             F          143,400.00         ZZ
                                         360        143,400.00          1
                                       7.250            978.24         60
                                       7.000            978.24
    PLANO            TX   75025          1            01/18/02         00
    0413475427                           03           03/01/02          0
    0413475427                           O            02/01/32
    0

    7486278          E22/G02             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.500          2,237.49         80
                                       7.250          2,237.49
    BAYVILLE         NY   11709          5            01/14/02         00
    0413479395                           05           03/01/02          0
    0413479395                           O            02/01/32
    0

    7486286          E22/G02             F          144,300.00         ZZ
                                         240        144,300.00          4
                                       7.375          1,151.47         80
                                       7.125          1,151.47
    STERLING         MA   01564          5            01/14/02         00
    0413488602                           05           03/01/02          0
    0413488602                           O            02/01/22
    0

    7486302          E22/G02             F           81,000.00         ZZ
                                         360         81,000.00          4
                                       7.875            587.31         90
                                       7.625            587.31
    SOUTH HAVEN      MI   49090          1            01/18/02         04
    0413494592                           05           03/01/02         25
    0413494592                           N            02/01/32
    0

    7486308          E22/G02             F           58,500.00         ZZ
                                         360         58,500.00          1
                                       8.250            439.49         90
                                       8.000            439.49
1

    HOUSTON          TX   77071          1            01/17/02         04
    0413496811                           03           03/01/02         25
    0413496811                           N            02/01/32
    0

    7486322          E22/G02             F          212,000.00         ZZ
                                         360        212,000.00          3
                                       7.750          1,518.79         80
                                       7.500          1,518.79
    ASBURY PARK      NJ   07712          1            01/18/02         00
    0413501578                           05           03/01/02          0
    0413501578                           N            02/01/32
    0

    7486348          E22/G02             F          488,000.00         ZZ
                                         360        488,000.00          1
                                       8.000          3,580.77         80
                                       7.750          3,580.77
    SOUTHLAKE        TX   76092          5            01/14/02         00
    0413513060                           03           03/01/02          0
    0413513060                           O            02/01/32
    0

    7486356          E22/G02             F          226,000.00         ZZ
                                         360        226,000.00          1
                                       7.375          1,560.93         78
                                       7.125          1,560.93
    ELLENSBURG       WA   98926          5            01/10/02         00
    0413514142                           05           03/01/02          0
    0413514142                           O            02/01/32
    0

    7486374          E22/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
                                       7.625          1,387.28         80
                                       7.375          1,387.28
    HOUSTON          TX   77025          5            01/14/02         00
    0413522186                           05           03/01/02          0
    0413522186                           O            02/01/32
    0

    7486380          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
                                       7.750            544.47         80
                                       7.500            544.47
    BALTIMORE        MD   21210          1            01/22/02         00
    0413523135                           08           03/01/02          0
    0413523135                           O            02/01/32
    0
1

    7486382          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       7.500          1,146.71         80
                                       7.250          1,146.71
    MAGNOLIA         TX   77355          5            01/11/02         00
    0413524034                           05           03/01/02          0
    0413524034                           O            02/01/32
    0

    7486384          E22/G02             F          128,250.00         ZZ
                                         360        128,250.00          2
                                       7.750            918.80         95
                                       7.500            918.80
    FORT LAUDERDALE  FL   33317          1            01/18/02         04
    0413524125                           05           03/01/02         30
    0413524125                           O            02/01/32
    0

    7486390          E22/G02             F          247,225.00         ZZ
                                         360        247,225.00          1
                                       7.625          1,749.84         90
                                       7.375          1,749.84
    WINDSOR          CA   95492          1            01/11/02         01
    0413530668                           05           03/01/02         30
    0413530668                           O            02/01/32
    0

    7486404          E22/G02             F           48,000.00         ZZ
                                         360         48,000.00          4
                                       8.250            360.61         80
                                       8.000            360.61
    ST.LOUIS         MO   63118          1            01/18/02         00
    0413549486                           05           03/01/02          0
    0413549486                           N            02/01/32
    0

    7486408          E22/G02             F          152,720.00         ZZ
                                         360        152,720.00          1
                                       7.000          1,016.05         80
                                       6.750          1,016.05
    FAIRVIEW         TX   75069          1            01/18/02         00
    0413553348                           05           03/01/02          0
    0413553348                           O            02/01/32
    0

    7487882          076/076             F          205,000.00         ZZ
                                         360        204,679.18          1
1

                                       7.250          1,398.47         79
                                       7.000          1,398.47
    EAST HADDAM      CT   06423          2            10/30/01         00
    1234232                              05           01/01/02          0
    1234232                              O            12/01/31
    0

    7487884          076/076             F          108,000.00         ZZ
                                         360        107,797.20          2
                                       8.375            820.88         90
                                       8.125            820.88
    KALAMAZOO        MI   49007          2            10/24/01         11
    1652200                              05           12/01/01         25
    1652200                              N            11/01/31
    0

    7487886          076/076             F          328,000.00         ZZ
                                         360        323,552.44          1
                                       8.375          2,493.04         80
                                       8.125          2,493.04
    CRYSTAL LAKE     IL   60014          2            11/09/01         00
    1812688                              05           01/01/02          0
    1812688                              O            12/01/31
    0

    7487890          076/076             F          380,000.00         ZZ
                                         360        379,190.18          1
                                       7.750          2,722.37         80
                                       7.500          2,722.37
    WEST CHICAGO     IL   60185          2            10/25/01         00
    1966308                              05           12/01/01          0
    1966308                              O            11/01/31
    0

    7487892          076/076             F          325,000.00         ZZ
                                         360        324,478.65          1
                                       7.125          2,189.59         77
                                       6.875          2,189.59
    TRABUCO CANYON   CA   92679          2            11/09/01         00
    1968424                              03           01/01/02          0
    1968424                              O            12/01/31
    0

    7487898          076/076             F          287,600.00         ZZ
                                         360        287,202.86          1
                                       7.875          2,085.30         90
                                       7.625          2,085.30
    AURORA           IL   60504          2            11/05/01         11
    2013108                              05           01/01/02         25
1

    2013108                              O            12/01/31
    0

    7487900          076/076             F          343,000.00         ZZ
                                         360        331,099.65          1
                                       8.375          2,607.05         78
                                       8.125          2,607.05
    HOFFMAN ESTATES  IL   60192          5            11/26/01         00
    2034730                              03           01/01/02          0
    2034730                              O            12/01/31
    0

    7487902          076/076             F          373,000.00         ZZ
                                         360        372,405.21          1
                                       7.625          2,640.07         80
                                       7.375          2,640.07
    SEAFORD          NY   11783          2            11/19/01         00
    2038220                              05           01/01/02          0
    2038220                              O            12/01/31
    0

    7487904          076/076             F          375,000.00         ZZ
                                         360        374,507.74          1
                                       8.125          2,784.36         75
                                       7.875          2,784.36
    BAITING HOLLOW   NY   11933          1            11/16/01         00
    2059049                              05           01/01/02          0
    2059049                              O            12/01/31
    0

    7487906          076/076             F          300,000.00         ZZ
                                         360        299,575.15          1
                                       7.750          2,149.24         64
                                       7.500          2,149.24
    WHITESTONE       NY   11357          1            11/29/01         00
    2078359                              05           01/01/02          0
    2078359                              O            12/01/31
    0

    7487908          076/076             F          247,500.00         ZZ
                                         360        247,183.28          3
                                       8.250          1,859.38         90
                                       8.000          1,859.38
    BROOKLYN         NY   11237          1            11/09/01         12
    2084849                              05           01/01/02         25
    2084849                              O            12/01/31
    0

1

    7487910          076/076             F          344,000.00         ZZ
                                         360        343,487.80          1
                                       7.500          2,405.30         80
                                       7.250          2,405.30
    CARY             IL   60013          2            11/26/01         00
    2089878                              05           01/01/02          0
    2089878                              O            12/01/31
    0

    7487914          076/076             F          366,500.00         ZZ
                                         360        366,192.10          1
                                       6.875          2,407.64         75
                                       6.625          2,407.64
    ARCADIA          CA   91007          2            11/29/01         00
    2154238                              05           02/01/02          0
    2154238                              O            01/01/32
    0

    7487916          076/076             F          500,000.00         ZZ
                                         360        499,255.52          1
                                       7.500          3,496.08         75
                                       7.250          3,496.08
    LUBBOCK          TX   79407          1            11/12/01         00
    2167600                              05           01/01/02          0
    2167600                              O            12/01/31
    0

    7487920          076/076             F          382,500.00         ZZ
                                         360        381,997.89          4
                                       8.125          2,840.05         90
                                       7.875          2,840.05
    BRONX            NY   10454          1            11/29/01         11
    2197392                              05           01/01/02         25
    2197392                              O            12/01/31
    0

    7487922          076/076             F          376,800.00         ZZ
                                         360        376,180.48          1
                                       7.000          2,506.86         80
                                       6.750          2,506.86
    FREMONT          CA   94555          2            11/21/01         00
    2216447                              05           01/01/02          0
    2216447                              O            12/01/31
    0

    7487924          076/076             F          360,000.00         ZZ
                                         360        359,527.43          4
                                       8.125          2,672.99         90
                                       7.875          2,672.99
1

    BROOKLYN         NY   11237          1            11/28/01         12
    2240572                              05           01/01/02         25
    2240572                              O            12/01/31
    0

    7487930          076/076             F          333,000.00         ZZ
                                         360        332,793.02          4
                                       8.375          2,531.04         90
                                       8.125          2,531.04
    BROOKLYN         NY   11237          1            12/06/01         10
    2254827                              05           02/01/02         25
    2254827                              O            01/01/32
    0

    7487932          076/076             F          346,500.00         ZZ
                                         360        346,067.76          4
                                       8.375          2,633.65         90
                                       8.125          2,633.65
    BROOKLYN         NY   11237          1            11/30/01         10
    2281563                              05           01/01/02         25
    2281563                              O            12/01/31
    0

    7487934          076/076             F          240,000.00         ZZ
                                         360        239,605.39          1
                                       7.000          1,596.73         80
                                       6.750          1,596.73
    BONAIRE          GA   31005          2            11/30/01         00
    2282019                              05           01/01/02          0
    2282019                              O            12/01/31
    0

    7487938          076/076             F          337,500.00         ZZ
                                         360        337,290.23          4
                                       8.375          2,565.24         90
                                       8.125          2,565.24
    BROOKLYN         NY   11233          1            12/17/01         12
    2662480                              05           02/01/02         25
    2662480                              O            01/01/32
    0

    7487940          076/076             F          193,500.00         ZZ
                                         360        193,349.05          1
                                       7.250          1,320.01         90
                                       7.000          1,320.01
    STONY POINT      NY   10986          1            12/13/01         12
    5819144                              05           02/01/02         25
    5819144                              O            01/01/32
    0
1

    7495998          M37/G02             F          133,000.00         ZZ
                                         360        133,000.00          1
                                       7.250            907.29         94
                                       7.000            907.29
    PEORIA           AZ   85382          5            01/23/02         04
    0433632197                           05           03/01/02         30
    605523                               O            02/01/32
    0

    7510992          E22/G02             F          177,000.00         ZZ
                                         360        177,000.00          1
                                       7.875          1,283.37         69
                                       7.625          1,283.37
    GRASS VALLEY     CA   95945          5            01/11/02         00
    0413124215                           05           03/01/02          0
    0413124215                           O            02/01/32
    0

    7511022          E22/G02             F           77,000.00         ZZ
                                         360         76,947.01          1
                                       7.875            558.30         70
                                       7.625            558.30
    LAKEWOOD         NJ   08701          5            01/16/02         00
    0413340951                           01           02/01/02          0
    0413340951                           O            01/01/32
    0

    7511032          E22/G02             F          228,000.00         ZZ
                                         360        228,000.00          1
                                       7.125          1,536.08         80
                                       6.875          1,536.08
    MANSFIELD        TX   76063          5            01/15/02         00
    0413367806                           05           03/01/02          0
    0413367806                           O            02/01/32
    0

    7511038          E22/G02             F          131,000.00         ZZ
                                         360        131,000.00          1
                                       7.500            915.97         85
                                       7.250            915.97
    BEULAH           CO   81023          5            01/14/02         01
    0413378019                           05           03/01/02         12
    0413378019                           O            02/01/32
    0

    7511052          E22/G02             F          161,250.00         ZZ
                                         360        161,250.00          1
1

                                       7.375          1,113.71         75
                                       7.125          1,113.71
    MINNEAPOLIS      MN   55449          5            01/15/02         00
    0413420423                           05           03/01/02          0
    0413420423                           O            02/01/32
    0

    7511054          E22/G02             F           55,500.00         ZZ
                                         360         55,500.00          1
                                       8.375            421.84         75
                                       8.125            421.84
    HOUSTON          TX   77057          5            01/22/02         00
    0413422197                           05           03/01/02          0
    0413422197                           N            02/01/32
    0

    7511080          E22/G02             F          253,000.00         ZZ
                                         360        253,000.00          1
                                       7.250          1,725.91         51
                                       7.000          1,725.91
    BEND             OR   97702          5            01/11/02         00
    0413443821                           05           03/01/02          0
    0413443821                           O            02/01/32
    0

    7511136          E22/G02             F          189,000.00         ZZ
                                         360        189,000.00          4
                                       8.125          1,403.32         90
                                       7.875          1,403.32
    CHICAGO          IL   60624          1            01/22/02         11
    0413488750                           05           03/01/02         25
    0413488750                           N            02/01/32
    0

    7511140          E22/G02             F          202,500.00         ZZ
                                         360        202,500.00          4
                                       7.875          1,468.27         90
                                       7.625          1,468.27
    METAIRIE         LA   70001          1            01/18/02         04
    0413489774                           05           03/01/02         25
    0413489774                           N            02/01/32
    0

    7511144          E22/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
                                       7.250          1,337.07         80
                                       7.000          1,337.07
    SALINAS          CA   93905          5            01/08/02         00
    0413490707                           05           03/01/02          0
1

    0413490707                           O            02/01/32
    0

    7511158          E22/G02             F          121,500.00         ZZ
                                         360        121,500.00          1
                                       7.625            859.97         90
                                       7.375            859.97
    MISSOULA         MT   59803          1            01/22/02         04
    0413495102                           05           03/01/02         25
    0413495102                           N            02/01/32
    0

    7511176          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       8.000            990.58         90
                                       7.750            990.58
    CHARLOTTE        NC   28215          5            01/16/02         01
    0413504978                           05           03/01/02         25
    0413504978                           O            02/01/32
    0

    7511196          E22/G02             F           71,250.00         ZZ
                                         360         71,250.00          1
                                       8.250            535.28         95
                                       8.000            535.28
    MOBILE           AL   36606          5            01/15/02         04
    0413514811                           05           03/01/02         30
    0413514811                           O            02/01/32
    0

    7511210          E22/G02             F           83,040.00         ZZ
                                         360         83,040.00          1
                                       7.500            580.63         80
                                       7.250            580.63
    PUEBLO           CO   81005          5            01/16/02         00
    0413523838                           05           03/01/02          0
    0413523838                           O            02/01/32
    0

    7511214          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       6.875            762.04         80
                                       6.625            762.04
    GADSDEN          AL   35903          2            01/16/02         00
    0413524547                           05           03/01/02          0
    0413524547                           O            02/01/32
    0

1

    7511234          E22/G02             F          206,500.00         ZZ
                                         360        206,500.00          1
                                       7.500          1,443.88         80
                                       7.250          1,443.88
    HENDERSON        NV   89014          5            01/15/02         00
    0413537895                           03           03/01/02          0
    0413537895                           O            02/01/32
    0

    7511236          E22/G02             F           91,200.00         ZZ
                                         360         91,200.00          1
                                       7.750            653.37         95
                                       7.500            653.37
    IRONDALE         AL   35210          5            01/15/02         04
    0413539156                           05           03/01/02         30
    0413539156                           O            02/01/32
    0

    7511244          E22/G02             F           98,400.00         ZZ
                                         360         98,400.00          1
                                       7.500            688.03         80
                                       7.250            688.03
    ATLANTA          GA   30317          1            01/22/02         00
    0413543554                           05           03/01/02          0
    0413543554                           N            02/01/32
    0

    7511258          E22/G02             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       7.375          2,293.04         80
                                       7.125          2,293.04
    AUSTIN           TX   78703          1            01/22/02         00
    0413582735                           05           03/01/02          0
    0413582735                           O            02/01/32
    0

    7512824          E82/G02             F          129,500.00         ZZ
                                         360        129,500.00          1
                                       7.375            894.42         79
                                       7.125            894.42
    THE COLONY       TX   75056          2            01/17/02         00
    0400563797                           05           03/01/02          0
    1971526                              O            02/01/32
    0

    7512832          E82/G02             F           39,750.00         ZZ
                                         360         39,750.00          1
                                       7.000            264.46         89
                                       6.750            264.46
1

    PROVIDENCE       RI   02907          2            01/22/02         04
    0400541488                           05           03/01/02         25
    3786146                              N            02/01/32
    0

    7512838          E82/G02             F          126,100.00         ZZ
                                         360        126,100.00          1
                                       7.875            914.31         63
                                       7.625            914.31
    LAKEVILLE        MN   55044          2            01/24/02         00
    0400567046                           05           03/01/02          0
    2834030                              N            02/01/32
    0

    7512864          E82/G02             F          125,700.00         ZZ
                                         360        125,700.00          1
                                       7.750            900.53         42
                                       7.500            900.53
    ARLINGTON        VA   22205          2            01/22/02         00
    0400568838                           05           03/01/02          0
    1685978                              N            02/01/32
    0

    7519630          E11/G02             F          119,800.00         ZZ
                                         360        119,800.00          1
                                       7.375            827.43         80
                                       7.125            827.43
    LEXINGTON        MN   55014          1            01/30/02         00
    0433632882                           05           03/01/02          0
    004001039665                         O            02/01/32
    0

    7535850          E22/G02             F          118,400.00         ZZ
                                         360        118,400.00          1
                                       7.625            838.03         80
                                       7.375            838.03
    SUNRISE          FL   33323          5            01/17/02         00
    0413157587                           03           03/01/02          0
    0413157587                           O            02/01/32
    0

    7535854          E22/G02             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       7.875          3,480.33         74
                                       7.625          3,480.33
    GROSSE ILE       MI   48138          5            01/17/02         00
    0413190232                           05           03/01/02          0
    0413190232                           O            02/01/32
    0
1

    7535874          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       7.500          1,146.71         75
                                       7.250          1,146.71
    MARSHALL         NC   28753          2            01/17/02         00
    0413342502                           05           03/01/02          0
    0413342502                           O            02/01/32
    0

    7535894          E22/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       7.500          1,286.55         80
                                       7.250          1,286.55
    DALLAS           TX   75252          5            01/17/02         00
    0413418211                           03           03/01/02          0
    0413418211                           O            02/01/32
    0

    7535920          E22/G02             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       8.250          3,305.57         80
                                       8.000          3,305.57
    RICHMOND         VA   23229          5            01/16/02         00
    0413461062                           05           03/01/02          0
    0413461062                           O            02/01/32
    0

    7535944          E22/G02             F          276,000.00         ZZ
                                         360        276,000.00          1
                                       7.750          1,977.30         80
                                       7.500          1,977.30
    RICHMOND         TX   77469          5            01/17/02         00
    0413481953                           03           03/01/02          0
    0413481953                           O            02/01/32
    0

    7535946          E22/G02             F          123,750.00         ZZ
                                         360        123,750.00          1
                                       7.750            886.56         75
                                       7.500            886.56
    FRANKENMUTH      MI   48734          5            01/17/02         00
    0413483355                           05           03/01/02          0
    0413483355                           O            02/01/32
    0

    7535954          E22/G02             F          197,100.00         ZZ
                                         360        197,100.00          1
1

                                       7.125          1,327.90         90
                                       6.875          1,327.90
    SALIDA           CA   95368          5            01/11/02         04
    0413489873                           05           03/01/02         25
    0413489873                           O            02/01/32
    0

    7535974          E22/G02             F          391,000.00         ZZ
                                         360        391,000.00          4
                                       8.250          2,937.45         80
                                       8.000          2,937.45
    BROOKLYN         NY   11234          5            01/17/02         00
    0413506437                           05           03/01/02          0
    0413506437                           O            02/01/32
    0

    7535984          E22/G02             F          118,400.00         ZZ
                                         360        118,400.00          1
                                       7.500            827.87         80
                                       7.250            827.87
    FLORENCE         MS   39073          5            01/23/02         00
    0413514381                           05           03/01/02          0
    0413514381                           N            02/01/32
    0

    7535988          E22/G02             F          185,850.00         ZZ
                                         360        185,850.00          3
                                       7.875          1,347.54         90
                                       7.625          1,347.54
    STOCKTON         CA   95207          1            01/16/02         01
    0413518069                           05           03/01/02         25
    0413518069                           N            02/01/32
    0

    7535996          E22/G02             F          327,000.00         ZZ
                                         360        327,000.00          1
                                       7.375          2,258.51         77
                                       7.125          2,258.51
    PACIFICA         CA   94044          2            01/11/02         00
    0413525031                           05           03/01/02          0
    0413525031                           O            02/01/32
    0

    7536000          E22/G02             F          232,000.00         ZZ
                                         360        232,000.00          1
                                       7.875          1,682.16         80
                                       7.625          1,682.16
    SUGAR LAND       TX   77479          5            01/16/02         00
    0413528969                           03           03/01/02          0
1

    0413528969                           O            02/01/32
    0

    7536032          E22/G02             F          251,750.00         ZZ
                                         360        251,750.00          1
                                       7.250          1,717.38         95
                                       7.000          1,717.38
    FREEDOM          CA   95019          1            01/15/02         01
    0413559287                           05           03/01/02         35
    0413559287                           O            02/01/32
    0

    7536034          E22/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
                                       7.375          1,022.20         90
                                       7.125          1,022.20
    EUGENE           OR   97405          1            01/17/02         04
    0413562737                           05           03/01/02         30
    0413562737                           O            02/01/32
    0

    7536760          M27/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.125          2,021.16         72
                                       6.875          2,021.16
    GOODLETTSVILLE   TN   37072          1            01/28/02         00
    0433625381                           03           03/01/02          0
    600729518                            O            02/01/32
    0

    7538200          E82/G02             F          206,000.00         T
                                         360        206,000.00          1
                                       7.625          1,458.06         63
                                       7.375          1,458.06
    NORTHRIDGE       CA   91326          5            01/15/02         00
    0400561221                           05           03/01/02          0
    0400561221                           O            02/01/32
    0

    7538202          E82/G02             F          242,600.00         ZZ
                                         360        242,600.00          1
                                       8.000          1,780.11         51
                                       7.750          1,780.11
    LARCHMONT        NY   10538          5            01/21/02         00
    0400553970                           05           03/01/02          0
    0400553970                           O            02/01/32
    0

1

    7540046          N67/N67             F          600,000.00         ZZ
                                         360        598,655.77          1
                                       7.500          4,195.29         64
                                       7.250          4,195.29
    BEACH HAVEN      NJ   08008          5            10/31/01         00
    0433598406                           05           12/01/01          0
    3370002891                           O            11/01/31
    0

    7556368          E22/G02             F          146,000.00         ZZ
                                         360        146,000.00          1
                                       7.000            971.34         85
                                       6.750            971.34
    LOMA             CO   81524          5            01/18/02         01
    0413413873                           05           03/01/02         20
    0413413873                           O            02/01/32
    0

    7556370          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.000          2,661.21         80
                                       6.750          2,661.21
    PACIFICA         CA   94044          2            01/16/02         00
    0413417049                           05           03/01/02          0
    0413417049                           O            02/01/32
    0

    7556392          E22/G02             F          146,250.00         ZZ
                                         360        146,250.00          4
                                       8.250          1,098.73         90
                                       8.000          1,098.73
    SPOKANE          WA   99218          1            01/16/02         04
    0413447616                           05           03/01/02         25
    0413447616                           N            02/01/32
    0

    7556394          E22/G02             F          146,250.00         ZZ
                                         360        146,250.00          4
                                       8.250          1,098.73         90
                                       8.000          1,098.73
    SPOKANE          WA   99218          1            01/16/02         04
    0413447632                           05           03/01/02         25
    0413447632                           N            02/01/32
    0

    7556396          E22/G02             F          401,350.00         ZZ
                                         360        401,350.00          1
                                       7.500          2,806.30         78
                                       7.250          2,806.30
1

    SAN MARCOS       TX   78666          5            01/17/02         00
    0413448572                           05           03/01/02          0
    0413448572                           O            02/01/32
    0

    7556412          E22/G02             F          117,000.00         ZZ
                                         360        117,000.00          1
                                       8.375            889.28         87
                                       8.125            889.28
    TECUMSEH         OK   74873          5            01/18/02         01
    0413459298                           05           03/01/02         25
    0413459298                           O            02/01/32
    0

    7556416          E22/G02             F          235,200.00         ZZ
                                         360        235,200.00          1
                                       8.250          1,766.98         80
                                       8.000          1,766.98
    OCEAN TOWNSHIP   NJ   07755          5            01/24/02         00
    0413460965                           05           03/01/02          0
    0413460965                           N            02/01/32
    0

    7556434          E22/G02             F          222,400.00         ZZ
                                         360        222,400.00          1
                                       8.250          1,670.82         80
                                       8.000          1,670.82
    OCEAN TOWNSHIP   NJ   07755          5            01/24/02         00
    0413467580                           05           03/01/02          0
    0413467580                           N            02/01/32
    0

    7556450          E22/G02             F          177,650.00         ZZ
                                         360        177,650.00          4
                                       8.375          1,350.27         95
                                       8.125          1,350.27
    MIRAMAR          FL   33023          5            01/18/02         10
    0413483520                           05           03/01/02         30
    0413483520                           O            02/01/32
    0

    7556452          E22/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       8.125            980.10         95
                                       7.875            980.10
    REDFORD          MI   48240          5            01/03/02         04
    0413484395                           05           03/01/02         30
    0413484395                           O            02/01/32
    0
1

    7556454          E22/G02             F          131,000.00         ZZ
                                         360        131,000.00          1
                                       7.500            915.97         95
                                       7.250            915.97
    MERIDIAN         ID   83642          1            01/18/02         01
    0413484940                           05           03/01/02         30
    0413484940                           O            02/01/32
    0

    7556474          E22/G02             F          212,000.00         ZZ
                                         360        212,000.00          1
                                       8.125          1,574.09         80
                                       7.875          1,574.09
    MURPHYS          CA   95247          1            01/15/02         00
    0413498973                           03           03/01/02          0
    0413498973                           O            02/01/32
    0

    7556478          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       7.750            709.25         90
                                       7.500            709.25
    EASTABOGA        AL   36260          5            01/18/02         10
    0413501560                           05           03/01/02         25
    0413501560                           O            02/01/32
    0

    7556482          E22/G02             F          117,750.00         ZZ
                                         360        117,750.00          1
                                       7.625            833.43         75
                                       7.375            833.43
    FRAMINGHAM       MA   01702          1            01/24/02         00
    0413502642                           01           03/01/02          0
    0413502642                           O            02/01/32
    0

    7556486          E22/G02             F          158,900.00         ZZ
                                         360        158,900.00          4
                                       8.500          1,221.80         90
                                       8.250          1,221.80
    DEARBORN         MI   48126          1            01/24/02         04
    0413502915                           05           03/01/02         25
    0413502915                           N            02/01/32
    0

    7556490          E22/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
1

                                       7.625            934.29         80
                                       7.375            934.29
    ENUMCLAW         WA   98022          5            01/16/02         00
    0413504879                           05           03/01/02          0
    0413504879                           O            02/01/32
    0

    7556500          E22/G02             F          418,000.00         ZZ
                                         360        418,000.00          1
                                       7.375          2,887.02         75
                                       7.125          2,887.02
    WALNUT CREEK     CA   94596          5            01/14/02         00
    0413506080                           05           03/01/02          0
    0413506080                           O            02/01/32
    0

    7556504          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.000          1,330.60         80
                                       6.750          1,330.60
    SAN ANTONIO      TX   78229          5            01/18/02         00
    0413507252                           05           03/01/02          0
    0413507252                           O            02/01/32
    0

    7556510          E22/G02             F          174,400.00         ZZ
                                         360        174,400.00          1
                                       7.625          1,234.39         80
                                       7.375          1,234.39
    LITTLETON        CO   80127          5            01/18/02         00
    0413511478                           05           03/01/02          0
    0413511478                           O            02/01/32
    0

    7556542          E22/G02             F           78,000.00         ZZ
                                         360         78,000.00          3
                                       7.625            552.08         75
                                       7.375            552.08
    WINSTON          OR   97496          2            01/16/02         00
    0413528357                           05           03/01/02          0
    0413528357                           N            02/01/32
    0

    7556564          E22/G02             F          185,000.00         ZZ
                                         360        185,000.00          1
                                       7.375          1,277.75         79
                                       7.125          1,277.75
    ELLENSBURG       WA   98926          5            01/11/02         00
    0413536897                           05           03/01/02          0
1

    0413536897                           O            02/01/32
    0

    7556570          E22/G02             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       8.125          2,435.39         80
                                       7.875          2,435.39
    KELLER           TX   76248          1            01/24/02         00
    0413537366                           05           03/01/02          0
    0413537366                           O            02/01/32
    0

    7556574          E22/G02             F          155,200.00         ZZ
                                         360        155,200.00          1
                                       7.750          1,111.87         80
                                       7.500          1,111.87
    HUMBLE           TX   77346          5            01/18/02         00
    0413538117                           03           03/01/02          0
    0413538117                           O            02/01/32
    0

    7557380          405/405             F          364,000.00         ZZ
                                         360        364,000.00          1
                                       6.750          2,360.90         80
                                       6.250          2,360.90
    SAN JOSE         CA   95128          5            01/02/02         00
    0017990011                           05           03/01/02          0
    0017990011                           O            02/01/32
    0

    7557384          405/405             F          380,000.00         ZZ
                                         360        379,639.44          1
                                       6.250          2,339.73         80
                                       6.000          2,339.73
    WILMINGTON       DE   19803          5            01/02/02         00
    0018012971                           05           02/01/02          0
    0018012971                           O            01/01/32
    0

    7557394          405/405             F          495,000.00         ZZ
                                         360        494,584.14          1
                                       6.875          3,251.80         75
                                       6.375          3,251.80
    SOUTH PASADENA   CA   91030          5            12/14/01         00
    0018051524                           05           02/01/02          0
    0018051524                           O            01/01/32
    0

1

    7557404          405/405             F          452,000.00         ZZ
                                         360        451,610.83          1
                                       6.750          2,931.67         80
                                       6.250          2,931.67
    SAN JOSE         CA   95124          1            12/20/01         00
    0018078816                           05           02/01/02          0
    0018078816                           O            01/01/32
    0

    7557430          405/405             F          600,000.00         ZZ
                                         360        599,495.93          1
                                       6.875          3,941.57         75
                                       6.375          3,941.57
    MANHATTAN BCH    CA   90266          5            12/10/01         00
    0019910215                           05           02/01/02          0
    0019910215                           O            01/01/32
    0

    7557600          405/405             F          364,700.00         ZZ
                                         360        364,393.61          1
                                       6.875          2,395.82         80
                                       6.500          2,395.82
    THOUSAND OAKS    CA   91320          1            12/06/01         00
    0012713111                           03           02/01/02          0
    0012713111                           O            01/01/32
    0

    7557620          405/405             F          452,800.00         ZZ
                                         360        452,455.45          1
                                       7.375          3,127.38         80
                                       6.875          3,127.38
    LONG BEACH       CA   90803          2            12/12/01         00
    0017797804                           01           02/01/02          0
    0017797804                           O            01/01/32
    0

    7557624          405/405             F          320,000.00         ZZ
                                         360        319,435.36          1
                                       6.875          2,102.18         80
                                       6.500          2,102.18
    LOS ANGELES      CA   90043          5            11/05/01         00
    0017909664                           05           01/01/02          0
    0017909664                           O            12/01/31
    0

    7557662          405/405             F          382,450.00         ZZ
                                         360        382,450.00          1
                                       7.375          2,641.49         90
                                       6.875          2,641.49
1

    DALY CITY        CA   94015          1            01/08/02         10
    0018134064                           05           03/01/02         25
    0018134064                           O            02/01/32
    0

    7557676          405/405             F          367,200.00         ZZ
                                         360        367,200.00          1
                                       7.375          2,536.16         80
                                       6.875          2,536.16
    THOUSAND OAKS    CA   91361          1            01/04/02         00
    0018161265                           03           03/01/02          0
    0018161265                           O            02/01/32
    0

    7557682          405/405             F          341,250.00         ZZ
                                         360        341,250.00          1
                                       7.500          2,386.07         75
                                       7.000          2,386.07
    NAPA             CA   94558          1            01/10/02         00
    0018168583                           05           03/01/02          0
    0018168583                           O            02/01/32
    0

    7557688          405/405             F          581,250.00         ZZ
                                         360        580,661.68          1
                                       6.875          3,818.40         75
                                       6.500          3,818.40
    NEWPORT BEACH    CA   92657          2            12/12/01         00
    0019978907                           03           02/01/02          0
    0019978907                           O            01/01/32
    0

    7558586          E82/G02             F          244,000.00         ZZ
                                         360        244,000.00          1
                                       6.875          1,602.91         79
                                       6.625          1,602.91
    HALF MOON BAY    CA   94019          2            01/23/02         00
    0400528097                           09           03/01/02          0
    1653309                              O            02/01/32
    0

    7558592          E82/G02             F          120,500.00         ZZ
                                         360        120,500.00          1
                                       7.125            811.83         77
                                       6.875            811.83
    RIVERVIEW        FL   33569          2            01/22/02         00
    0400559167                           05           03/01/02          0
    1511973                              O            02/01/32
    0
1

    7558600          E82/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
                                       6.500            796.41         44
                                       6.250            796.41
    PERRIS           CA   92570          2            01/23/02         00
    0400546511                           05           03/01/02          0
    1852658                              O            02/01/32
    0

    7558602          E82/G02             F           66,200.00         ZZ
                                         360         66,200.00          1
                                       7.375            457.23         79
                                       7.125            457.23
    ROGERS           AR   72756          2            01/22/02         00
    0400572434                           05           03/01/02          0
    1921277                              O            02/01/32
    0

    7560976          405/405             F          750,000.00         ZZ
                                         360        747,039.09          1
                                       7.250          5,116.32         75
                                       6.500          5,116.32
    MEDIA            PA   19063          1            09/05/01         00
    17709106                             05           10/01/01          0
    17709106                             O            09/01/31
    0

    7560998          405/405             F          400,000.00         ZZ
                                         360        399,663.95          1
                                       6.875          2,627.72         77
                                       6.250          2,627.72
    PASADENA         CA   91107          5            12/21/01         00
    18019471                             05           02/01/02          0
    18019471                             O            01/01/32
    0

    7561002          405/405             F          309,000.00         ZZ
                                         360        308,752.89          1
                                       7.125          2,081.80         78
                                       6.375          2,081.80
    SIMI VALLEY      CA   93065          2            12/19/01         00
    18033308                             05           02/01/02          0
    18033308                             O            01/01/32
    0

    7571062          A06/G02             F          352,500.00         ZZ
                                         360        351,891.30          1
1

                                       6.750          2,286.31         75
                                       6.500          2,286.31
    WEST BLOOMFIELD  MI   48323          5            11/16/01         00
    0433631058                           05           01/01/02          0
    001000010013354                      O            12/01/31
    0

    7582180          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          4
                                       8.500            761.22         90
                                       8.250            761.22
    COLUMBUS         OH   43211          1            01/25/02         04
    0413308891                           05           03/01/02         25
    0413308891                           N            02/01/32
    0

    7582230          E22/G02             F          232,000.00         ZZ
                                         360        232,000.00          1
                                       7.500          1,622.18         65
                                       7.250          1,622.18
    UNION CITY       CA   94587          5            01/11/02         00
    0413490301                           05           03/01/02          0
    0413490301                           O            02/01/32
    0

    7582252          E22/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.750          1,970.13         89
                                       7.500          1,970.13
    LINCOLN          CA   95648          5            01/16/02         01
    0413504143                           05           03/01/02         25
    0413504143                           O            02/01/32
    0

    7582256          E22/G02             F           90,750.00         ZZ
                                         360         90,750.00          1
                                       8.250            681.77         75
                                       8.000            681.77
    CHARLOTTE        NC   28208          5            01/25/02         00
    0413504762                           05           03/01/02          0
    0413504762                           N            02/01/32
    0

    7582264          E22/G02             F          303,050.00         ZZ
                                         360        303,050.00          1
                                       8.625          2,357.09         95
                                       8.375          2,357.09
    OMAHA            NE   68137          1            01/25/02         04
    0413510009                           05           03/01/02         30
1

    0413510009                           O            02/01/32
    0

    7582274          E22/G02             F          121,500.00         ZZ
                                         360        121,500.00          4
                                       8.750            955.84         90
                                       8.500            955.84
    KNOXVILLE        TN   37917          1            01/25/02         10
    0413515941                           05           03/01/02         25
    0413515941                           N            02/01/32
    0

    7582300          E22/G02             F          139,157.00         ZZ
                                         360        139,157.00          1
                                       7.750            996.94         95
                                       7.500            996.94
    WELLINGTON       FL   33414          1            01/25/02         01
    0413533308                           09           03/01/02         30
    0413533308                           O            02/01/32
    0

    7582316          E22/G02             F          373,000.00         ZZ
                                         360        373,000.00          1
                                       7.875          2,704.51         74
                                       7.625          2,704.51
    FORT COLLINS     CO   80521          2            01/25/02         00
    0413544560                           05           03/01/02          0
    0413544560                           N            02/01/32
    0

    7582328          E22/G02             F          233,000.00         ZZ
                                         360        233,000.00          1
                                       8.250          1,750.45         71
                                       8.000          1,750.45
    LUBBOCK          TX   79416          5            01/18/02         00
    0413553728                           05           03/01/02          0
    0413553728                           O            02/01/32
    0

    7582342          E22/G02             F          266,650.00         ZZ
                                         360        266,650.00          1
                                       7.000          1,774.03         80
                                       6.750          1,774.03
    MODESTO          CA   95355          1            01/23/02         00
    0413576554                           05           03/01/02          0
    0413576554                           O            02/01/32
    0

1

    7586112          E82/G02             F          121,300.00         ZZ
                                         360        121,300.00          1
                                       8.250            911.29         80
                                       8.000            911.29
    PACOIMA          CA   91331          2            01/28/02         00
    0400554572                           05           03/01/02          0
    0400554572                           N            02/01/32
    0

    7587960          964/G02             F          402,000.00         ZZ
                                         360        401,662.27          1
                                       6.875          2,640.86         80
                                       6.625          2,640.86
    SCOTTSDALE       AZ   85259          2            12/07/01         00
    0433609666                           03           02/01/02          0
    170861                               O            01/01/32
    0

    7588300          964/G02             F          330,000.00         ZZ
                                         360        329,701.67          1
                                       6.500          2,085.83         55
                                       6.250          2,085.83
    LOVELAND         CO   80537          5            12/07/01         00
    0433616224                           03           02/01/02          0
    168698                               O            01/01/32
    0

    7588564          964/G02             F          355,000.00         ZZ
                                         360        354,694.36          1
                                       6.750          2,302.52         68
                                       6.500          2,302.52
    COLORADO SPRING  CO   80904          5            12/07/01         00
    0433616935                           03           02/01/02          0
    160052                               O            01/01/32
    0

    7604210          E22/G02             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       7.500          1,090.77         95
                                       7.250          1,090.77
    CENTER MORICHES  NY   11934          1            01/28/02         01
    0413132853                           05           03/01/02         30
    0413132853                           O            02/01/32
    0

    7604228          E22/G02             F          117,000.00         ZZ
                                         360        117,000.00          1
                                       7.875            848.33         83
                                       7.625            848.33
1

    HOUSTON          TX   77087          2            01/16/02         04
    0413283656                           05           03/01/02         12
    0413283656                           O            02/01/32
    0

    7604238          E22/G02             F          119,000.00         ZZ
                                         360        119,000.00          1
                                       7.375            821.90         85
                                       7.125            821.90
    THAYNE           WY   83127          5            01/22/02         01
    0413318460                           05           03/01/02         12
    0413318460                           O            02/01/32
    0

    7604288          E22/G02             F          123,500.00         ZZ
                                         360        123,500.00          1
                                       7.875            895.46         95
                                       7.625            895.46
    REVERE           MA   02151          1            01/28/02         04
    0413433459                           01           03/01/02         30
    0413433459                           O            02/01/32
    0

    7604310          E22/G02             F          368,400.00         ZZ
                                         360        368,400.00          1
                                       7.000          2,450.97         78
                                       6.750          2,450.97
    CAMPBELL         CA   95008          2            01/18/02         00
    9413475211                           05           03/01/02          0
    0413475211                           O            02/01/32
    0

    7604342          E22/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
                                       7.875            815.70         90
                                       7.625            815.70
    FRISCO           TX   75035          1            01/25/02         01
    0413493297                           03           03/01/02         25
    0413493297                           N            02/01/32
    0

    7604360          E22/G02             F           79,050.00         ZZ
                                         360         79,050.00          1
                                       7.875            573.17         85
                                       7.625            573.17
    PUEBLO           CO   81005          2            01/28/02         01
    0413506395                           05           03/01/02         20
    0413506395                           N            02/01/32
    0
1

    7604426          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
                                       8.250            570.96         80
                                       8.000            570.96
    BOYNTON BEACH    FL   33435          1            01/24/02         00
    0413542499                           05           03/01/02          0
    0413542499                           N            02/01/32
    0

    7604430          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       8.500          1,730.06         75
                                       8.250          1,730.06
    SAINT LOUIS      MO   63119          1            01/28/02         00
    0413543067                           05           03/01/02          0
    0413543067                           O            02/01/32
    0

    7604444          E22/G02             F           96,300.00         ZZ
                                         360         96,300.00          1
                                       7.500            673.34         90
                                       7.250            673.34
    GRANBURY         TX   76048          1            01/28/02         01
    0413547720                           05           03/01/02         25
    0413547720                           N            02/01/32
    0

    7604456          E22/G02             F          154,000.00         ZZ
                                         360        154,000.00          1
                                       7.625          1,090.00         95
                                       7.375          1,090.00
    SALT LAKE CITY   UT   84116          2            01/22/02         11
    0413551912                           05           03/01/02         30
    0413551912                           O            02/01/32
    0

    7604470          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       8.250          1,051.77         80
                                       8.000          1,051.77
    BOERNE           TX   78006          5            01/28/02         00
    0413558396                           05           03/01/02          0
    0413558396                           N            02/01/32
    0

    7604476          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
1

                                       8.250            570.96         95
                                       8.000            570.96
    TULSA            OK   74127          5            01/23/02         04
    0413564345                           05           03/01/02         30
    0413564345                           O            02/01/32
    0

    7605088          E82/G02             F           74,250.00         ZZ
                                         360         74,250.00          1
                                       7.625            525.54         58
                                       7.375            525.54
    KEY BISCAYNE     FL   33149          2            01/29/02         00
    0400524161                           01           03/01/02          0
    1531550                              N            02/01/32
    0

    7605096          E82/G02             F           75,200.00         ZZ
                                         360         75,200.00          2
                                       7.875            545.25         80
                                       7.625            545.25
    EATON            IN   47338          2            01/29/02         00
    0400575197                           05           03/01/02          0
    0400575197                           N            02/01/32
    0

    7605106          E82/G02             F           86,800.00         ZZ
                                         360         86,800.00          1
                                       7.000            577.48         69
                                       6.750            577.48
    FAIRWAY          KS   66205          2            01/30/02         00
    0400545059                           05           03/01/02          0
    1853529                              N            02/01/32
    0

    7605124          E82/G02             F          117,800.00         ZZ
                                         360        117,800.00          1
                                       7.125            793.64         65
                                       6.875            793.64
    SARASOTA         FL   34231          2            01/25/02         00
    0400530143                           05           03/01/02          0
    0400530143                           O            02/01/32
    0

    7608916          944/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
                                       7.000            678.61         72
                                       6.750            678.61
    CARMICHAEL       CA   95608          2            01/22/02         00
    0433635612                           05           03/01/02          0
1

    W01116689                            N            02/01/32
    0

    7624882          E22/G02             F          204,400.00         ZZ
                                         360        204,400.00          3
                                       7.250          1,394.37         70
                                       7.000          1,394.37
    DORCHESTER       MA   02122          2            01/29/02         00
    0413432071                           05           03/01/02          0
    0413432071                           N            02/01/32
    0

    7624884          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          2
                                       7.875          1,508.14         80
                                       7.625          1,508.14
    DORCHESTER       MA   02122          2            01/29/02         00
    0413432170                           05           03/01/02          0
    0413432170                           N            02/01/32
    0

    7624924          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          3
                                       6.750            700.49         90
                                       6.500            700.49
    WINDSOR MILL     MD   21244          1            01/29/02         01
    0413466939                           05           03/01/02         25
    0413466939                           N            02/01/32
    0

    7624930          E22/G02             F          504,000.00         ZZ
                                         360        504,000.00          1
                                       7.125          3,395.54         80
                                       6.875          3,395.54
    DALLAS           TX   75243          5            01/22/02         00
    0413478991                           05           03/01/02          0
    0413478991                           O            02/01/32
    0

    7624960          E22/G02             F          131,200.00         ZZ
                                         360        131,200.00          1
                                       7.250            895.02         80
                                       7.000            895.02
    KENNEDALE        TX   76060          5            01/24/02         00
    0413507476                           05           03/01/02          0
    0413507476                           O            02/01/32
    0

1

    7624962          E22/G02             F          128,250.00         ZZ
                                         360        128,250.00          4
                                       8.500            986.13         95
                                       8.250            986.13
    LAS CRUCES       NM   88005          1            01/29/02         01
    0413508482                           05           03/01/02         30
    0413508482                           O            02/01/32
    0

    7625028          E22/G02             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.375          2,624.57         80
                                       7.125          2,624.57
    SAN JOSE         CA   95148          2            01/22/02         00
    0413556283                           05           03/01/02          0
    0413556283                           O            02/01/32
    0

    7625050          E22/G02             F          315,000.00         ZZ
                                         360        315,000.00          3
                                       7.375          2,175.63         70
                                       7.125          2,175.63
    SAN LORENZO      CA   94580          5            01/17/02         00
    0413566217                           05           03/01/02          0
    0413566217                           O            02/01/32
    0

    7625066          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.625            707.79         80
                                       7.375            707.79
    KENNESAW         GA   30152          1            01/29/02         00
    0413581471                           05           03/01/02          0
    0413581471                           N            02/01/32
    0

    7636100          B28/G02             F          190,800.00         ZZ
                                         360        190,800.00          1
                                       8.000          1,400.03         90
                                       7.750          1,400.03
    BOULDER          CO   80302          1            01/25/02         01
    0433630852                           01           03/01/02         25
    01500269                             O            02/01/32
    0

    7646864          E22/G02             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       7.375          2,659.10         80
                                       7.125          2,659.10
1

    JACKSONVILLE     FL   32224          2            01/25/02         00
    0413304940                           05           03/01/02          0
    0413304940                           O            02/01/32
    0

    7646914          E22/G02             F           86,250.00         ZZ
                                         360         86,250.00          4
                                       7.500            603.07         75
                                       7.250            603.07
    OPALOCKA         FL   33054          2            01/30/02         00
    0413407479                           05           03/01/02          0
    0413407479                           N            02/01/32
    0

    7646922          E22/G02             F           96,500.00         ZZ
                                         360         96,500.00          1
                                       8.375            733.47         59
                                       8.125            733.47
    HOUSTON          TX   77057          2            01/29/02         00
    0413422221                           05           03/01/02          0
    0413422221                           N            02/01/32
    0

    7646958          E22/G02             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       7.375          2,099.65         80
                                       7.125          2,099.65
    FLOWER MOUND     TX   75022          5            01/25/02         00
    0413472267                           03           03/01/02          0
    0413472267                           O            02/01/32
    0

    7646996          E22/G02             F          295,630.00         ZZ
                                         360        295,630.00          1
                                       7.125          1,991.71         80
                                       6.875          1,991.71
    EL DORADO HILLS  CA   95762          5            01/23/02         00
    0413497710                           03           03/01/02          0
    0413497710                           O            02/01/32
    0

    7647018          E22/G02             F          378,000.00         ZZ
                                         360        378,000.00          1
                                       7.250          2,578.63         90
                                       7.000          2,578.63
    SANTA CRUZ       CA   95060          2            01/17/02         01
    0413511122                           05           03/01/02         25
    0413511122                           O            02/01/32
    0
1

    7647040          E22/G02             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       7.875          2,283.97         90
                                       7.625          2,283.97
    LOS ANGELES      CA   91356          1            01/14/02         04
    0413519760                           05           03/01/02         25
    0413519760                           O            02/01/32
    0

    7647050          E22/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       7.500          1,195.66         90
                                       7.250          1,195.66
    MONROVIA         CA   91016          1            01/25/02         04
    0413524554                           05           03/01/02         25
    0413524554                           O            02/01/32
    0

    7647054          E22/G02             F          222,000.00         ZZ
                                         360        222,000.00          1
                                       7.500          1,552.26         78
                                       7.250          1,552.26
    LUCAS            TX   75002          5            01/18/02         00
    0413525791                           05           03/01/02          0
    0413525791                           O            02/01/32
    0

    7647066          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       7.875            978.84         89
                                       7.625            978.84
    MOBILE           AL   36609          5            01/25/02         01
    0413530510                           03           03/01/02         25
    0413530510                           O            02/01/32
    0

    7647096          E22/G02             F          102,500.00         ZZ
                                         360        102,500.00          1
                                       7.250            699.23         71
                                       7.000            699.23
    GULF SHORES      AL   36542          2            01/25/02         00
    0413540139                           03           03/01/02          0
    0413540139                           O            02/01/32
    0

    7647162          E22/G02             F          344,000.00         ZZ
                                         360        344,000.00          1
1

                                       7.375          2,375.92         80
                                       7.125          2,375.92
    FRIDAY HARBOR    WA   98250          1            01/22/02         00
    0413562661                           05           03/01/02          0
    0413562661                           O            02/01/32
    0

    7647164          E22/G02             F          431,250.00         ZZ
                                         360        431,250.00          1
                                       7.375          2,978.54         75
                                       7.125          2,978.54
    ESTES PARK       CO   80517          5            01/24/02         00
    0413563826                           05           03/01/02          0
    0413563826                           O            02/01/32
    0

    7647176          E22/G02             F          173,000.00         ZZ
                                         360        173,000.00          1
                                       7.125          1,165.53         79
                                       6.875          1,165.53
    BAKERSFIELD      CA   93313          2            01/25/02         00
    0413571167                           05           03/01/02          0
    0413571167                           O            02/01/32
    0

    7647206          E22/G02             F          242,250.00         ZZ
                                         360        242,250.00          1
                                       7.750          1,735.51         95
                                       7.500          1,735.51
    BELLEVUE         WA   98008          1            01/28/02         04
    0413594573                           05           03/01/02         30
    0413594573                           O            02/01/32
    0

    7668016          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          2
                                       7.250            927.76         72
                                       7.000            927.76
    REDMOND          OR   97756          2            01/15/02         00
    0413402363                           05           03/01/02          0
    0413402363                           N            02/01/32
    0

    7668038          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       8.250          1,202.03         88
                                       8.000          1,202.03
    SAN BERNARDINO   CA   92404          2            01/10/02         04
    0413441429                           05           03/01/02         25
1

    0413441429                           O            02/01/32
    0

    7668064          E22/G02             F          153,000.00         ZZ
                                         360        153,000.00          1
                                       7.125          1,030.79         85
                                       6.875          1,030.79
    BOISE            ID   83716          5            01/25/02         04
    0413471327                           05           03/01/02         17
    0413471327                           O            02/01/32
    0

    7668096          E22/G02             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       7.500          2,125.61         80
                                       7.250          2,125.61
    FOLSOM           CA   95630          5            01/22/02         00
    0413505561                           05           03/01/02          0
    0413505561                           O            02/01/32
    0

    7668100          E22/G02             F          250,750.00         ZZ
                                         360        250,750.00          1
                                       7.125          1,689.35         85
                                       6.875          1,689.35
    CORONA           CA   92881          5            01/23/02         04
    0413507005                           05           03/01/02         12
    0413507005                           O            02/01/32
    0

    7668126          E22/G02             F          138,550.00         ZZ
                                         360        138,550.00          1
                                       8.000          1,016.63         85
                                       7.750          1,016.63
    SUNRISE          FL   33323          1            01/31/02         04
    0413514076                           05           03/01/02         12
    0413514076                           O            02/01/32
    0

    7668172          E22/G02             F          274,500.00         ZZ
                                         360        274,500.00          1
                                       7.250          1,872.57         79
                                       7.000          1,872.57
    OMAHA            NE   68116          1            01/31/02         00
    0413532151                           05           03/01/02          0
    0413532151                           O            02/01/32
    0

1

    7668196          E22/G02             F          298,000.00         ZZ
                                         360        298,000.00          1
                                       7.500          2,083.66         60
                                       7.250          2,083.66
    SANTA CLARA      CA   95050          5            01/22/02         00
    0413546490                           05           03/01/02          0
    0413546490                           N            02/01/32
    0

    7668200          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       7.375          1,657.62         77
                                       7.125          1,657.62
    REDMOND          WA   98053          5            01/25/02         00
    0413550690                           05           03/01/02          0
    0413550690                           O            02/01/32
    0

    7668240          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       7.750            659.10         80
                                       7.500            659.10
    LAFAYETTE        LA   70506          2            01/31/02         00
    0413569997                           05           03/01/02          0
    0413569997                           N            02/01/32
    0

    7668284          E22/G02             F           99,900.00         ZZ
                                         360         99,900.00          4
                                       8.500            768.14         63
                                       8.250            768.14
    DAVENPORT        IA   52806          1            01/31/02         00
    0413629064                           05           03/01/02          0
    0413629064                           N            02/01/32
    0

    7684362          696/G02             F          191,900.00         ZZ
                                         360        191,900.00          1
                                       8.000          1,408.09         80
                                       7.750          1,408.09
    OLNEY            MD   20832          1            01/25/02         00
    0433624137                           07           03/01/02          0
    30401176                             O            02/01/32
    0

    7684366          696/G02             F          276,000.00         ZZ
                                         360        276,000.00          4
                                       7.875          2,001.19         75
                                       7.625          2,001.19
1

    TAKOMA PARK      MD   20912          2            01/10/02         00
    0433624004                           05           03/01/02          0
    30501204                             O            02/01/32
    0

    7691404          E22/G02             F          228,000.00         ZZ
                                         360        228,000.00          1
                                       7.625          1,613.77         80
                                       7.375          1,613.77
    SEATTLE          WA   98103          1            01/29/02         00
    0413565318                           05           03/01/02          0
    0413565318                           N            02/01/32
    0

    7691428          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       7.500          1,006.87         80
                                       7.250          1,006.87
    MAGNOLIA         TX   77354          1            01/31/02         00
    0413590365                           03           03/01/02          0
    0413590365                           O            02/01/32
    0

    7691442          E22/G02             F          142,800.00         ZZ
                                         360        142,800.00          1
                                       8.375          1,085.38         85
                                       8.125          1,085.38
    KELLER           TX   76248          1            01/31/02         04
    0413614967                           05           03/01/02         12
    0413614967                           O            02/01/32
    0

    7698808          076/076             F          396,000.00         ZZ
                                         360        396,000.00          4
                                       8.375          3,009.89         90
                                       8.125          3,009.89
    BROOKLYN         NY   11206          1            01/23/02         10
    3103960                              05           03/01/02         25
    3103960                              O            02/01/32
    0

    7713322          E22/G02             F          235,000.00         ZZ
                                         360        235,000.00          1
                                       7.375          1,623.09         72
                                       7.125          1,623.09
    CASCADE          CO   80809          5            01/30/02         00
    0413417312                           05           03/01/02          0
    0413417312                           O            02/01/32
    0
1

    7713354          E22/G02             F          100,800.00         ZZ
                                         360        100,800.00          1
                                       8.250            757.28         60
                                       8.000            757.28
    PROVO            UT   84606          5            01/29/02         00
    0413480203                           01           03/01/02          0
    0413480203                           N            02/01/32
    0

    7713430          E22/G02             F          507,000.00         ZZ
                                         360        507,000.00          1
                                       7.500          3,545.02         80
                                       7.250          3,545.02
    LIVERMORE        CA   94550          5            01/24/02         00
    0413540121                           05           03/01/02          0
    0413540121                           O            02/01/32
    0

    7713488          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       7.875          1,015.10        100
                                       7.625          1,015.10
    BRIGHTWOOD       VA   22715          2            01/29/02         10
    0413565334                           05           03/01/02         35
    0413565334                           O            02/01/32
    0

    7713534          E22/G02             F          253,000.00         ZZ
                                         360        253,000.00          1
                                       7.375          1,747.41         72
                                       7.125          1,747.41
    MOUNT PLEASANT   SC   29464          5            01/29/02         00
    0413590506                           05           03/01/02          0
    0413590506                           O            02/01/32
    0

    7713540          E22/G02             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       7.500          2,405.30         80
                                       7.250          2,405.30
    FELTON           CA   95018          2            01/25/02         00
    0413595018                           05           03/01/02          0
    0413595018                           O            02/01/32
    0

    7713570          E22/G02             F          143,000.00         ZZ
                                         360        143,000.00          1
1

                                       7.750          1,024.47        100
                                       7.500          1,024.47
    RENO             NV   89503          2            01/28/02         01
    0413611047                           05           03/01/02         35
    0413611047                           O            02/01/32
    0

    7713576          E22/G02             F          386,000.00         ZZ
                                         360        386,000.00          1
                                       7.000          2,568.07         63
                                       6.750          2,568.07
    SANTA ROSA       CA   95405          1            01/29/02         00
    0413622598                           05           03/01/02          0
    0413622598                           O            02/01/32
    0

   TOTAL NUMBER OF LOANS   :      1,512

   TOTAL ORIGINAL BALANCE  :   320,719,639.55

   TOTAL PRINCIPAL BALANCE :   320,372,218.98

   TOTAL ORIGINAL P+I      :     2,228,756.34

   TOTAL CURRENT P+I       :     2,228,756.34

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

<PAGE>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

<TABLE>
<CAPTION>

                               Schedule of Discount Fractions

    Loan Number     Current Balance    Net Mortgage Rate  Discount Fraction   PO Balance
<S>   <C>             <C>                   <C>                <C>             <C>
      5582359         $493,842.64           6.720%             0.4444%         $2,194.86
      5653254         $99,835.57            6.720%             0.4444%          $443.71
      5696415         $635,385.30           6.595%             2.2963%        $14,590.33
      5704678         $147,996.66           6.595%             2.2963%         $3,398.44
      5705114         $59,352.84            6.720%             0.4444%          $263.79
      5728962         $89,694.94            6.595%             2.2963%         $2,059.66
      5746138         $217,447.39           6.595%             2.2963%         $4,993.24
      5748054         $125,289.34           6.720%             0.4444%          $556.84
      5919326         $359,393.37           6.595%             2.2963%         $8,252.74
      5926310         $123,685.69           6.595%             2.2963%         $2,840.19
      5943802         $186,832.76           6.345%             6.0000%        $11,209.97
      5974192         $303,462.08           6.345%             6.0000%        $18,207.72
      6029968         $126,835.49           6.720%             0.4444%          $563.71
      6049780         $256,631.65           6.470%             4.1481%        $10,645.46
      6069898         $306,681.59           6.345%             6.0000%        $18,400.90
      6084884         $143,147.39           6.670%             1.1852%         $1,696.56
      6094680         $106,910.10           6.595%             2.2963%         $2,454.97
      6124958         $358,409.74           6.720%             0.4444%         $1,592.93
      6206230         $211,642.76           6.595%             2.2963%         $4,859.94
      6213366         $73,408.82            6.470%             4.1481%         $3,045.11
      6236898         $82,779.10            6.345%             6.0000%         $4,966.75
      6244636         $339,427.08           6.595%             2.2963%         $7,794.25
      6253916         $111,908.19           6.720%             0.4444%          $497.37
      6285238         $179,696.69           6.595%             2.2963%         $4,126.37
      6291544         $89,595.01            6.470%             4.1481%         $3,716.53
      6313736         $203,647.71           6.470%             4.1481%         $8,447.61
      6315292         $399,308.27           6.470%             4.1481%        $16,563.90
      6323880         $258,518.95           6.095%             9.7037%        $25,085.91
      6326270         $319,717.67           6.345%             6.0000%        $19,183.06
      6330864         $151,731.06           6.345%             6.0000%         $9,103.86
      6360360         $336,389.05           6.220%             7.8519%        $26,412.77
      6398022         $264,782.78           6.720%             0.4444%         $1,176.81
      6405816         $146,945.81           6.470%             4.1481%         $6,095.53
      6417830         $375,366.43           6.595%             2.2963%         $8,619.53
      6418504         $125,272.47           6.220%             7.8519%         $9,836.21
      6460804         $175,696.09           6.470%             4.1481%         $7,288.13
      6479590         $139,739.97           6.095%             9.7037%        $13,559.95
      6489290         $101,905.53           6.095%             9.7037%         $9,888.61
      6508472         $291,495.77           6.470%             4.1481%        $12,091.68
      6509512         $120,796.12           6.595%             2.2963%         $2,773.84
      6515250         $122,277.92           6.220%             7.8519%         $9,601.08
      6531680         $488,568.56           6.345%             6.0000%        $29,314.11
      6535764         $81,331.61            6.595%             2.2963%         $1,867.61
      6536144         $139,879.46           6.470%             4.1481%         $5,802.41
      6539270         $359,393.39           6.595%             2.2963%         $8,252.74
      6551500         $183,849.17           6.720%             0.4444%          $817.11
      6561986         $120,995.77           6.595%             2.2963%         $2,778.42
      6562778         $164,715.08           6.470%             4.1481%         $6,832.63
      6566098         $382,853.77           6.595%             2.2963%         $8,791.46
      6571320         $46,320.96            6.720%             0.4444%          $205.87
      6584474         $423,607.29           6.095%             9.7037%        $41,105.60
      6584898         $521,141.74           6.720%             0.4444%         $2,316.19
      6608154         $152,206.51           6.345%             6.0000%         $9,132.39

 Monday, February 18, 2002                                                      Page 1 of 7
     6615620         $120,296.94           6.595%             2.2963%         $2,762.37
      6620672         $397,166.05           6.595%             2.2963%         $9,120.11
      6627592         $145,620.74           6.470%             4.1481%         $6,040.56
      6628932         $385,283.92           6.720%             0.4444%         $1,712.37
      6632284         $126,291.17           6.470%             4.1481%         $5,238.74
      6640010         $70,883.28            6.720%             0.4444%          $315.04
      6640108         $84,642.50            6.095%             9.7037%         $8,213.46
      6640520         $142,867.82           6.345%             6.0000%         $8,572.07
      6640588         $130,529.69           6.595%             2.2963%         $2,997.35
      6640590         $123,796.11           6.720%             0.4444%          $550.20
      6656146         $189,224.85           6.470%             4.1481%         $7,849.33
      6661022         $354,371.87           6.345%             6.0000%        $21,262.31
      6664626         $136,175.72           6.720%             0.4444%          $605.23
      6669326         $315,454.33           6.470%             4.1481%        $13,085.51
      6672598         $559,517.85           6.470%             4.1481%        $23,209.63
      6678360         $111,905.91           6.595%             2.2963%         $2,569.69
      6685810         $105,967.82           6.095%             9.7037%        $10,282.80
      6686242         $149,464.03           5.970%            11.5556%        $17,271.40
      6687418         $107,909.27           6.595%             2.2963%         $2,477.92
      6690754         $165,464.26           6.720%             0.4444%          $735.40
      6692342         $274,763.24           6.470%             4.1481%        $11,397.59
      6693624         $139,882.38           6.595%             2.2963%         $3,212.11
      6713644         $242,046.74           6.720%             0.4444%         $1,075.76
      6713782         $57,658.90            6.595%             2.2963%         $1,324.02
      6724758         $399,672.12           6.720%             0.4444%         $1,776.32
      6731196         $113,301.28           6.595%             2.2963%         $2,601.73
      6734086         $84,928.59            6.595%             2.2963%         $1,950.21
      6746348         $205,822.64           6.470%             4.1481%         $8,537.83
      6760236         $149,740.97           6.470%             4.1481%         $6,211.48
      6763832         $389,680.32           6.720%             0.4444%         $1,731.91
      6770884         $140,656.70           6.470%             4.1481%         $5,834.65
      6781836         $140,013.68           6.595%             2.2963%         $3,215.13
      6792400         $157,117.89           6.595%             2.2963%         $3,607.89
      6796458         $151,872.30           6.595%             2.2963%         $3,487.44
      6801988         $399,672.12           6.720%             0.4444%         $1,776.32
      6809734         $513,568.17           6.595%             2.2963%        $11,793.05
      6813760         $55,952.95            6.595%             2.2963%         $1,284.85
      6817810         $310,988.51           6.595%             2.2963%         $7,141.22
      6828980         $515,066.92           6.595%             2.2963%        $11,827.46
      6836866         $143,700.03           6.470%             4.1481%         $5,960.89
      6836890         $183,545.67           6.595%             2.2963%         $4,214.75
      6856270         $273,549.49           6.720%             0.4444%         $1,215.78
      6858802         $78,278.52            6.620%             1.9259%         $1,507.59
      6860192         $75,244.10            6.595%             2.2963%         $1,727.83
      6860218         $149,503.88           6.720%             0.4444%          $664.46
      6877046         $614,495.89           6.720%             0.4444%         $2,731.09
      6879194         $91,117.25            6.720%             0.4444%          $404.97
      6879284         $85,120.79            5.970%            11.5556%         $9,836.18
      6879292         $145,877.34           6.595%             2.2963%         $3,349.78
      6879694         $99,816.07            6.595%             2.2963%         $2,292.07
      6906222         $410,155.12           6.595%             2.2963%         $9,418.38
      6907702         $111,908.19           6.720%             0.4444%          $497.37
      6916424         $132,212.62           6.595%             2.2963%         $3,035.99
      6921104         $302,730.67           6.595%             2.2963%         $6,951.59
      6924666         $89,221.21            6.345%             6.0000%         $5,353.27
      6929148         $259,786.88           6.720%             0.4444%         $1,154.61
      6956776         $131,087.04           6.470%             4.1481%         $5,437.68

 Monday, February 18, 2002                                                      Page 2 of 7

      6959104         $313,736.20           6.595%             2.2963%         $7,204.31
      6968696         $147,878.68           6.720%             0.4444%          $657.24
      6988920         $134,675.15           6.095%             9.7037%        $13,068.48
      6988994         $191,826.43           6.220%             7.8519%        $15,061.93
      6989008         $232,799.40           6.470%             4.1481%         $9,656.86
      6993930         $76,036.07            6.595%             2.2963%         $1,746.01
      6995838         $109,714.27           6.470%             4.1481%         $4,551.11
      6995846         $161,490.55           6.720%             0.4444%          $717.74
      6995968         $157,190.64           6.470%             4.1481%         $6,520.50
      7010864         $130,293.12           6.720%             0.4444%          $579.08
      7010894         $121,397.92           6.595%             2.2963%         $2,787.66
      7010906         $127,884.28           6.220%             7.8519%        $10,041.28
      7010980         $145,877.34           6.595%             2.2963%         $3,349.78
      7011418         $155,862.36           6.345%             6.0000%         $9,351.74
      7018456         $455,616.90           6.595%             2.2963%        $10,462.31
      7019216         $463,590.63           6.345%             6.0000%        $27,815.44
      7027116         $123,796.11           6.720%             0.4444%          $550.20
      7041540         $364,000.00           6.720%             0.4444%         $1,617.78
      7041886         $575,504.07           6.470%             4.1481%        $23,872.76
      7043792         $99,913.90            6.470%             4.1481%         $4,144.58
      7044286         $237,190.55           6.345%             6.0000%        $14,231.43
      7047470         $166,363.52           6.720%             0.4444%          $739.39
      7062352         $113,706.72           6.720%             0.4444%          $505.36
      7062368         $148,375.24           6.595%             2.2963%         $3,407.14
      7062832         $66,345.57            6.720%             0.4444%          $294.87
      7086420         $113,891.56           6.470%             4.1481%         $4,724.39
      7102954         $374,900.00           6.720%             0.4444%         $1,666.22
      7107144         $177,225.07           6.470%             4.1481%         $7,351.56
      7109148         $246,487.60           6.470%             4.1481%        $10,224.67
      7109162         $44,957.21            5.970%            11.5556%         $5,195.06
      7109166         $140,381.97           6.595%             2.2963%         $3,223.59
      7109208         $96,052.29            6.595%             2.2963%         $2,205.65
      7109230         $155,366.12           6.470%             4.1481%         $6,444.82
      7109268         $217,807.66           6.345%             6.0000%        $13,068.46
      7111110         $81,400.00            6.720%             0.4444%          $361.78
      7125782         $109,410.24           6.720%             0.4444%          $486.27
      7133950         $104,000.00           6.720%             0.4444%          $462.22
      7139402         $629,470.73           6.595%             2.2963%        $14,454.51
      7139892         $156,861.48           6.345%             6.0000%         $9,411.69
      7139926         $167,362.70           6.720%             0.4444%          $743.83
      7140120         $160,978.28           6.595%             2.2963%         $3,696.54
      7148152         $483,583.28           6.470%             4.1481%        $20,059.75
      7158342         $164,593.46           6.720%             0.4444%          $731.53
      7158454         $256,769.36           6.720%             0.4444%         $1,141.20
      7158464         $79,929.42            6.345%             6.0000%         $4,795.77
      7158488         $235,801.73           6.595%             2.2963%         $5,414.71
      7163030         $105,406.92           6.345%             6.0000%         $6,324.42
      7169412         $99,835.57            6.720%             0.4444%          $443.71
      7169414         $79,362.71            6.470%             4.1481%         $3,292.08
      7169430         $149,740.97           6.470%             4.1481%         $6,211.48
      7178628         $213,824.58           6.720%             0.4444%          $950.33
      7178652         $370,148.46           5.970%            11.5556%        $42,772.71
      7178660         $196,334.91           6.595%             2.2963%         $4,508.43
      7201960         $169,860.66           6.720%             0.4444%          $754.94
      7202020         $98,500.00            6.345%             6.0000%         $5,910.00
      7210886         $402,446.17           6.345%             6.0000%        $24,146.77
      7224430         $288,000.00           6.595%             2.2963%         $6,613.33

 Monday, February 18, 2002                                                      Page 3 of 7

      7226592         $86,727.08            6.595%             2.2963%         $1,991.51
      7226612         $99,918.03            6.720%             0.4444%          $444.08
      7227948         $103,716.41           6.220%             7.8519%         $8,143.66
      7228012         $99,740.25            6.470%             4.1481%         $4,137.37
      7245152         $179,852.46           6.720%             0.4444%          $799.34
      7245636         $177,650.00           6.720%             0.4444%          $789.56
      7245638         $116,000.00           6.595%             2.2963%         $2,663.70
      7245654         $140,850.00           6.595%             2.2963%         $3,234.33
      7245658         $194,340.57           6.720%             0.4444%          $863.74
      7251038         $479,191.17           6.595%             2.2963%        $11,003.65
      7266038         $274,768.97           6.595%             2.2963%         $6,309.51
      7266156         $139,085.90           6.720%             0.4444%          $618.16
      7266576         $238,700.00           6.720%             0.4444%         $1,060.89
      7266594         $135,200.00           6.720%             0.4444%          $600.89
      7266606         $223,850.00           6.595%             2.2963%         $5,140.26
      7266872         $289,756.36           6.595%             2.2963%         $6,653.66
      7268158         $183,697.46           6.720%             0.4444%          $816.43
      7275692         $135,171.85           6.595%             2.2963%         $3,103.95
      7293374         $372,586.40           6.720%             0.4444%         $1,655.94
      7293380         $314,469.20           6.595%             2.2963%         $7,221.14
      7293382         $396,830.17           6.595%             2.2963%         $9,112.40
      7293386         $344,710.15           6.595%             2.2963%         $7,915.57
      7293388         $399,655.60           6.470%             4.1481%        $16,578.31
      7293392         $647,442.08           6.470%             4.1481%        $26,856.86
      7293394         $399,325.97           6.595%             2.2963%         $9,169.71
      7293396         $643,886.21           6.470%             4.1481%        $26,709.35
      7293398         $419,274.73           6.470%             4.1481%        $17,392.14
      7293400         $407,329.17           6.720%             0.4444%         $1,810.35
      7293402         $304,498.52           6.720%             0.4444%         $1,353.33
      7293404         $424,642.95           6.595%             2.2963%         $9,751.06
      7293414         $324,790.09           6.720%             0.4444%         $1,443.51
      7293420         $399,655.60           6.470%             4.1481%        $16,578.31
      7293422         $399,655.60           6.470%             4.1481%        $16,578.31
      7293424         $394,168.57           6.595%             2.2963%         $9,051.28
      7293426         $486,159.04           6.470%             4.1481%        $20,166.60
      7293428         $317,732.84           6.595%             2.2963%         $7,296.09
      7293430         $593,997.38           6.595%             2.2963%        $13,639.94
      7293432         $522,071.71           6.720%             0.4444%         $2,320.32
      7293438         $346,415.27           6.595%             2.2963%         $7,954.72
      7293446         $648,904.71           6.595%             2.2963%        $14,900.77
      7293448         $336,467.09           6.595%             2.2963%         $7,726.28
      7293450         $344,418.64           6.595%             2.2963%         $7,908.87
      7293452         $358,409.74           6.720%             0.4444%         $1,592.93
      7293454         $344,418.64           6.595%             2.2963%         $7,908.87
      7293460         $444,231.56           6.470%             4.1481%        $18,427.38
      7293464         $853,559.26           6.595%             2.2963%        $19,600.25
      7293466         $324,720.18           6.470%             4.1481%        $13,469.87
      7293468         $313,058.46           6.470%             4.1481%        $12,986.13
      7293470         $384,366.98           6.720%             0.4444%         $1,708.30
      7293478         $399,325.97           6.595%             2.2963%         $9,169.71
      7293482         $648,904.71           6.595%             2.2963%        $14,900.77
      7293484         $324,127.46           6.595%             2.2963%         $7,442.93
      7293486         $319,731.15           6.595%             2.2963%         $7,341.97
      7293488         $377,962.02           6.595%             2.2963%         $8,679.13
      7293490         $357,449.44           6.595%             2.2963%         $8,208.10
      7293494         $596,018.43           6.720%             0.4444%         $2,648.97
      7299508         $155,369.12           6.720%             0.4444%          $690.53

 Monday, February 18, 2002                                                      Page 4 of 7

      7311172         $90,250.00            6.720%             0.4444%          $401.11
      7311636         $149,700.00           6.720%             0.4444%          $665.33
      7311658         $120,900.00           6.345%             6.0000%         $7,254.00
      7311660         $169,900.00           6.595%             2.2963%         $3,901.41
      7355336         $424,000.00           6.595%             2.2963%         $9,736.30
      7355706         $360,406.44           6.720%             0.4444%         $1,601.81
      7355810         $240,583.83           6.470%             4.1481%         $9,979.77
      7355862         $139,350.00           6.470%             4.1481%         $5,780.44
      7355894         $223,900.00           6.720%             0.4444%          $995.11
      7355922         $104,500.00           6.470%             4.1481%         $4,334.81
      7360900         $491,170.95           6.595%             2.2963%        $11,278.74
      7376984         $176,000.00           6.720%             0.4444%          $782.22
      7378370         $423,652.44           6.720%             0.4444%         $1,882.90
      7379288         $142,759.03           6.595%             2.2963%         $3,278.17
      7379290         $229,612.43           6.595%             2.2963%         $5,272.58
      7379294         $503,940.47           6.595%             2.2963%        $11,571.97
      7379296         $301,987.45           6.470%             4.1481%        $12,526.89
      7379298         $640,169.01           6.595%             2.2963%        $14,700.18
      7379300         $97,826.58            6.345%             6.0000%         $5,869.59
      7379304         $439,202.31           6.220%             7.8519%        $34,485.51
      7379306         $648,904.71           6.595%             2.2963%        $14,900.77
      7379310         $477,194.52           6.595%             2.2963%        $10,957.80
      7379312         $598,553.21           6.470%             4.1481%        $24,828.87
      7379314         $328,944.75           6.595%             2.2963%         $7,553.55
      7379318         $399,325.97           6.595%             2.2963%         $9,169.71
      7379320         $347,413.59           6.595%             2.2963%         $7,977.65
      7379324         $598,963.91           6.470%             4.1481%        $24,845.91
      7379326         $499,177.91           6.720%             0.4444%         $2,218.57
      7379328         $312,871.89           6.595%             2.2963%         $7,184.47
      7379330         $325,763.50           6.720%             0.4444%         $1,447.84
      7379332         $442,235.03           6.470%             4.1481%        $18,344.56
      7379334         $331,953.29           6.720%             0.4444%         $1,475.35
      7379336         $598,963.91           6.470%             4.1481%        $24,845.91
      7379340         $422,287.22           6.595%             2.2963%         $9,696.97
      7379342         $482,385.76           6.595%             2.2963%        $11,077.01
      7379344         $487,177.67           6.595%             2.2963%        $11,187.04
      7379346         $519,102.04           6.470%             4.1481%        $21,533.12
      7379348         $541,912.59           6.470%             4.1481%        $22,479.34
      7379352         $610,943.18           6.470%             4.1481%        $25,342.83
      7379354         $400,324.29           6.595%             2.2963%         $9,192.63
      7379356         $309,451.47           6.345%             6.0000%        $18,567.09
      7379358         $332,552.31           6.720%             0.4444%         $1,478.01
      7379360         $469,227.23           6.720%             0.4444%         $2,085.45
      7379362         $542,085.02           6.595%             2.2963%        $12,447.88
      7379364         $311,461.23           6.470%             4.1481%        $12,919.87
      7379366         $323,426.70           6.345%             6.0000%        $19,405.60
      7379368         $179,704.06           6.720%             0.4444%          $798.68
      7379370         $648,904.71           6.595%             2.2963%        $14,900.77
      7379376         $512,655.72           6.720%             0.4444%         $2,278.47
      7379378         $354,150.36           6.595%             2.2963%         $8,132.34
      7379382         $456,729.08           6.595%             2.2963%        $10,487.85
      7379384         $116,029.64           6.720%             0.4444%          $515.69
      7379386         $160,728.70           6.595%             2.2963%         $3,690.81
      7379388         $524,014.76           6.595%             2.2963%        $12,032.93
      7379392         $447,206.57           6.345%             6.0000%        $26,832.39
      7379394         $155,737.13           6.595%             2.2963%         $3,576.19
      7379396         $135,770.84           6.595%             2.2963%         $3,117.70

 Monday, February 18, 2002                                                      Page 5 of 7

      7400402         $186,000.00           6.720%             0.4444%          $826.67
      7400566         $153,200.00           6.720%             0.4444%          $680.89
      7413418         $580,749.55           6.470%             4.1481%        $24,090.35
      7413596         $646,442.95           6.470%             4.1481%        $26,815.41
      7446242         $336,541.99           6.720%             0.4444%         $1,495.74
      7446246         $255,557.92           6.470%             4.1481%        $10,600.92
      7446248         $189,553.87           6.470%             4.1481%         $7,862.98
      7448538         $199,662.98           6.595%             2.2963%         $4,584.85
      7462646         $245,000.00           6.720%             0.4444%         $1,088.89
      7463618         $91,000.00            6.595%             2.2963%         $2,089.63
      7463626         $247,300.00           6.470%             4.1481%        $10,258.37
      7463636         $208,000.00           6.470%             4.1481%         $8,628.15
      7463640         $142,000.00           6.720%             0.4444%          $631.11
      7471708         $149,867.65           6.345%             6.0000%         $8,992.06
      7477600         $160,294.34           6.720%             0.4444%          $712.42
      7477618         $355,649.70           6.595%             2.2963%         $8,166.77
      7477650         $315,810.06           6.720%             0.4444%         $1,403.60
      7477652         $214,637.71           6.595%             2.2963%         $4,928.72
      7477692         $149,728.07           6.220%             7.8519%        $11,756.43
      7477694         $648,821.58           6.220%             7.8519%        $50,944.51
      7477696         $183,682.25           6.470%             4.1481%         $7,619.41
      7477702         $79,865.18            6.595%             2.2963%         $1,833.94
      7477712         $166,226.24           6.720%             0.4444%          $738.78
      7477714         $166,226.24           6.720%             0.4444%          $738.78
      7477718         $118,632.32           6.470%             4.1481%         $4,921.04
      7477752         $159,730.39           6.595%             2.2963%         $3,667.88
      7477756         $349,365.47           6.220%             7.8519%        $27,431.66
      7477770         $231,508.49           6.595%             2.2963%         $5,316.12
      7477790         $159,716.88           6.345%             6.0000%         $9,583.01
      7477802         $157,221.31           6.345%             6.0000%         $9,433.28
      7477824         $224,128.13           6.720%             0.4444%          $996.13
      7477844         $305,983.52           6.595%             2.2963%         $7,026.29
      7477870         $115,809.28           6.720%             0.4444%          $514.71
      7477874         $164,728.71           6.720%             0.4444%          $732.13
      7477876         $163,730.35           6.720%             0.4444%          $727.69
      7477878         $175,710.64           6.720%             0.4444%          $780.94
      7477880         $211,642.76           6.595%             2.2963%         $4,859.94
      7477896         $155,543.84           6.720%             0.4444%          $691.31
      7477908         $129,786.26           6.720%             0.4444%          $576.83
      7477916         $338,734.79           6.220%             7.8519%        $26,596.95
      7477938         $139,270.63           6.720%             0.4444%          $618.98
      7477942         $205,780.60           6.470%             4.1481%         $8,536.08
      7477948         $123,796.11           6.720%             0.4444%          $550.20
      7477958         $140,533.45           6.345%             6.0000%         $8,432.01
      7477968         $218,602.97           6.220%             7.8519%        $17,164.38
      7477970         $182,991.13           6.595%             2.2963%         $4,202.02
      7477974         $131,727.65           6.595%             2.2963%         $3,024.86
      7486156         $257,600.00           6.720%             0.4444%         $1,144.89
      7486408         $152,720.00           6.720%             0.4444%          $678.76
      7487914         $366,192.10           6.595%             2.2963%         $8,408.86
      7487922         $376,180.48           6.720%             0.4444%         $1,671.91
      7487934         $239,605.39           6.720%             0.4444%         $1,064.91
      7511214         $116,000.00           6.595%             2.2963%         $2,663.70
      7512832         $39,750.00            6.720%             0.4444%          $176.67
      7556368         $146,000.00           6.720%             0.4444%          $648.89
      7556370         $400,000.00           6.720%             0.4444%         $1,777.78
      7556504         $200,000.00           6.720%             0.4444%          $888.89

 Monday, February 18, 2002                                                      Page 6 of 7

      7557380         $364,000.00           6.220%             7.8519%        $28,580.74
      7557384         $379,639.44           5.970%            11.5556%        $43,869.45
      7557394         $494,584.14           6.345%             6.0000%        $29,675.05
      7557404         $451,610.83           6.220%             7.8519%        $35,459.81
      7557430         $599,495.93           6.345%             6.0000%        $35,969.76
      7557600         $364,393.61           6.470%             4.1481%        $15,115.59
      7557624         $319,435.36           6.470%             4.1481%        $13,250.65
      7557688         $580,661.68           6.470%             4.1481%        $24,086.71
      7558586         $244,000.00           6.595%             2.2963%         $5,602.96
      7558600         $126,000.00           6.220%             7.8519%         $9,893.33
      7560976         $747,039.09           6.470%             4.1481%        $30,988.29
      7560998         $399,663.95           6.220%             7.8519%        $31,381.02
      7561002         $308,752.89           6.345%             6.0000%        $18,525.17
      7571062         $351,891.30           6.470%             4.1481%        $14,596.97
      7582342         $266,650.00           6.720%             0.4444%         $1,185.11
      7587960         $401,662.27           6.595%             2.2963%         $9,223.36
      7588300         $329,701.67           6.220%             7.8519%        $25,887.69
      7588564         $354,694.36           6.470%             4.1481%        $14,713.25
      7604310         $368,400.00           6.720%             0.4444%         $1,637.33
      7605106         $86,800.00            6.720%             0.4444%          $385.78
      7608916         $102,000.00           6.720%             0.4444%          $453.33
      7624924         $108,000.00           6.470%             4.1481%         $4,480.00
      7713576         $386,000.00           6.720%             0.4444%         $1,715.56

 Monday, February 18, 2002                                                      Page 7 of 7

</TABLE>

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

(i) (a) the amount of such distribution to the  Certificateholders of such Class
applied  to  reduce  the  Certificate  Principal  Balance  thereof,  and (b) the
aggregate amount included therein representing Principal Prepayments;

(ii) the amount of such  distribution  to Holders of such Class of  Certificates
allocable to interest;

(iii) if the  distribution  to the Holders of such Class of Certificates is less
than the full amount that would be  distributable  to such Holders if there were
sufficient funds available therefor, the amount of the shortfall;

(iv) the amount of any Advance by the Master Servicer pursuant to Section 4.04;

(v) the number and Pool Stated  Principal  Balance of the  Mortgage  Loans after
giving effect to the distribution of principal on such Distribution Date;

(vi) the aggregate  Certificate  Principal Balance of each Class of Certificates
and each of the Senior Percentage and Subordinate Class Percentage, after giving
effect  to  the  amounts  distributed  on  such  Distribution  Date,  separately
identifying any reduction  thereof due to Realized Losses other than pursuant to
an actual distribution of principal;

(vii) the  related  Subordinate  Principal  Distribution  Amount and  Prepayment
Distribution Percentage, if applicable;

(viii) on the basis of the most recent reports furnished to it by Sub-Servicers,
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;

<PAGE>

(xiv)  the  occurrence  of the  Credit  Support  Depletion  Date  and  Accretion
Termination Date;

(xv) the related Senior Accelerated  Distribution  Percentage applicable to such
distribution;

(xvi)   the related Senior Percentage for such Distribution Date;

(xvii)  the aggregate amount of Realized Losses for such Distribution Date;

(xviii) the aggregate  amount of any recoveries on previously  foreclosed  loans
from  Sellers due to a breach of a  representation  or warranty  assigned to the
Trustee pursuant to Section 2.04;

(xix) the weighted  average  remaining  term to maturity of the  Mortgage  Loans
after giving effect to the amounts distributed on such Distribution Date; and

(xx) the weighted  average  Mortgage  Rates of the  Mortgage  Loans after giving
effect to the amounts distributed on such Distribution Date.

        In the case of  information  furnished  pursuant to clauses (i) and (ii)
above,  the amounts shall be expressed as a dollar amount per Certificate with a
$1,000 denomination.

        The   Trustee's   internet   website   will   initially  be  located  at
http://www-apps.gis.deutsche-bank.com/invr.  Assistance in using the website can
be  obtained  by  calling  the  Trustee's  Shareholder  Relations  desk at (800)
735-7777.  To receive this statement via first class mail, telephone the Trustee
at (800) 735-7777.

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF JULY 1, 2001

                                 EXECUTION COPY

================================================================================

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of July 1, 2001

                        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................................................36

        Section 2.03. Representations, Warranties and Covenants of the Master
               Servicer
               and the Company.............................................................38

        Section 2.04. Representations and Warranties of Sellers............................40

        Section 2.05. Execution and Authentication of Certificates/Issuance of
               Certificates Evidencing Interests in REMIC I Certificates...................41

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular
               Interests; Acceptance by the Trustee........................................42

        Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II............42

        Section 2.08. Purposes and Powers of the Trust.....................................42

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

                                    i
<PAGE>

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections
               Thereunder..................................................................53

        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..............62

        Section 3.17. Reports to the Trustee and the Company...............................63

        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

                                       ii
<PAGE>

Article VI        THE COMPANY AND THE MASTER SERVICER......................................80

        Section 6.01. Respective Liabilities of the Company and the Master Servicer........80

        Section 6.02. Merger or Consolidation of the Company or the Master Servicer;
               Assignment of Rights and Delegation of Duties by Master Servicer............80

        Section 6.03. Limitation on Liability of the Company,  the Master Servicer
               and Others....................................................................
               81

        Section 6.04. Company and Master Servicer Not to Resign............................82

Article VII       DEFAULT..................................................................83

        Section 7.01. Events of Default....................................................83

        Section 7.02. Trustee or Company to Act; Appointment of Successor..................85

        Section 7.03. Notification to Certificateholders...................................86

        Section 7.04. Waiver of Events of Default..........................................86

Article VIII      CONCERNING THE TRUSTEE...................................................87

        Section 8.01. Duties of Trustee....................................................87

        Section 8.02. Certain Matters Affecting the Trustee................................88

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................90

        Section 8.04. Trustee May Own Certificates.........................................90

        Section 8.05. Master Servicer to Pay Trustee's Fees  and Expenses;
               Indemnification.............................................................90

        Section 8.06. Eligibility Requirements for Trustee.................................91

        Section 8.07. Resignation and Removal of the Trustee...............................91

        Section 8.08. Successor Trustee....................................................92

        Section 8.09. Merger or Consolidation of Trustee...................................93

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................93

        Section 8.11. Appointment of Custodians............................................94

        Section 8.12. Appointment of Office or Agency......................................94

Article IX        TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES.....................96

        Section 9.01. Optional  Purchase by the Master Servicer of All Certificates;
               Termination Upon Purchase by the Master Servicer or Liquidation of All
               Mortgage Loans..............................................................96

                                     iii
<PAGE>

        Section 9.02. Additional Termination Requirements..................................99

        Section 9.03. Termination of Multiple REMICs......................................100

Article X         REMIC PROVISIONS........................................................101

        Section 10.01.REMIC Administration................................................101

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification....104

        Section 10.03.Designation of REMIC(s).............................................105

Article XI        MISCELLANEOUS PROVISIONS................................................106

        Section 11.01.Amendment...........................................................106

        Section 11.02.Recordation of Agreement; Counterparts..............................108

        Section 11.03.Limitation on Rights of Certificateholders..........................109

        Section 11.04.Governing Law.......................................................109

        Section 11.05.Notices.............................................................110

        Section 11.06.Required Notices to Rating Agency and Subservicer...................110

        Section 11.07.Severability of Provisions..........................................110

        Section 11.08.Supplemental Provisions for Resecuritization........................111

        Section 11.09.Allocation of Voting Rights.........................................111

        Section 11.10.No Petition.........................................................111

                                        iv
<PAGE>

                                    EXHIBITS

Exhibit A:            Form of Class A Certificate
Exhibit B:            Form of Class M Certificate
Exhibit C:            Form of Class B Certificate
Exhibit D:            Form of Class R Certificate
Exhibit E:            Form of Seller/Servicer Contract
Exhibit F:            Forms of Request for Release
Exhibit G-1:          Form of Transfer Affidavit and Agreement
Exhibit G-2:          Form of Transferor Certificate
Exhibit H:            Form of Investor Representation Letter
Exhibit I:            Form of Transferor Representation Letter
Exhibit J:            Form of Rule 144A Investment Representation Letter
Exhibit K:            Text of Amendment to Pooling and Servicing Agreement Pursuant to
                      Section 11.01(e) for a Limited Guaranty
Exhibit L:            Form of Limited Guaranty
Exhibit M:            Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:            Request for Exchange Form

</TABLE>

                                        v
<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of July 1, 2001 (the "Standard  Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or  "Agreement"),  among  RESIDENTIAL  ACCREDIT  LOANS,  INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and assigns,  the "Master  Servicer"),  and the trustee named in the
applicable  Series  Supplement  (together  with  its  permitted  successors  and
assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  asset-backed  pass-through
certificates  (collectively,  the  "Certificates"),   to  be  issued  under  the
Agreement in multiple  classes,  which in the aggregate will evidence the entire
beneficial ownership interest in the Mortgage Loans.

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

                                       1
<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

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

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

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

         (iii) the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO  Property 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,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

                                       3
<PAGE>

     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Insurance Proceeds, Curtailments,  Mortgage Loan purchases
made  pursuant  to  Section  2.02,   2.03,   2.04  or  4.07  and  Mortgage  Loan
substitutions  made  pursuant  to Section  2.03 or 2.04  received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master  Servicer has deemed to
have been received in the preceding month in accordance  with Section  3.07(b)),
and Principal  Prepayments in Full made after the related Prepayment Period, and
(ii) payments which represent  early receipt of scheduled  payments of principal
and interest due on a date or dates subsequent to the related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
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 connection with Principal
Prepayments  in Full and  Curtailments  made in the prior calendar  month,  such
Compensating  Interest  shall  be  allocated  on such  Distribution  Date to the
Available  Distribution  Amount  for each  Loan  Group  on a pro  rata  basis in
accordance with the respective  amounts of such Prepayment  Interest  Shortfalls
incurred  on  the  Mortgage  Loans  in  such  Loan  Group  in  respect  of  such
Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master  Servicer
or a  Subservicer,  in either case  without  giving  effect to any Debt  Service
Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

                                       5
<PAGE>

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

     Certificate Account Deposit Date: As to any Distribution Date, the Business
Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the purpose of giving any consent or direction  pursuant to this
Agreement, any Certificate, other than a Class R Certificate,  registered in the
name of the Company,  the Master  Servicer or any  Subservicer  or any Affiliate
thereof shall be deemed not to be  outstanding  and the  Percentage  Interest or
Voting Rights  evidenced  thereby shall not be taken into account in determining
whether the requisite amount of Percentage  Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or  "Certificateholders"  shall  reflect the rights of  Certificate
Owners as they may  indirectly  exercise such rights  through the Depository and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

        Certificate Insurer: As defined in the Series Supplement.

        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

                                       6
<PAGE>

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

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

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates then outstanding.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

     Class A-P Certificate:  Any one of the  Certificates  designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

        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.

                                       7
<PAGE>

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 except as may be required  pursuant to the last
sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

                                       8
<PAGE>

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.
        ---------

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

     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.

                                       9
<PAGE>

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination Date: As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a corporation if all of its  activities  are subject to tax and,  except for the
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and

                                       10
<PAGE>

"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

        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

                                       11
<PAGE>

Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

(a)     losses that are of the type that would be covered by the  fidelity  bond
        and the errors and omissions  insurance policy required to be maintained
        pursuant to Section 3.12(b) but are in excess of the coverage maintained
        thereunder;

(b)     nuclear reaction or nuclear radiation or radioactive contamination,  all
        whether  controlled or uncontrolled,  and whether such loss be direct or
        indirect,  proximate  or  remote  or be in whole or in part  caused  by,
        contributed to or aggravated by a peril covered by the definition of the
        term "Special Hazard Loss";

(c)     hostile or warlike action in time of peace or war,  including  action in
        hindering,  combating  or  defending  against  an actual,  impending  or
        expected attack:

1.   by any  government  or  sovereign  power,  de jure or de  facto,  or by any
     authority maintaining or using military, naval or air forces; or

2.      by military, naval or air forces; or

3.      by an agent of any such government, power, authority or forces;

(d)  any weapon of war employing atomic fission or radioactive  force whether in
     time of peace or war; or

(e)     insurrection,  rebellion, revolution, civil war, usurped power or action
        taken by  governmental  authority in  hindering,  combating or defending
        against such an occurrence,  seizure or destruction  under quarantine or
        customs  regulations,  confiscation by order of any government or public
        authority; or risks of contraband or illegal transportation or trade.

     Extraordinary  Losses:  Any loss  incurred on a Mortgage  Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

                                       12
<PAGE>

     FASIT:  A "financial  asset  securitization  investment  trust"  within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch:  Fitch, Inc. or its successor in interest.

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

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

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates  then  outstanding  with  the  earliest  priority  for
payments pursuant to Section 4.02(a),  in the following order:  Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

        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.

        Interim Certification:  As defined in Section 2.02.

        International Borrower: In connection with any Mortgage Loan, a borrower
who  is (a) a  United  States  citizen  employed  in a  foreign  country,  (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country  other than the United States with income  derived from sources  outside
the United States.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged

                                       14
<PAGE>

Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02 (a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

     MIN: The Mortgage  Identification Number for Mortgage Loans registered with
MERS on the MERS(R)System.

        MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

        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.

                                       15
<PAGE>

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

        Moody's:  Moody's Investors Service, Inc., or its successor in interest.

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

     Mortgage Pool: The pool of mortgage  loans,  including all Loan Groups,  if
any, consisting of the Mortgage Loans.

     Mortgage  Rate:  As to any Mortgage  Loan,  the interest  rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

        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.

                                       16
<PAGE>

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company, the Trustee and any Certificate Insurer.

     Nonsubserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

        Outstanding  Mortgage  Loan:  As  to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  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 and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

     Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.

        Person:   Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     Pledged Amount: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined  Collateral  LLC, at the direction of or for the benefit of
the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description  pledged by Combined  Collateral LLC as security in
respect of any Realized  Losses in connection  with such Mortgage Loan up to the
Pledged Amount for such Mortgage Loan, and any related collateral, or such other
collateral as may be set forth in the Series Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

                                       19
<PAGE>

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
in which that  Distribution  Date occurs and ending on the 15th day of the month
in which such Distribution Date occurs.

     Primary  Insurance  Policy:   Each  primary  policy  of  mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

     Principal  Only  Certificates:  A Class of  Certificates  not  entitled  to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

     Principal  Prepayment  in Full:  Any  Principal  Prepayment  of the  entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

                                       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

                                       21
<PAGE>

pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

          (a)  as to which a Cash  Liquidation or REO  Disposition has occurred,
               an amount (not less than zero) equal to (i) the Stated  Principal
               Balance of the Mortgage  Loan (or REO Property) as of the date of
               Cash Liquidation or REO Disposition,  plus (ii) interest (and REO
               Imputed  Interest,  if any) at the Net Mortgage Rate from the Due
               Date  as  to  which   interest  was  last  paid  or  advanced  to
               Certificateholders  up to the Due Date in the Due Period  related
               to the  Distribution  Date on which  such  Realized  Loss will be
               allocated  pursuant  to  Section  4.05  on the  Stated  Principal
               Balance  of such  Mortgage  Loan  (or REO  Property)  outstanding
               during  each  Due  Period  that  such  interest  was not  paid or
               advanced,  minus (iii) the proceeds,  if any, received during the
               month  in  which  such  Cash  Liquidation  (or  REO  Disposition)
               occurred,  to the extent applied as recoveries of interest at the
               Net Mortgage Rate and to principal of the Mortgage  Loan,  net of
               the portion  thereof  reimbursable  to the Master Servicer or any
               Subservicer  with  respect to related  Advances or expenses as to
               which  the  Master   Servicer  or   Subservicer  is  entitled  to
               reimbursement  thereunder  but  which  have not  been  previously
               reimbursed,

        (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

                                       22
<PAGE>

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

        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.

                                       23
<PAGE>

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        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

                                       27
<PAGE>

Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, 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

                                       28
<PAGE>

covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

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

(ii)    all payments on and  collections  in respect of the  Mortgage  Loans due
        after the Cut-off Date as shall be on deposit in the  Custodial  Account
        or in the  Certificate  Account and identified as belonging to the Trust
        Fund,   including  the  proceeds  from  the  liquidation  of  Additional
        Collateral for any Additional  Collateral Loan or Pledged Assets for any
        Pledged Asset Loan, but not including  amounts on deposit in the Initial
        Monthly Payment Fund,

(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 or U.S.  Person:  (i) A citizen or resident of the
United  States,  (ii) a  corporation,  partnership  or other entity treated as a
corporation  or  partnership  for United  States  federal  income  tax  purposes
organized in or under the laws of the United  States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury regulations
provide  otherwise),  provided that, for purposes solely of the  restrictions on
the transfer of residual interests,  no partnership or other entity treated as a
partnership  for United States federal income tax purposes shall be treated as a
United States  Person or U.S.  Person unless all persons that own an interest in
such partnership  either directly or indirectly through any chain of entities no
one of which is a corporation  for United States federal income tax purposes are
required by the  applicable  operating  agreement to be United  States  Persons,
(iii) an estate the  income of which is  includible  in gross  income for United
States tax purposes, regardless of its source, or (iv) a trust if a court within
the  United   States  is  able  to  exercise   primary   supervision   over  the
administration of the trust and one or more United States persons have authority
to control all substantial decisions of the trust. Notwithstanding the preceding
sentence,  to the extent  provided in Treasury  regulations,  certain  Trusts in
existence on August 20, 1996, and treated as United States persons prior to such
date, that elect to continue to be treated as United States persons will also be
a U.S. Person.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

Section 1.02.  Use of Words and Phrases.

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

                                       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 with  evidence of recording  indicated
        thereon;

(iii)   Unless  the  Mortgage  Loan is  registered  on the  MERS(R)  System,  an
        original  Assignment  of the  Mortgage to the Trustee  with  evidence of
        recording  indicated  thereon or a copy of such assignment with evidence
        of recording indicated thereon;

(iv)    The original recorded  assignment or assignments of the Mortgage showing
        an  unbroken  chain of title from the  originator  thereof to the Person
        assigning  it to the  Trustee  (or to  MERS,  if the  Mortgage  Loan  is
        registered on the MERS(R)  System and noting the presence of a MIN) with
        evidence of recordation noted thereon or attached thereto,  or a copy of
        such  assignment  or  assignments  of  the  Mortgage  with  evidence  of
        recording indicated thereon; and

(v)     The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Mortgage Loan or a copy of each
        modification, assumption agreement or preferred loan agreement.

                                       31
<PAGE>

        and (II) with respect to each Cooperative Loan so assigned:

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee  and showing an  unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    A counterpart of the Cooperative Lease and the Assignment of Proprietary
        Lease  to  the  originator  of the  Cooperative  Loan  with  intervening
        assignments  showing an unbroken chain of title from such  originator to
        the Trustee;

(iii)   The related  Cooperative  Stock  Certificate,  representing  the related
        Cooperative  Stock  pledged  with  respect  to  such  Cooperative  Loan,
        together  with an  undated  stock  power (or other  similar  instrument)
        executed in blank;

(iv) The original  recognition  agreement by the Cooperative of the interests of
     the mortgagee with respect to the related Cooperative Loan;

(v)     The Security Agreement;

(vi)    Copies of the original UCC-1 financing  statement,  and any continuation
        statements,  filed by the originator of such Cooperative Loan as secured
        party, each with evidence of recording thereof,  evidencing the interest
        of the  originator  under the Security  Agreement and the  Assignment of
        Proprietary Lease;

(vii)   Copies  of  the  filed  UCC-3   assignments  of  the  security  interest
        referenced in clause (vi) above showing an unbroken  chain of title from
        the originator to the Trustee,  each with evidence of recording thereof,
        evidencing the interest of the originator  under the Security  Agreement
        and the Assignment of Proprietary Lease;

(viii)  An executed assignment of the interest of the originator in the Security
        Agreement, Assignment of Proprietary Lease and the recognition agreement
        referenced in clause (iv) above, showing an unbroken chain of title from
        the originator to the Trustee;

(ix)    The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Cooperative Loan; and

(x)     A duly completed UCC-1 financing  statement  showing the Master Servicer
        as debtor,  the Company as secured party and the Trustee as assignee and
        a duly completed UCC-1 financing statement showing the Company as debtor
        and the Trustee as secured party,  each in a form sufficient for filing,
        evidencing the interest of such debtors in the Cooperative Loans.

(c) The Company may, in lieu of  delivering  the original of the  documents  set
forth in Section  2.01(b)(I)(ii),  (iii), (iv) and (v) and Section  (b)(II)(ii),

                                       32
<PAGE>

(iv), (vii), (ix) and (x) (or copies thereof as permitted by Section 2.01(b)) to
the Trustee or the Custodian or Custodians, deliver such documents to the Master
Servicer, and the Master Servicer shall hold such documents in trust for the use
and benefit of all present and future  Certificateholders  until such time as is
set forth in the next  sentence.  Within  thirty  Business  Days  following  the
earlier  of (i)  the  receipt  of the  original  of  all  of  the  documents  or
instruments set forth in Section 2.01(b)(I)(ii), (iii), (iv) and (v) and Section
(b)(II)(ii),  (iv),  (vii), (ix) and (x) (or copies thereof as permitted by such
Section)  for any  Mortgage  Loan and (ii) a written  request by the  Trustee to
deliver those  documents  with respect to any or all of the Mortgage  Loans then
being held by the Master Servicer,  the Master Servicer shall deliver a complete
set of such documents to the Trustee or the Custodian or Custodians that are the
duly appointed agent or agents of the Trustee.

(d)  Notwithstanding  the provisions of Section 2.01(c),  in connection with any
Mortgage Loan, if the Company  cannot deliver the original of the Mortgage,  any
assignment,  modification,  assumption agreement or preferred loan agreement (or
copy thereof as permitted by Section 2.01(b)) with evidence of recording thereon
concurrently  with the execution and delivery of this Agreement because of (i) a
delay caused by the public  recording  office where such  Mortgage,  assignment,
modification,  assumption  agreement or preferred loan agreement as the case may
be,  has been  delivered  for  recordation,  or (ii) a delay in the  receipt  of
certain information  necessary to prepare the related  assignments,  the Company
shall  deliver  or  cause  to be  delivered  to the  Trustee  or the  respective
Custodian  a  copy  of  such  Mortgage,  assignment,  modification,   assumption
agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation  statements with regard to each financing statement and
assignment  relating to  Cooperative  Loans as to which the related  Cooperative
Apartment is located outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage

                                       33
<PAGE>

in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

(e) Residential  Funding hereby assigns to the Trustee its security  interest in
and to any Additional Collateral or Pledged Assets, its right to receive amounts
due or to become due in respect of any  Additional  Collateral or Pledged Assets
pursuant to the related  Subservicing  Agreement  and its rights as  beneficiary
under the Surety  Bond in  respect  of any  Additional  Collateral  Loans.  With
respect to any  Additional  Collateral  Loan or Pledged Asset Loan,  Residential
Funding  shall  cause to be filed in the  appropriate  recording  office a UCC-3
statement  giving notice of the assignment of the related  security  interest to
the Trust Fund and shall  thereafter  cause the timely  filing of all  necessary
continuation statements with regard to such financing statements.

(f) It is  intended  that the  conveyance  by the  Company to the Trustee of the
Mortgage  Loans as provided for in this  Section 2.01 be and the  Uncertificated
REMIC Regular Interests,  if any (as provided for in Section 2.06), be construed
as a  sale  by the  Company  to  the  Trustee  of the  Mortgage  Loans  and  any
Uncertificated    REMIC    Regular    Interests   for   the   benefit   of   the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company.  Nonetheless,  (a) this Agreement is intended to be and hereby is a
security  agreement  within  the  meaning  of  Articles  8 and 9 of the New York
Uniform  Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction; (b) the conveyance provided for in Section 2.01 shall be deemed to
be,  and hereby  is,  (1) a grant by the  Company  to the  Trustee of a security
interest in all of the  Company's  right  (including  the power to convey  title
thereto), title and interest, whether now owned or hereafter acquired, in and to
any and all general intangibles,  payment intangibles,  accounts, chattel paper,
instruments, documents, money, deposit accounts, certificates of deposit, goods,
letters of credit,  advices of credit and investment property and other property
of whatever kind or description  now existing or hereafter  acquired  consisting
of,  arising from or relating to any of the following:  (A) the Mortgage  Loans,

                                       34
<PAGE>

including (i) with respect to each Cooperative  Loan, the related Mortgage Note,
Security   Agreement,   Assignment  of  Proprietary  Lease,   Cooperative  Stock
Certificate and Cooperative Lease, (ii) with respect to each Mortgage Loan other
than a Cooperative  Loan, the related Mortgage Note and Mortgage,  and (iii) any
insurance policies and all other documents in the related Mortgage File, (B) all
amounts  payable  pursuant to the Mortgage  Loans in  accordance  with the terms
thereof,  (C) any Uncertificated REMIC Regular Interests and (D) all proceeds of
the  conversion,   voluntary  or  involuntary,   of  the  foregoing  into  cash,
instruments,  securities or other  property,  including  without  limitation all
amounts  from time to time held or  invested in the  Certificate  Account or the
Custodial Account, whether in the form of cash, instruments, securities or other
property  and (2) an  assignment  by the Company to the Trustee of any  security
interest in any and all of Residential  Funding's right  (including the power to
convey  title  thereto),  title and  interest,  whether  now owned or  hereafter
acquired, in and to the property described in the foregoing clauses (1)(A), (B),
(C) and (D)  granted by  Residential  Funding  to the  Company  pursuant  to the
Assignment  Agreement;  (c) the possession by the Trustee,  the Custodian or any
other agent of the Trustee of Mortgage  Notes or such other items of property as
constitute instruments, money, payment intangibles, negotiable documents, goods,
deposit accounts,  letters of credit,  advices of credit,  investment  property,
certificated  securities or chattel paper shall be deemed to be  "possession  by
the secured party," or possession by a purchaser or a person  designated by such
secured party, for purposes of perfecting the security  interest pursuant to the
Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other
applicable  jurisdiction as in effect (including,  without limitation,  Sections
8-106,  9-313 and 9-106 thereof);  and (d) notifications to persons holding such
property,  and  acknowledgments,  receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries,  bailees or agents of, or persons
holding for (as  applicable)  the Trustee  for the  purpose of  perfecting  such
security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company,  (3)  any  transfer  of any  interest  of
Residential  Funding or the Company in any Mortgage  Loan or (4) any transfer of
any interest of Residential  Funding or the Company in any Uncertificated  REMIC
Regular Interest.

                                       35
<PAGE>

(g) The Master  Servicer  hereby  acknowledges  the receipt by it of the Initial
Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial  Monthly
Payment Fund in the  Custodial  Account and shall  include such Initial  Monthly
Payment Fund in the Available  Distribution Amount for the initial  Distribution
Date.  Notwithstanding  anything  herein to the  contrary,  the Initial  Monthly
Payment Fund shall not be an asset of any REMIC.  To the extent that the Initial
Monthly Payment Fund constitutes a reserve fund for federal income tax purposes,
(1) it shall be an outside  reserve  fund and not an asset of any REMIC,  (2) it
shall be owned by the Seller  and (3)  amounts  transferred  by any REMIC to the
Initial  Monthly  Payment Fund shall be treated as  transferred to the Seller or
any  successor,  all within the meaning of Section  1.860G-2(h)  of the Treasury
Regulations.

(h) The Company agrees that the sale of each Pledged Asset Loan pursuant to this
Agreement will also constitute the assignment, sale, setting-over,  transfer and
conveyance  to the  Trustee,  without  recourse  (but  subject to the  Company's
covenants,  representations and warranties specifically provided herein), of all
of the Company's  obligations and all of the Company's right, title and interest
in, to and under,  whether now  existing or  hereafter  acquired as owner of the
Mortgage  Loan  with  respect  to  any  and  all  money,  securities,   security
entitlements,  accounts, general intangibles, payment intangibles,  instruments,
documents, deposit accounts, certificates of deposit, commodities contracts, and
other  investment  property and other  property of whatever kind or  description
consisting of, arising from or related to (i) the Assigned  Contracts,  (ii) all
rights,  powers and remedies of the Company as owner of such Mortgage Loan under
or in connection with the Assigned Contracts, whether arising under the terms of
such Assigned  Contracts,  by statute, at law or in equity, or otherwise arising
out of any default by the  Mortgagor  under or in  connection  with the Assigned
Contracts,  including  all rights to exercise  any election or option or to make
any  decision  or  determination  or to give or  receive  any  notice,  consent,
approval  or  waiver  thereunder,  (iii)  the  Pledged  Amounts  and all  money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
intangibles,  instruments, documents, deposit accounts, certificates of deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever  kind or  description  and all cash and non-cash  proceeds of the sale,
exchange,  or  redemption  of,  and all stock or  conversion  rights,  rights to
subscribe,  liquidation  dividends or preferences,  stock  dividends,  rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or other  distributions  of cash or other  property that secures a Pledged Asset
Loan, (iv) all documents,  books and records concerning the foregoing (including
all  computer  programs,  tapes,  disks and related  items  containing  any such
information) and (v) all insurance proceeds (including proceeds from the Federal
Deposit Insurance Corporation or the Securities Investor Protection  Corporation
or any other insurance company) of any of the foregoing or replacements  thereof
or substitutions therefor, proceeds of proceeds and the conversion, voluntary or
involuntary,  of any thereof.  The  foregoing  transfer,  sale,  assignment  and
conveyance does not constitute and is not intended to result in the creation, or
an assumption  by the Trustee,  of any  obligation of the Company,  or any other
person  in  connection  with the  Pledged  Assets  or  under  any  agreement  or
instrument  relating thereto,  including any obligation to the Mortgagor,  other
than as owner of the Mortgage Loan.

Section 2.02.  Acceptance by Trustee.

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section

                                       36
<PAGE>

2.01(b)(i)  above  (except  that for  purposes of such  acknowledgement  only, a
Mortgage  Note may be endorsed in blank) and declares that it, or a Custodian as
its  agent,  holds  and  will  hold  such  documents  and  the  other  documents
constituting a part of the Mortgage Files delivered to it, or a Custodian as its
agent, and the rights of Residential Funding with respect to any Pledged Assets,
Additional  Collateral  and the Surety Bond assigned to the Trustee  pursuant to
Section  2.01,  in trust  for the use and  benefit  of all  present  and  future
Certificateholders.  The Trustee or Custodian (such Custodian being so obligated
under a Custodial Agreement) agrees, for the benefit of  Certificateholders,  to
review each Mortgage File delivered to it pursuant to Section  2.01(b) within 45
days  after  the  Closing  Date  to  ascertain   that  all  required   documents
(specifically as set forth in Section 2.01(b)), have been executed and received,
and that such documents  relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, as supplemented, that have been conveyed to it, and to deliver to
the Trustee a certificate (the "Interim  Certification")  to the effect that all
documents  required to be delivered  pursuant to Section 2.01(b) above have been
executed  and  received and that such  documents  relate to the  Mortgage  Loans
identified on the Mortgage Loan Schedule,  except for any  exceptions  listed on
Schedule A attached to such Interim Certification. Upon delivery of the Mortgage
Files by the  Company or the Master  Servicer,  the  Trustee  shall  acknowledge
receipt (or, with respect to Mortgage  Loans  subject to a Custodial  Agreement,
and based  solely upon a receipt or  certification  executed  by the  Custodian,
receipt by the respective  Custodian as the duly appointed agent of the Trustee)
of the documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing,  if the  Subservicer or
Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the

                                       37
<PAGE>

Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at its own
expense and without any right of reimbursement,  shall cause MERS to execute and
deliver an  assignment  of the  Mortgage  in  recordable  form to  transfer  the
Mortgage from MERS to such  Subservicer  or Seller and shall cause such Mortgage
to be removed from  registration  on the MERS(R) System in accordance with MERS'
rules and  regulations.  It is understood  and agreed that the obligation of the
Seller  or the  Subservicer,  as the case  may be,  to so cure or  purchase  any
Mortgage  Loan as to which a material  and  adverse  defect in or  omission of a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect or omission available to  Certificateholders  or the Trustee on behalf of
the Certificateholders.

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

(a) The Master  Servicer  hereby  represents and warrants to the Trustee for the
benefit of the Certificateholders that:

(i)     The Master Servicer is a corporation  duly organized,  validly  existing
        and in good standing under the laws governing its creation and existence
        and is or will be in compliance with the laws of each state in which any
        Mortgaged  Property  is located to the  extent  necessary  to ensure the
        enforceability  of each Mortgage  Loan in  accordance  with the terms of
        this Agreement;

(ii)    The execution and delivery of this Agreement by the Master  Servicer and
        its performance and compliance with the terms of this Agreement will not
        violate the Master Servicer's  Certificate of Incorporation or Bylaws or
        constitute a material  default (or an event which,  with notice or lapse
        of time, or both, would constitute a material  default) under, or result
        in the  material  breach of, any material  contract,  agreement or other
        instrument  to which  the  Master  Servicer  is a party or which  may be
        applicable to the Master Servicer or any of its assets;

(iii)   This Agreement,  assuming due  authorization,  execution and delivery by
        the  Trustee and the  Company,  constitutes  a valid,  legal and binding
        obligation of the Master Servicer,  enforceable against it in accordance
        with the terms  hereof  subject to  applicable  bankruptcy,  insolvency,
        reorganization,  moratorium and other laws affecting the  enforcement of
        creditors'  rights  generally  and  to  general  principles  of  equity,
        regardless of whether such  enforcement is considered in a proceeding in
        equity or at law;

(iv)    The  Master  Servicer  is not in  default  with  respect to any order or
        decree of any court or any order,  regulation  or demand of any federal,
        state,  municipal  or  governmental  agency,  which  default  might have
        consequences  that would  materially and adversely  affect the condition
        (financial  or  other)  or  operations  of the  Master  Servicer  or its
        properties or might have  consequences  that would materially  adversely
        affect its performance hereunder;

                                       38
<PAGE>

(v)     No  litigation  is  pending  or,  to the best of the  Master  Servicer's
        knowledge,  threatened  against the Master Servicer which would prohibit
        its entering into this  Agreement or performing  its  obligations  under
        this Agreement;

(vi)    The  Master  Servicer  will  comply  in  all  material  respects  in the
        performance of this Agreement with all reasonable rules and requirements
        of each insurer under each Required Insurance Policy;

(vii)   No  information,  certificate  of an  officer,  statement  furnished  in
        writing or report delivered to the Company, any Affiliate of the Company
        or the Trustee by the Master  Servicer  will,  to the  knowledge  of the
        Master Servicer, contain any untrue statement of a material fact or omit
        a  material  fact  necessary  to  make  the  information,   certificate,
        statement or report not misleading;

(viii)  The Master  Servicer has examined each  existing,  and will examine each
        new,  Subservicing  Agreement  and is or will be familiar with the terms
        thereof.  The terms of each  existing  Subservicing  Agreement  and each
        designated Subservicer are acceptable to the Master Servicer and any new
        Subservicing Agreements will comply with the provisions of Section 3.02;
        and

(ix)    The  Master  Servicer  is a member  of MERS in good  standing,  and will
        comply in all material respects with the rules and procedures of MERS in
        connection  with the servicing of the Mortgage Loans that are registered
        with MERS.

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

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a  representation  and warranty set forth in this Section 2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

(b)  Representations and warranties relating to the Mortgage Loans are set forth
in Section 2.03(b) of the Series Supplement.

                                       39
<PAGE>

Section 2.04.  Representations and Warranties of Sellers.

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment of the Mortgage in recordable  form, if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter  Residential Funding shall
be entitled to retain all amounts  received in respect of such Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the

                                       40
<PAGE>

Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing
Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

Section  2.05.   Execution  and  Authentication  of   Certificates/Issuance   of
     Certificates Evidencing Interests in REMIC I Certificates.

               As provided in Section 2.05 of the Series Supplement.

                                       41
<PAGE>

Section  2.06.  Conveyance  of  Uncertificated  REMIC  I and  REMIC  II  Regular
     Interests; Acceptance by the Trustee.

               As provided in Section 2.06 of the Series Supplement.

Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II.

               As provided in Section 2.07 of the Series Supplement.

Section 2.08.  Purposes and Powers of the Trust.

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

(a) to sell the Certificates to the Company in exchange for the Mortgage Loans;

(b)     to enter into and perform its obligations under this Agreement;

(c) to engage in those activities that are necessary,  suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and

(d)  subject  to  compliance  with  this  Agreement,  to  engage  in such  other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

               The  trust  is  hereby  authorized  to  engage  in the  foregoing
activities. Notwithstanding the provisions of Section 11.01, the trust shall not
engage in any activity other than in connection with the foregoing or other than
as required or authorized by the terms of this Agreement  while any  Certificate
is outstanding, and this Section 2.08 may not be amended, without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                       42
<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

                                       43
<PAGE>

formed under the Series Supplement to fail to qualify as a REMIC under the Code.
The Trustee  shall  furnish the Master  Servicer with any powers of attorney and
other  documents  necessary  or  appropriate  to enable the Master  Servicer  to
service and administer the Mortgage  Loans.  The Trustee shall not be liable for
any action  taken by the Master  Servicer  or any  Subservicer  pursuant to such
powers of attorney.  In servicing and administering any Nonsubserviced  Mortgage
Loan,  the Master  Servicer  shall,  to the extent  not  inconsistent  with this
Agreement,  comply with the Program  Guide as if it were the  originator of such
Mortgage Loan and had retained the servicing  rights and  obligations in respect
thereof.  In connection with servicing and administering the Mortgage Loans, the
Master  Servicer  and any  Affiliate  of the  Master  Servicer  (i) may  perform
services such as  appraisals  and  brokerage  services that are not  customarily
provided by servicers  of mortgage  loans,  and shall be entitled to  reasonable
compensation  therefor in 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

                                       44
<PAGE>

may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

(b) As part of its servicing activities hereunder,  the Master Servicer, for the
benefit of the Trustee and the Certificateholders, shall use its best reasonable
efforts  to  enforce  the  obligations  of each  Subservicer  under the  related
Subservicing  Agreement and of each Seller under the related Seller's  Agreement
insofar as the  Company's  rights with respect to Seller's  obligation  has been
assigned to the Trustee hereunder, to the extent that the non-performance of any
such Seller's  obligation would have a material and adverse effect on a Mortgage
Loan, including,  without limitation, the obligation to purchase a Mortgage Loan
on account of  defective  documentation,  as described  in Section  2.02,  or on
account of a breach of a  representation  or  warranty,  as described in Section
2.04. Such enforcement,  including, without limitation, the legal prosecution of
claims,  termination  of  Subservicing  Agreements  or Seller's  Agreements,  as
appropriate,  and the pursuit of other  appropriate  remedies,  shall be in such
form and carried  out to such an extent and at such time as the Master  Servicer
would employ in its good faith business  judgment and which are normal and usual
in its general mortgage servicing activities.  The Master Servicer shall pay the
costs of such enforcement at its own expense,  and shall be reimbursed  therefor
only (i) from a general recovery  resulting from such enforcement to the extent,
if any,  that such  recovery  exceeds  all amounts due in respect of the related
Mortgage Loan or (ii) from a specific  recovery of costs,  expenses or attorneys
fees against the party against whom such  enforcement is directed.  For purposes
of clarification  only, the parties agree that the foregoing is not intended to,
and does not,  limit the  ability of the Master  Servicer to be  reimbursed  for
expenses  that are incurred in  connection  with the  enforcement  of a Seller's
obligations  (insofar  as the  Company's  rights with  respect to such  Seller's
obligations  have been assigned to the Trustee  hereunder) and are  reimbursable
pursuant to Section 3.10(a)(viii).

Section 3.03.  Successor Subservicers.

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,

                                       45
<PAGE>

in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

Section 3.04.  Liability of the Master Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

Section 3.05.  No Contractual Relationship Between Subservicer and
                      Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

Section 3.06.  Assumption or Termination of Subservicing Agreements by Trustee.

(a) If the Master Servicer shall for any reason no longer be the master servicer
(including by reason of an Event of Default),  the Trustee,  its designee or its
successor shall thereupon assume all of the rights and obligations of the Master
Servicer under each Subservicing  Agreement that may have been entered into. The
Trustee,  its designee or the successor servicer for the Trustee shall be deemed
to have  assumed  all of the  Master  Servicer's  interest  therein  and to have
replaced  the Master  Servicer as a party to the  Subservicing  Agreement to the
same extent as if the  Subservicing  Agreement had been assigned to the assuming
party  except  that the Master  Servicer  shall not  thereby be  relieved of any
liability or obligations under the Subservicing Agreement.

(b) The Master Servicer shall, upon request of the Trustee but at the expense of
the Master  Servicer,  deliver to the assuming  party all  documents and records
relating  to each  Subservicing  Agreement  and the  Mortgage  Loans  then being
serviced and an accounting of amounts collected and held by it and otherwise use
its  best  efforts  to  effect  the  orderly  and  efficient  transfer  of  each
Subservicing Agreement to the assuming party.

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<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):

                                       47
<PAGE>

(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

                                       48
<PAGE>

(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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<PAGE>

(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

                                       50
<PAGE>

request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

Section 3.10.  Permitted Withdrawals from the Custodial Account.

(a) The  Master  Servicer  may,  from  time to time  as  provided  herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

(i)  to make  deposits  into the  Certificate  Account in the amounts and in the
     manner provided for in Section 4.01;

(ii) to reimburse itself or the related Subservicer for previously  unreimbursed
     advances or expenses made pursuant to Sections 3.01,  3.07(a),  3.08, 3.11,
     3.12(a),  3.14 and 4.04 or otherwise  reimbursable pursuant to the terms of
     this Agreement,  such withdrawal right being limited to amounts received on
     particular  Mortgage  Loans  (including,  for this  purpose,  REO Proceeds,
     Insurance Proceeds,  Liquidation Proceeds and proceeds from the purchase of
     a  Mortgage  Loan  pursuant  to Section  2.02,  2.03,  2.04 or 4.07)  which
     represent  (A) Late  Collections  of  Monthly  Payments  for which any such
     advance was made in the case of Subservicer  Advances or Advances  pursuant
     to  Section  4.04 and (B)  recoveries  of  amounts in respect of which such
     advances were made in the case of Servicing Advances;

(iii)to pay to itself or the related  Subservicer (if not previously retained by
     such  Subservicer)  out of each payment  received by the Master Servicer on
     account of interest on a Mortgage Loan as contemplated by Sections 3.14 and
     3.16, an amount equal to that  remaining  portion of any such payment as to
     interest (but not in excess of the Servicing Fee and the Subservicing  Fee,
     if not  previously  retained)  which,  when  deducted,  will  result in the
     remaining  amount of such interest  being interest at the Net Mortgage Rate
     (or Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan) on
     the amount specified in the  amortization  schedule of the related Mortgage
     Loan as the  principal  balance  thereof  at the  beginning  of the  period
     respecting which such interest was paid after giving effect to any previous
     Curtailments;

(iv)    to pay to itself as additional  servicing  compensation  any interest or
        investment  income  earned on funds and other  property  deposited in or
        credited  to the  Custodial  Account  that it is  entitled  to  withdraw
        pursuant to Section 3.07(c);

(v)     to pay to itself as additional  servicing  compensation  any Foreclosure
        Profits,  any amounts remitted by Subservicers as interest in respect of
        Curtailments  pursuant to Section  3.08(b),  and any  amounts  paid by a
        Mortgagor in connection  with a Principal  Prepayment in Full in respect
        of  interest  for any  period  during the  calendar  month in which such
        Principal   Prepayment   in   Full   is  to  be   distributed   to   the
        Certificateholders;

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<PAGE>

(vi)    to pay to itself,  a Subservicer,  a Seller,  Residential  Funding,  the
        Company  or any  other  appropriate  Person,  as the case  may be,  with
        respect to each  Mortgage Loan or property  acquired in respect  thereof
        that has been  purchased  or otherwise  transferred  pursuant to Section
        2.02,  2.03,  2.04, 4.07 or 9.01, all amounts  received  thereon and not
        required to be distributed to the  Certificateholders  as of the date on
        which  the  related  Stated  Principal  Balance  or  Purchase  Price  is
        determined;

(vii)   to reimburse  itself or the related  Subservicer for any  Nonrecoverable
        Advance  or  Advances  in  the  manner  and to the  extent  provided  in
        subsection (c) below, any Advance made in connection with a modification
        of a Mortgage  Loan that is in default or, in the judgment of the Master
        Servicer, default is reasonably foreseeable pursuant to Section 3.07(a),
        to  the  extent  the  amount  of  the  Advance  has  been  added  to the
        outstanding  principal  balance of the  Mortgage  Loan,  or any  Advance
        reimbursable to the Master Servicer pursuant to Section 4.02(a);

(viii)  to  reimburse  itself  or  the  Company  for  expenses  incurred  by and
        reimbursable to it or the Company  pursuant to Sections  3.01(a),  3.11,
        3.13,  3.14(c),  6.03,  10.01  or  otherwise,   or  in  connection  with
        enforcing,   in  accordance   with  this   Agreement,   any  repurchase,
        substitution or indemnification  obligation of any Seller (other than an
        Affiliate of the Company) pursuant to the related Seller's Agreement;

(ix)    to reimburse itself for Servicing  Advances  expended by it (a) pursuant
        to Section  3.14 in good faith in  connection  with the  restoration  of
        property  damaged by an Uninsured  Cause, and (b) in connection with the
        liquidation  of a Mortgage Loan or disposition of an REO Property to the
        extent not otherwise reimbursed pursuant to clause (ii) or (viii) above;
        and

(x)  to withdraw  any amount  deposited  in the  Custodial  Account that was not
     required to be deposited therein pursuant to Section 3.07.

(b) Since, in connection with withdrawals  pursuant to clauses (ii),  (iii), (v)
and (vi), the Master Servicer's entitlement thereto is limited to collections or
other  recoveries on the related  Mortgage Loan, the Master  Servicer shall keep
and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for
the purpose of justifying any withdrawal from the Custodial  Account pursuant to
such clauses.

(c) The Master  Servicer  shall be entitled to  reimburse  itself or the related
Subservicer  for any advance made in respect of a Mortgage  Loan that the Master
Servicer  determines  to be a  Nonrecoverable  Advance  by  withdrawal  from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

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<PAGE>

Section 3.11.  Maintenance of the Primary Insurance
                      Policies; Collections Thereunder.

(a) The Master  Servicer shall not take, or permit any  Subservicer to take, any
action which would result in non-coverage under any applicable Primary Insurance
Policy  of any  loss  which,  but for the  actions  of the  Master  Servicer  or
Subservicer,  would have been  covered  thereunder.  To the extent  coverage  is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

(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;

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<PAGE>

provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

        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.

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<PAGE>

(b) The Master Servicer shall obtain and maintain at its own expense and keep in
full force and effect  throughout the term of this Agreement a blanket  fidelity
bond and an errors and omissions insurance policy covering the Master Servicer's
officers and employees and other persons acting on behalf of the Master Servicer
in connection with its activities  under this Agreement.  The amount of coverage
shall be at least equal to the coverage  that would be required by Fannie Mae or
Freddie Mac,  whichever is greater,  with respect to the Master  Servicer if the
Master Servicer were servicing and  administering  the Mortgage Loans for Fannie
Mae or Freddie  Mac.  In the event that any such bond or policy  ceases to be in
effect, the Master Servicer shall obtain a comparable replacement bond or policy
from an issuer or insurer, as the case may be, meeting the requirements, if any,
of the  Program  Guide and  acceptable  to the  Company.  Coverage of the Master
Servicer under a policy or bond obtained by an Affiliate of the Master  Servicer
and  providing the coverage  required by this Section  3.12(b) shall satisfy the
requirements of this Section 3.12(b).

Section 3.13.  Enforcement of Due-on-Sale Clauses; Assumption and
                      Modification Agreements; Certain Assignments.

(a) When any  Mortgaged  Property  is  conveyed  by the  Mortgagor,  the  Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:

(i)     the  Master  Servicer  shall not be deemed to be in  default  under this
        Section 3.13(a) by reason of any transfer or assumption which the Master
        Servicer is restricted by law from preventing; and

(ii)    if the Master Servicer  determines that it is reasonably likely that any
        Mortgagor will bring,  or if any Mortgagor  does bring,  legal action to
        declare invalid or otherwise avoid  enforcement of a due-on-sale  clause
        contained in any Mortgage Note or Mortgage,  the Master  Servicer  shall
        not be  required to enforce the  due-on-sale  clause or to contest  such
        action.

(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

                                       55
<PAGE>

modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction  involving  the  assumption  or transfer (A) the Mortgage  Loan will
continue  to be secured by a first  mortgage  lien  pursuant to the terms of the
Mortgage,  (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies,  (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest  rate on the  Mortgage  Loan) will be altered  nor will the term of the
Mortgage  Loan be  changed  and (E) if the  seller/transferor  of the  Mortgaged
Property is to be released  from  liability on the Mortgage  Loan,  such release
will  not  (based  on  the  Master   Servicer's  or  Subservicer's   good  faith
determination)  adversely affect the  collectability  of the Mortgage Loan. Upon
receipt of appropriate  instructions from the Master Servicer in accordance with
the  foregoing,  the Trustee shall execute any  necessary  instruments  for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage  Note or Mortgage to be  delivered to the Trustee or the  Custodian
and deposited  with the Mortgage File for such Mortgage  Loan. Any fee collected
by the  Master  Servicer  or  such  related  Subservicer  for  entering  into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.

(c) The Master Servicer or the related Subservicer, as the case may be, shall be
entitled  to approve a request  from a  Mortgagor  for a partial  release of the
related  Mortgaged  Property,  the  granting of an easement  thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the 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

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<PAGE>

satisfactory to the Trustee and Master  Servicer,  providing the following:  (i)
that the substance of the assignment is, and is intended to be, a refinancing of
such  Mortgage;  (ii) that the Mortgage Loan  following the proposed  assignment
will have a rate of  interest at least 0.25  percent  below or above the rate of
interest on such Mortgage Loan prior to such proposed assignment; and (iii) that
such  assignment  is at the request of the borrower  under the related  Mortgage
Loan. Upon approval of an assignment in lieu of satisfaction with respect to any
Mortgage Loan, the Master  Servicer shall receive cash in an amount equal to the
unpaid  principal  balance of and accrued interest on such Mortgage Loan and the
Master  Servicer shall treat such amount as a Principal  Prepayment in Full with
respect to such Mortgage Loan for all purposes hereof.

Section 3.14.  Realization Upon Defaulted Mortgage Loans.

(a) The Master  Servicer shall  foreclose upon or otherwise  comparably  convert
(which may include an REO Acquisition) the ownership of properties securing such
of the  Mortgage  Loans as come into and  continue in default and as to which no
satisfactory  arrangements  can be made for  collection of  delinquent  payments
pursuant  to  Section  3.07.  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

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<PAGE>

loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               For so long as the Master  Servicer is the Master  Servicer under
the Credit  Support  Pledge  Agreement,  the Master  Servicer  shall perform its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition  thereof or otherwise;  and provided further that (i) the Master
Servicer  shall not proceed with  respect to such  Pledged  Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master  Servicer shall proceed with any REO Acquisition in a manner
that  preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted  Mortgage Loan. Any proceeds realized from such
Pledged  Assets  (other  than  amounts to be released  to the  Mortgagor  or the
related  guarantor in accordance  with procedures that the Master Servicer would
follow in  servicing  loans held for its own  account,  subject to the terms and
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

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<PAGE>

such  Mortgage  Loan shall not be part of the Trust  Fund.  Notwithstanding  the
foregoing or any other  provision of this  Agreement,  in the Master  Servicer's
sole discretion  with respect to any defaulted  Mortgage Loan or REO Property as
to either of the following provisions, (i) a Cash Liquidation or REO Disposition
may be deemed to have  occurred if  substantially  all  amounts  expected by the
Master Servicer to be received in connection with the related defaulted Mortgage
Loan or REO Property have been  received,  and (ii) for purposes of  determining
the amount of any Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any
other  unscheduled  collections  or the amount of any Realized  Loss, the Master
Servicer may take into account minimal amounts of additional  receipts  expected
to be received or any estimated  additional  liquidation expenses expected to be
incurred in connection with the related defaulted Mortgage Loan or REO Property.

(b) If title to any  Mortgaged  Property is acquired by the Trust Fund as an REO
Property  by  foreclosure  or by  deed  in  lieu  of  foreclosure,  the  deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

(c) If the Trust Fund  acquires  any REO  Property as  aforesaid or otherwise in
connection  with a default or imminent  default on a Mortgage  Loan,  the Master
Servicer on behalf of the Trust Fund shall  dispose of such REO Property as soon
as   practicable,   giving   due   consideration   to  the   interests   of  the
Certificateholders,  but in all cases  within three full years after the taxable
year of its acquisition by the Trust Fund for purposes of Section  860G(a)(8) of
the Code (or such shorter  period as may be  necessary  under  applicable  state
(including  any state in which such  property  is located)  law to maintain  the
status of any portion of any REMIC formed under the Series Supplement as a REMIC
under  applicable state law and avoid taxes resulting from such property failing
to be foreclosure property under applicable state law) or, at the expense of the
Trust Fund, request, more than 60 days before the day on which such grace period
would  otherwise  expire,  an extension  of such grace period  unless the Master
Servicer  (subject  to Section  10.01(f))  obtains for the Trustee an Opinion of
Counsel,  addressed to the Trustee and the Master  Servicer,  to the effect that
the  holding by the Trust Fund of such REO  Property  subsequent  to such period
will not  result in the  imposition  of taxes on  "prohibited  transactions"  as
defined in Section  860F of the Code or cause any REMIC  formed under the Series
Supplement to fail to qualify as a REMIC (for federal (or any  applicable  State
or  local)  income  tax  purposes)  at  any  time  that  any   Certificates  are
outstanding, in which case the Trust Fund may continue to hold such REO Property
(subject to any  conditions  contained in such  Opinion of Counsel).  The Master
Servicer shall be entitled to be reimbursed  from the Custodial  Account for any
costs  incurred in  obtaining  such  Opinion of Counsel,  as provided in Section
3.10.  Notwithstanding  any other provision of this  Agreement,  no REO Property

                                       59
<PAGE>

acquired by the Trust Fund shall be rented (or allowed to continue to be rented)
or otherwise used by or on behalf of the Trust Fund in such a manner or pursuant
to any terms  that  would (i) cause  such REO  Property  to fail to  qualify  as
"foreclosure  property" within the meaning of Section  860G(a)(8) of the Code or
(ii) subject the Trust Fund to the imposition of any federal income taxes on the
income earned from such REO  Property,  including any taxes imposed by reason of
Section 860G(c) of the Code,  unless the Master Servicer has agreed to indemnify
and hold  harmless  the Trust Fund with  respect to the  imposition  of any such
taxes.

(d) The  proceeds  of any Cash  Liquidation,  REO  Disposition  or  purchase  or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property)(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

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<PAGE>

Master  Servicer  is  authorized  to execute and  deliver to the  Mortgagor  the
request for  reconveyance,  deed of  reconveyance  or release or satisfaction of
mortgage or such  instrument  releasing the lien of the Mortgage,  together with
the Mortgage Note with, as appropriate, written evidence of cancellation thereon
and to cause the removal  from the  registration  on the MERS(R)  System of such
Mortgage  and to  execute  and  deliver,  on  behalf  of  the  Trustee  and  the
Certificateholders  or any of them, any and all  instruments of  satisfaction or
cancellation or of partial or full release.  No expenses  incurred in connection
with any instrument of satisfaction or deed of reconveyance  shall be chargeable
to the Custodial Account or the Certificate Account.

(b) From time to time as is appropriate  for the servicing or foreclosure of any
Mortgage Loan, the Master  Servicer shall deliver to the Custodian,  with a copy
to the Trustee, a certificate of a Servicing Officer substantially in one of the
forms  attached  as  Exhibit F  hereto,  or,  in the case of the  Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
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.

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Section 3.16.  Servicing and Other Compensation; Compensating Interest.

(a) The Master Servicer, as compensation for its activities hereunder,  shall be
entitled  to receive  on each  Distribution  Date the  amounts  provided  for by
clauses  (iii),  (iv),  (v) and (vi) of Section  3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

(b)  Additional  servicing  compensation  in the  form  of  prepayment  charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

(c) The Master  Servicer  shall be  required  to pay,  or cause to be paid,  all
expenses  incurred by it in connection with its servicing  activities  hereunder
(including  payment of premiums for the Primary Insurance  Policies,  if any, to
the extent such premiums are not required to be paid by the related  Mortgagors,
and the fees and  expenses of the Trustee  and any  Custodian)  and shall not be
entitled to reimbursement  therefor except as specifically  provided in Sections
3.10 and 3.14.

(d) The Master  Servicer's  right to receive  servicing  compensation may not be
transferred in whole or in part except in connection with the transfer of all of
its   responsibilities  and  obligations  of  the  Master  Servicer  under  this
Agreement.

(e)  Notwithstanding  any  other  provision  herein,  the  amount  of  servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii), and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled pursuant to Section  3.10(a)(iii),  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

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Section 3.17.  Reports to the Trustee and the Company.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

Section 3.18.  Annual Statement as to Compliance.

        The Master  Servicer  will deliver to the  Company,  the Trustee and any
Certificate Insurer on or before March 31 of each year, beginning with the first
March 31 that occurs at least six months  after the Cut-off  Date,  an Officers'
Certificate  stating,  as to each  signer  thereof,  that  (i) a  review  of the
activities of the Master Servicer during the preceding  calendar year related to
its servicing of mortgage loans and its performance  under pooling and servicing
agreements,  including  this  Agreement,  has been  made  under  such  officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master  Servicer  has  complied in all  material  respects  with the 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

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for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

Section 3.20.  Rights of the Company in Respect of the Master Servicer.

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
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

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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 either  forward by mail or make  available to
each Holder and the Company,  via the Trustee's  internet  website,  a statement
(and at its option,  any additional  files containing the same information in an
alternative  format) setting forth information as to each Class of Certificates,
the  Mortgage  Pool and, if the  Mortgage  Pool is comprised of two or more Loan
Groups,  each Loan Group, to the extent applicable.  This statement will include
the information set forth in an exhibit to the Series  Supplement.  Such exhibit

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shall set forth the Trustee's  internet  website  address  together with a phone
number.  The Trustee  shall mail to each  Holder  that  requests a paper copy by
telephone  a paper  copy via first  class  mail.  The  Trustee  may  modify  the
distribution  procedures set forth in this Section provided that such procedures
are no less  convenient  for the  Certificateholders.  The Trustee shall provide
prior   notification   to   the   Company,   the   Master   Servicer   and   the
Certificateholders  regarding  any such  modification.  In addition,  the Master
Servicer shall provide to any manager of a trust fund  consisting of some or all
of the Certificates,  upon reasonable request, such additional information as is
reasonably  obtainable by the Master  Servicer at no  additional  expense to the
Master Servicer.

     (b) Within a reasonable period of time after the end of each calendar year,
the Master Servicer shall prepare,  or cause to be prepared,  and shall forward,
or cause to be  forwarded,  to each Person who at any time  during the  calendar
year was the  Holder  of a  Certificate,  other  than a Class R  Certificate,  a
statement  containing the  information  set forth in clauses (i) and (ii) of the
exhibit to the Series Supplement  referred to in subsection (a) above aggregated
for such calendar year or applicable  portion  thereof  during which such Person
was a Certificateholder.  Such obligation of the Master Servicer shall be deemed
to have been satisfied to the extent that substantially  comparable  information
shall be provided by the Master  Servicer  pursuant to any  requirements  of the
Code.

     (c) Within a reasonable period of time after the end of each calendar year,
the Master Servicer shall prepare,  or cause to be prepared,  and shall forward,
or cause to be  forwarded,  to each Person who at any time  during the  calendar
year  was the  Holder  of a Class R  Certificate,  a  statement  containing  the
applicable  distribution  information  provided  pursuant to this  Section  4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

     (d) Upon the written request of any Certificateholder, the Master Servicer,
as   soon   as   reasonably   practicable,    shall   provide   the   requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

Section               4.04.  Distribution  of  Reports  to the  Trustee  and the
                      Company; Advances by the Master Servicer.

(a)  Prior to the  close of  business  on the  Determination  Date,  the  Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

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(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
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

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Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

Section 4.05.  Allocation of Realized Losses.

     As provided in Section 4.05 of the Series Supplement.

Section 4.06.  Reports of Foreclosures and Abandonment of Mortgaged Property.

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 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

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Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

(b) Upon receipt of a Required  Surety  Payment from the Surety on behalf of the
Holders of Certificates,  the Trustee shall deposit such Required Surety Payment
in the Certificate Account and shall distribute such Required Surety Payment, or
the proceeds thereof, in accordance with the provisions of Section 4.02.
(c) The  Trustee  shall (i)  receive  as  attorney-in-fact  of each  Holder of a
Certificate  any Required  Surety  Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

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                                   ARTICLE V

                                THE CERTIFICATES

Section 5.01.  The Certificates.

(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D,  respectively,  and shall,  on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar  for  authentication  and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates  for the respective  Certificate  Owners with  Ownership  Interests
therein. The Holders of the Book-Entry  Certificates shall hold their respective
Ownership  Interests in and to each of such Certificates  through the book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law

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and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

(c) From time to time  Residential  Funding,  as the initial Holder of the Class
A-V  Certificates,  may  exchange  such  Holder's  Class  A-V  Certificates  for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

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Section 5.02.  Registration of Transfer and Exchange of Certificates.

(a) The  Trustee  shall cause to be kept at one of the offices or agencies to be
appointed by the Trustee in  accordance  with the  provisions  of Section 8.12 a
Certificate Register in which, subject to such reasonable  regulations as it may
prescribe, the Trustee shall provide for the registration of Certificates and of
transfers  and  exchanges of  Certificates  as herein  provided.  The Trustee is
initially  appointed  Certificate  Registrar  for  the  purpose  of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

(b) Upon surrender for registration of transfer of any Certificate at any office
or agency of the Trustee  maintained  for such purpose  pursuant to Section 8.12
and,  in the  case  of any  Class  M,  Class  B or  Class  R  Certificate,  upon
satisfaction  of the conditions  set forth below,  the Trustee shall execute and
the Certificate  Registrar shall  authenticate  and deliver,  in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

(c) At the option of the  Certificateholders,  Certificates may be exchanged for
other Certificates of authorized denominations of a like Class (or Subclass) and
aggregate  Percentage  Interest,  upon  surrender  of  the  Certificates  to  be
exchanged  at any such  office  or  agency.  Whenever  any  Certificates  are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

(d) No transfer,  sale,  pledge or other  disposition  of a Class B  Certificate
shall be made unless such transfer,  sale, pledge or other disposition is exempt
from the  registration  requirements  of the Securities Act of 1933, as amended,
and any applicable  state securities laws or is made in accordance with said Act
and laws.  In the event that a transfer of a Class B  Certificate  is to be made
either (i)(A) the Trustee shall require a written Opinion of Counsel  acceptable
to and in form and  substance  satisfactory  to the Trustee and the Company that
such transfer may be made pursuant to an exemption,  describing  the  applicable
exemption  and the  basis  therefor,  from  said Act and  laws or is being  made
pursuant to said Act and laws,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company  or the Master  Servicer  (except  that,  if such
transfer is made by the Company or the Master Servicer or any Affiliate thereof,
the Company or the Master  Servicer  shall  provide  such  Opinion of Counsel at
their own  expense);  provided that such Opinion of Counsel will not be required
in connection with the initial  transfer of any such  Certificate by the Company
or any  Affiliate  thereof to the Company or an Affiliate of the Company and (B)
the Trustee shall require the  transferee  to execute a  representation  letter,
substantially in the form of Exhibit H hereto, and the Trustee shall require the
transferor  to execute a  representation  letter,  substantially  in the form of

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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
any such  Certificate by the Company or any Affiliate  thereof to the Company or
an Affiliate of the Company,  and the Trustee shall be entitled to  conclusively
rely upon a representation  (which, upon the request of the Trustee,  shall be a
written representation) from the Company, of the status of such transferee as an
Affiliate  of  the  Company  or  (ii)  the  prospective  transferee  of  such  a
Certificate shall be required to provide the Trustee, the Company and the Master
Servicer  with an  investment  letter  substantially  in the form of  Exhibit  J
attached hereto (or such other form as the Company in its sole discretion  deems
acceptable), which investment letter shall not be an expense of the Trustee, the
Company or the Master Servicer,  and which investment  letter states that, among
other  things,  such  transferee  (A) is a  "qualified  institutional  buyer" as
defined  under Rule 144A,  acting for its own  account or the  accounts of other
"qualified  institutional  buyers" as defined under Rule 144A,  and (B) is aware
that the proposed  transferor intends to rely on the exemption from registration
requirements  under the  Securities  Act of 1933,  as amended,  provided by Rule
144A. The Holder of any such  Certificate  desiring to effect any such transfer,
sale, pledge or other disposition shall, and does hereby agree to, indemnify the
Trustee, the Company, the Master Servicer and the Certificate  Registrar against
any liability that may result if the transfer, sale, pledge or other disposition
is not so exempt or is not made in accordance with such federal and state laws.

     (e)  (i) In the case of any Class B or Class R  Certificate  presented  for
          registration  in the name of any Person,  either (A) the Trustee shall
          require an Opinion of Counsel  acceptable to and in form and substance
          satisfactory  to the Trustee,  the Company and the Master  Servicer to
          the  effect  that the  purchase  or holding of such Class B or Class R
          Certificate is permissible  under  applicable law, will not constitute
          or result in any non-exempt  prohibited  transaction under Section 406
          of the Employee  Retirement  Income  Security Act of 1974,  as amended
          ("ERISA"),  or Section 4975 of the Code (or  comparable  provisions of
          any  subsequent  enactments),  and will not subject the  Trustee,  the
          Company  or  the  Master  Servicer  to  any  obligation  or  liability
          (including  obligations or liabilities  under ERISA or Section 4975 of
          the Code) in addition to those  undertaken  in this  Agreement,  which
          Opinion of Counsel shall not be an expense of the Trustee, the Company
          or the Master  Servicer  or (B) the  prospective  Transferee  shall be
          required to provide the Trustee,  the Company and the Master  Servicer
          with a  certification  to the  effect  set forth in  paragraph  six of
          Exhibit H (with  respect  to any  Class B  Certificate)  or  paragraph
          fourteen  of Exhibit  G-1 (with  respect to any Class R  Certificate),
          which  the  Trustee  may  rely  upon   without   further   inquiry  or
          investigation,  or such other  certifications  as the Trustee may deem
          desirable or necessary in order to establish  that such  Transferee or
          the Person in whose name such  registration is requested either (a) is
          not an employee  benefit plan or other plan subject to the  prohibited
          transaction  provisions  of ERISA or Section 4975 of the Code,  or any
          Person  (including  an  investment  manager,  a named  fiduciary  or a
          trustee of any such plan) who is using "plan  assets" of any such plan
          to effect such  acquisition  (each,  a "Plan  Investor") or (b) in the
          case  of  any  Class  B  Certificate,  the  following  conditions  are
          satisfied:  (i) such  Transferee  is an  insurance  company,  (ii) the
          source of funds used to purchase or hold such Certificate (or interest
          therein) is an "insurance company general account" (as defined in U.S.

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<PAGE>

          Department of Labor Prohibited  Transaction  Class Exemption  ("PTCE")
          95-60,  and (iii) the  conditions  set forth in  Sections I and III of
          PTCE 95-60 have been satisfied (each entity that satisfies this clause
          (b), a "Complying Insurance Company").

               (ii) Any  Transferee of a Class M  Certificate  will be deemed to
               have  represented  by virtue of its  purchase  or holding of such
               Certificate (or interest therein) that either (a) such Transferee
               is not a Plan  Investor,  (b) it has acquired and is holding such
               Certificate  in  reliance  on  Prohibited  Transaction  Exemption
               ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by
               PTE 97-34,  62 Fed. Reg. 39021 (July 21, 1997),  and PTE 2000-58,
               65 Fed. Reg. 67765 (November 13, 2000) (the "RFC Exemption"), and
               that it  understands  that there are  certain  conditions  to the
               availability of the RFC Exemption including that such Certificate
               must be rated, at the time of purchase, not lower than "BBB-" (or
               its  equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c)
               such Transferee is a Complying Insurance Company.

               (iii) (A) If any Class M Certificate (or any interest therein) is
               acquired  or  held  by any  Person  that  does  not  satisfy  the
               conditions  described  in  paragraph  (ii)  above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

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

(f) (i) Each Person who has or who acquires any Ownership  Interest in a Class R
Certificate  shall be deemed by the  acceptance or acquisition of such Ownership
Interest  to have  agreed to be bound by the  following  provisions  and to have
irrevocably  authorized the Trustee or its designee under clause  (iii)(A) below
to deliver  payments  to a Person  other than such Person and to  negotiate  the
terms of any  mandatory  sale under  clause  (iii)(B)  below and to execute  all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

(A)  Each  Person  holding or  acquiring  any  Ownership  Interest  in a Class R
     Certificate  shall be a Permitted  Transferee and shall promptly notify the
     Trustee of any  change or  impending  change in its  status as a  Permitted
     Transferee.

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<PAGE>

(B)  In connection  with any proposed  Transfer of any  Ownership  Interest in a
     Class R  Certificate,  the Trustee shall require  delivery to it, and shall
     not register the Transfer of any Class R Certificate  until its receipt of,
     (I) an affidavit and agreement (a "Transfer  Affidavit and  Agreement,"  in
     the form attached hereto as Exhibit G-1) from the proposed  Transferee,  in
     form and substance  satisfactory to the Master  Servicer,  representing and
     warranting,  among other things, that it is a Permitted Transferee, that it
     is not acquiring its Ownership  Interest in the Class R Certificate that is
     the subject of the proposed Transfer as a nominee, trustee or agent for any
     Person who is not a  Permitted  Transferee,  that for so long as it retains
     its Ownership Interest in a Class R Certificate, it will endeavor to remain
     a Permitted  Transferee,  and that it has reviewed the  provisions  of this
     Section 5.02(f) and agrees to be bound by them, and (II) a certificate,  in
     the form  attached  hereto as  Exhibit  G-2,  from the  Holder  wishing  to
     transfer the Class R Certificate, in form and substance satisfactory to the
     Master Servicer,  representing and warranting,  among other things, that no
     purpose of the proposed  Transfer is to impede the assessment or collection
     of tax.

(C)            Notwithstanding   the  delivery  of  a  Transfer   Affidavit  and
               Agreement by a proposed  Transferee  under clause (B) above, if a
               Responsible  Officer  of the  Trustee  who is  assigned  to  this
               Agreement has actual  knowledge  that the proposed  Transferee is
               not a Permitted Transferee,  no Transfer of an Ownership Interest
               in a Class R  Certificate  to such proposed  Transferee  shall be
               effected.

(D)            Each Person  holding or  acquiring  any  Ownership  Interest in a
               Class  R  Certificate  shall  agree  (x) to  require  a  Transfer
               Affidavit and Agreement from any other Person to whom such Person
               attempts  to  transfer  its  Ownership  Interest  in  a  Class  R
               Certificate and (y) not to transfer its Ownership Interest unless
               it provides a  certificate  to the  Trustee in the form  attached
               hereto as Exhibit G-2.

(E)            Each Person holding or acquiring an Ownership Interest in a Class
               R  Certificate,  by  purchasing  an  Ownership  Interest  in such
               Certificate, agrees to give the Trustee written notice that it is
               a "pass-through  interest holder" within the meaning of Temporary
               Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon
               acquiring an Ownership  Interest in a Class R Certificate,  if it
               is, or is holding an Ownership  Interest in a Class R Certificate
               on behalf of, a "pass-through interest holder."

(ii)    The Trustee will register the Transfer of any Class R  Certificate  only
        if it shall have  received  the  Transfer  Affidavit  and  Agreement,  a
        certificate of the Holder  requesting such transfer in the form attached
        hereto as Exhibit G-2 and all of such other documents as shall have been
        reasonably  required by the Trustee as a condition to such registration.
        Transfers of the Class R Certificates  to Non-United  States Persons and
        Disqualified  Organizations  (as  defined in Section  860E(e)(5)  of the
        Code) are prohibited.

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<PAGE>

(iii)(A) If any  Disqualified  Organization  shall  become a holder of a Class R
     Certificate,   then  the  last  preceding  Permitted  Transferee  shall  be
     restored,  to the extent permitted by law, to all rights and obligations as
     Holder thereof  retroactive to the date of registration of such Transfer of
     such Class R  Certificate.  If a  Non-United  States  Person shall become a
     holder of a Class R  Certificate,  then the last  preceding  United  States
     Person shall be restored, to the extent permitted by law, to all rights and
     obligations as Holder thereof  retroactive to the date of  registration  of
     such  Transfer  of such Class R  Certificate.  If a  transfer  of a Class R
     Certificate  is   disregarded   pursuant  to  the  provisions  of  Treasury
     Regulations  Section 1.860E-1 or Section 1.860G-3,  then the last preceding
     Permitted Transferee shall be restored,  to the extent permitted by law, to
     all rights and  obligations  as Holder  thereof  retroactive to the date of
     registration  of such  Transfer  of such Class R  Certificate.  The Trustee
     shall be under no liability to any Person for any  registration of Transfer
     of a Class R  Certificate  that is in fact not  permitted  by this  Section
     5.02(f) or for making any  payments due on such  Certificate  to the holder
     thereof or for taking any other  action with  respect to such holder  under
     the provisions of this Agreement.

(B)  If any purported  Transferee shall become a Holder of a Class R Certificate
     in violation of the  restrictions in this Section 5.02(f) and to the extent
     that the retroactive  restoration of the rights of the Holder of such Class
     R  Certificate  as  described  in clause  (iii)(A)  above shall be invalid,
     illegal or  unenforceable,  then the Master  Servicer shall have the right,
     without  notice  to  the  holder  or any  prior  holder  of  such  Class  R
     Certificate,  to sell such Class R Certificate  to a purchaser  selected by
     the Master Servicer on such terms as the Master  Servicer may choose.  Such
     purported  Transferee  shall  promptly  endorse  and  deliver  each Class R
     Certificate in accordance  with the  instructions  of the Master  Servicer.
     Such  purchaser may be the Master  Servicer  itself or any Affiliate of the
     Master Servicer.  The proceeds of such sale, net of the commissions  (which
     may include  commissions payable to the Master Servicer or its Affiliates),
     expenses and taxes due, if any, will be remitted by the Master  Servicer to
     such purported Transferee.  The terms and conditions of any sale under this
     clause  (iii)(B)  shall be determined in the sole  discretion of the Master
     Servicer,  and the Master Servicer shall not be liable to any Person having
     an Ownership  Interest in a Class R Certificate as a result of its exercise
     of such discretion.

(iv) The Master Servicer, on behalf of the Trustee,  shall make available,  upon
     written request from the Trustee, all information  necessary to compute any
     tax imposed (A) as a result of the Transfer of an  Ownership  Interest in a
     Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
     including the  information  regarding  "excess  inclusions" of such Class R
     Certificates  required to be provided to the Internal  Revenue  Service and
     certain   Persons   as   described   in   Treasury   Regulations   Sections
     1.860D-1(b)(5)  and  1.860E-2(a)(5),  and (B) as a result of any  regulated
     investment  company,  real  estate  investment  trust,  common  trust fund,
     partnership, trust, estate or organization described in Section 1381 of the
     Code that holds an Ownership  Interest in a Class R  Certificate  having as
     among its  record  holders  at any time any  Person  who is a  Disqualified

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<PAGE>

     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

(v)     The  provisions  of this Section  5.02(f) set forth prior to this clause
        (v) may be modified,  added to or eliminated,  provided that there shall
        have been delivered to the Trustee the following:

(A)  written  notification  from  each  Rating  Agency  to the  effect  that the
     modification,  addition to or elimination of such provisions will not cause
     such Rating Agency to downgrade its  then-current  ratings,  if any, of any
     Class of the Senior, Class M or Class B Certificates below the lower of the
     then-current  rating or the rating assigned to such  Certificates as of the
     Closing Date by such Rating Agency; and

(B)  subject  to  Section  10.01(f),  an  Officers'  Certificate  of the  Master
     Servicer  stating  that the  Master  Servicer  has  received  an Opinion of
     Counsel, in form and substance  satisfactory to the Master Servicer, to the
     effect that such  modification,  addition to or absence of such  provisions
     will not cause any portion of any REMIC formed under the Series  Supplement
     to cease to  qualify  as a REMIC and will not cause (x) any  portion of any
     REMIC formed under the Series  Supplement to be subject to an  entity-level
     tax caused by the Transfer of any Class R Certificate to a Person that is a
     Disqualified  Organization or (y) a Certificateholder  or another Person to
     be  subject to a  REMIC-related  tax  caused by the  Transfer  of a Class R
     Certificate to a Person that is not a Permitted Transferee.

(g) No service charge shall be made for any transfer or exchange of Certificates
of any Class,  but the Trustee may require  payment of a sum sufficient to cover
any tax or  governmental  charge  that may be  imposed  in  connection  with any
transfer or exchange of Certificates.

(h) All Certificates surrendered for transfer and exchange shall be destroyed by
the Certificate Registrar.

Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the

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Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

Section 5.04.  Persons Deemed Owners.

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

Section 5.05.  Appointment of Paying Agent.

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

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                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

Section 6.01.  Respective Liabilities of the Company and the Master Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

Section 6.02.  Merger or  Consolidation  of the Company or the Master  Servicer;
     Assignment of Rights and Delegation of Duties by Master Servicer.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified to service  mortgage loans on behalf of Fannie Mae or Freddie
Mac; and  provided  further that each Rating  Agency's  ratings,  if any, of the
Senior,  Class M or Class B  Certificates  in effect  immediately  prior to such
merger or consolidation will not be qualified,  reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).

(c)  Notwithstanding  anything else in this Section 6.02 and Section 6.04 to the
contrary,  the Master Servicer may assign its rights and delegate its duties and
obligations  under  this  Agreement;  provided  that the Person  accepting  such
assignment  or  delegation  shall be a  Person  which is  qualified  to  service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's
rating of the Classes of Certificates that have been rated in effect immediately

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<PAGE>

prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

Section 6.03.  Limitation on Liability of the Company,
                      the Master Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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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

(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.

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<PAGE>

        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  Fannie  Mae-  or  Freddie  Mac-approved  mortgage  servicing
institution, having a net worth of not less than $10,000,000 as the successor to
the  Master  Servicer  hereunder  in the  assumption  of all or any  part of the
responsibilities,  duties  or  liabilities  of the  Master  Servicer  hereunder.
Pending appointment of a successor to the Master Servicer hereunder, the Trustee
shall become  successor to the Master Servicer and shall act in such capacity as
hereinabove  provided.  In connection with such appointment and assumption,  the
Trustee may make such arrangements for the compensation of such successor out of
payments on  Mortgage  Loans as it and such  successor  shall  agree;  provided,
however,  that no such  compensation  shall be in excess of that  permitted  the
initial Master Servicer hereunder.  The Company,  the Trustee, the Custodian and
such successor shall take such action,  consistent with this Agreement, as shall
be  necessary to  effectuate  any such  succession.  The  Servicing  Fee for any
successor  Master  Servicer  appointed  pursuant  to this  Section  7.02 will be
lowered with respect to those Mortgage Loans, if any, where the Subservicing Fee
accrues at a rate of less than  0.20% per annum in the event that the  successor
Master  Servicer  is  not  servicing  such  Mortgage  Loans  directly  and it is
necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum in
order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate

                                       85
<PAGE>

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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<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.

(a) The Trustee,  prior to the  occurrence  of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

(b) The Trustee,  upon  receipt of all  resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Trustee  which  are  specifically  required  to be  furnished  pursuant  to  any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

(c) No  provision  of this  Agreement  shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct; provided, however, that:

(i)  Prior to the  occurrence  of an Event of  Default,  and after the curing or
     waiver of all such Events of Default  which may have  occurred,  the duties
     and  obligations  of the Trustee shall be determined  solely by the express
     provisions  of this  Agreement,  the Trustee shall not be liable except for
     the  performance  of such duties and  obligations as are  specifically  set
     forth in this Agreement,  no implied covenants or obligations shall be read
     into this Agreement against the Trustee and, in the absence of bad faith on
     the part of the Trustee, the Trustee may conclusively rely, as to the truth
     of the statements and the  correctness of the opinions  expressed  therein,
     upon any  certificates or opinions  furnished to the Trustee by the Company

                                       87
<PAGE>

     or the Master  Servicer  and which on their  face,  do not  contradict  the
     requirements of this Agreement;

(ii)    The Trustee shall not be personally liable for an error of judgment made
        in good faith by a Responsible  Officer or  Responsible  Officers of the
        Trustee,  unless it shall be proved that the Trustee  was  negligent  in
        ascertaining the pertinent facts;

(iii)   The Trustee  shall not be  personally  liable with respect to any action
        taken, suffered or omitted to be taken by it in good faith in accordance
        with  the   direction  of   Certificateholders   of  any  Class  holding
        Certificates  which  evidence,  as to such Class,  Percentage  Interests
        aggregating  not  less  than 25% as to the  time,  method  and  place of
        conducting any proceeding  for any remedy  available to the Trustee,  or
        exercising  any trust or power  conferred  upon the Trustee,  under this
        Agreement;

(iv)    The Trustee  shall not be charged with  knowledge of any default  (other
        than a default in payment to the  Trustee)  specified in clauses (i) and
        (ii) of Section 7.01 or an Event of Default  under clauses  (iii),  (iv)
        and (v) of Section  7.01  unless a  Responsible  Officer of the  Trustee
        assigned to and working in the  Corporate  Trust Office  obtains  actual
        knowledge  of such  failure  or event or the  Trustee  receives  written
        notice of such failure or event at its  Corporate  Trust Office from the
        Master Servicer, the Company or any Certificateholder; and

(v)     Except to the extent  provided in Section  7.02,  no  provision  in this
        Agreement  shall  require  the  Trustee  to expend or risk its own funds
        (including,  without limitation, the making of any Advance) or otherwise
        incur any personal financial  liability in the performance of any of its
        duties as Trustee hereunder,  or in the exercise of any of its rights or
        powers, if the Trustee shall have reasonable  grounds for believing that
        repayment of funds or adequate  indemnity against such risk or liability
        is not reasonably assured to it.

(d) The Trustee shall timely pay, from its own funds,  the amount of any and all
federal,  state and local  taxes  imposed  on the  Trust  Fund or its  assets or
transactions including, without limitation, (A) "prohibited transaction" penalty
taxes as defined in Section 860F of the Code,  if, when and as the same shall be
due and payable,  (B) any tax on contributions to a REMIC after the Closing Date
imposed  by  Section  860G(d)  of the Code and (C) any tax on "net  income  from
foreclosure  property"  as defined in Section  860G(c) of the Code,  but only if
such taxes  arise out of a breach by the Trustee of its  obligations  hereunder,
which breach constitutes negligence or willful misconduct of the Trustee.

Section 8.02.  Certain Matters Affecting the Trustee.

(a)     Except as otherwise provided in Section 8.01:

(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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(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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(b) The Master  Servicer  agrees to  indemnify  the Trustee for, and to hold the
Trustee  harmless  against,  any loss,  liability  or expense  incurred  without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

(i)     with respect to any such claim,  the Trustee shall have given the Master
        Servicer  written notice  thereof  promptly after the Trustee shall have
        actual knowledge thereof;

(ii)    while  maintaining  control  over its own  defense,  the  Trustee  shall
        cooperate and consult fully with the Master  Servicer in preparing  such
        defense; and

(iii)   notwithstanding  anything in this Agreement to the contrary,  the Master
        Servicer  shall not be liable for settlement of any claim by the Trustee
        entered  into  without the prior  consent of the Master  Servicer  which
        consent shall not be unreasonably withheld.

No termination of this Agreement  shall affect the  obligations  created by this
Section  8.05(b) of the Master  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

Section 8.06.  Eligibility Requirements for Trustee.

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so  published.  In case at any time the  Trustee  shall  cease to be eligible in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

Section 8.07.  Resignation and Removal of the Trustee.

(a) The Trustee may at any time resign and be discharged  from the trusts hereby
created by giving  written  notice  thereof to the Company.  Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by

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written  instrument,  in  duplicate,  one  copy of  which  instrument  shall  be
delivered to the resigning Trustee and one copy to the successor trustee.  If no
successor  trustee shall have been so appointed  and have  accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions  of  Section  8.06 and shall  fail to resign  after  written  request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property  shall be appointed,  or any public officer shall take charge
or  control of the  Trustee or of its  property  or affairs  for the  purpose of
rehabilitation,  conservation  or  liquidation,  then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which  instrument  shall be  delivered to the Trustee so removed and one
copy to the  successor  trustee.  In  addition,  in the event  that the  Company
determines  that  the  Trustee  has  failed  (i) to  distribute  or  cause to be
distributed  to the  Certificateholders  any amount  required to be  distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

(c) The Holders of  Certificates  entitled to at least 51% of the Voting  Rights
may at any time remove the  Trustee  and appoint a successor  trustee by written
instrument  or  instruments,  in  triplicate,  signed by such  Holders  or their
attorneys-in-fact  duly authorized,  one complete set of which instruments shall
be delivered to the Company,  one complete set to the Trustee so removed and one
complete set to the successor so appointed.

(d) Any  resignation  or removal of the Trustee and  appointment  of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon  acceptance of appointment by the successor  trustee as provided in Section
8.08.

Section 8.08.  Successor Trustee.

(a) Any successor  trustee  appointed as provided in Section 8.07 shall execute,
acknowledge  and  deliver  to the  Company  and to its  predecessor  trustee  an
instrument accepting such appointment  hereunder,  and thereupon the resignation
or removal of the predecessor  trustee shall become effective and such successor
trustee shall become effective and such successor  trustee,  without any further
act, deed or conveyance,  shall become fully vested with all the rights, powers,

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duties and obligations of its predecessor hereunder,  with the like effect as if
originally named as trustee herein. The predecessor trustee shall deliver to the
successor  trustee all Mortgage Files and related  documents and statements held
by it hereunder  (other than any Mortgage Files at the time held by a Custodian,
which  shall  become  the agent of any  successor  trustee  hereunder),  and the
Company,  the Master  Servicer and the  predecessor  trustee  shall  execute and
deliver such  instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

(b) No successor  trustee shall accept  appointment  as provided in this Section
unless at the time of such acceptance  such successor  trustee shall be eligible
under the provisions of Section 8.06.

(c) Upon  acceptance of appointment  by a successor  trustee as provided in this
Section,  the  Company  shall  mail  notice of the  succession  of such  trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

Section 8.09.  Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

Section 8.10.  Appointment of Co-Trustee or Separate Trustee.

(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting  any legal  requirements  of any  jurisdiction  in which any part of the
Trust Fund or property securing the same may at the time be located,  the Master
Servicer and the Trustee  acting  jointly shall have the power and shall execute
and  deliver all  instruments  to appoint  one or more  Persons  approved by the
Trustee to act as  co-trustee  or  co-trustees,  jointly  with the  Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
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

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Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

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                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

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

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

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

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

        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal Balance of the Mortgage Loans.

        If such right is exercised by the Master  Servicer,  the Master Servicer
shall be deemed to have been reimbursed for the full amount of any  unreimbursed
Advances theretofore made by it with respect to the Mortgage Loans. In addition,
the Master Servicer shall provide to the Trustee the  certification  required by
Section 3.15 and the Trustee and any Custodian shall, promptly following payment

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of the  purchase  price,  release  to the Master  Servicer  the  Mortgage  Files
pertaining to the Mortgage Loans being purchased.

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage Loans,  the Master Servicer shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

(b) The Master  Servicer  shall give the  Trustee  not less than 60 days'  prior
notice of the  Distribution  Date on which the Master Servicer  anticipates that
the final distribution will be made to  Certificateholders  (whether as a result
of the  exercise by the Master  Servicer of its right to purchase  the assets of
the Trust Fund or otherwise) or on which the Master  Servicer  anticipates  that
the  Certificates  will be purchased  (as a result of the exercise by the Master
Servicer to purchase the  outstanding  Certificates).  Notice of any termination
specifying the anticipated  Final  Distribution Date (which shall be a date that
would otherwise be a Distribution  Date) upon which the  Certificateholders  may
surrender their Certificates to the Trustee (if so required by the terms hereof)
for payment of the final distribution and cancellation or notice of any purchase
of the outstanding Certificates, specifying the Distribution Date upon which the
Holders may surrender their  Certificates  to the Trustee for payment,  shall be
given promptly by the Master Servicer (if it is exercising its right to purchase
the assets of the Trust Fund or to purchase the outstanding Certificates), or by
the Trustee (in any other case) by letter to the  Certificateholders  mailed not
earlier  than the 15th day and not  later  than the 25th day of the  month  next
preceding the month of such final distribution specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated or, in the case of the purchase by the Master Servicer of the
        outstanding  Certificates,  the Distribution Date on which such purchase
        is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, if
        known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates and Class M
        Certificates,  that  payment  will be made  only upon  presentation  and
        surrender  of the  Certificates  at the office or agency of the  Trustee
        therein specified.

If the Master  Servicer is  obligated  to give notice to  Certificateholders  as
aforesaid,  it shall give such notice to the  Certificate  Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its

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right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account,  before  the Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c)  In  the  case  of  the  Senior,  Class  M or  Class  B  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master  Servicer's  election to  repurchase  the assets of the Trust Fund or the
outstanding  Certificates,  or  (ii)  if  the  Master  Servicer  elected  to  so
repurchase  the assets of the Trust  Fund or the  outstanding  Certificates,  an
amount  determined  as  follows:  (A)  with  respect  to  each  Certificate  the
outstanding  Certificate  Principal  Balance thereof,  plus Accrued  Certificate
Interest for the related  Interest  Accrual  Period  thereon and any  previously
unpaid  Accrued  Certificate  Interest,  subject  to the  priority  set forth in
Section 4.02(a), and (B) with respect to the Class R Certificates, any excess of
the amounts available for distribution (including the repurchase price specified
in  clause  (ii) of  subsection  (a) of this  Section)  over  the  total  amount
distributed under the immediately preceding clause (A).

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have been surrendered for cancellation,  the Trustee shall pay to the Master
Servicer  all  amounts  distributable  to the  holders  thereof  and the  Master
Servicer shall  thereafter hold such amounts until  distributed to such Holders.
No interest  shall accrue or be payable to any  Certificateholder  on any amount
held in the  escrow  account  or by the  Master  Servicer  as a  result  of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

(e) If any  Certificateholders  do not surrender their Certificates on or before
the Distribution Date on which a purchase of the outstanding  Certificates is to
be made,  the  Trustee  shall on such date  cause  all funds in the  Certificate

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Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain outstanding hereunder.  The Master Servicer shall
be for all purposes the Holder thereof as of such date.

Section 9.02.  Additional Termination Requirements.

(a) Each REMIC that  comprises  the Trust Fund shall be terminated in accordance
with the following additional requirements, unless (subject to Section 10.01(f))
the Trustee and the Master  Servicer have received an Opinion of Counsel  (which
Opinion of Counsel  shall not be an expense of the  Trustee)  to the effect that
the failure of each such REMIC to comply with the  requirements  of this Section
9.02 will not (i) result in the  imposition on the Trust of taxes on "prohibited
transactions,"  as described in Section 860F of the Code, or (ii) cause any such
REMIC  to fail to  qualify  as a REMIC  at any  time  that  any  Certificate  is
outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

(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

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        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b) Each Holder of a Certificate and the Trustee hereby irrevocably approves and
appoints the Master Servicer as its attorney-in-fact to adopt a plan of complete
liquidation  for each REMIC at the expense of the Trust Fund in accordance  with
the terms and conditions of this Agreement.

Section 9.03.  Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

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                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.

(c) The REMIC  Administrator  shall hold a Class R  Certificate  representing  a
0.01%  Percentage  Interest each Class of the Class R Certificates  and shall be
designated as "the tax matters  person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1.  The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section  3.10 unless such legal  expenses  and costs are incurred by
reason  of the REMIC  Administrator's  willful  misfeasance,  bad faith or gross
negligence.  If  the  REMIC  Administrator  is no  longer  the  Master  Servicer
hereunder,  at its option the REMIC  Administrator  may  continue  its duties as
REMIC  Administrator  and shall be paid  reasonable  compensation  not to exceed
$3,000 per year by any successor Master Servicer  hereunder for so acting as the
REMIC Administrator.

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(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns  that it  determines  are required  with  respect to each REMIC  created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing  such returns  shall be borne by the REMIC  Administrator  without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability  arising from the
Trustee's  signing of Tax Returns that contain errors or omissions.  The Trustee
and Master  Servicer shall promptly  provide the REMIC  Administrator  with such
information  as the REMIC  Administrator  may from time to time  request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.

(e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a Class R
Certificate  such  information  as is necessary for the  application  of any tax
relating  to the  transfer of a Class R  Certificate  to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

(f) The Master Servicer and the REMIC  Administrator shall take such actions and
shall cause each REMIC created  hereunder to take such actions as are reasonably
within the Master Servicer's or the REMIC Administrator's  control and the scope
of its  duties  more  specifically  set forth  herein as shall be  necessary  or
desirable  to  maintain  the  status  of each  REMIC as a REMIC  under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) 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

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Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

(g) In the event  that any tax is imposed on  "prohibited  transactions"  of any
REMIC  created  hereunder as defined in Section  860F(a)(2) of the Code, on "net
income  from  foreclosure  property"  of any such  REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be 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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<PAGE>

(k)  Solely for the  purposes  of Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  the  "latest  possible  maturity  date" by which  the  Certificate
Principal  Balance of each Class of  Certificates  (other than the Interest Only
Certificates)  representing a regular  interest in the applicable  REMIC and the
Uncertificated  Principal Balance of each Uncertificated  REMIC Regular Interest
(other than each  Uncertificated  REMIC Regular Interest  represented by a Class
A-V  Certificate,  if any) and the rights to the Interest Only  Certificates and
Uncertificated  REMIC Regular  Interest  represented by a Class A-V  Certificate
would be  reduced to zero is the  Maturity  Date for each such  Certificate  and
Interest.

(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal  Revenue Service Form 8811,  "Information  Return for
Real Estate Mortgage  Investment  Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.

(m)  Neither  the Trustee  nor the Master  Servicer  shall  sell,  dispose of or
substitute  for any of the Mortgage  Loans  (except in  connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification.

(a) The Trustee  agrees to  indemnify  the Trust Fund,  the  Company,  the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation,  any  reasonable  attorneys fees imposed on or incurred by the Trust
Fund,  the  Company  or the  Master  Servicer,  as a result  of a breach  of the
Trustee's covenants set forth in Article VIII or this Article X.

(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Master  Servicer  and the  Trustee for any taxes and costs  (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company,  the Master Servicer or the Trustee,  as a result of a breach
of the REMIC Administrator's  covenants set forth in this Article X with respect
to compliance  with the REMIC  Provisions,  including  without  limitation,  any
penalties  arising from the Trustee's  execution of Tax Returns  prepared by the
REMIC Administrator that contain errors or omissions;  provided,  however,  that
such  liability  will not be imposed to the extent such breach is a result of an
error or omission in  information  provided  to the REMIC  Administrator  by the
Master Servicer in which case Section 10.02(c) will apply.

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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  Counsel,
     adversely   affect  in  any   material   respect  the   interests   of  any
     Certificateholder or

                                      106
<PAGE>

(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

                                      107
<PAGE>

fund and not an asset of the Trust  Fund,  (ii) any such  reserve  fund shall be
owned by the Company,  and (iii)  amounts  transferred  by the Trust Fund to any
such reserve fund shall be treated as amounts  distributed  by the Trust Fund to
the Company or any  successor,  all within the  meaning of Treasury  Regulations
Section  1.860G-2(h) as it reads as of the Cut-off Date. In connection  with the
provision of any such  instrument  or fund,  this  Agreement  and any  provision
hereof may be modified,  added to,  deleted or  otherwise  amended in any manner
that is related or incidental to such instrument or fund or the establishment or
administration thereof, such amendment to be made by written instrument executed
or consented to by the Company but without the consent of any  Certificateholder
and  without the consent of the Master  Servicer or the Trustee  being  required
unless  any such  amendment  would  impose  any  additional  obligation  on,  or
otherwise adversely affect the interests of the Senior  Certificateholders,  the
Class M  Certificateholders,  the Master Servicer or the Trustee, as applicable;
provided that the Company  obtains  (subject to Section  10.01(f)) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
any such amendment will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code and (b) any REMIC created
hereunder  to fail to  qualify  as a REMIC at any time that any  Certificate  is
outstanding.  In the event that the Company  elects to provide such  coverage in
the  form  of  a  limited  guaranty   provided  by  General  Motors   Acceptance
Corporation,  the  Company  may elect  that the text of such  amendment  to this
Agreement  shall be  substantially  in the form attached hereto as Exhibit K (in
which case  Residential  Funding's  Subordinate  Certificate  Loss Obligation as
described in such exhibit shall be established by Residential  Funding's consent
to such  amendment) and that the limited  guaranty shall be executed in the form
attached  hereto as Exhibit L, with such changes as the Company shall deem to be
appropriate;  it being understood that the Trustee has reviewed and approved the
content of such forms and that the  Trustee's  consent  or  approval  to the use
thereof is not required.

Section 11.02. Recordation of Agreement; Counterparts.

(a) To the extent  permitted by  applicable  law,  this  Agreement is subject to
recordation in all appropriate  public offices for real property  records in all
the  counties  or other  comparable  jurisdictions  in  which  any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

(b) For the purpose of facilitating  the recordation of this Agreement as herein
provided and for other purposes,  this Agreement may be executed  simultaneously
in any number of counterparts,  each of which counterparts shall be deemed to be
an  original,  and  such  counterparts  shall  constitute  but one and the  same
instrument.

                                      108
<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.

                                      109
<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

                                      110
<PAGE>

remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

Section 11.08. Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

Section 11.09. Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

Section 11.10. No Petition.

               As provided in Section 11.10 of the Series Supplement.

                                      111
<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.]

                                     A-1
<PAGE>

Certificate No. ________          [________%][Variable] Pass-Through Rate
                                  [based on a Notional Amount]
Class A-     Senior
Date of Pooling and Servicing     [Percentage Interest:________%]
Agreement and Cut-off Date:
___________ 1, ____               Aggregate Initial [Certificate Principal
                                  Balance] [[Interest Only/Class A-V] Notional
First Distribution Date:          Amount] [Subclass Notional Amount] of the
_________ 25, ____                Class A- ___ Certificates:

Master Servicer:                  [Initial] [Certificate Principal
Residential Funding               Balance] [Interest Only/Class A-V] [Subclass]
Corporation                       Notional Amount] of this Certificate:
                                  $ _______________________]
Assumed Final
Distribution Date:                CUSIP 76110F-
___________ 25, ____
                        MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                 SERIES ____-___

               evidencing a percentage  interest in the distributions  allocable
               to the  Class  A-  Certificates  with  respect  to a  Trust  Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This certifies that ____________________________ is the registered owner of
the Percentage Interest evidenced by this Certificate [(obtained by dividing the
[Initial  Certificate  Principal  Balance]  [Initial  [Interest  Only/Class A-V]
Notional  Amount] of this  Certificate  by the  aggregate  [Initial  Certificate
Principal Balance of all Class A- Certificates]  [Initial  [Interest  Only/Class
A-V] Notional Amounts of all [Interest  Only/Class A-V]  Certificates],  both as
specified  above)]  in  certain  distributions  with  respect  to the Trust Fund
consisting  primarily  of  an  interest  in  a  pool  of  conventional  one-  to
four-family  fixed interest rate first  mortgage  loans (the "Mortgage  Loans"),
formed and sold by Residential  Accredit  Loans,  Inc.  (hereinafter  called the
"Company," which term includes any successor entity under the Agreement referred
to below).  The Trust  Fund was  created  pursuant  to a Pooling  and  Servicing
Agreement  dated as specified  above (the  "Agreement")  among the Company,  the

                                        A-2
<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

                                        A-3
<PAGE>

reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the

                                        A-4
<PAGE>

Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               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.

                                        A-5

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_________________________],
                                              as Trustee

                                            By:
                                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  A-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [---------------------------],
                                                 as Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        A-6
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ____________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY  FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS  CERTIFICATE  HAS
BEEN ISSUED WITH NO MORE THAN $[____] OF OID PER $[1,000] OF INITIAL CERTIFICATE
PRINCIPAL  BALANCE,  THE YIELD TO  MATURITY  IS  [_____]%  AND THE AMOUNT OF OID
ATTRIBUTABLE  TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $[____] PER $[1,000]
OF INITIAL CERTIFICATE PRINCIPAL BALANCE, COMPUTED UNDER THE APPROXIMATE METHOD.
NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT SPEED ASSUMPTION OR AT ANY OTHER RATE.

        Any Transferee of this Certificate will be deemed to have represented by
virtue of its purchase or holding of this  Certificate (or interest herein) that
EITHER (a) such Transferee is not an investment  manager, a named fiduciary or a
trustee of any Plan) acting, directly or indirectly,  on behalf of or purchasing
any Certificate with "plan assets" of any Plan (a "plan  investor"),  (B) it has
acquired and is holding such  Certificate in reliance on Prohibited  Transaction

<PAGE>

Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by PTE
97-34, 62 Fed. Reg. 39021 (July 21, 1997),  and PTE 2000-58,  65 Fed. Reg. 67765
(November 13, 2000) (the "RFC  Exemption"),  and that it understands  that there
are certain  conditions to the availability of the RFC Exemption  including that
such Certificate  must be rated, at the time of purchase,  not lower than "BBB-"
(or its  equivalent)  by  Standard  & Poor's,  Fitch or  Moody's  or (C) (I) the
transferee is an insurance company, (II) the source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of U.S.  Department  of Labor  Prohibited  Transaction  Class  Exemption
("PTCE")  95-60),  and (iii) the  CONDITIONS  SET FORTH IN SECTIONS I AND III OF
PTCE 95-60 HAVE BEEN  SATISFIED  (EACH ENTITY THAT  SATISFIES THIS CLAUSE (C), A
"cOMPLYING INSURANCE COMPANY).

        If this  Certificate (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD BY ANY
PERSON  THAT  DOES  NOT  SATISFY  THE  CONDITIONS  DESCRIBED  IN  THE  PRECEDING
PARAGRAPH,  THEN THE LAST  preceding  Transferee  that  either (i) is not a Plan
Investor,  (II) ACQUIRED SUCH  CERTIFICATE IN COMPLIANCE WITH THE RFC EXEMPTION,
or (iiI) is a  Complying  Insurance  Company  shall be  restored,  to the extent
permitted by law, to all rights and  obligations  as  Certificate  Owner thereof
retroactive to the date of such Transfer of this Certificate.  The Trustee shall
be  under no  liability  to any  Person  for  making  any  payments  due on this
Certificate to such preceding Transferee.

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

                                        B-2
<PAGE>

Certificate No. _______                           [_______]% Pass-Through Rate

Class M-    Subordinate                           Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class M Certificates:
Agreement and Cut-off Date:                       $__________________
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $_____________________

Master Servicer:                                  CUSIP: 76110F-
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class  M-  Certificates  with  respect  to  the  Trust  Fund  consisting
        primarily of a pool of conventional  one- to four-family  fixed interest
        rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS,
        INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This certifies that  ______________________  is the registered owner of the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal  Balance of all Class M-  Certificates,  both as  specified  above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Accredit  Loans,
Inc. (hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the  Company,  the Master  Servicer  and  __________________,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set

                                        B-3

<PAGE>

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").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more

                                        B-4

<PAGE>

specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is

                                        B-5

<PAGE>

registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               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.

                                        B-6

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By:
                                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [-------------------------],
                                                  as Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        B-7
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ___________________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ____________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<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.

<PAGE>

Certificate No. ______                            [______]% Pass-Through Rate

Class B- ___ Subordinate                          Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class B-___
Agreement and Cut-off Date:                       Certificates as of
___________ 1, ____                               the Cut-off Date:
                                                  $____________________
First Distribution Date:
_________ 25, ____                                Initial Certificate Principal
                                                  Balance of this Certificate:
Master Servicer:                                  $__________________
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

       evidencing a percentage  interest in any  distributions  allocable to the
       Class B- Certificates with respect to the Trust Fund consisting primarily
       of a pool of conventional  one- to four-family  fixed interest rate first
       mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This  certifies that  Residential  Accredit  Loans,  Inc. is the registered
owner of the  Percentage  Interest  evidenced by this  Certificate  (obtained by
dividing the Certificate  Principal Balance of this Certificate by the aggregate
Certificate Principal Balance of all Class B-___ Certificates, both as specified
above)  in  certain  distributions  with  respect  to a  Trust  Fund  consisting
primarily of a pool of  conventional  one- to  four-family  fixed  interest rate
first  mortgage  loans (the  "Mortgage  Loans"),  formed and sold by Residential
Accredit Loans, Inc.  (hereinafter called the "Company," which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant to a Pooling and Servicing  Agreement dated as specified above
(the "Agreement") among the Company, the Master Servicer and __________________,
as trustee (the "Trustee"),  a summary of certain of the pertinent provisions of

                                        C-2

<PAGE>

which is set forth hereafter.  To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.  This Certificate
is issued under and is subject to the terms,  provisions  and  conditions of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               No transfer of this Class B Certificate  will be made unless such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by the  Agreement.  The Holder hereof  desiring to effect
such  transfer  shall,  and does hereby agree to,  indemnify  the  Trustee,  the
Company,  the Master Servicer and the Certificate  Registrar acting on behalf of
the Trustee  against  any  liability  that may result if the  transfer is not so
exempt  or is not made in  accordance  with such  Federal  and  state  laws.  In
connection  with any such transfer,  the Trustee will also require either (i) an
opinion of counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer with respect to the permissibility
of such transfer under the Employee  Retirement  Income Security Act of 1974, as
amended  ("ERISA"),  and Section 4975 of the Internal  Revenue Code (the "Code")
and stating, among other things, that the transferee's  acquisition of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation

                                        C-3
<PAGE>

letter,  in the form as described by Section  5.02(e) of the  Agreement,  either
stating that the transferee is not an employee  benefit or other plan subject to
the  prohibited  transaction  provisions of ERISA or Section 4975 of the Code (a
"Plan"), or any other person (including an investment manager, a named fiduciary
or a trustee  of any  Plan)  acting,  directly  or  indirectly,  on behalf of or
purchasing any  Certificate  with "plan assets" of any Plan, or stating that the
transferee  is an  insurance  company,  the  source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of Department of Labor Prohibited  Transaction Class Exemption  ("PTCE")
95-60),  and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Sections I and III of PTCE 95-60.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new

                                        C-4

<PAGE>

Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        C-5

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_____________________________],
                                                as Trustee

                                            By:
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [_______________________________],
                                                 as Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        C-6

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ___________________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ____________________________________
                                                 Signature Guaranteed

                           DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                    EXHIBIT D

                           FORM OF CLASS R CERTIFICATE

THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "RESIDUAL
INTEREST"  IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED  TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL  SUBDIVISION  THEREOF,  ANY POSSESSION OF THE UNITED STATES, OR ANY
AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
WHICH IS A CORPORATION  IF ALL OF ITS  ACTIVITIES  ARE SUBJECT TO TAX AND EXCEPT
FOR FREDDIE  MAC, A MAJORITY OF ITS BOARD OF  DIRECTORS  IS NOT SELECTED BY SUCH
GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR
ANY AGENCY OR INSTRUMENTALITY  OF EITHER OF THE FOREGOING,  (C) ANY ORGANIZATION
(OTHER THAN CERTAIN FARMERS' COOPERATIVES  DESCRIBED IN SECTION 521 OF THE CODE)
WHICH IS  EXEMPT  FROM THE TAX  IMPOSED  BY  CHAPTER 1 OF THE CODE  UNLESS  SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
THE TAX  IMPOSED  BY  SECTION  511 OF THE  CODE ON  UNRELATED  BUSINESS  TAXABLE
INCOME),  (D) RURAL  ELECTRIC AND  TELEPHONE  COOPERATIVES  DESCRIBED IN SECTION
1381(a)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER  SECTION
775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B),
(C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED  ORGANIZATION"),  OR
(F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE OF SUCH TRANSFER IS
TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE  SATISFIES
CERTAIN  ADDITIONAL  CONDITIONS  RELATING  TO  THE  FINANCIAL  CONDITION  OF THE

<PAGE>

PROPOSED  TRANSFEREE.   NOTWITHSTANDING  THE  REGISTRATION  IN  THE  CERTIFICATE
REGISTER OR ANY TRANSFER,  SALE OR OTHER  DISPOSITION  OF THIS  CERTIFICATE TO A
DISQUALIFIED  ORGANIZATION  OR AN AGENT  OF A  DISQUALIFIED  ORGANIZATION,  SUCH
REGISTRATION  SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT  WHATSOEVER  AND
SUCH  PERSON  SHALL  NOT BE  DEEMED TO BE A  CERTIFICATEHOLDER  FOR ANY  PURPOSE
HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.  EACH HOLDER OF THIS  CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

Certificate No.________                           [______]% Pass-Through Rate

Class R Senior                                    Aggregate Initial Certificate
                                                  Principal Balance of the
Date of Pooling and Servicing                     Class R Certificates:
Agreement and Cut-off Date:                       $100.00
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $__________________

Master Servicer:                                  Percentage Interest:
Residential Funding Corporation                    _________________ %

Assumed Final Distribution Date:                  CUSIP 76110F-
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class R Certificates with respect to the Trust Fund consisting primarily
        of a pool of conventional  one- to four-family fixed interest rate first
        mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

                                        D-2

<PAGE>

     This certifies that  _____________________  is the registered  owner of the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Initial  Certificate  Principal  Balance of this  Certificate  by the  aggregate
Initial  Certificate  Principal  Balance  of all Class R  Certificates,  both as
specified  above) in  certain  distributions  with  respect  to the  Trust  Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund  was  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
__________________,  as  trustee  (the  "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to

                                        D-3
<PAGE>

zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

               No transfer of this Class R  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of 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.

                                        D-4

<PAGE>

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

                                        D-5
<PAGE>

               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.

                                        D-6

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By: __________________________
                                                  Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of  the  Class  R  Certificates  referred  to in the
within-mentioned Agreement.

                                            [______________________________],
                                                 as Certificate Registrar

                                            By: _____________________________
                                                 Authorized Signatory

                                        D-7
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                          ___________________________________
Dated: ___________                        Signature by or on behalf of assignor

                                          ___________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available  funds  to  ____________________________________  for the  account  of
_______________________________  account  number  ____________________,  or,  if
mailed by check, to ________________________________________________. Applicable
statements should be mailed to ______________________________________.

     This information is provided by  _____________________,  the assignee named
above, or _____________________________, as its agent.

<PAGE>

                                 EXHIBIT E

                        FORM OF SELLER/SERVICER CONTRACT

     This Seller/Servicer Contract (as may be amended, supplemented or otherwise
modified from time to time, this "Contract") is made this  _____________  day of
__________, 20__, by and between Residential Funding Corporation, its successors
and   assigns   ("Residential   Funding")   and    _____________________    (the
"Seller/Servicer,"  and,  together with Residential  Funding,  the "parties" and
each, individually, a "party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.      INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3.      REPRESENTATIONS AND WARRANTIES.

a.      Reciprocal Representations and Warranties.

               The  Seller/Servicer  and Residential Funding each represents and
warrants to the other that as of the date of this Contract:

<PAGE>

(1)  Each party is duly organized,  validly existing, and in good standing under
     the laws of its jurisdiction of organization,  is qualified,  if necessary,
     to do business  and in good  standing in each  jurisdiction  in which it is
     required to be so qualified,  and has the requisite  power and authority to
     enter into this Contract and all other agreements which are contemplated by
     this  Contract  and to carry out its  obligations  hereunder  and under the
     Guides and under such other agreements.

(2)  This  Contract has been duly  authorized,  executed  and  delivered by each
     party and constitutes a valid and legally  binding  agreement of each party
     enforceable in accordance with its terms.

(3)  There is no action, proceeding or investigation pending or threatened,  and
     no basis therefor is known to either party,  that could affect the validity
     or prospective validity of this Contract.

(4)  Insofar as its capacity to carry out any obligation  under this Contract is
     concerned,  neither  party is in  violation  of any  charter,  articles  of
     incorporation,   bylaws,  mortgage,  indenture,  indebtedness,   agreement,
     instrument,  judgment,  decree, order, statute, rule or regulation and none
     of the  foregoing  adversely  affects  its  capacity  to fulfill any of its
     obligations under this Contract. Its execution of, and performance pursuant
     to, this Contract will not result in a violation of any of the foregoing.

b.      Seller/Servicer's Representations, Warranties and Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4.      REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.      SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

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.

                                        E-3
<PAGE>

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.

                                        E-4

<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                 SELLER/SERVICER

[Corporate Seal]

                                                       (Name of Seller/Servicer)
By:                                     By:
   --------------------------------
      (Signature)                                        (Signature)
By:                                     By:
   --------------------------------
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------
======================================= =======================================

ATTEST:                                 RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]

By:                                     By:
   --------------------------------
      (Signature)                                        (Signature)
By:                                     By:
   --------------------------------
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------

                                        E-5

<PAGE>

                                    EXHIBIT F
                          FORMS OF REQUEST FOR RELEASE

DATE:

TO:

RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
MIN#:
Borrower Name(s):
Reason for Document Request:      (circle one)

        Mortgage Loan Prepaid in Full              Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

________________________________
Residential Funding Corporation
Authorized Signature

******************************************************************************

TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:          [ ]  Promissory Note
                             [ ] Primary Insurance Policy
                             [ ] Mortgage or Deed of Trust
                             [ ]  Assignment(s) of Mortgage or Deed of Trust
                             [ ]  Title Insurance Policy
                             [ ]  Other:

Name:
     ------------------------
Title:
      -----------------------
Date:
     ------------------------

<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

<PAGE>

due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R  Certificates  if either the  pass-through  entity is an electing  large
partnership  under  Section 775 of the 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

                                        G-1-2

<PAGE>

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.

                                        G-1-3

<PAGE>

               IN WITNESS  WHEREOF,  the Owner has caused this  instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this _____ day of _____, 200__.

                                            [NAME OF OWNER]

                                                 [Name of Officer]
                                                 [Title of Officer]
[Corporate Seal]

ATTEST:

______________________________
[Assistant] Secretary

               Personally  appeared before me the above-named [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

               Subscribed and sworn before me this ________ day of _____, 200_.

                                                 NOTARY PUBLIC

                                            COUNTY OF
                                                     ---------------------------
                                            STATE OF
                                                    ----------------------------
                My Commission  expires the ____ day of ____, 20___.

                                        G-1-4

<PAGE>

                                   EXHIBIT G-2

                         FORM OF TRANSFEROR CERTIFICATE

                                      _______________, 20___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, Class R

Ladies and Gentlemen:

     This  letter  is  delivered  to you in  connection  with  the  transfer  by
____________________  (the "Seller") to  _________________  (the "Purchaser") of
$______________  Initial Certificate  Principal Balance of Mortgage Asset-Backed
Pass-Through  Certificates,  Series  ____-___,  Class  R  (the  "Certificates"),
pursuant to Section 5.02 of the Pooling and  Servicing  Agreement  (the "Pooling
and Servicing  Agreement"),  dated as of ___________  1, ____ among  Residential
Accredit  Loans,   Inc.,  as  seller  (the   "Company"),   Residential   Funding
Corporation,  as  master  servicer,  and  __________________,  as  trustee  (the
"Trustee").  All terms used  herein  and not  otherwise  defined  shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

1. No purpose of the Seller  relating to the transfer of the  Certificate by the
Seller to the Purchaser is or will be to impede the  assessment or collection of
any tax.

2. The Seller  understands  that the  Purchaser has delivered to the Trustee and
the Master  Servicer a transfer  affidavit and agreement in the form attached to
the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does not know or
believe that any representation contained therein is false.

3.  The  Seller  has  at  the  time  of  the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-1(c)(4)(i)  and,  as  a  result  of  that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the  future.  The  Seller  understands  that  the  transfer  of a Class R
Certificate  may not be respected for United States income tax purposes (and the

<PAGE>

Seller may  continue  to be liable for United  States  income  taxes  associated
therewith) unless the Seller has conducted such an investigation.

4. The Seller has no actual knowledge that the proposed Transferee is not both a
United States Person and a Permitted Transferee.

                               Very truly yours,

                                   (Seller)

                               By:
                                  ----------------------------------------
                               Name:
                                    --------------------------------------
                               Title:
                                     -------------------------------------

                                        G-2-2

<PAGE>

                                    EXHIBIT H

                     FORM OF INVESTOR REPRESENTATION LETTER

                                                                , 20
                                    ----------------------------    ----

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ____-___

               RE:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

     ____________________   (the   "Purchaser")   intends   to   purchase   from
____________________   (the  "Seller")   $_______________   Initial  Certificate
Principal Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series
____-___,  Class  (the  "Certificates"),  issued  pursuant  to the  Pooling  and
Servicing  Agreement  (the  "Pooling  and  Servicing  Agreement"),  dated  as of
___________  1, ____ among  Residential  Accredit  Loans,  Inc.,  as seller (the
"Company"),  Residential  Funding  Corporation,  as master servicer (the "Master
Servicer"),  and __________________,  as trustee (the "Trustee"). All terms used
herein  and not  otherwise  defined  shall  have the  meanings  set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents and
warrants  to, and  covenants  with,  the  Company,  the  Trustee  and the Master
Servicer that:

1.   The Purchaser  understands that (a) the Certificates have not been and will
     not be registered or qualified under the Securities Act of 1933, as amended
     (the "Act") or any state securities law, (b) the Company is not required to
     so register or qualify the Certificates, (c) the Certificates may be resold
     only if registered  and qualified  pursuant to the provisions of the Act or
     any state  securities  law, or if an exemption from such  registration  and
     qualification  is  available,  (d)  the  Pooling  and  Servicing  Agreement

<PAGE>

     contains  restrictions  regarding the transfer of the  Certificates and (e)
     the Certificates will bear a legend to the foregoing effect.

2.   The  Purchaser  is  acquiring  the  Certificates  for its own  account  for
     investment  only and not with a view to or for sale in connection  with any
     distribution  thereof  in any  manner  that  would  violate  the Act or any
     applicable state securities laws.

3.   The Purchaser is (a) a substantial,  sophisticated  institutional  investor
     having such  knowledge and  experience  in financial and business  matters,
     and, in particular,  in such matters  related to securities  similar to the
     Certificates, such that it is capable of evaluating the merits and risks of
     investment in the Certificates, (b) able to bear the economic risks of such
     an investment and (c) an "accredited  investor"  within the meaning of Rule
     501(a) promulgated pursuant to the Act.

4.   The Purchaser has been furnished with, and has had an opportunity to review
     (a) [a copy of the Private Placement Memorandum,  dated ______________,  20
     ___,  relating to the Certificates (b)] a copy of the Pooling and Servicing
     Agreement and [b] [c] such other  information  concerning the Certificates,
     the Mortgage  Loans and the Company as has been  requested by the Purchaser
     from the Company or the Seller and is relevant to the Purchaser's  decision
     to purchase the  Certificates.  The Purchaser has had any questions arising
     from such review answered by the Company or the Seller to the  satisfaction
     of the Purchaser.  [If the Purchaser did not purchase the Certificates from
     the Seller in connection with the initial  distribution of the Certificates
     and was  provided  with a copy of the  Private  Placement  Memorandum  (the
     "Memorandum")  relating to the original sale (the  "Original  Sale") of the
     Certificates  by  the  Company,   the  Purchaser   acknowledges  that  such
     Memorandum  was  provided  to it by the  Seller,  that the  Memorandum  was
     prepared by the Company solely for use in connection with the Original Sale
     and  the  Company  did  not  participate  in or  facilitate  in any way the
     purchase of the  Certificates  by the  Purchaser  from the Seller,  and the
     Purchaser  agrees  that it will look  solely to the  Seller  and not to the
     Company with respect to any damage, liability, claim or expense arising out
     of, resulting from or in connection with (a) error or omission,  or alleged
     error or omission,  contained in the  Memorandum,  or (b) any  information,
     development or event arising after the date of the Memorandum.]

5.   The  Purchaser  has not and  will  not  nor  has it  authorized  or will it
     authorize any person to (a) offer,  pledge,  sell,  dispose of or otherwise
     transfer  any  Certificate,  any interest in any  Certificate  or any other
     similar security to any person in any manner,  (b) solicit any offer to buy
     or to accept a pledge,  disposition of other  transfer of any  Certificate,
     any interest in any  Certificate  or any other  similar  security  from any
     person in any manner,  (c) otherwise  approach or negotiate with respect to
     any  Certificate,  any  interest in any  Certificate  or any other  similar
     security with any person in any manner,  (d) make any general  solicitation
     by means of  general  advertising  or in any  other  manner or (e) take any

                                        H-2

<PAGE>

     other action,  that (as to any of (a) through (e) above) would constitute a
     distribution  of any  Certificate  under the Act,  that  would  render  the
     disposition  of any  Certificate a violation of Section 5 of the Act or any
     state  securities law, or that would require  registration or qualification
     pursuant thereto.  The Purchaser will not sell or otherwise transfer any of
     the  Certificates,  except in compliance with the provisions of the Pooling
     and Servicing Agreement.

6.      The Purchaser

(a)  is  not an  employee  benefit  or  other  plan  subject  to the  prohibited
     transaction  provisions of the Employee  Retirement  Income Security Act of
     1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of
     1986, as amended (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:
                                                  ----------------------------

                                        H-3

<PAGE>

                                    EXHIBIT I

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                                       __________, 20___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Attention: Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

     In connection with the sale by ___________  (the "Seller") to _____________
(the  "Purchaser")  of $___________  Initial  Certificate  Principal  Balance of
Mortgage Asset-Backed  Pass-Through  Certificates,  Series ____-___,  Class (the
"Certificates"),  issued  pursuant to the Pooling and Servicing  Agreement  (the
"Pooling  and  Servicing  Agreement"),  dated as of  ___________  1, ____  among
Residential Accredit Loans, Inc., as seller (the "Company"), Residential Funding
Corporation,  as  master  servicer,  and  __________________,  as  trustee  (the
"Trustee").  The  Seller  hereby  certifies,  represents  and  warrants  to, and
covenants with, the Company and the Trustee that:

               Neither  the  Seller  nor  anyone  acting on its  behalf  has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred any Certificate,
any interest in any  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  any  Certificate,   any  interest  in  any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of any
Certificate a violation of Section 5 of the Act or any state  securities law, or
that would require  registration or qualification  pursuant thereto.  The Seller
will not act, in any manner set forth in the foregoing  sentence with respect to
any Certificate.  The Seller has not and will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.

<PAGE>

                                            Very truly yours,

                                    (Seller)

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

                                        I-2
<PAGE>

                                    EXHIBIT J

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

             Description of Rule 144A Securities, including numbers:

               The  undersigned  seller,  as registered  holder (the  "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

1. In  connection  with such  transfer  and in  accordance  with the  agreements
pursuant  to which the Rule 144A  Securities  were  issued,  the  Seller  hereby
certifies  the  following  facts:  Neither  the Seller nor anyone  acting on its
behalf has offered, transferred, pledged, sold or otherwise disposed of the Rule
144A  Securities,  any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or other
disposition  of  the  Rule  144A  Securities,  any  interest  in the  Rule  144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

2. The Buyer  warrants and represents  to, and covenants  with, the Seller,  the
Trustee  and the Master  Servicer  (as  defined  in the  Pooling  and  Servicing
Agreement (the  "Agreement"),  dated as of ___________ 1, ____ among Residential
Funding  Corporation as Master  Servicer,  Residential  Accredit Loans,  Inc. as
depositor pursuant to Section 5.02 of the Agreement and  __________________,  as
trustee, as follows:

(a)     The  Buyer  understands  that the  Rule  144A  Securities  have not been
        registered under the 1933 Act or the securities laws of any state.

(b)     The Buyer considers  itself a substantial,  sophisticated  institutional
        investor  having such knowledge and experience in financial and business
        matters  that it is  capable  of  evaluating  the  merits  and  risks of
        investment in the Rule 144A Securities.

<PAGE>

(c)     The Buyer has been  furnished  with all  information  regarding the Rule
        144A  Securities  that it has requested from the Seller,  the Trustee or
        the Servicer.

(d)  Neither the Buyer nor anyone acting on its behalf has offered, transferred,
     pledged,  sold or  otherwise  disposed  of the Rule  144A  Securities,  any
     interest in the Rule 144A  Securities or any other similar  security to, or
     solicited  any  offer  to  buy  or  accept  a  transfer,  pledge  or  other
     disposition  of the Rule 144A  Securities,  any  interest  in the Rule 144A
     Securities or any other similar  security from, or otherwise  approached or
     negotiated  with respect to the Rule 144A  Securities,  any interest in the
     Rule 144A Securities or any other similar  security with, any person in any
     manner, or made any general solicitation by means of general advertising or
     in any other  manner,  or taken any other action,  that would  constitute a
     distribution of the Rule 144A  Securities  under the 1933 Act or that would
     render the disposition of the Rule 144A Securities a violation of Section 5
     of the 1933 Act or require registration  pursuant thereto, nor will it act,
     nor has it  authorized  or will it  authorize  any  person to act,  in such
     manner with respect to the Rule 144A Securities.

(e)  The Buyer is a "qualified  institutional  buyer" as that term is defined in
     Rule  144A  under  the 1933 Act and has  completed  either  of the forms of
     certification  to that  effect  attached  hereto as Annex 1 or Annex 2. The
     Buyer is aware that the sale to it is being made in  reliance on Rule 144A.
     The Buyer is acquiring the Rule 144A  Securities for its own account or the
     accounts of other qualified  institutional  buyers,  understands  that such
     Rule 144A  Securities may be resold,  pledged or transferred  only (i) to a
     person  reasonably  believed  to be a  qualified  institutional  buyer that
     purchases   for  its  own  account  or  for  the  account  of  a  qualified
     institutional  buyer to whom  notice is given  that the  resale,  pledge or
     transfer  is being made in  reliance  on Rule  144A,  or (ii)  pursuant  to
     another exemption from registration under the 1933 Act.

               [3.    The Buyer

(a)     is not an  employee  benefit  or other plan  subject  to the  prohibited
        transaction provisions of the Employee Retirement Income Security Act of
        1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code
        of 1986,  as amended  (a  "Plan"),  or any other  person  (including  an
        investment  manager, a named fiduciary or a trustee of any Plan) acting,
        directly or indirectly,  on behalf of or purchasing any Certificate with
        "plan assets" of any Plan within the meaning of the  Department of Labor
        ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; or

(b)     is an  insurance  company,  the  source  of  funds  to be  used by it to
        purchase the  Certificates  is an "insurance  company  general  account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60.]

               4. This document may be executed in one or more  counterparts and
        by the 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.

                                        J-2

<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:
     ----------------------------------------

                                        J-3

<PAGE>

                              ANNEX 1 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

1. As  indicated  below,  the  undersigned  is the  President,  Chief  Financial
Officer, Senior Vice President or other executive officer of the Buyer.

2. In  connection  with  purchases  by the  Buyer,  the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary  basis  $_____________  in  securities  (except  for the  excluded
securities  referred to below) as of the end of the Buyer's  most recent  fiscal
year (such amount being  calculated in  accordance  with Rule 144A) and (ii) the
Buyer satisfies the criteria in the category marked below.

--   Corporation,  etc. The Buyer is a corporation  (other than a bank,  savings
     and loan  association  or similar  institution),  Massachusetts  or similar
     business  trust,  partnership,  or  charitable  organization  described  in
     Section 501(c)(3) of the Internal Revenue Code.

--   Bank.  The Buyer (a) is a national  bank or banking  institution  organized
     under the laws of any State,  territory or the  District of  Columbia,  the
     business of which is substantially confined to banking and is supervised by
     the State or  territorial  banking  commission or similar  official or is a
     foreign bank or equivalent institution, and (b) has an audited net worth of
     at  least  $25,000,000  as  demonstrated  in its  latest  annual  financial
     statements, a copy of which is attached hereto.

--   Savings and Loan. The Buyer (a) is a savings and loan association, building
     and loan association,  cooperative bank,  homestead  association or similar
     institution,  which  is  supervised  and  examined  by a State  or  Federal
     authority  having  supervision  over any such  institutions or is a foreign
     savings  and loan  association  or  equivalent  institution  and (b) has an
     audited net worth of at least  $25,000,000  as  demonstrated  in its latest
     annual financial statements.

--   Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15 of
     the Securities Exchange Act of 1934.

--   Insurance  Company.  The Buyer is an insurance  company  whose  primary and
     predominant business activity is the writing of insurance or the reinsuring
     of risks  underwritten  by  insurance  companies  and which is  subject  to
     supervision by the insurance  commissioner or a similar  official or agency
     of a State or territory or the District of Columbia.

<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.

                                        J-2

<PAGE>

                           Will the Buyer be purchasing the Rule 144A
Yes           No           Securities only for the Buyer's own account?

6. If the answer to the  foregoing  question is "no",  the Buyer agrees that, in
connection  with any purchase of securities sold to the Buyer for the account of
a third party  (including  any separate  account) in reliance on Rule 144A,  the
Buyer will only  purchase for the account of a third party that at the time is a
"qualified  institutional  buyer"  within the meaning of Rule 144A. In addition,
the Buyer agrees that the Buyer will not purchase  securities  for a third party
unless the Buyer has  obtained a current  representation  letter from such third
party or taken other  appropriate  steps  contemplated  by Rule 144A to conclude
that  such  third  party   independently  meets  the  definition  of  "qualified
institutional buyer" set forth in Rule 144A.

7. The Buyer will notify each of the parties to which this certification is made
of any changes in the information and conclusions  herein.  Until such notice is
given,   the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation of this certification as of the date of such purchase.

                                            Print Name of Buyer

                                            By:________________________
                                                 Name:
                                                 Title:

                                            Date: _______________________

                                        J-3

<PAGE>

                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

8. As indicated below, the undersigned is the President, Chief Financial Officer
or  Senior  Vice  President  of the  Buyer  or,  if the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

9.  In  connection   with  purchases  by  Buyer,   the  Buyer  is  a  "qualified
institutional  buyer" as  defined in SEC Rule 144A  because  (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

--   The  Buyer  owned  $_________  in  securities   (other  than  the  excluded
     securities  referred  to below) as of the end of the  Buyer's  most  recent
     fiscal year (such amount being calculated in accordance with Rule 144A).

--   The Buyer is part of a Family of  Investment  Companies  which owned in the
     aggregate $ _____________ in securities (other than the excluded securities
     referred  to below) as of the end of the Buyer's  most  recent  fiscal year
     (such amount being calculated in accordance with Rule 144A).

10. The term "Family of  Investment  Companies" as used herein means two or more
registered   investment  companies  (or  series  thereof)  that  have  the  same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

11. The term  "securities"  as used herein does not  include (i)  securities  of
issuers that are affiliated  with the Buyer or are part of the Buyer's Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii)
loan  participations,  (iv)  repurchase  agreements,  (v)  securities  owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

12.  The  Buyer is  familiar  with Rule  144A and  understands  that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

                                        j-4

<PAGE>

13. The undersigned will notify each of the parties to which this  certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice,  the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation  of this  certification  by the undersigned as of the date of such
purchase.

                                            Print Name of Buyer

                                            By: _____________________________
                                                 Name:
                                                      -------------------------
                                                 Title:
                                                       ------------------------

                                            IF AN ADVISER:

                                            ______________________
                                            Print Name of Buyer

                                        j-5

<PAGE>

                                    EXHIBIT K

                         [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                      LIMITED GUARANTY]

                                   ARTICLE XII

                   Subordinate Certificate Loss Coverage; Limited Guaranty

               Section 12.01.  Subordinate  Certificate  Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether it or any  Sub-Servicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Sub-Servicer  Advances  previously made, (which will not be
Advances or Sub-Servicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Sub-Servicer  Advances  reimbursed  pursuant to
Section 4.02(a),  to the extent such Advances or Sub-Servicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

               (b)....Subject to subsection (c) below, prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

               (c)....Demands  for payments  pursuant to this  Section  shall be
made  prior to the later of the third  Business  Day prior to each  Distribution
Date or the  related  Determination  Date by the Master  Servicer  with  written
notice thereof to the Trustee. The maximum amount that Residential Funding shall
be  required  to pay  pursuant  to this  Section on any  Distribution  Date (the
"Amount Available") shall be equal to the lesser of (X) minus the sum of (i) all

<PAGE>

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

                                        K-2

<PAGE>

Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument  constitutes a legal, valid and
binding  obligation  of the  substitute  guarantor  or obligor,  enforceable  in
accordance  with its terms,  and  concerning  such  other  matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

               Section  12.02.  Amendments  Relating  to the  Limited  Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supercession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supercession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

                                        K-3

<PAGE>

                                    EXHIBIT L

                           [FORM OF LIMITED GUARANTY]

                                LIMITED GUARANTY

                        RESIDENTIAL ACCREDIT LOANS, INC.

                 Mortgage Asset-Backed Pass-Through Certificates
                                 Series ____-___

                                                  ___________, 200___

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

Ladies and Gentlemen:

               WHEREAS,  Residential Funding Corporation, a Delaware corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations  as  described  under  Section  12.01 of the Pooling  and  Servicing
Agreement  dated as of ___________ 1, ____ (the  "Servicing  Agreement"),  among
Residential  Accredit  Loans,  Inc.  (the  "Company"),  Residential  Funding and
__________________ (the "Trustee") as amended by Amendment No. thereto, dated as
of , with respect to the Mortgage Asset-Backed Pass-Through Certificates, Series
____-___ (the "Certificates"); and

               WHEREAS,  pursuant to Section 12.01 of the  Servicing  Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

               WHEREAS,  GMAC desires to provide certain assurances with respect
to the ability of Residential  Funding to secure sufficient funds and faithfully
to perform its Subordinate Certificate Loss Obligation;

               NOW THEREFORE,  in consideration of the premises herein contained
and  certain  other good and  valuable  consideration,  the  receipt of which is
hereby acknowledged, GMAC agrees as follows:

1.  Provision  of  Funds.  (a) GMAC  agrees to  contribute  and  deposit  in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related
Distribution  Date,  such moneys as may be required  by  Residential  Funding to

<PAGE>

perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

               (b)....The  agreement set forth in the preceding clause (a) shall
be  absolute,  irrevocable  and  unconditional  and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential  Funding,  by any  insolvency,  bankruptcy,  dissolution or other
proceeding affecting  Residential Funding or any other person, by any defense or
right of  counterclaim,  set-off  or  recoupment  that  GMAC  may  have  against
Residential  Funding or any other  person or by any other fact or  circumstance.
Notwithstanding  the  foregoing,  GMAC's  obligations  under  clause  (a)  shall
terminate  upon  the  earlier  of (x)  substitution  for this  Limited  Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement,  or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.

2. Waiver.  GMAC hereby  waives any failure or delay on the part of  Residential
Funding, the Trustee or any other person in asserting or enforcing any rights or
in making any claims or demands hereunder.  Any defective or partial exercise of
any such rights shall not preclude any other or further  exercise of that or any
other such right.  GMAC further waives demand,  presentment,  notice of default,
protest, notice of acceptance and any other notices with respect to this Limited
Guaranty,  including,  without  limitation,  those of action or nonaction on the
part of Residential Funding or the Trustee.

3.  Modification,  Amendment  and  Termination.  This  Limited  Guaranty  may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

4.  Successor.  Except as otherwise  expressly  provided  herein,  the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

5.  Governing  Law. This Limited  Guaranty  shall be governed by the laws of the
State of New York.

6.  Authorization  and Reliance.  GMAC  understands  that a copy of this Limited
Guaranty  shall be delivered to the Trustee in connection  with the execution of
Amendment  No. 1 to the  Servicing  Agreement  and GMAC  hereby  authorizes  the
Company  and the  Trustee  to rely on the  covenants  and  agreements  set forth
herein.

7.  Definitions.  Capitalized  terms used but not otherwise defined herein shall
have the meaning given them in the Servicing Agreement.

8.  Counterparts.  This  Limited  Guaranty  may be  executed  in any  number  of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

                                        L-2

<PAGE>

               IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to be
executed and delivered by its respective  officers  thereunto duly authorized as
of the day and year first above written.

                                            GENERAL MOTORS ACCEPTANCE
                                            CORPORATION

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

Acknowledged by:

__________________________,
    as Trustee

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

RESIDENTIAL ACCREDIT LOANS, INC.

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

                                        L-3

<PAGE>

                                    EXHIBIT M

                 FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                              _______________, 20_____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___ Assignment of Mortgage Loan

Ladies and Gentlemen:

     This  letter is  delivered  to you in  connection  with the  assignment  by
________________  (the  "Trustee") to  _________________  (the "Lender") of (the
"Mortgage  Loan")  pursuant  to Section  3.13(d) of the  Pooling  and  Servicing
Agreement  (the "Pooling and Servicing  Agreement"),  dated as of ___________ 1,
____  among  Residential  Accredit  Loans,  Inc.,  as  seller  (the  "Company"),
Residential Funding Corporation,  as master servicer, and the Trustee. All terms
used herein and not  otherwise  defined shall have the meanings set forth in the
Pooling and Servicing  Agreement.  The Lender hereby  certifies,  represents and
warrants to, and covenants with, the Master Servicer and the Trustee that:

(i) the Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
in which an  assignment  in lieu of  satisfaction  is required to preserve  lien
priority,  minimize or avoid mortgage  recording taxes or otherwise comply with,
or facilitate a refinancing under, the laws of such jurisdiction;

(ii) the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage Loan and the form of the  transaction is solely to comply with, or
facilitate the transaction under, such local laws;

(iii) the Mortgage Loan  following the proposed  assignment  will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest on such Mortgage Loan prior to such proposed assignment; and

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
Mortgage Loan.

<PAGE>

                                            Very truly yours,

                                    (Lender)

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

                                        M-2

<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 10.1

             CONTRACT BETWEEN SANTA CLARA VALLEY WATER DISTRICT AND
                              SAN JOSE WATER WORKS
                          FOR A SUPPLY OF TREATED WATER

         THIS CONTRACT is made and entered into on January 27, 1981, between the
SANTA CLARA VALLEY WATER DISTRICT,  hereinafter  referred to as "District",  and
SAN JOSE WATER WORKS,  hereinafter  referred to as  "Contractor"  and supersedes
previous water service contracts between District and Contractor.

         RECITALS:

                  A.  District  has  executed   contracts   with  the  State  of
                  California Department of Water Resources and the United States
                  Bureau  of  Reclamation,  whereby  District  is  and  will  be
                  entitled to receive  imported  water and  District  intends to
                  continue  construction  of a system  within the  boundaries of
                  District to distribute water so received.

                  B.  Included  within said system are  facilities  to treat and
                  filter such water;  and  Contractor is desirous of obtaining a
                  supply of treated water from District.

<PAGE>

         AGREEMENT:  For  and  in  consideration  of  the  mutual  promises  and
covenants herein contained, the parties hereto agree as follows:

ARTICLE A. INTRODUCTORY PROVISIONS

         1. Definitions - When used in this contract,  the following terms shall
         have the meanings hereinafter set forth:

                  a) "Fiscal  Year" shall mean each  12-month  period during the
                  term hereof commencing July 1 of one year and terminating June
                  30 of the next succeeding year, both dates inclusive.

                  b) "Each Contractor",  or "Other  Contractor",  shall mean any
                  entity,  public or private,  contracting  with  District for a
                  supply of treated water.

                  c) The "Act" shall mean the Santa Clara Valley Water  District
                  Act, as amended.

                  d)  "Board"  shall  mean the Board of  Directors  of the Santa
                  Clara Valley Water District.

         2.  Term of Contract

                  a) This  contract  shall  become  effective  on the date first
                  above  written  and shall  remain in effect for a period of 70
                  years or until all loans 'and all bonds,  the proceeds of sale
                  of  which  have  been  used  for  the  construction  of  water
                  treatment  and  distribution  facilities  have  been  retired,
                  whichever period shall be longer,  provided,  however, that in
                  no event  shall the term of this  contract be deemed to extend
                  beyond the period authorized by law.

                  b) The term of this contract may be extended for an additional
                  term of years  upon such  terms and  conditions  as may be set
                  forth in a written agreement of the parties hereto executed at
                  least  eighteen  (18) months prior to  expiration of the terms
                  specified in the preceding Subsection 2a. If no such agreement
                  shall  be  so  executed,  this  contract  shall  terminate  as
                  specified in said Subsection 2a unless at least one year prior
                  to said  termination  date Contractor shall notify District in
                  writing that Contractor  desires to extend the term hereof; in
                  such  event,  said term  shall

<PAGE>

                  be  extended  for an  addtional  period of five years upon the
                  covenants, agreements and conditions herein contained.

         3. Successors and Assigns - Subject to the provisions of the succeeding
         Section  4  hereof,  this  contract  and  all  the  terms,   covenants,
         agreements and conditions  herein  contained shall inure to the benefit
         of and be  binding  upon the  successors  and  assigns  of the  parties
         hereto.

         4.  Assignment  - No  assignment  or  transfer  by  Contractor  of this
         contract or any part  hereof,  or of any rights  hereunder  or interest
         herein of Contractor, shall be valid unless approved by District, which
         approval  District  agrees  shall  not be  unreasonably  withheld.  The
         foregoing provisions of this Section 4 to the contrary notwithstanding,
         no consent  shall be required on an  assignment to a Public Agency with
         the power of eminent  domain;  provided,  such Public Agency  expressly
         assumes the obligations of this contract and provided, further, that if
         said Public Agency  assumes only a portion of the  obligations  of this
         contract,  Contractor shall remain  obligated for the remainder,  or in
         the event Contractor shall sell, transfer,  or convey any part or parts
         or its water system to any entity,  public or private,  Contractor  may
         assign  to the  purchaser  thereof a portion  of  Contractor's  rights,
         privileges  and  obligations  hereunder  and,  in the event of any such
         assignment  Contractor  shall  be  relieved  of  such  portion  of such
         obligations of Contractor so assigned if, following such sale, transfer
         or conveyance, District shall commence to furnish treated water to such
         entity, or District under a contract with such entity existing prior to
         such sale, transfer or conveyance increases the amount of treated water
         delivered to such entity in order to meet in part the  increased  water
         requirements  of such  entity  resulting  from such sale,  transfer  or
         conveyance.

         5.  Adjustment  of  Schedule  Purchases  upon  Other  Water  Service to
         Projected  Service Area - Where Contractor has prepared and submitted a
         proposed water delivery schedule to District for an ensuing  three-year
         period in accordance  with Article B hereof in reasonable  anticipation
         of and reliance  upon  projected  water  service by  Contractor  to its
         existing  or future  customers  who  receive or would  receive  service
         within a service  area which shall be defined  and may be amended  from
         time to time by Contractor and attached

<PAGE>

         hereto,  as  Exhibit A, and the  schedule  has been  approved  and made
         binding upon Contractor in accordance with Article B hereof, and where,
         in lieu of Contractor,  any agency,  public or private shall thereafter
         provide  treated water service to any such  customers and the existence
         of such  circumstance  and the  necessity of  Contractor  to reduce its
         delivery  schedule being shown to District and acknowledged by District
         to  be  facts  (such  acknowledgment  to be  in  no  case  unreasonably
         withheld), then Contractor's said delivery schedule shall at its option
         be amended promptly in such manner as to reduce Contractor's  scheduled
         water   purchases   from   District   hereunder  by  an  amount  fairly
         commensurate  with  such  reduction  of  Contractor's   anticipated  or
         projected water service.

ARTICLE B. WATER SERVICE PROVISIONS

         1. Water Delivery Schedules

                  a) On October 15,  1980,  and every  three  years  thereafter,
                  Contractor  shall  submit  in  writing  a  proposed   delivery
                  schedule for the ensuing three-year period beginning July 1 of
                  the following  year. The proposed  delivery  schedule shall be
                  submitted  on a  form  provided  by  the  District  and  shall
                  indicate the amounts of treated  water  desired by  Contractor
                  during each year of the ensuing three-year  period.  Except as
                  provided in  Subsection c of this section,  Contractor  agrees
                  that in submitting a proposed water delivery  schedule it will
                  not  request an amount of water for each year  which  shall be
                  less in total  than 95  percent  of the  amount for the fiscal
                  year  containing  the  maximum  amount  in  the  then  current
                  three-year  schedule unless  Contractor shall have assigned or
                  agreed to  assign a portion  of its  rights,  privileges,  and
                  obligations hereunder pursuant to the provisions of Article A,
                  Section  4,  hereof  and i)  District  has  consented  to such
                  assignment,  or  ii)  Contractor  otherwise  shall  have  been
                  relieved of a portion of its obligations hereunder pursuant to
                  the  provisions  of said Article A, Section 4; that  following
                  occurrence of either event specified in the preceding  clauses
                  i) and ii), the  foregoing  provisions  of this  Subsection a)
                  shall apply only to the unassigned portion of the Contractor's
                  rights and obligations hereunder.

<PAGE>

                  b) Upon  receipt of such  delivery  schedule,  District  shall
                  review same, and after  consultation with Contractor and Other
                  Contractors  receiving  treated  water  from  District,  shall
                  approve such schedule or make such  reductions  therein as are
                  consistent  with  District's   ability  to  deliver  water  to
                  Contractor  and Other  Contractors;  provided,  however,  that
                  subject  to   availability  of  funds,   financing   policies,
                  construction schedules, and operating schedules, District will
                  make every reasonable effort to approve each proposed delivery
                  schedule submitted by Contractor and Other Contractors. Except
                  as provided in Subsection c of this section,  District  agrees
                  that it will  approve a  delivery  schedule  for said  ensuing
                  schedule  period  which  will not be less in total  amount for
                  each  fiscal year of said  schedule  period than 95 percent of
                  the maximum fiscal year set forth in the then current schedule
                  period.  Notwithstanding the provisions of Subsections a and b
                  of this  section,  either  Contractor  or District may request
                  that the  minimum  amount of water for each fiscal year in the
                  ensuing  three-year  schedule  period be  reduced  to a lesser
                  minimum  amount than  prescribed in  Subsections a and b. Upon
                  written agreement by both Contractor and District,  based on a
                  showing of extraordinary circumstances,  the delivery schedule
                  may be approved at such lesser amount.

                  d) The approved  delivery  schedule  shall be  transmitted  to
                  Contractor  prior to  December  31 of the  year in  which  the
                  proposed delivery schedule is submitted. The approved delivery
                  schedule for fiscal years 1976-77 through 1980-81 is set forth
                  in Exhibit B,  attached  hereto and by this  reference  made a
                  part hereof.

                  e) For operating and planning  purposes,  Contractor shall, on
                  forms  provided by District,  annually  supply  District  with
                  Contractor's  anticipated  monthly delivery  schedules for the
                  ensuing  year  and  such  information   reasonably  needed  by
                  District to determine projected annual deliveries for the next
                  ensuing five years.  Contractor's anticipated monthly delivery
                  schedules  shall not constitute a committment by Contractor to
                  receive  the  amounts  of water  set forth  therein  but shall
                  establish the monthly  schedule

<PAGE>

                  amounts of treated  water to be  delivered to  Contractor  for
                  certain purposes under Article C hereof.

         2. Amounts of Water - Rates of Flow

                  a) District agrees to deliver to Contractor during each fiscal
                  year or fractional  fiscal year of this Contract,  as the case
                  may be, the amounts of treated water set forth on the approved
                  delivery  schedule for each year or fractional fiscal year, as
                  the case may be.

                  b) District  agrees to deliver to  Contractor on demand in any
                  month during the term of this  contract at least 15 percent of
                  the  total  amount  of  treated   water  which   District  has
                  theretofore   agreed  to  deliver  to  Contractor  during  the
                  applicable  fiscal  year as  shown  on the  approved  delivery
                  schedule.

                  c) District  further agrees to provide  facilities  capable of
                  delivering and will deliver the amounts of water prescribed by
                  Subsections a and b of this section on demand of Contractor at
                  rates  of  flow  up  to an  instantaneous  maximum  flow  rate
                  equivalent  to 205 percent of the then current  annual  volume
                  shown  on  the  approved  delivery  schedule  expressed  as an
                  equivalent  uniform  flow  rate  over  the  full  year  for an
                  aggregate  of 72 hours in any  month  and for such  additional
                  hours in any month as District has the  capability  to deliver
                  at said rate, provided that District, at such times during the
                  remainder  of such  month  when  District  does  not  have the
                  capability to deliver at said rate, may reduce such rate to an
                  instantaneous  maximum  flow rate not to exceed 180 percent of
                  said annual  volume  expressed as an  equivalent  uniform flow
                  rate over the full year.

                  d)  Notwithstanding  the foregoing,  during the period July 1,
                  1979 to June 30,  1990,  District  may limit the maximum  flow
                  rate for each  Contractor  to 180 percent of the then  current
                  annual volume of that  Contractor  shown on the approved water
                  delivery schedule expressed as an equivalent uniform rate over
                  the full year. District will give Contractor  reasonable prior
                  notice of any such proposed limit of maximum flow rate.

<PAGE>

         3. Delivery Structures

                  a) Water  delivered to  Contractor  pursuant to this  contract
                  shall be provided from District  facilities  through  delivery
                  structures to be located at such  locations as may be mutually
                  agreed upon.  Such delivery  structures  shall be designed and
                  constructed or caused to be  constructed  by District.  Design
                  and bid  costs  shall  be  subject  to  favorable  review  and
                  approval  by the  Contractor  prior to  award of  construction
                  contract for the delivery  structure.  District  shall pay for
                  the  cost  of  the  land,  automated  controls  and  reporting
                  systems,  nozzle  turnout and shutoff valve portion of each of
                  said  structures,  and Contractor  shall pay the total cost of
                  acquiring and installing the measuring  devices,  the vault or
                  housing and the flow  regulating  devices,  if any, of each of
                  said  structures as said devices and  facilities  are shown on
                  Exhibit C attached  hereto and by this  reference  made a part
                  hereof.  Upon thirty (30) days'  written  notice by  District,
                  Contractor   shall  deposit  with   District   prior  to  such
                  acquisition  and  installation an amount of money estimated by
                  District  to be  sufficient  to cover such cost to be borne by
                  Contractor.  In the  event  such  estimate  proves  to be low,
                  Contractor  shall pay to District upon written demand therefor
                  the difference between District's estimate and the actual cost
                  to be borne by Contractor.  In the event such estimate  proves
                  to be high,  District shall refund to Contractor  promptly the
                  difference   between  the  actual  cost  to  be  so  borne  by
                  Contractor and the amount of said deposit.

                  b) Title to all delivery  structures and to all  appurtenances
                  up to and including the control valve shall be in District and
                  Contractor shall have no obligations or responsibilities  with
                  respect  thereto and shall be under no  obligation to operate,
                  maintain, repair, replace or relocate the same.

         4.  Measurement  of Water  Delivered - District shall measure all water
         delivered  to  Contractor  and shall  keep and  maintain  accurate  and
         complete  records  thereof.  For such purpose,  District shall install,
         operate and maintain at all delivery  structures such measuring devices
         and equipment as are satisfactory and acceptable to both parties.

<PAGE>

         5. Curtailment of Delivery During  Maintenance  Periods - District will
         make all reasonable effort to provide  continuous service to Contractor
         but may  temporarily  discontinue  or reduce the  delivery  of water to
         Contractor  for the  purpose of  necessary  investigation,  inspection,
         maintenance,  repair or replacement of any of the facilities  necessary
         for the delivery of treated water to Contractor.  District shall notify
         Contractor  as far in  advance as  possible  of any  discontinuance  or
         reduction  and  the  estimated  duration  of  such   discontinuance  or
         reduction.  Recognizing  that  Contractor  will  rely on  District  for
         uninterrupted  deliveries of water  particularly  during the high water
         consumption  months each year,  District agrees to use its best efforts
         throughout the term of this contract to make any such discontinuance or
         reduction  in the  delivery of water only during the period of November
         through March in any fiscal year. In the event of any discontinuance of
         or reduction in delivery of water,  Contractor may elect to receive the
         amount of water which  otherwise would have been delivered to it during
         such period under the approved water delivery  schedule for that fiscal
         year at other  times  during  such  year,  consistent  with  District's
         delivery ability considering the then current delivery schedules of all
         Other Contractors.

         6.  Suspension of Service Upon Default - In the event of any default by
         Contractor in the payment of any money  required to be paid to District
         hereunder,  District  may,  upon not less than  three  months'  written
         notice to Contractor,  suspend  deliveries of water under this contract
         for so long as such default shall  continue,  provided,  however,  that
         during  such  period  Contractor  shall  remain  obligated  to make all
         payments required under this contract and provided,  further, that such
         delinquent  amount shall accrue interest at the rate of one-half of one
         percent per month commencing on the due date of such delinquent  amount
         and continuing  until both the principal amount of such charges and the
         interest  thereon are paid in full.  Such  suspension of delivery taken
         pursuant to this  Section 6 shall not deprive  District of or limit any
         remedy  provided by this  contract or by law for the  recovery of money
         due or which may become due under  this  contract.  In the event of any
         disagreement  between  Contractor  and District as to the amount of any
         bill  rendered to  Contractor  by District,  water service shall not be
         discontinued  if the disputed  amount thereof is placed on deposit with
         District.  Such deposit shall not preclude review and adjustment of any
         water bill as set forth in Article C, Section 8, hereof.

<PAGE>

         7. Water Quality - District agrees that all water to be delivered by it
         to  Contractor  pursuant  to the terms of this  contract  will be pure,
         palatable,  wholesome,  potable and  healthful  and that all such water
         will be of such quality that the same may be used for domestic purposes
         at the  points  of  delivery  thereof  to  Contractor  without  further
         treatment.  District  understands  that  Contractor is a public utility
         furnishing water to its customers for domestic  purposes and that water
         to be  delivered  by it to  Contractor  hereunder  will be delivered by
         Contractor to said customers.  District agrees that its system shall be
         constructed  and operated  during the term hereof in accordance  with a
         permit or permits,  including  temporary  permits,  to be issued by the
         State Department of Health Services,  copies of which will be furnished
         to  Contractor  upon  receipt by  District.  District  agrees  that the
         treated water to be delivered to  Contractor  pursuant to this contract
         shall conform to the quality requirements set forth in the then current
         primary  and  secondary   standards  for  domestic  water  quality  and
         monitoring  regulations  adopted by the California  State Department of
         Health.  Should the need arise,  District and Contractor will cooperate
         fully in adjusting their respective  processes to the extent reasonably
         practicable,   and  provided  such  adjustments  do  not  affect  other
         Contractors, to aid the Contractor in conforming to such law within the
         Contractor's distribution system.

ARTICLE C. PAYMENT PROVISIONS

         1.  The  payments  to be made by  Contractor  and Each  Contractor  for
         delivery of treated water shall be a price per acre-foot based upon the
         pricing  policy  adopted by the Board,  dated January 18, 1971, as from
         time to time amended,  which is set forth in Exhibit D, attached hereto
         and by this reference made a part hereof, and shall be the total of the
         basic water  charges and treated  water  surcharge as determined by the
         District Board for each period for which a rate schedule is effective.

         2. In determining  the above  charges,  the basic water charge shall be
         equal  to   District's   groundwater   charge  for  water   other  than
         agricultural  water (said words  "agricultural  water" being defined in
         the Act) in Zone W-2,  which shall be determined  annually by the Board
         in accordance  with the legal  provisions and  requirements of the Act;
         provided,  however,  that  during each rate  period the  District  will
         consider  all  anticipated  costs for each

<PAGE>

         such rate period and will  endeavor to establish  during the first year
         of such rate  period a  groundwater  charge  that is intended to remain
         constant for the full rate period.

         3.  District  shall  charge  for  the  delivery  of  treated  water  in
         accordance  with the rate  schedule  for  water  service  as such  rate
         schedule is  established  by the Board.  The Board of  Directors  shall
         review said rate  schedule  every three years to determine  whether the
         schedule is in accordance  with the most recent and  anticipated  costs
         and revenues of District. Accordingly, the Board shall, on or about the
         second  Tuesday  in March  1981,  but not later  than  April 15,  1981,
         establish a rate schedule for the rate period  commencing  July 1, 1981
         through June 30, 1984, and shall follow said procedure for each ensuing
         three-year  period.  Each such rate schedule  shall be  prospective  in
         operation,  but shall  provide for the recovery of  expenditures  to be
         recovered  by the basic water  charge and the treated  water  surcharge
         during the period said rates are in effect and any shortages of revenue
         for said  expenditures  that  may  have  been  experienced  during  the
         preceding  rate  periods.  It  is  agreed  that  the  rates  to  be  so
         established shall not be unreasonable or arbitrary, shall be based upon
         reasonable  estimates  of costs and water  deliveries  and shall be the
         same for Contractor and Other Contractors and all other persons, public
         or private,  purchasing treated water from District,  regardless of the
         point of delivery of such water by District; District agrees to use its
         best efforts throughout the term of this contract to collect from Other
         Contractors,  and such  other  persons  in  accordance  with  such rate
         schedules,  the appropriate  sums of money without  deduction or offset
         according to the respective  amounts of treated water  delivered by the
         District.

         4.  Contractor  shall pay  District  the rate or rates set forth on the
         rate schedules  during the period said rate schedules are effective for
         all  water  delivered  to  the  Contractor;   provided,  however,  that
         Contractor  shall  pay  District  at least a minimum  charge  each year
         applicable  to water  scheduled  to be  delivered  in such year,  which
         minimum  charge shall be based upon an amount of treated water equal to
         90 percent  of the total  amount of treated  water to be  delivered  to
         Contractor  during that fiscal year as shown on the  approved  delivery
         schedule;  provided,  however, that if Contractor during any other year
         of the current rate schedule period has purchased water in excess of 90
         percent

<PAGE>

         of the water scheduled to be delivered to Contractor  during such other
         year,  such delivery in excess of 90 percent for such other year may be
         used as a credit  against years in such rate  schedule  period in which
         Contractor  received less than 90 percent of the treated water as shown
         on the approved delivery schedule, and if Contractor has paid, pursuant
         to  such  annual  minimum  charge,  for  water  not  delivered  to  it,
         Contractor  shall  have the right to  receive  such  undelivered  water
         without  additional  payment  during the  remainder of the then current
         rate schedule period at times when District has the delivery capability
         provided further, however, that:

                  a) If in any day of any year during the term hereof, District,
                  for any reason,  including reduced deliveries  pursuant to the
                  provisions  of  Article D hereof,  shall be unable to  deliver
                  treated  water to Contractor in an amount equal to 1/30 of the
                  then current monthly  scheduled amount as set forth in Article
                  B, Section 1(e) as expressed as a uniform  daily  volume,  the
                  then  minimum  charge  for that  year  shall be based  upon an
                  amount of water as calculated above in Section 4 reduced by an
                  amount  equal to the  reduction  required by District for each
                  day a reduced delivery is required.

                  b) If in any day of any year during the term  hereof  District
                  shall offer to deliver to Contractor water which shall fail to
                  meet the quality  requirements set forth in Article B, Section
                  7, hereof,  then Contractor  shall have the right to refuse to
                  accept or reduce  deliveries of water from District until such
                  time as such water shall meet said  quality  requirements.  In
                  such event Contractor shall immediately  notify District,  and
                  confirm in writing  within 5 days of the beginning of any such
                  period.  In any such  year the then  minimum  charge  shall be
                  reduced by an amount  equal to the volume of water  reduced by
                  the  Contractor  up to an  amount  equal  to 1/30 of the  then
                  current  monthly  scheduled  amount as set forth in Article B,
                  Section  1(e), as expressed as a uniform daily volume for each
                  day  that  water  service  is so  refused  or  reduced  by the
                  Contractor.  If  Contractor  at any time, or from time to time
                  during  the term  hereof,  should  have the right to refuse to
                  accept  water  from   District  by  reason  of  the  foregoing
                  provisions of this Subsection 4b, but should nevertheless fail
                  to

<PAGE>

                  exercise such right,  such failure shall in no event be deemed
                  to waive or limit exercise of such right by Contractor. Except
                  as set forth by the  foregoing  provisions  of this Section 4,
                  Contractor  shall  not be  obligated  to pay for any water not
                  accepted by it.  Nothing  contained in this Section 4 shall in
                  any way be deemed to limit Contractor's  obligation to pay for
                  all water accepted by it from District in accordance  with the
                  appropriate  rate set forth  from  time to time in  District's
                  then applicable rate schedule.

                  c) If in any  year  during  the  term  hereof,  the  Board  of
                  Directors of District  shall by  Resolution  place in effect a
                  water  reduction  program  in excess of 10  percent  of normal
                  usage, the monthly scheduled  amounts or portions thereof,  as
                  set forth in Article B,  Section  le, for that  portion of the
                  year when such water  reduction  program is in effect shall be
                  reduced  by the  same  percentage  as  required  by the  water
                  reduction  program less 10 percent.  The  Contractor  shall be
                  notified in writing of such water reduction program.

         5. Surplus - If District  shall  determine,  in  accordance  with sound
         accounting practice,  that the aggregate of the revenues received by it
         in any fiscal year, or any rate period,  during the term hereof a) from
         the sale of treated water to Contractor and Other Contractors,  b) from
         the sale of raw water,  and c) through  collection  of the  groundwater
         charges referred to in Article E hereof, has exceeded  District's costs
         and expenses  during such year, or rate period,  District  shall retain
         such  excess  and  reserve  the  same  for   purchases  of  raw  water,
         construction,  maintenance  or  operation  of  existing  or  additional
         facilities for the  importation,  conservation,  treatment or wholesale
         distribution of water,  reduce its scheduled price of treated water or,
         subject to the provisions of the Act, reduce said groundwater  charges.
         It is understood that the object in computing rates under this contract
         is to  cover  the  costs  related  to  the  importation,  conservation,
         treatment or wholesale distribution of water.

         6. Non-Contract Water - The term "non-contract water" refers to treated
         water  found by District to be  available  for  delivery to the treated
         water  contractors in addition to the scheduled  amounts.  Non-contract
         water may be available only at such times and such prices as determined

<PAGE>

         by the District.  District will notify  Contractor in writing  thereof.
         Deliveries of non-contract  water to Contractor will only be made after
         Contractor has purchased 100 percent of the monthly scheduled amount as
         set forth in  Article  B,  Section  1(e).  Further,  at the end of each
         fiscal year an adjustment in billing will be made and  Contractor  will
         be  required  to have paid for 100  percent  of the  approved  delivery
         scheduled  amount,  less any other  adjustments  before the purchase of
         non-contract water is allowed.  During any period in which non-contract
         water is not  available  and  Contractor  takes  water in excess of its
         scheduled  amount,  such  water  will not be  reclassified  and will be
         charged  for at the full  contract  price.  Water  taken in  excess  of
         scheduled  amounts  during  periods  when  non-contract  water  is  not
         available  may be credited  as a part of  Contractor's  minimum  annual
         charge.

         7.  Billings - Billings  shall be made monthly as follows:  On or about
         the  first  of each  month  District  will  send to  Contractor  a bill
         calculated  in accordance  with the  provisions of Article C hereof for
         all treated  water  accepted by  Contractor  from  District  during the
         preceding  month. The final bill for each fiscal year shall include any
         sums due for the  minimum  charge  required  by Article  C,  Section 4,
         hereof.  District  shall  make  every  effort  to make  required  meter
         readings on the last day of each calendar month,  but District shall be
         entitled  to make such  readings  three  days prior to the close of any
         calendar  month or within five days after the beginning of any calendar
         month.

         8. Time and Method of Payment - Payments shall be made by Contractor to
         District within twenty 20 days after billing by District.  In the event
         that  Contractor  in good  faith  contests  the  accuracy  of any  bill
         submitted  to it  pursuant  to this  contract,  it shall give  District
         notice  thereof  at least  five (5)  days  prior to the day upon  which
         payment of the stated amount is due. To the extent that District  finds
         Contractor's  contentions  regarding  the  statement to be correct,  it
         shall  revise  the  statement  accordingly  and  Contractor  shall make
         payment of the  amounts on or before the due date.  To the extent  that
         District does not find Contractor's  contentions to be correct or where
         time is not available for a review of such contentions prior to the due
         date,  Contractor shall pay the billed amount on or before the due date
         and may make the contested  part of such

<PAGE>

         payment  under  protest and seek to recover the amount in question from
         District.

ARTICLE D. AVAILABILITY OF WATER

         1. In any year in which  there may occur a water  shortage by reason of
         drought or other  temporary  cause in the supply of water available for
         delivery to all users, District shall, before reducing other deliveries
         of water, reduce, or if necessary cease, to the extent permitted by the
         operation of District's  facilities  consistent with its obligations to
         receive  water  pursuant  to the State  and/or  Federal  Contract,  all
         deliveries of untreated water for recharge of groundwaters.

         2. If,  despite  such  reduction or  cessation  of such  deliveries  of
         untreated water for groundwater  recharge pursuant to the provisions of
         the preceding Section 1, a further reduction in deliveries shall become
         necessary if the treated water  requirements  set forth on the approved
         delivery  schedule of Contractor and Other  Contractors  are to be met,
         District  shall,  before  reducing  deliveries to Contractor  and Other
         Contractors,  reduce the total amount of agricultural water (as defined
         in the Act) released to others for surface  delivery during such fiscal
         year by an amount equal to the  following:  namely,  the average of the
         releases  of  such  surface-delivered  agricultural  water  during  the
         preceding  three fiscal years  multiplied  by the  percentage  by which
         District's  total  receipt of water from State and Federal  sources for
         agricultural  use (as such use is  defined  in the  State  and  Federal
         Contracts)  is  reduced in such year  pursuant  to  provisions  of said
         contracts.

         3. If any  reduction  in  deliveries  of  treated  water  shall  become
         necessary  following  reductions  in  untreated  water  pursuant to the
         provisions  of the preceding  Sections 1 and 2,  District  shall reduce
         deliveries of treated water to Contractor  and Other  Contractors in an
         amount  which  bears the same  proportion  to the total  amount of such
         reduction  that  the  amount  included  in such  treated  water  user's
         approved delivery schedule bears to the total of the amount included in
         the approved  delivery schedule of Contractor and Other Contractors for
         that fiscal year, all as determined by District; provided that District
         may  apportion  on some other basis if such is required to meet minimum
         demands for domestic supply, fire protection,  or sanitation during the
         year.  District agrees to notify

<PAGE>

         Contractor  in  writing  promptly  in the event any such  reduction  in
         deliveries to Contractor  and Other  Contractors  shall be decided upon
         and  concurrently of the amount of such reduction and of any changes in
         Contractor's approved delivery schedule.

         4.  District  shall not be  liable  for  failure  to  deliver  water to
         Contractor  hereunder  in the  amounts  hereinabove  provided  if  such
         failure  shall be caused by  drought  or any other  reason  beyond  the
         reasonable control of District.

         5. District shall give  Contractor  written notice as far in advance as
         possible of any  reduction in  deliveries of treated water which may be
         necessary because of a shortage in water supply.

ARTICLE E. GROUNDWATER CHARGE

         District agrees that in establishing or modifying the boundaries of any
zone pursuant to the provisions of the Act, it will not act in an  unreasonable,
arbitrary,  capricious or discriminatory manner. District further agrees that it
will use its best  efforts  throughout  the term of this  contract  to  collect,
without deduction or offset,  from all persons  operating  groundwater-producing
facilities  (as  said  words  are  defined  in  Section  26.1  of the  Act)  the
groundwater  charges at the rates per acre-foot of water then  applicable in the
zone of the District in which each such facility is located.

ARTICLE F. REMEDIES

         By  reason  of the  specialized  nature  of  the  water  service  to be
rendered,  and for the further  reason  that the extent of any damage  caused to
either  party by the  other by  reason of any  breach  of this  contract  may be
extremely  difficult to  determine,  it is agreed by the parties  hereto that an
action for damages is an  inadequate  remedy for any breach,  and that  specific
performance,  without precluding any other remedy available in equity or at law,
will be necessary to furnish either party hereto with an adequate remedy for the
breach hereof.

ARTICLE G. GENERAL PROVISIONS

         1.  Amendments  - This  Contract  may be  amended at any time by mutual
         agreement of the parties, except insofar as any proposed amendments are
         in any way  contrary to  applicable  law.  District  agrees that in the
         event of legally

<PAGE>

         enforceable  action  by  a  cognizant   governmental  body,  either  a)
         producing  a  prospective  change  in the  volume  of use of  water  by
         Contractor's customers, as by the imposition of an order suspending new
         services, or b) requiring reuse of wastewater or forbidding or limiting
         the discharge of wastewater into San Francisco Bay,  District will make
         such amendments to Exhibit B of this contract as the  circumstances may
         reasonably and equitability require.

         2. Challenge of Laws - Nothing herein  contained  shall be construed as
         stopping or otherwise preventing Contractor or District from contesting
         by litigation  or other lawful means the  validity,  constitutionality,
         construction, or application of any law of this State, any ordinance of
         District,   or  any  rule,   regulation  or  practice  of  District  or
         Contractor.

         3. Waiver of Rights - Any waiver at any time by either  party hereto of
         its rights  with  respect to a default or any other  matter  arising in
         connection  with this contract  shall not be deemed to be a waiver with
         respect  to any other  default  or  matter.  None of the  covenants  or
         agreements herein contained can be waived except by the written consent
         of the waiving party.

         4. Notices - All notices or other writings in this contract provided to
         be  given or made or sent,  or which  may be given or made or sent,  by
         either  party  hereto to the other,  shall be deemed to have been fully
         given or made or sent when made in writing and  deposited in the United
         States mail, registered,  or certified,  postage prepaid, and addressed
         as follows:

                  To District:               Santa Clara Valley Water District
                                             5750 Almaden Expressway
                                             San Jose, California  95118

                  To Contractor:             San Jose Water Works
                                             374 West Santa Clara St.
                                             San Jose, CA  95196

The address to which any notice or other writing may be given or made or sent to
either  party may be changed  upon  written  notice given by such party as above
provided.

         5. Separability - If any one or more of the covenants or agreements set
         forth in this contract on the part of

<PAGE>

         District or  Contractor,  or either of them, to be performed  should be
         contrary  to any  provision  of law or contrary to the policy of law to
         such  extent  as  to  be   unenforceable  in  any  court  of  competent
         jurisdiction, then such covenant or covenants, agreement or agreements,
         shall be null and void and shall be deemed separable from the remaining
         covenants  and  agreements  and shall in nowise  affect the validity of
         this contract.

         6.  Paragraph  Headings - Paragraph  headings in this  contract are for
         convenience only and are not to be construed as a part of this contract
         or in any way limiting or amplifying the provisions hereof.

         7. Other  Contracts - District agrees that each contract for the supply
         of treated  water  hereafter  entered  into by District  with any Other
         Contractor  shall  contain  provisions  substantially  similar to those
         herein set forth and shall not  contain  any  provisions  of a material
         nature  more  favorable  to the Other  Contractor  than the  provisions
         herein applicable to the Contractor.

IN WITNESS  WHEREOF,  District  has caused  this  contract to be executed by the
Chairman of its Board of Directors  and caused its Official  Seal to be hereunto
affixed and Contractor has caused these presents to be executed on July 21, 1980
by its duly authorized officer.

ATTEST: SUSAN A. EKSTRAND
SANTA CLARA VALLEY WATER DISTRICT

---------------------------------
Clerk Pro Tem of the Board of Directors

Approved as to form:

---------------------------------
General Counsel, Santa Clara
Valley Water District

<PAGE>

ATTEST:
SAN JOSE WATER WORKS

By
   ----------------------------------

Its          President
    ---------------------------------
"Contractor"

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

Approved as to form:

---------------------------
Attorney for Contractor

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