Document:

RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                             BANKERS TRUST COMPANY,

                                     Trustee

                               SERIES SUPPLEMENT,

                          Dated as of February 1, 2001,

                                       TO

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

                 Mortgage Asset-Backed Pass-Through Certificates

                                 Series 2001-QS2

<PAGE>

<TABLE>
<CAPTION>

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

 Section 1.01.    Definitions...............................................................4

 Section 1.02.    Use of Words and Phrases.................................................15

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........16

 Section 2.01.    Conveyance of Mortgage Loans.  (See Section 2.01 of the Standard
         Terms)   .........................................................................16

 Section 2.02.    Acceptance by Trustee.  (See Section 2.02 of the Standard Terms).........16

 Section 2.03.    Representations, Warranties and Covenants of the Master Servicer and
         the Company.......................................................................16

 Section 2.04.    Representations and Warranties of Sellers. (See Section 2.04 of the
         Standard Terms)...................................................................19

 Section 2.05.    Execution and Authentication of Certificates/ Issuance of
         Certificates Evidencing Interests in REMIC I Certificates.........................19

 Section 2.06.    Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
         Acceptance by the Trustee.........................................................19

 Section 2.07.    Issuance of Certificates Evidencing Interest in REMIC II.................20

 Section 2.08.    Negative Covenants of the Trust Fund.....................................20

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

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................22

 Section 4.01.    Certificate Account.  (See Section 4.01 of the Standard Terms)...........22

 Section 4.02.    Distributions............................................................22

 Section 4.03.    Statements to Certificateholders.  (See Section 4.03 of the Standard
         Terms and Exhibit Three attached hereto)..........................................32

 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).....................32

 Section 4.05.    Allocation of Realized Losses............................................32

 Section 4.06.    Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
         Section 4.06 of the Standard Terms)...............................................33

 Section 4.07.    Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of
         the Standard Terms)...............................................................33

 Section 4.08.    Surety Bond. (See Section 4.08 of the Standard Terms)....................33

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

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

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

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

<PAGE>

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

Article X         REMIC PROVISIONS.........................................................39

 Section 10.01.   REMIC Administration.  (See Section 10.01 of the Standard Terms).........39

 Section 10.02.   Master Servicer; REMIC Administrator and Trustee Indemnification.
         (See Section 10.02 of the Standard Terms).........................................39

 Section 10.03.   Designation of REMICs....................................................39

 Section 10.04.   Distributions on the Uncertificated REMIC I and REMIC II Regular
         Interests...........................................................................
         39

 Section 10.05.   Compliance with Withholding Requirements.................................41

Article XI        MISCELLANEOUS PROVISIONS.................................................42

 Section 11.01.   Amendment.  (See Section 11.01 of the Standard Terms)....................42

 Section 11.02.   Recordation of Agreement.  Counterparts.  (See Section 11.02 of the
         Standard Terms)...................................................................42

 Section 11.03.   Limitation on Rights of Certificateholders.  (See Section 11.03 of
         the Standard Terms)...............................................................42

 Section 11.04.   Governing Laws.  (See Section 11.04 of the Standard Terms)...............42

 Section 11.05.   Notices..................................................................42

 Section 11.06.   Required Notices to Rating Agency and Subservicer.  (See Section
         11.06 of the Standard Terms)......................................................43

 Section 11.07.   Severability of Provisions. (See Section 11.07 of the Standard Terms)....43

 Section 11.08.   Supplemental Provisions for Resecuritization.  (See Section 11.08 of
         the Standard Terms)...............................................................43

 Section 11.09.   Allocation of Voting Rights..............................................43

 Section 11.10.   No Petition..............................................................43

</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 February 1, 2001

<PAGE>

        This is a Series  Supplement,  dated as of February 1, 2001 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of February 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 one or more real estate  mortgage  investment  conduits (each, a "REMIC") for
federal income tax purposes.

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

                                        1

<PAGE>

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

                              Aggregate
                               Initial                                       Standard &
                             Certificate                                      Poor's /
                Pass-Through  Principal                        Maturity      -----------       Minimum
 Designation      Rate        Balance        Features1           Date           Fitch     Denominations2
                              --------
                                                             February 25,
<S>              <C>      <C>                                    <C>                         <C>
Class CB         7.25%    $103,999,000.00       Senior           2031          AAA/AAA       $25,000.00
Class NB-1       7.00%    $70,200,000.00        Senior       February 25,      AAA/AAA       $25,000.00
                                                                 2031
Class NB-1A      7.25%        $0.00          Senior/Interest February 25,      AAA/AAA           3
                                                 Only            2031
Class NB-2       7.00%    $6,594,000.00         Senior       February 25,      AAA/AAA       $25,000.00
                                                                 2031
Class NB-2A      7.25%        $0.00          Senior/Interest February 25,      AAA/AAA            3
                                                 Only            2031
Class NB-3       7.25%    $9,628,000.00         Senior       February 25,      AAA/AAA       $25,000.00
                                                                 2031
Class NB-4       7.25%    $10,381,000.00     Senior/Lockout  February 25,      AAA/AAA       $25,000.00
                                                                 2031
Class A-P        0.00%      $20,353.22       Senior/PrincipalFebruary 25,      AAA/AAA       $25,000.00
                                                 Only            2031
Class A-V       Variable      $0.00          Senior/Variable February 25,      AAA/AAA           5
                Rate4                        Rate/Interest       2031
                                                 Only
Class R-I        7.25%       $100.00         Senior/Residual February 25,      AAA/AAA           6
                                                                 2031
Class R-II       7.25%       $100.00         Senior/Residual February 25,      AAA/AAA           6
                                                                 2031
Class M-1        7.25%    $7,538,500.00        Mezzanine     February 25,       NA/AA        $25,000.00
                                                                 2031
Class M-2        7.25%    $2,368,800.00        Mezzanine     February 25,       NA/A         $250,000.00
                                                                 2031
Class M-3        7.25%    $2,261,300.00        Mezzanine     February 25,      NA/BBB        $250,000.00
                                                                 2031
Class B-1        7.25%     $969,200.00        Subordinate    February 25,       NA/BB        $250,000.00
                                                                 2031
Class B-2        7.25%     $646,100.00        Subordinate    February 25,       NA/B         $250,000.00
                                                                 2031
Class B-3        7.25%     $753,850.57        Subordinate    February 25,       NA/NA        $250,000.00
                                                                 2031

</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 Class NB-1A  Certificates and Class NB-2A Certificates will be issuable
     in 100% Percentage Interest denominations.

4    The Initial Pass-Through Rate on the Class A-V Certificates is 1.0108%.

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

6    Each  class of 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 $215,360,303.79.

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

                                        2

<PAGE>
                                    Article I

                                   DEFINITIONS

Section 1.01...Definitions.

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

        Bankruptcy  Amount:  As of any date of determination  prior to the first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$152,000 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

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

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

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

               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

                                        4

<PAGE>

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

     CB Loan Group: The group of Mortgage Loans comprised of the Group CB Loans.

     Certificate: Any Class CB, Class NB, Class A-P, Class A-V, 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 2001-QS2" and which must be an Eligible Account.

        Certificate Policy:  None.

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

        Class CB Certificate: Any one of the Class CB Certificates,  executed by
the Trustee and authenticated by the Certificate Registrar  substantially in the
form annexed to the Standard  Terms as Exhibit A, which  Certificates  relate to
the Group CB Loans.

        Class CB 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  Class  CB  Certificates  and  Class  R
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)  in  the CB  Loan  Group  immediately  prior  to  such
Distribution Date.

        Class CB Principal Distribution Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available Distribution Amount related to the CB
Loan Group  remaining  after the  distribution  of all  amounts  required  to be
distributed  pursuant to Section  4.02(a)(i)(X),  after the  distribution of the
portion of the amounts required to be distributed  therefrom pursuant to Section
4.02(a)(i)(Z),  and  after  the  distribution  of  the  amount  required  to  be
distributed   to  the  Class  A-P   Certificateholders   pursuant   to   Section
4.02(a)(ii)(X)  or, after the Credit Support Depletion Date, the amount required
to be  distributed  to the  Class A-P  Certificateholders  pursuant  to  Section
4.02(d), and (b) the sum of the amounts required to be distributed  therefrom to
the  Class  CB  Certificateholders   and  Class  R  Certificateholders  on  such
Distribution   Date   pursuant  to  Sections   4.02(a)(ii)(Y),   4.02(a)(ii)(Z),
4.02(a)(xvii) and 4.02(a)(xviii).

        Class NB  Certificate:  Any one of the Class NB-1,  Class  NB-1A,  Class
NB-2,  Class  NB-2A,  Class NB-3 and Class NB-4  Certificates,  executed  by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed to the  Standard  Terms as Exhibit A, which  Certificates  relate to the
Group NB Loans.

                                        5

<PAGE>

        Class NB 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 Class NB 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) in the
NB Loan Group immediately prior to such Distribution Date.

        Class NB Principal Distribution Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available Distribution Amount related to the NB
Loan Group  remaining  after the  distribution  of all  amounts  required  to be
distributed  pursuant to Section  4.02(a)(i)(Y),  after the  distribution of the
portion of the amounts required to be distributed  therefrom pursuant to Section
4.02(a)(i)(Z),  and  after  the  distribution  of  the  amount  required  to  be
distributed   to  the  Class  A-P   Certificateholders   pursuant   to   Section
4.02(a)(ii)(X)  or, after the Credit Support Depletion Date, the amount required
to be  distributed  to the  Class A-P  Certificateholders  pursuant  to  Section
4.02(d), and (b) the sum of the amounts required to be distributed  therefrom to
the Class NB  Certificateholders  on such Distribution Date pursuant to Sections
4.02(a)(ii)(Y), 4.02(a)(ii)(Z) and 4.02(a)(xvii).

     Class R Certificate:  Any one of the Class R-I  Certificates and Class R-II
Certificates.

        Class R-I Certificate: Any one of the Class R-I 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  REMIC I for  purposes  of the  REMIC
Provisions.

        Class R-II Certificate:  Any one of the Class R-II 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 REMIC II for  purposes  of the  REMIC
Provisions.

        Closing Date:  February 28, 2001.

     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 2001-QS2.

        Cut-off Date:  February 1, 2001.

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

        Discount Net Mortgage Rate:  7.25% 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.

                                        6

<PAGE>

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

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

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

        Group CB Loans:  The Mortgage  Loans  designated  on the  Mortgage  Loan
Schedule as Group CB Loans,  having  original  principal  balances  less than or
equal to (i)  $275,000  in the  case of  Mortgage  Loans  secured  by  mortgaged
properties  consisting of a single  dwelling unit,  (ii) $351,950 in the case of
Mortgage Loans secured by mortgaged properties consisting of two dwelling units,
(iii)  $425,400 in the case of Mortgage  Loans  secured by mortgaged  properties
consisting of three  dwelling  units,  and (iv) $528,700 in the case of Mortgage
Loans secured by mortgaged properties consisting of four dwelling units.

        Group NB Loans:  The Mortgage  Loans  designated  on the  Mortgage  Loan
Schedule as Group NB Loans,  having original  principal  balances  exceeding the
amounts  listed in clauses (i) through (iv) of the definition of Group CB Loans,
except for 5.9% of the Group NB Loans,  which have original  principal  balances
that meet the restrictions  applicable to the CB Loan Group described in clauses
(i) through (iv) of the preceding sentence.

        Initial Monthly Payment Fund: $35,160,  representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on March 1, 2001,  for those  Mortgage  Loans for which the Trustee  will not be
entitled to receive such payment.

                                        7

<PAGE>

        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
REMIC I Regular  Interests Z represented by such Class or Subclass on such date;
with respect to any Class NB-1A Certificate,  $709,592; and, with respect to any
Class NB-2A Certificate, $1,938,476.

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

        Class M-1: 3.50%.....       Class B-1: 0.45%
        Class M-2: 1.10%.....       Class B-2: 0.30%
        Class M-3: 1.05%.....       Class B-3: 0.35%

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

     Interest  Only  Certificates:  Any one of the Class  NB-1A,  Class NB-2A or
Class A-V Certificates.  The Interest Only Certificates will have no Certificate
Principal Balance.

        Loan Group: Either or both of the CB Loan Group or the NB Loan Group.

        Lockout Certificates:  Any one of the Class NB-4 Certificates.

        Lockout  Percentage:  For any  Distribution  Date occurring prior to the
Distribution  Date in  March  2006  will be 0%,  and for any  Distribution  Date
thereafter will be as follows:  30% for any Distribution  Date on or after March
2006 and prior to March 2007;  40% for any  Distribution  Date on or after March
2007 and prior to March 2008;  60% for any  Distribution  Date on or after March
2008 and prior to March 2009;  80% for any  Distribution  Date on or after March
2009 and prior to March 2010; and 100% for any Distribution Date thereafter.

     Maturity  Date:  February  25,  2031,  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");

                                        8

<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.

     NB Loan Group: The group of Mortgage Loans comprised of the Group NB Loans.

        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 REMIC I Regular Interests Z represented by such Class or Subclass
immediately prior to such date. As of any Distribution Date, with respect to the
Class NB-1A  Certificates,  an amount equal to the excess,  if any, of 1/29th of
the  aggregate  of  the  Certificate   Principal  Balances  of  the  Class  NB-1
Certificates and Class NB-2  Certificates  over $1,938,476.  With respect to the
Class NB-2A Certificates, as of any Distribution Date prior to and including the
date on which the Notional Amount of the Class NB-1A  Certificates is reduced to
zero,  an  amount  equal  to  $1,938,476.   With  respect  to  the  Class  NB-2A
Certificates,  as of any Distribution  Date after the date on which the Notional
Amount of the Class NB-1A  Certificates  is reduced to zero,  an amount equal to
1/29th of the aggregate of the Certificate  Principal Balances of the Class NB-1
Certificates and Class NB-2 Certificates.  Notwithstanding the foregoing,  on or
after the Credit  Support  Depletion  Date,  the Notional  Amount of each of the
Class NB-1A  Certificates and the Class NB-2A  Certificates will be equal to its
respective  Notional Amount  immediately  prior to the Credit Support  Depletion
Date,  reduced  by such  class'  pro rata  share  of  1/29th  of the  cumulative
reduction  of the  aggregate  Certificate  Principal  Balances of the Class NB-1
Certificates  and  Class  NB-2  Certificates  on and after  the  Credit  Support
Depletion  Date.  Each such  class'  pro rata  share of such  reduction  will be
determined in accordance with its respective Certificate Principal Balance.

        Pass-Through  Rate:  With  respect to the Class CB,  Class NB,  Class M,
Class B and Class R 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

                                        9

<PAGE>

Rates  of all  Mortgage  Loans  as of the Due Date in the  related  Due  Period,
weighted  on the  basis of the  respective  Stated  Principal  Balances  of such
Mortgage Loans as of the day immediately  preceding such  Distribution Date (or,
with respect to the initial  Distribution  Date, at the close of business on the
Cut-off  Date).  With  respect  to the Class A-V  Certificates  and the  initial
Distribution  Date the  Pass-Through  Rate is equal to 1.0108%  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  REMIC I Regular
Interests Z  represented  by such Subclass as of the Due Date in the related Due
Period,  weighted on the basis of the respective  Stated  Principal  Balances of
such Mortgage Loans as of the day immediately  preceding such  Distribution Date
(or with respect to the initial  Distribution  Date, at the close of business on
the Cut-off Date). The Principal Only Certificates have no Pass-Through Rate and
are not entitled to Accrued Certificate Interest.

        Prepayment  Assumption:   The  prepayment  assumption  to  be  used  for
determining  the  accrual of  original  issue  discount  and  premium and market
discount on the Certificates  for federal income tax purposes,  which is 125% of
the  following:  a  constant  prepayment  rate of 4.0%  per  annum  of the  then
outstanding  principal  balance of the related Mortgage Loans in the first month
of the life of such Mortgage  Loans and an additional  1.0909% per annum in each
month thereafter until the twelfth month, and beginning in the twelfth month and
in each month  thereafter  during  the life of the  Mortgage  Loans,  a constant
prepayment rate of 16.0% per annum.

        Prepayment  Distribution  Percentage:  With respect to any  Distribution
Date and the Available Distribution Amount for each Loan Group 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
               2006 (unless the Certificate  Principal  Balances of the Class CB
               Certificates  and Class R Certificates or Class NB  Certificates,
               as applicable, 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

                                        10

<PAGE>

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

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

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

        Related  Classes:  As to any  Uncertificated  REMIC I Regular  Interest,
those classes of Certificates identified as "Related Classes of Certificates" to
such Uncertificated REMIC I Regular Interest in the definition of Uncertificated
REMIC I Regular Interest.

     REMIC I: The  segregated  pool of  assets,  with  respect  to which a REMIC
election is to be made, consisting of:

               (i)    the Mortgage Loans and the related Mortgage Files,

               (ii)   all  payments 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, but not including amounts
                      on deposit in the Initial Monthly Payment Fund,

                                        11

<PAGE>

               (iii)  property  which secured a Mortgage Loan and which 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  Mortgage  Loan,  and the  interest  in the
                      Surety Bond transferred to the Trustee pursuant to Section
                      2.01 herein, and

               (v)    all proceeds of clauses (i) through (iv) above.

        REMIC I Certificates:  The Class R-I Certificates.

        REMIC II: The segregated pool of assets consisting of the Uncertificated
REMIC I Regular  Interests  conveyed  in trust to the Trustee for the benefit of
the  holders  of  each  Class  of   Certificates   (other  than  the  Class  R-I
Certificates)  pursuant to Section 2.06,  with respect to which a separate REMIC
election is to be made.

     REMIC II Certificates:  Any Class of Certificates (other than the Class R-I
Certificates).

        Senior Certificate:  Any one of the Class CB, Class NB, Class A-P, Class
A-V 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:  The Class CB  Percentage  or Class NB  Percentage,  as
applicable.

     Senior Principal  Distribution Amount: The Class CB Principal  Distribution
Amount or the Class NB Principal Distribution Amount, as applicable.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$2,153,603  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the outstanding  principal  balance
of the  Mortgage  Loan in the  Trust  Fund  which  has the  largest  outstanding
principal   balance  on  the  Distribution   Date  immediately   preceding  such
anniversary,  (ii) the product of 1.00% multiplied by the outstanding  principal
balance of all Mortgage Loans on the  Distribution  Date  immediately  preceding
such anniversary and (iii) the aggregate  outstanding  principal  balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single
five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate  principal  balance as of such  anniversary and (B) the greater of (i)
the product of 0.50%  multiplied  by the  outstanding  principal  balance of all
Mortgage Loans on the Distribution  Date immediately  preceding such anniversary
multiplied  by a  fraction,  the  numerator  of which is equal to the  aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of all of the Mortgage  Loans secured by Mortgaged  Properties  located in
the State of California divided by the aggregate  outstanding  principal balance
(as of the  immediately  preceding  Distribution  Date)  of all of the  Mortgage

                                        12

<PAGE>

Loans, expressed as a percentage, and the denominator of which is equal to 28.8%
(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.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and Loan Group and each Class of Subordinate Certificates, (a)
the sum of the  following:  (i)  such  Class's  pro  rata  share,  based  on the
Certificate  Principal  Balance of each Class of Subordinate  Certificates  then
outstanding,  of the aggregate of the amounts calculated  (without giving effect
to the related Senior  Percentages) for such  Distribution  Date for the related
Loan Group under  clauses (1), (2) and (3) of Section  4.02(a)(ii)(Y)(A)  to the
extent not payable to the Senior Certificates; (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)  for the related Loan Group  (without  giving effect to the
related  Senior  Accelerated  Distribution   Percentages)  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 for
the  related  Loan Group  (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 the  related  Loan Group for such
Distribution  Date; and (v) any amounts described in clauses (i), (ii) and (iii)
as determined for any previous  Distribution Date, that remain  undistributed to
the extent that such amounts are not  attributable to Realized Losses which have
been allocated to a Class of Subordinate  Certificates minus (b) with respect to
the Class of  Subordinate  Certificates  with the  Lowest  Priority,  any Excess
Subordinate Principal Amount for such Distribution Date; provided, however, that
the  Subordinate  Principal  Distribution  Amount  for any Class of  Subordinate
Certificates on any  Distribution  Date shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.

        Uncertificated Accrued Interest: With respect to each Distribution Date,
(i)  as to  each  Uncertificated  REMIC  I  Regular  Interest  other  than  each
Uncertificated  REMIC I Regular  Interest  Z, an amount  equal to the  aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition  thereof on the Related Classes of  Certificates if the  Pass-Through
Rate on such Classes were equal to the Uncertificated  Pass-Through Rate on such

                                        13

<PAGE>

Uncertificated REMIC I Regular Interest,  (ii) as to each Uncertificated REMIC I
Regular  Interest  Z and each  Uncertificated  REMIC II Regular  Interest  Z, an
amount  equal to one  month's  interest  at the Pool Strip  Rate of the  related
Mortgage  Loan on the  principal  balance of such  Mortgage Loan reduced by such
Interest's  pro-rata  share  of any  prepayment  interest  shortfalls  or  other
reductions of interest allocable to the Class A-V Certificates.

        Uncertificated   Pass-Through   Rate:   With  respect  to  each  of  the
Uncertificated  REMIC I Regular  Interests  the per annum rate  specified in the
definition of  Uncertificated  REMIC I Regular  Interests.  With respect to each
Uncertificated  REMIC I  Regular  Interest  Z and each  Uncertificated  REMIC II
Regular Interest Z, the Pool Strip Rate for the related Mortgage Loan.

        Uncertificated  Principal Balance:  With respect to each  Uncertificated
REMIC I Regular Interest, as defined in the definition of Uncertificated REMIC I
Regular Interest.

        Uncertificated  REMIC I Regular Interests:  The  Uncertificated  REMIC I
Regular  Interests Z together with the interests  identified in the table below,
each  representing an undivided  beneficial  ownership  interest in REMIC I, and
having the following characteristics:

     1.   The principal balance from time to time of each Uncertificated REMIC I
          Regular  Interest  identified  in the table  below shall be the amount
          identified  as the Initial  Principal  Balance  thereof in such table,
          minus  (ii) the sum of (x) the  aggregate  of all  amounts  previously
          deemed distributed with respect to such interest and applied to reduce
          the  Uncertificated  Principal  Balance  thereof  pursuant  to Section
          10.04(a)(ii)  and (y) the aggregate of all  reductions in  Certificate
          Principal  Balance deemed to have occurred in connection with Realized
          Losses that were  previously  deemed  allocated to the  Uncertificated
          Principal  Balance  of such  Uncertificated  REMIC I Regular  Interest
          pursuant to Section  10.04(d),  which equals the  aggregate  principal
          balance of the Classes of  Certificates  identified as related to such
          Uncertificated REMIC I Regular Interest in such table.

     2.   The Uncertificated  Pass-Through Rate for each Uncertificated  REMIC I
          Regular Interest  identified in the table below shall be the per annum
          rate set forth in the Pass-Through Rate column of such table.

     3.   The  Uncertificated  REMIC I  Distribution  Amount  for  each  REMIC I
          Regular  Interest  identified  in the table  below  shall be,  for any
          Distribution  Date, the amount deemed distributed with respect to such
          Uncertificated  REMIC I Regular  Interest  on such  Distribution  Date
          pursuant to the provisions of Section 10.04 (a).
<TABLE>
<CAPTION>

----------------------- --------------------------------- ------------------- -------------------
 Uncertificated REMIC   Related Classes of Certificates   Pass-Through Rate   Initial Principal
  I Regular Interest                                                               Balance
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
<S>                              <C>         <C>          <C>                 <C>
          V             Class NB-1, Class NB-1A, Class    7.25%               $20,578,168.00
                        NB-2, Class NB-2A
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          W             Class NB-2, Class NB-2A           7.25%               $56,215,804.00
----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          X             Class A-P                         0.00%               $20,353.22

                                        14

<PAGE>

----------------------- --------------------------------- ------------------- -------------------
----------------------- --------------------------------- ------------------- -------------------
          Y             Class CB, NB-3, Class NB-4,       7.25%               $138,545,850.57
                        Class R-II,  Class M-1, Class M-2, Class M-3, Class B-1,
                        Class B-2, Class B-3
----------------------- --------------------------------- ------------------- -------------------
</TABLE>

        Uncertificated  REMIC I Regular  Interests  Z: The 1,149  uncertificated
partial undivided  beneficial  ownership  interests in the Trust Fund,  numbered
sequentially  from 1 to 1,149,  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.

        Uncertificated  REMIC I Regular  Interests Z Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  I  Regular  Interests  Z  for  such
Distribution Date pursuant to Section 10.04(a).

        Uncertificated  REMIC I  Regular  Interest  Distribution  Amounts:  With
respect  to each  Uncertificated  REMIC  I  Regular  Interest,  other  than  the
Uncertificated  REMIC  I  Regular  Interests  Z,  the  amount  specified  as the
Uncertificated REMIC I Regular Interest Distribution Amount with respect thereto
in the definition of Uncertificated  REMIC I Regular Interests.  With respect to
the  Uncertificated  REMIC I Regular  Interests  Z, the  Uncertificated  REMIC I
Regular Interests Z Distribution Amount.

        Uncertificated   REMIC  II  Regular  Interests  Z:  Each  of  the  1,149
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1 through  1,149 each  relating to the  identically
numbered  Uncertificated  REMIC I Regular  Interests Z, each having no principal
balance and bearing  interest at a rate equal to the related  Pool Strip Rate on
the Stated  Principal  Balance of the Mortgage  Loan related to the  identically
numbered   Uncertificated   REMIC  I  Regular   Interests  Z,   comprising  such
Uncertificated  REMIC  II  Regular  Interest's  pro  rata  share  of the  amount
distributed pursuant to Sections 10.04(a).

        Uncertificated  REMIC II Regular  Interests  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  I  Regular  Interests  Z  for  such
Distribution Date pursuant to Section 10.04(a).

     Underwriters:  With  respect  to  the  Class  CB,  Class  NB  and  Class  R
Certificates, other than a Percentage Interest representing 0.01% of each of the
Class R  Certificates,  Bear,  Stearns & Co.  Inc.  With  respect to the Class M
Certificates, Banc of America Securities LLC.

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.

                                        15

<PAGE>

                                   Article II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

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

(iv) To the  best of the  Company's  knowledge,  except  with  respect  to eight
     Mortgage  Loans  representing  approximately  0.9% of the Mortgage Loans by
     aggregate  Stated  Principal  Balance,  if a Mortgage  Loan is secured by a
     Mortgaged  Property with a Loan-to-Value  Ratio at origination in excess of
     80%, such Mortgage Loan is the subject of a Primary  Insurance  Policy that
     insures (a) at least 30% of the Stated  Principal  Balance of the  Mortgage
     Loan at  origination  if the  Loan-to-Value  Ratio is  between  95.00%  and
     90.01%,  (b) at least 25% of such  balance  if the  Loan-to-Value  Ratio is
     between  90.00%  and  85.01%  and (c) 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;

                                        16

<PAGE>

(vi) No more  than  0.5% of the  Group CB 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 0.9% of the Group
     CB 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; and no more than 1.6% of the Group NB 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
     1.0% of the Group NB 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  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  53.68% of the Group CB Loans by aggregate  Stated  Principal
     Balance  as of the  Cut-off  Date were  underwritten  under a reduced  loan
     documentation  program,  approximately  16.4%  of the  Group  CB  Loans  by
     aggregate Stated Principal Balance as of the Cut-off Date were underwritten
     under a no-stated income program,  and  approximately  1.5% of the Group CB
     Loans by  aggregate  Stated  Principal  Balance as of the Cut-off Date were
     underwritten under a no income/no asset program;  and approximately  58.25%
     of the  Group NB Loans by  aggregate  Stated  Principal  Balance  as of the
     Cut-off Date were underwritten under a reduced loan documentation  program,
     approximately  12.3% of the Group NB Loans by  aggregate  Stated  Principal
     Balance as of the Cut-off Date were  underwritten  under a no-stated income
     program,  and 0.2% of the  Group NB 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  35.53% of the Group CB Loans by
        aggregate  Stated  Principal   Balance  as  of  the  Cut-off  Date,  and
        approximately  9.42% of the Group NB Loans by aggregate Stated Principal
        Balance as of the Cut-off Date,  the Mortgagor  represented  in its loan
        application with respect to the related Mortgage Loan that the Mortgaged
        Property would be owner-occupied;

(xi) One of the Mortgage  Loans,  representing  0.1% of the Mortgage Loans, is a
     Buydown Mortgage Loan;

                                        17

<PAGE>

(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);

(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) Two  of  the  Mortgage  Loans  contain  in the  related  Mortgage  File a
     Destroyed Mortgage Note;

(xviii) No more  than  0.2% of the Group CB Loans and none of the Group NB Loans
        by aggregate Stated  Principal  Balance as of the Cut-off Date will have
        been made to International  Borrowers, and no such Mortgagor is a member
        of a foreign diplomatic mission with diplomatic rank;

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

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

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

        Upon discovery by any of the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any of the  representations  and  warranties set
forth  in this  Section  2.03(b)  that  materially  and  adversely  affects  the
interests of the  Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement);  provided, however, that in the
event of a breach  of the  representation  and  warranty  set  forth in  Section
2.03(b)(xii),  the party  discovering  such breach shall give such notice within

                                        18

<PAGE>

five days of discovery. Within 90 days of its discovery or its receipt of notice
of  breach,  the  Company  shall  either  (i) cure such  breach in all  material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section  2.02;  provided  that the  Company
shall have the option to  substitute  a Qualified  Substitute  Mortgage  Loan or
Loans  for such  Mortgage  Loan if such  substitution  occurs  within  two years
following the Closing Date;  provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified  mortgage" as defined in Section
860G(a)(3) of the Code,  any such cure or  repurchase  must occur within 90 days
from the date  such  breach  was  discovered.  Any  such  substitution  shall be
effected  by the  Company  under the same terms and  conditions  as  provided in
Section 2.04 for  substitutions  by  Residential  Funding.  It is understood and
agreed that the  obligation of the Company to cure such breach or to so purchase
or  substitute  for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy  respecting such breach available
to the  Certificateholders  or the Trustee on behalf of the  Certificateholders.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.

     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 Evidencing Interests in REMIC I 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 Class R-I  Certificates  in
authorized  denominations which together with the Uncertificated REMIC I Regular
Interests, evidence ownership of REMIC I.

     Section 2.06.  Conveyance  of  Uncertificated  REMIC I and REMIC II Regular
          Interests; Acceptance by the Trustee.

        The Company, as of the Closing Date, and concurrently with the execution
and delivery hereof,  does hereby assign without  recourse all the right,  title
and  interest  of the  Company  in and to the  Uncertificated  REMIC  I  Regular
Interests  to the  Trustee  for the  benefit  of the  Holders  of each  Class of
Certificates (other than the Class R-I Certificates).  The Trustee  acknowledges
receipt of the  Uncertificated  REMIC I Regular  Interests  and declares that it
holds and will hold the same in trust for the  exclusive  use and benefit of all
present and future Holders of each Class of  Certificates  (other than the Class
R-I  Certificates).  The rights of the  Holders  of each  Class of  Certificates
(other  than the Class  R-I  Certificates)  to  receive  distributions  from the
proceeds of REMIC II in respect of such Classes,  and all ownership interests of
the Holders of such Classes in such distributions, shall be as set forth in this
Agreement.

                                        19

<PAGE>

Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.

        The Trustee  acknowledges  the  assignment  to it of the  Uncertificated
REMIC I Regular Interests and, concurrently  therewith and in exchange therefor,
pursuant  to the written  request of the  Company  executed by an officer of the
Company,  the Trustee has executed and caused to be authenticated  and delivered
to or upon the order of the Company, all Classes of Certificates (other than the
Class R-I Certificates) in authorized denominations, which evidence ownership of
the entire REMIC II.

Section 2.08.  Negative Covenants of the Trust Fund.

        Except as otherwise  expressly  permitted by this  Agreement,  the Trust
Fund shall not:

(a) sell,  transfer,  exchange or otherwise  dispose of any of the assets of the
Trust Fund;

(b)     dissolve or liquidate in whole or in part;

(c) engage, directly or indirectly,  in any business other than that arising out
of the issue of the Certificates, and the actions contemplated or required to be
performed under this Agreement;

(d)     incur, create or assume any indebtedness for borrowed money;

(e) voluntarily file a petition for bankruptcy,  reorganization,  assignment for
the benefit of creditors or similar proceeding; or

(f)     merge, convert or consolidate with any other Person.

                                        20

<PAGE>

                                   Article III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

                     (See Article III of the Standard Terms)

                                        21

<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)(iv) below,
the amount  required to be distributed to the Master  Servicer or a Sub-Servicer
pursuant to Section 4.02(a)(iv) 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), (d) and (f) below), in each
case to the extent of the related or  specified  Available  Distribution  Amount
remaining  in the case of clauses  (i) through  (iii),  and to the extent of the
Available  Distribution  Amount  for each Loan  Group  remaining  in the case of
clauses (iv) through (xviii):

(i)     (X) from the Available Distribution Amount related to the CB Loan Group,
        to the Class CB Certificateholders and Class R Certificateholders,  on a
        pro rata basis  based on Accrued  Certificate  Interest on such Class of
        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);

                      (Y) from the Available  Distribution Amount related to the
        NB Loan Group, to the Class NB  Certificateholders,  on a pro rata basis
        based on Accrued Certificate  Interest payable on such Certificates with
        respect to such Distribution Date, Accrued Certificate  Interest on such
        Classes of  Certificates  (or  Subclasses,  if any,  with respect to the
        Class A-V  Certificates)  for such  Distribution  Date, plus any Accrued
        Certificate   Interest  thereon   remaining  unpaid  from  any  previous
        Distribution  Date  except as  provided  in the last  paragraph  of this
        Section 4.02(a); and

                      (Z) from the Available  Distribution  Amount  derived from
        the related Loan Group, on a parity with the  distributions  in Sections
        4.02(a)(i)(X)  and  4.02(a)(i)(Y),  as  applicable,  to  the  Class  A-V

                                        22

<PAGE>

        Certificates  in  proportion  to  the  respective   amounts  of  Accrued
        Certificate  Interest  thereon  derived  from each Loan  Group,  Accrued
        Certificate  Interest on the Class A-V Certificates with respect to such
        Distribution  Date and  derived  from the related  Loan Group,  plus any
        Accrued Certificate  Interest thereon remaining unpaid from any previous
        Distribution  Date with respect to such Loan Group except as provided in
        the last paragraph of this Section 4.02(a);

(ii)    (X) to the  Class  A-P  Certificates,  from the  Available  Distribution
        Amount for each Loan Group in  proportion to the  respective  amounts of
        the Class  A-P  Principal  Distribution  Amount  derived  from each Loan
        Group, the Class A-P Principal Distribution Amount; and

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

(A)            the related 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 in the related Loan Group (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 in the related Loan Group
     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 in such  Loan  Group  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 with respect to
     the  related  Loan Group  (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

                                        23

<PAGE>

     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 in the related Loan Group 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
     related  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  related  Senior  Accelerated   Distribution
     Percentage  for  such  Distribution  Date  times  the  related  unscheduled
     collections  (including without limitation Insurance Proceeds,  Liquidation
     Proceeds and REO Proceeds) to the extent applied by the Master  Servicer as
     recoveries  of principal of the related  Mortgage  Loan pursuant to Section
     3.14 of the  Standard  Terms (in each case other  than the  portion of such
     unscheduled collections, with respect to a Discount Mortgage Loan, included
     in Section 4.02(b)(i)(C) of this Series Supplement);

(C)  the  related   Senior   Accelerated   Distribution   Percentage   for  such
     Distribution Date times the aggregate of all Principal  Prepayments in Full
     with respect to the related Loan Group  received in the related  Prepayment
     Period and Curtailments  with respect to the related Loan Group 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  portion  of  the  Excess   Subordinate   Principal   Amount  for  such
     Distribution Date allocated to the related Loan Group; 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; and

                      (Z)  to  the   Holders   of  the  Class  CB  or  Class  NB
        Certificates, as applicable, amounts required to be distributed pursuant
        to Section 4.02(c);

(iii)if  the   aggregate   Certificate   Principal   Balance  of  the  Class  CB
     Certificates  and Class R Certificates  or Class NB Certificates is greater
     than the aggregate  Stated  Principal  Balance of the Mortgage Loans in the
     related  Loan Group  (other  than the  related  Discount  Fraction  of each
     Discount  Mortgage  Loan  in the  related  Loan  Group)  and  the  Class  M

                                        24

<PAGE>

     Certificates or Class B Certificates  are still  outstanding,  in each case
     after giving effect to distributions to be made on such Distribution  Date,
     to the Holders of such Class or Classes of Class CB and Class R or Class NB
     Certificates,  as applicable,  an amount equal to one month's interest at a
     rate  equal  to  the  Discount  Net  Mortgage  Rate  on the  amount  of the
     difference  between the  aggregate  Certificate  Principal  Balance of such
     Class or Classes of Class CB Certificates and Class R Certificates or Class
     NB  Certificates,  as the case may be, and the aggregate  Stated  Principal
     Balance of its related Loan Group, from the Available  Distribution  Amount
     for the  other  Loan  Group  with  respect  to which the  aggregate  Stated
     Principal  Balance  of the  Mortgage  Loans in that Loan Group are not less
     than the aggregate  Certificate Principal Balance of the related Classes of
     Senior  Certificates,  applied first to pay Accrued Certificate Interest on
     such Class or Classes of Class CB Certificates  and Class R Certificates on
     a pro rata basis or Class NB Certificates on a pro rata basis to the extent
     not paid on such Distribution Date pursuant to Section 4.02(a)(i), and then
     to pay  principal  on such Class or Classes  of Class CB  Certificates  and
     Class R  Certificates  or  Class NB  Certificates  in  accordance  with the
     priorities set forth in Section  4.02(b),  until the Certificate  Principal
     Balance of such Class CB Certificates  and Class R Certificates or Class NB
     Certificates  is equal to the  aggregate  Stated  Principal  Balance of the
     Mortgage Loans in the related Loan Group;

(iv) 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;

(v)     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;

(vi) 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 each Loan Group 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)(viii),  (x),  (xii),
     (xiv), (xv) and (xvi) of this Series Supplement are insufficient  therefor,
     applied in reduction of the Certificate  Principal Balance of the Class M-1
     Certificates;

(vii)   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;

(viii)  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 each Loan Group 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

                                        25

<PAGE>

        amounts available pursuant to clause (x) of Sections 4.02(a) (x), (xii),
        (xiv), (xv) and (xvi) are insufficient therefor, applied in reduction of
        the Certificate Principal Balance of the Class M-2 Certificates;

(ix)    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;

(x)     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 each Loan Group 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)(xii),
        (xiv), (xv) and (xvi) are insufficient therefor, applied in reduction of
        the Certificate Principal Balance of the Class M-3 Certificates;

(xi)    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;

(xii)   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 each Loan Group 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),  (xv)
        and  (xvi)  are  insufficient  therefor,  applied  in  reduction  of the
        Certificate Principal Balance of the Class B-1 Certificates;

(xiii)  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;

(xiv)   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 each Loan Group 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)(xv)  and
        (xvi) are insufficient therefor, applied in reduction of the Certificate
        Principal Balance of the Class B-2 Certificates;

(xv)    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) (xvi)
        are insufficient therefor;

                                        26

<PAGE>

(xvi)   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 each Loan Group 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;

(xvii)  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 Amounts for each Loan Group 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 Amounts
        for each Loan Group  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

(xviii) to the Class R-I  Certificates,  the balance,  if any, of the  Available
        Distribution Amounts for each Loan Group.

        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,  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;

                                        27

<PAGE>

(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,  concurrently  with the  distributions  described in
        clause (iii) below,  from the Available  Distribution  Amount for the CB
        Loan  Group,  the  Class  CB  Principal  Distribution  Amount  shall  be
        distributed in the following order of priority:

                      (a)  first,  concurrently,   to  each  class  of  Class  R
               Certificates,  on a  pro  rata  basis  (in  proportion  to  their
               respective Certificate Principal Balances), until the Certificate
               Principal Balances thereof have been reduced to zero; and

                    (b)  second,   to  the  Class  CB  Certificates   until  the
               Certificate  Principal  Balance thereof has been reduced to zero;
               and

               (iii) concurrently with the distribution described in clause (ii)
           above,   the  Class  NB  Principal   Distribution   Amount  shall  be
           distributed in the following order of priority:

               (a)  first,  to the Lockout  Certificates,  in  reduction  of the
                    Certificate  Principal  Balance thereof,  an amount equal to
                    the Lockout Percentage of the Lockout Certificates' pro rata
                    share (based on the  Certificate  Principal  Balance thereof
                    relative  to the  Stated  Principal  Balance of the Group NB

                                        28

<PAGE>

                    Loans  (other  than  the  portion  of  the  Principal   Only
                    Certificates   related  to  the  Group  NB  Loans))  of  the
                    aggregate of the collections  relating to the Group NB Loans
                    described  in  clauses  (i),  (ii),  (iii)  and  (v)  of the
                    definition of Class NB Principal Distribution Amount without
                    any  application  of the Class NB  Percentage or the related
                    Senior Accelerated Distribution Percentage;

                             provided  that, if the aggregate of the amounts set
                             forth in clauses  (i),  (ii),  (iii) and (v) of the
                             definition  of  Class  NB  Principal   Distribution
                             Amount is more than the  balance  of the  Available
                             Distribution   Amount   for  the   Group  NB  Loans
                             remaining  after the Senior  Interest  Distribution
                             Amount and the Principal Only  Distribution  Amount
                             have  been  distributed,  the  amount  paid  to the
                             Lockout  Certificates  pursuant  to this clause (a)
                             shall be reduced by an amount  equal to the Lockout
                             Certificates'   pro  rata   share   (based  on  the
                             Certificate  Principal  Balance thereof relative to
                             the aggregate  Certificate Principal Balance of the
                             Class NB Certificates) of such difference; and;

               (b)  second,  the balance of the Class NB Principal  Distribution
                    Amount remaining after the distributions,  if any, described
                    in clause (iii)(a) above shall be distributed as follows:

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

                    (2)  second,  to  the  Class  NB-2  Certificates  until  the
                    Certificate  Principal  Balance  thereof has been reduced to
                    zero;

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

                    (4)   fourth,   to  the  Lockout   Certificates   until  the
                    Certificate  Principal  Balance  thereof has been reduced to
                    zero.

(c) Prior to the occurrence of the Credit  Support  Depletion Date but after the
reduction of the Certificate Principal Balances of the Class CB Certificates and
Class R Certificates  or Class NB  Certificates  to zero, the remaining Class CB
Certificates and Class R Certificates or Class NB  Certificates,  as applicable,
will be entitled to receive, in addition to any Mortgagor prepayments related to
such Certificates'  respective Loan Group, 100% of the Mortgagor  prepayments on
the  Mortgage  Loans in the other Loan Group,  whose  related  Classes of Senior
Certificates are no longer  outstanding,  to be allocated on a pro rata basis in
accordance  with  their  respective  aggregate  Certificate  Principal  Balances
between the remaining Class CB Certificates and Residual Certificates as a group
and  Class  NB  Certificates  as a  group,  and  among  the  remaining  Class NB
Certificates  in accordance  with the  priorities set forth in clause (b) above,
and  in  reduction  of  the  Certificate  Principal  Balances  thereof,  on  any
Distribution Date unless (i) the weighted average of the Subordinate Percentages
for both Loan Groups,  weighted on the basis of the Stated Principal Balances of
the Mortgage Loans in the related Loan Group, is at least two times the weighted
average of the initial Subordinate  Percentages for both Loan Groups (calculated

                                        29

<PAGE>

on such basis) and (ii) the outstanding  principal balance of the Mortgage Loans
in both  Loan  Groups  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%. In addition, on any
Distribution  Date  prior to the  Credit  Support  Depletion  Date on which  the
aggregate Certificate Principal Balance of the Class CB Certificates and Class R
Certificates  or Class NB  Certificates,  as  applicable,  is  greater  than the
aggregate  Stated  Principal  Balance of the Mortgage  Loans in the related Loan
Group in each  case  after  giving  effect to  distributions  to be made on such
Distribution  Date,  100%  of  the  Mortgagor   prepayments   allocable  to  the
Subordinate  Certificates  on the Mortgage Loans in the other Loan Group will be
distributed  to such  class or  classes  of Class CB  Certificates  and  Class R
Certificates or Class NB  Certificates,  as applicable,  and in reduction of the
Certificate   Principal  Balances  thereof,   until  the  aggregate  Certificate
Principal Balance of such Class or Classes of Certificates  equals the aggregate
Stated Principal Balance of the Mortgage Loans in the related Loan Group. If the
aggregate  Certificate  Principal  Balance  of the  related  Class or Classes of
Senior  Certificates  of more than one Loan Group is greater than the  aggregate
Stated Principal  Balance of the Mortgage Loans in the related Loan Group,  then
the amount described in the sentence above will be allocated on a pro rata basis
among such Class CB, Class R-I, and Class R-II  Certificates as a group or Class
NB  Certificates  as a group,  and  among  the  classes  of any such  group,  as
applicable, in accordance with the priorities set forth in clause (b) above.

(d) 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) the  remaining  Class CB Principal
Distribution Amount will be distributed to the Class CB Certificates and Class R
Certificates on a pro rata basis in accordance with their respective outstanding
Certificate   Principal   Balances,   (ii)  the  remaining  Class  NB  Principal
Distribution  Amount will be distributed to the Class NB  Certificates  on a pro
rata basis in accordance with their respective outstanding Certificate Principal
Balances,  (iii) the amount set forth in Section  4.02(a)(i) will be distributed
as set forth therein,  and (iv) an amount equal to the Discount  Fraction of the
principal portion of scheduled payments and unscheduled  collections received or
advanced in respect of Discount  Mortgage Loans will be distributed to the Class
A-P Certificates,  from the Available Distribution Amount for each Loan Group in
proportion to the  respective  amounts of the Class A-P  Principal  Distribution
Amount derived from each Loan Group.

(e) 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 for each Loan Group will be paid solely to
the holders of the Class A-P, Class A-V and  Subordinate  Certificates,  in each
case as described herein.

(f) 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

                                        30

<PAGE>

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.

(g) 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.

(h) 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

                                        31

<PAGE>

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

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

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

Section 4.05.  Allocation of Realized Losses.

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

                                        32

<PAGE>

such losses  (including  the  principal  portion of such losses on  Non-Discount
Mortgage  Loans) will be  allocated  among the Class CB,  Class R, and  Variable
Strip  Certificates  (in the case of a Group CB  Loan) on a pro rata  basis,  or
among the Class NB Certificates and Variable Strip  Certificates (in the case of
a Group NB Loan) on a pro rata basis, as described  below;  and the remainder of
the  principal  portion of such  Realized  Losses  will be  allocated  among the
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  derived  from the  related  Loan  Group  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  from the related  Loan Group in respect of such  Distribution  Date and
derived from the related Loan Group (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. Any allocation of the principal portion
of Realized  Losses  (other than Debt  Service  Reductions)  to the  Subordinate
Certificates  then  outstanding  with  the  Lowest  Priority  shall  be  made by
operation of the definition of "Certificate  Principal Balance" and by operation
of the provisions of Section  4.02(a).  Allocations of the interest  portions of
Realized Losses shall be made in proportion to the amount of Accrued Certificate
Interest and by operation of the  definition of "Accrued  Certificate  Interest"
and by  operation  of the  provisions  of Section  4.02(a).  Allocations  of the
principal  portion of Debt Service  Reductions shall be made by operation of the
provisions  of  Section  4.02(a).  All  Realized  Losses  and all  other  losses
allocated  to a Class of  Certificates  hereunder  will be  allocated  among the
Certificates of such Class in proportion to the Percentage  Interests  evidenced
thereby; provided that if any Subclasses of the Class A-V Certificates have been
issued  pursuant  to Section  5.01(c),  such  Realized  Losses and other  losses
allocated to the Class A-V Certificates shall be allocated among such Subclasses
in proportion to the respective amounts of Accrued Certificate  Interest payable
on such Distribution Date that would have resulted absent such reductions.

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

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

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

<PAGE>

                                   Article V

                                THE CERTIFICATES

                      (See Article V of the Standard Terms)

                                        34

<PAGE>

                                   Article VI

                       THE COMPANY AND THE MASTER SERVICER

                     (See Article VI of the Standard Terms)

                                        35

<PAGE>

                                  Article VII

                                     DEFAULT

                     (See Article VII of the Standard Terms)

                                        36

<PAGE>

                                  Article VIII

                             CONCERNING THE TRUSTEE

                    (See Article VIII of the Standard Terms)

                                        37

<PAGE>

                                   Article IX

                                   TERMINATION

                     (See Article IX of the Standard Terms)

                                       38

<PAGE>

                                   Article X

                                REMIC PROVISIONS

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

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

Section 10.03. Designation of REMICs.

        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 ("REMIC I") and will make and election to treat
the pool of assets comprised of the Uncertificated  REMIC I Regular Interests as
a REMIC ("REMIC II") for federal income tax purposes.

        The Uncertificated REMIC I Regular Interests will be "regular interests"
in REMIC I and the Class R-I  Certificates  will be the sole class of  "residual
interests" in REMIC I for purposes of the REMIC  Provisions (as defined  herein)
under the federal income tax law.

        The Class CB, Class NB-1, Class NB-1A,  Class NB-2,  Class NB-2A,  Class
NB-3,  Class NB-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 REMIC II Regular Interests
Z, the rights in and to which will be represented by the Class A-V Certificates,
will be "regular interests" in REMIC II, and the Class R-II 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  REMIC II Regular
Interest  or  Interests  Z  specified  by the  initial  Holder  of the Class A-V
Certificates pursuant to said Section.

Section 10.04.  Distributions on the Uncertificated REMIC I and REMIC II Regular
     Interests

        (a)On each  Distribution  Date the Trustee shall be deemed to distribute
to itself, as the holder of the Uncertificated  REMIC I Regular  Interests,  the
Uncertificated  REMIC I Regular Interest  Distribution  Amounts in the following
order of priority to the extent of the Available  Distribution Amount reduced by
distributions made to the Class R-I Certificates pursuant to Section 4.02(a):

               (i) Uncertificated Accrued Interest on the Uncertificated REMIC I
        Regular  Interests for such Distribution  Date, plus any  Uncertificated
        Accrued Interest thereon remaining unpaid from any previous Distribution
        Date; and

               (ii) In  accordance  with  the  priority  set  forth  in  Section
        10.04(b),  an  amount  equal to the sum of the  amounts  in  respect  of
        principal  distributable  on each Class of Certificates  (other than the
        Class R-I  Certificates)  under Section  4.02(a),  as allocated  thereto
        pursuant to Section 4.02(b).

                                        39
<PAGE>

        (b)The  amount  described  in  Section   10.04(a)(ii)  shall  be  deemed
distributed   to  (i)   Uncertificated   REMIC  I  Regular   Interest   V,  (ii)
Uncertificated  REMIC I Regular Interest W, (iii) Uncertificated REMIC I Regular
Interest X and (iv) Uncertificated REMIC I Regular Interest Y with the amount to
be distributed  allocated  among such interests in accordance  with the priority
assigned  to each  Related  Class of  Certificates  (other  than the  Class  R-I
Certificates),  respectively,  under Section  4.02(b)  until the  Uncertificated
Principal Balance of each such interest is reduced to zero;  provided,  however,
that the aggregate amount described in Section  10.04(a)(ii)  deemed distributed
to Uncertificated  REMIC I Regular Interest V and Uncertificated REMIC I Regular
Interest W shall first be deemed  distributed to Uncertificated  REMIC I Regular
Interest V until the Uncertificated  Principal Balance of Uncertificated REMIC I
Regular Interest V is reduced to zero and shall thereafter be deemed distributed
to Uncertificated  REMIC I Regular Interest W in reduction of the Uncertificated
Principal Balance thereof.

        (c)The  portion  of  the   Uncertificated   REMIC  I  Regular   Interest
Distribution   Amounts  described  in  Section   10.04(a)(ii)  shall  be  deemed
distributed by REMIC I to REMIC II in accordance  with the priority  assigned to
the REMIC II Certificates  relative to that assigned to the REMIC I Certificates
under Section 4.02(b).

        (d)In determining from time to time the  Uncertificated  REMIC I Regular
Interest  Distribution  Amounts  and  Uncertificated  REMIC II Regular  Interest
Distribution Amounts:

               (i) Realized Losses allocated to the Class A-V Certificates under
        Section 4.05 shall be deemed  allocated to the  Uncertificated  REMIC II
        Regular  Interests  pro rata  according  to the  respective  amounts  of
        Uncertificated   Accrued  Interest  that  would  have  accrued  on  such
        Uncertificated  REMIC Regular II Interests for the Distribution Date for
        which such allocation is being made in the absence of such allocation;

               (ii) Realized  Losses  allocated to the Class NB-1,  Class NB-1A,
        Class NB-2 and Class  NB-2A  Certificates  under  Section  4.05 shall be
        deemed  allocated  to  Uncertificated  REMIC I  Regular  Interest  V and
        Uncertificated  REMIC I Regular  Interest W pro rata  according to their
        respective Uncertificated Principal Balances;

               (iii)  Realized  Losses  allocated to the Class A-P  Certificates
        under Section 4.05 shall be deemed allocated to  Uncertificated  REMIC I
        Regular Interest X;

               (iv) Realized Losses allocated to the Class CB, Class NB-3, Class
        NB-4,  Class M-1,  Class M-2, Class M-3, Class B-1, Class B-2, Class B-3
        and Class R-II Certificates under Section 4.05 shall be deemed allocated
        to Uncertificated REMIC I Regular Interest Y; and

               (v)  Realized  Losses  allocated to the  Uncertificated  REMIC II
        Regular Interests under clause (i), above, shall be deemed allocated, in
        each case, to the related Uncertificated REMIC I Regular Interest Z.

        (e)On each  Distribution  Date the Trustee shall be deemed to distribute
from REMIC II, in the  priority  set forth in  Sections  4.02(a) and (b), to the
Holders of each Class of  Certificates  (other than the Class R-I  Certificates)
the  amounts  distributable  thereon  from the  Uncertificated  REMIC I  Regular

                                        40
<PAGE>

Interest  Distribution  Amounts  deemed to have been  received  by REMIC II from
REMIC I under this Section 10.04. The amounts deemed distributed  hereunder with
respect to the Class A-V  Certificates  shall be deemed to have been distributed
in respect of the Uncertificated REMIC II Regular Interests Z in accordance with
their respective  Uncertificated REMIC II Regular Interest Distribution Amounts,
as such  Uncertificated  REMIC II  Regular  Interests  comprise  the  Class  A-V
Certificates.

        (f)Notwithstanding  the deemed distributions on the Uncertificated REMIC
I Regular Interests described in this Section 10.04, distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

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.

                                        41

<PAGE>

                                   Article XI

                            MISCELLANEOUS PROVISIONS

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

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

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

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

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

--------------------------------------------------------------------------
            Recipient                            Address
--------------------------------------------------------------------------
Company               8400 Normandale Lake Boulevard
                      Suite 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 2001-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
--------------------------------------------------------------------------
Standard & Poor's     55 Water Street
                      New York, New York 10041

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

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

                                        42
<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.

               96% of all of the Voting Rights shall be allocated  among Holders
of  Certificates,  other  than  the  Interest  Only  Certificates  and  Class  R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their respective Certificates;  1% of all Voting Rights shall be allocated among
the Holders of the Class NB-1A Certificates, in accordance with their respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class NB-2A  Certificates,  in accordance  with their  respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-V  Certificates,  in  accordance  with  their  respective
Percentage  Interests;  0.5% of all Voting  Rights shall be allocated  among the
Holders of the Class R-I  Certificates,  in  accordance  with  their  respective
Percentage Interests; and 0.5% of all Voting Rights shall be allocated among the
Holders of the Class R-II  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.

                                        43

<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/ Stephen T. Hessler
                                                 Name: Stephen T. Hessler
                                                 Title: Vice President

Attest:/s/ Jennifer Bohannon
      Name: Jennifer Bohannon
      Title: Assistant Secretary

<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 28th day of February,  2001 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]

<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 28th day of February,  2001 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]

<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )
               On the 26th day of February,  2001 before me, a notary  public in
and for said State,  personally appeared Stephen Hessler, known to me to be a[n]
Vice President 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]

<PAGE>

                                   Exhibit ONE

                             MORTGAGE LOAN SCHEDULE

1

  RUN ON     : 02/27/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 07.05.14           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS                                 CUTOFF : 02/01/01
  POOL       : 0004486  0004487
             :
             :
  POOL STATUS:

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

      1976698                              .2500
       80,000.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      1991172                              .2500
      218,008.38                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      1995201                              .2500
      154,618.77                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      1997704                              .2500
      168,118.68                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
             .0000                        9.5450

      1999091                              .2500
      121,231.56                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      2001073                              .2500
      351,995.76                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450
1

      3299769                              .2500
       59,450.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      3561688                              .2500
      497,698.58                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3606798                              .2500
      124,480.96                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      3666660                              .2500
      296,662.63                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      3678120                              .2500
      136,044.48                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      3716500                              .2500
      197,665.98                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      3764996                              .2500
       96,281.18                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3767411                              .2500
      229,500.00                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950
1

      3774224                              .2500
       35,033.66                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
             .0000                        9.4200

      3778258                              .2500
       80,704.72                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3798579                              .2500
      144,597.97                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      3802266                              .2500
      194,662.38                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
             .0000                        9.1700

      3814312                              .2500
       74,825.48                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      3823154                              .2500
       73,967.23                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         .0000
             .0000                        9.6700

      3823797                              .2500
      129,277.48                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3831365                              .2500
      379,202.84                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
             .0000                        8.9200
1

      3835758                              .2500
       95,891.96                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3859415                              .2500
      147,827.65                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      3863267                              .2500
      217,467.42                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      3868812                              .2500
       90,857.39                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
             .0000                        8.9200

      3875552                              .2500
      139,756.59                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      3883450                              .2500
      143,672.39                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      3883614                              .2500
      119,613.77                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      3893803                              .2500
       22,467.63                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
             .0000                        9.4200
1

      3901068                              .2500
      713,348.82                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
             .0000                        9.5450

      3901082                              .2500
       55,455.33                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      3902607                              .2500
      291,978.20                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      3904381                              .2500
       99,297.77                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3907959                              .2500
       55,723.32                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
             .0000                        9.5450

      3913924                              .2500
       85,451.17                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      3917411                              .2500
      292,119.12                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3919623                              .2500
      126,105.13                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950
1

      3920647                              .2500
      119,806.96                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      3921698                              .2500
      262,388.06                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      3927517                              .2500
      598,068.19                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      3928674                              .2500
      106,280.26                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3933555                              .2500
      100,131.48                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      3936889                              .2500
      139,791.77                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
             .0000                        9.1700

      3938920                              .2500
      251,573.02                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3939137                              .2500
       64,708.57                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
             .0000                        9.4200
1

      3947011                              .2500
      171,781.36                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      3948646                              .2500
       77,478.37                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
             .0000                        8.9200

      3956338                              .2500
       93,614.16                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      3956339                              .2500
       74,891.34                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      3956340                              .2500
       86,128.29                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
             .0000                        9.4200

      3956342                              .2500
      131,059.85                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      3961033                              .2500
      265,334.97                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      3962120                              .2500
       78,352.50                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700
1

      3967379                              .2500
      131,911.43                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      3967548                              .2500
      195,600.47                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
             .0000                        9.5450

      3967916                              .2500
      308,567.71                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      3970901                              .2500
       59,500.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      3971445                              .2500
      152,314.56                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      3972048                              .2500
       71,429.38                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
             .0000                        9.1700

      3978866                              .2500
       99,940.96                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      3980009                              .2500
      107,939.45                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450
1

      3981536                              .2500
       40,368.15                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      3981567                              .2500
      181,253.70                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      3982222                              .2500
       55,969.41                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      3982466                              .2500
       71,918.98                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3983436                              .2500
      125,791.95                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      3984002                              .2500
      106,343.37                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      3985866                              .2500
      104,839.65                           .0800
            8.7500                         .0000
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            8.4200                         .0000
             .0000                        8.4200
1

      4240344                              .2500
      218,197.71                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4240399                              .2500
      105,871.03                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4240424                              .2500
      303,476.09                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      4240436                              .2500
      409,433.82                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4240438                              .2500
      326,489.14                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4240718                              .2500
      495,396.89                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4240748                              .2500
      390,548.44                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4240775                              .2500
      424,521.70                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450
1

      4240780                              .2500
      419,502.28                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4240813                              .2500
      399,488.11                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4240815                              .2500
      109,862.78                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4240978                              .2500
       47,545.02                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4241008                              .2500
       48,300.00                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      4241075                              .2500
      299,616.08                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4241274                              .2500
      516,576.78                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4241373                              .2500
      252,359.75                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700
1

      4241714                              .2500
      299,625.76                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4241860                              .2500
      191,969.19                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4241924                              .2500
      283,172.59                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4243381                              .2500
       54,900.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      4243383                              .2500
       92,000.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4243399                              .2500
      128,000.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4243411                              .2500
      131,250.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4243414                              .2500
       60,000.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200
1

      4243419                              .2500
      372,000.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4243423                              .2500
       32,300.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      4243440                              .2500
      136,000.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      4243448                              .2500
       51,750.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4243545                              .2500
      339,575.86                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4243546                              .2500
      302,041.64                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4243547                              .2500
      384,228.22                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      4243548                              .2500
      367,360.17                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200
1

      4243549                              .2500
      295,807.54                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4243550                              .2500
      299,625.76                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4243551                              .2500
      335,785.74                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4245672                              .2500
      100,000.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4248979                              .2500
      100,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4248996                              .2500
      197,600.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4250896                              .2500
      300,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

  TOTAL NUMBER OF LOANS:     1149
  TOTAL BALANCE........:        215,360,303.79

1

  RUN ON     : 02/27/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 07.05.14            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS       FIXED SUMMARY REPORT      CUTOFF : 02/01/01
  POOL       : 0004486  0004487
             :
             :
  POOL STATUS:

                                   WEIGHTED AVERAGES      FROM         TO
  --------------------------------------------------------------------------
  CURR NOTE RATE                        8.5904            7.2500     10.0000
  RFC NET RATE                          8.3399            7.0000      9.7500
  NET MTG RATE(INVSTR RATE)             8.2599            6.9200      9.6700
  POST STRIP RATE                        .0000             .0000       .0000
  SUB SERV FEE                           .2505             .2500       .5000
  MSTR SERV FEE                          .0800             .0800       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                 8.2599            6.9200      9.6700

  TOTAL NUMBER OF LOANS:  1149
  TOTAL BALANCE........:     215,360,303.79

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

  RUN ON     : 02/27/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 07.05.14          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : MULTIPLE POOLS                                 CUTOFF : 02/01/01
  POOL       : 0004486  0004487
             :
             :
  POOL STATUS:

  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      VALUE
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________

    1976698          A33/A33             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       9.125            650.91         64
                                       8.875            650.91      125,000.00
    WHITE CLOUD      MI   49349          5            12/28/00         00
    011094773                            05           03/01/01          0
    011094773                            O            02/01/31
    0

    1991172          992/G02             F          218,700.00         ZZ
                                         360        218,008.38          4
                                       9.125          1,779.42         90
                                       8.875          1,779.42      245,000.00
    YONKERS          NY   10701          1            08/21/00         01
    0432355725                           05           10/01/00         25
    847643                               N            09/01/30
    0

    1995201          664/G02             F          155,200.00         ZZ
                                         360        154,618.77          1
                                       9.000          1,248.78         80
                                       8.750          1,248.78      194,000.00
    CRETE            IL   60417          1            07/14/00         00
    0432190270                           05           09/01/00          0
    0003604808                           O            08/01/30
    0

    1997704          225/225             F          168,750.00         ZZ
                                         360        168,118.68          1
                                       9.875          1,465.34         90
                                       9.625          1,465.34      187,500.00
    TAMPA            FL   33609          1            06/01/00         04
    7192629                              05           07/01/00         25
1

    7192629                              N            06/01/30
    0

    1999091          R19/G02             F          121,500.00         ZZ
                                         360        121,231.56          2
                                       9.000            977.61         90
                                       8.750            977.61      135,000.00
    FAIRHAVEN        MA   02719          1            09/29/00         04
    0432343648                           05           11/01/00         25
    085484079                            N            10/01/30
    0

    2001073          U05/G02             F          353,000.00         ZZ
                                         360        351,995.76          1
                                       8.875          2,808.63         93
                                       8.625          2,808.63      380,000.00
    TACOMA           WA   98465          2            08/25/00         14
    0432329886                           05           10/01/00         30
    3066429                              O            09/01/30
    0

    3299769          883/G02             F           59,450.00         ZZ
                                         360         59,450.00          1
                                       9.000            478.35         70
                                       8.750            478.35       84,989.00
    OCALA            FL   34471          2            01/03/01         00
    0432568095                           05           03/01/01          0
    50000462                             N            02/01/31
    0

    3561688          S48/S48             F          500,000.00         ZZ
                                         360        497,698.58          3
                                       8.875          3,978.23         69
                                       8.625          3,978.23      725,000.00
    SAN MATEO        CA   94401          1            05/02/00         00
    6039304172                           05           07/01/00          0
    6039304172                           O            06/01/30
    0

    3606798          623/G02             F          125,000.00         ZZ
                                         360        124,480.96          1
                                       9.375          1,039.69         75
                                       9.125          1,039.69      168,000.00
    DODGE CENTER     MN   55927          5            05/10/00         00
    0432158962                           05           07/01/00          0
    5256603                              O            06/01/30
    0

1

    3666660          A50/G02             F          300,000.00         T
                                         360        296,662.63          1
                                       8.375          2,280.22         80
                                       8.125          2,280.22      375,000.00
    CALABASH         NC   28467          4            02/15/00         00
    0432554640                           03           04/01/00          0
    7505287650                           O            03/01/30
    0

    3678120          F28/G02             F          139,100.00         ZZ
                                         240        136,044.48          3
                                       8.375          1,196.16         84
                                       8.125          1,196.16      167,000.00
    WORCESTER        MA   01604          2            12/10/99         10
    0432198208                           05           02/01/00          6
    5105228                              O            01/01/20
    0

    3716500          526/526             F          198,400.00         ZZ
                                         360        197,665.98          1
                                       8.500          1,525.52         80
                                       8.250          1,525.52      248,000.00
    HOUSTON          TX   77096          1            07/14/00         00
    0412631                              07           09/01/00          0
    0412631                              O            08/01/30
    0

    3764996          A33/G02             F           96,500.00         ZZ
                                         360         96,281.18          1
                                       8.875            767.80         54
                                       8.625            767.80      181,000.00
    WHITE LAKE       MI   48388          5            09/12/00         00
    0432553931                           05           11/01/00          0
    8940924814                           O            10/01/30
    0

    3767411          R19/G02             F          229,500.00         ZZ
                                         360        229,500.00          4
                                       9.625          1,950.72         90
                                       9.375          1,950.72      255,000.00
    HAMPTON          NH   03862          1            01/03/01         04
    0432530509                           02           03/01/01         25
    3801807533                           N            02/01/31
    0

    3774224          A33/G02             F           35,100.00         ZZ
                                         360         35,033.66          1
                                       9.750            301.57         90
                                       9.500            301.57       39,000.00
1

    DETROIT          MI   48206          1            09/13/00         11
    0432545416                           05           11/01/00         25
    8370926313                           O            10/01/30
    0

    3778258          637/G02             F           80,750.00         ZZ
                                         360         80,704.72          2
                                       8.875            642.49         95
                                       8.625            642.49       85,000.00
    ALEXANDRIA       LA   71301          1            12/15/00         01
    0432525004                           05           02/01/01         30
    0017688847                           O            01/01/31
    0

    3798579          936/G02             F          145,000.00         ZZ
                                         360        144,597.97          1
                                       9.000          1,166.71         80
                                       8.750          1,166.71      182,000.00
    FORT WORTH       TX   76109          5            08/23/00         00
    0432359370                           05           10/01/00          0
    177162345661                         O            09/01/30
    0

    3802266          168/168             F          195,150.00         ZZ
                                         360        194,662.38          1
                                       9.500          1,640.93         75
                                       9.250          1,640.93      260,250.00
    CHARLOTTE        NC   28214          1            08/30/00         00
    0869310623                           05           10/01/00          0
    0869310623                           O            09/01/30
    0

    3814312          196/G02             F           75,000.00         ZZ
                                         360         74,825.48          1
                                       8.750            590.03         66
                                       8.500            590.03      115,000.00
    STREETSBORO      OH   44241          1            09/06/00         00
    0432283265                           05           11/01/00          0
    1381425                              O            10/01/30
    0

    3823154          E22/G02             F           74,100.00         ZZ
                                         360         73,967.23          2
                                      10.000            650.28         95
                                       9.750            650.28       78,000.00
    ELKHART          IN   46516          1            09/25/00         01
    0412114571                           05           11/01/00         30
    0412114571                           O            10/01/30
    0
1

    3823797          313/G02             F          129,350.00         ZZ
                                         360        129,277.48          3
                                       8.875          1,029.17         74
                                       8.625          1,029.17      175,000.00
    MILWAUKEE        WI   53202          2            12/20/00         00
    0432530137                           05           02/01/01          0
    0007041684                           N            01/01/31
    0

    3831365          E22/G02             F          380,000.00         ZZ
                                         360        379,202.84          4
                                       9.250          3,126.17         95
                                       9.000          3,126.17      400,000.00
    LONG BEACH       CA   90802          1            09/18/00         01
    0412121824                           05           11/01/00         30
    0412121824                           O            10/01/30
    0

    3835758          664/G02             F           96,000.00         ZZ
                                         360         95,891.96          1
                                       8.875            763.82         80
                                       8.625            763.82      120,000.00
    LANSDALE         PA   19446          1            11/17/00         00
    0432566958                           05           01/01/01          0
    0003394277                           N            12/01/30
    0

    3859415          633/G02             F          148,200.00         ZZ
                                         360        147,827.65          1
                                       8.375          1,126.43         95
                                       8.125          1,126.43      156,000.00
    SAN DIEGO        CA   92116          1            09/21/00         10
    0432437945                           01           11/01/00         30
    699592                               O            10/01/30
    0

    3863267          664/G02             F          217,800.00         ZZ
                                         360        217,467.42          4
                                       9.375          1,811.56         90
                                       9.125          1,811.56      242,000.00
    EAST BOSTON      MA   02128          1            10/30/00         11
    0432423044                           05           12/01/00         25
    0003393774                           N            11/01/30
    0

    3868812          180/G02             F           91,000.00         T
                                         360         90,857.39          1
1

                                       9.250            748.63         75
                                       9.000            748.63      121,500.00
    MOUNT CRESTED B  CO   81225          1            10/13/00         00
    0432375095                           01           12/01/00          0
    0022740245                           O            11/01/30
    0

    3875552          F64/G02             F          140,000.00         ZZ
                                         360        139,756.59          1
                                       8.750          1,101.38         74
                                       8.500          1,101.38      190,000.00
    BRECKENRIDGE     CO   80424          5            10/19/00         00
    0432502367                           03           12/01/00          0
    9000000100                           O            11/01/30
    0

    3883450          B28/G02             F          143,910.00         ZZ
                                         360        143,672.39          1
                                       9.000          1,157.94         90
                                       8.750          1,157.94      159,900.00
    DENVER           CO   80239          1            10/16/00         11
    0432380228                           05           12/01/00         25
    0008280025                           O            11/01/30
    0

    3883614          593/G02             F          119,900.00         ZZ
                                         360        119,613.77          1
                                       8.625            932.57         80
                                       8.375            932.57      149,900.00
    RENO             NV   89502          1            09/01/00         00
    0432333110                           05           11/01/00          0
    0050134287                           O            10/01/30
    0

    3893803          T73/G02             F           22,500.00         ZZ
                                         360         22,467.63          1
                                       9.750            193.31         90
                                       9.500            193.31       25,000.00
    BALTIMORE        MD   21224          1            11/21/00         26
    0432570877                           07           12/21/00         25
    592883                               N            11/21/30
    0

    3901068          J95/J95             F          715,000.00         ZZ
                                         360        713,348.82          1
                                       9.875          6,208.70         62
                                       9.625          6,208.70    1,170,000.00
    TOWN AND COUNTR  MO   63131          1            09/01/00         00
    0017520313                           05           10/01/00          0
1

    0017520313                           O            09/01/30
    0

    3901082          J95/J95             F           55,575.00         ZZ
                                         360         55,455.33          1
                                       9.125            452.18         95
                                       8.875            452.18       58,500.00
    AUSTIN           TX   78705          1            09/12/00         12
    0022916431                           01           11/01/00         30
    0022916431                           O            10/01/30
    0

    3902607          U05/G02             F          292,500.00         ZZ
                                         360        291,978.20          1
                                       8.625          2,275.03         90
                                       8.375          2,275.03      325,000.00
    NAPA             CA   94558          1            10/24/00         01
    0432431849                           05           12/01/00         25
    3078316                              O            11/01/30
    0

    3904381          168/168             F           99,900.00         ZZ
                                         360         99,297.77          1
                                       8.875            794.85         90
                                       8.625            794.85      111,000.00
    MYRTLE BEACH     SC   29577          2            09/22/00         10
    0169608719                           05           11/01/00         25
    0169608719                           O            10/01/30
    0

    3907959          E22/G02             F           55,800.00         ZZ
                                         360         55,723.32          1
                                       9.875            484.54         90
                                       9.625            484.54       62,000.00
    LAKE             MI   48632          1            10/18/00         01
    0412121501                           05           12/01/00         25
    0412121501                           N            11/01/30
    0

    3913924          A35/G02             F           85,600.00         ZZ
                                         360         85,451.17          1
                                       8.750            673.42         80
                                       8.500            673.42      107,000.00
    LAS VEGAS        NV   89147          1            10/24/00         00
    0432552065                           09           12/01/00          0
    00363                                N            11/01/30
    0

1

    3917411          637/G02             F          293,000.00         ZZ
                                         360        292,119.12          1
                                       8.875          2,331.24         80
                                       8.625          2,331.24      367,000.00
    WATSONVILLE      CA   95076          2            09/29/00         00
    0432377810                           03           11/01/00          0
    0021472204                           O            10/01/30
    0

    3919623          637/G02             F          126,240.00         ZZ
                                         360        126,105.13          4
                                       9.125          1,027.13         80
                                       8.875          1,027.13      157,800.00
    SACRAMENTO       CA   95821          1            11/09/00         00
    0432568277                           07           01/01/01          0
    0021351838                           N            12/01/30
    0

    3920647          168/168             F          120,000.00         ZZ
                                         360        119,806.96          1
                                       9.125            976.36         57
                                       8.875            976.36      214,000.00
    RED HOOK         NY   12504          5            10/13/00         00
    0189647736                           05           12/01/00          0
    0189647736                           O            11/01/30
    0

    3921698          936/G02             F          263,000.00         ZZ
                                         360        262,388.06          1
                                       8.750          2,069.03         79
                                       8.500          2,069.03      335,000.00
    CORONA           CA   92879          2            09/25/00         00
    0432409068                           05           11/01/00          0
    182669325669                         O            10/01/30
    0

    3927517          253/253             F          600,000.00         ZZ
                                         360        598,068.19          1
                                       9.375          4,990.50         81
                                       9.125          4,990.50      749,000.00
    GRANBURY         TX   76048          1            10/30/00         00
    957588                               05           12/01/00          0
    957588                               O            11/01/30
    0

    3928674          168/168             F          106,400.00         ZZ
                                         360        106,280.26          1
                                       8.875            846.57         80
                                       8.625            846.57      133,000.00
1

    GATES            NY   14606          5            10/12/00         00
    0189638842                           05           12/01/00          0
    0189638842                           O            11/01/30
    0

    3933555          U05/G02             F          101,250.00         ZZ
                                         360        100,131.48          1
                                       9.000            814.68         75
                                       8.750            814.68      135,000.00
    HOUSTON          TX   77057          5            11/20/00         00
    0432486298                           01           01/01/01          0
    3080832                              O            12/01/30
    0

    3936889          685/G02             F          140,000.00         ZZ
                                         360        139,791.77          1
                                       9.500          1,177.20         85
                                       9.250          1,177.20      165,000.00
    SEDALIA          MO   65301          5            10/09/00         29
    0432512606                           05           12/01/00         17
    208595                               O            11/01/30
    0

    3938920          637/G02             F          252,000.00         ZZ
                                         360        251,573.02          1
                                       8.875          2,005.03         90
                                       8.625          2,005.03      280,000.00
    ALTO             NM   88312          1            10/10/00         11
    0432553006                           05           12/01/00         25
    00218290601                          O            11/01/30
    0

    3939137          T90/G02             F           64,800.00         ZZ
                                         360         64,708.57          2
                                       9.750            556.73         90
                                       9.500            556.73       72,000.00
    NEW ORLEANS      LA   70119          1            11/01/00         12
    0432447621                           05           12/01/00         25
    27120                                N            11/01/30
    0

    3947011          664/G02             F          172,000.00         ZZ
                                         360        171,781.36          2
                                       9.000          1,383.96         64
                                       8.750          1,383.96      270,000.00
    CHICAGO          IL   60629          5            11/17/00         00
    0432518520                           05           01/01/01          0
    0003708849                           O            12/01/30
    0
1

    3948646          168/168             F           77,600.00         ZZ
                                         360         77,478.37          2
                                       9.250            638.40         80
                                       9.000            638.40       98,000.00
    OGDEN            NY   14624          1            10/12/00         00
    0869308963                           05           12/01/00          0
    0869308963                           O            11/01/30
    0

    3956338          E22/G02             F           93,750.00         ZZ
                                         360         93,614.16          1
                                       9.625            796.87         75
                                       9.375            796.87      125,000.00
    BAYFIELD         CO   81122          2            11/02/00         00
    0412195901                           05           12/01/00          0
    0412195901                           N            11/01/30
    0

    3956339          E22/G02             F           75,000.00         ZZ
                                         360         74,891.34          1
                                       9.625            637.49         75
                                       9.375            637.49      100,000.00
    BAYFIELD         CO   81122          2            11/02/00         00
    0412195968                           05           12/01/00          0
    0412195968                           N            11/01/30
    0

    3956340          E22/G02             F           86,250.00         ZZ
                                         360         86,128.29          1
                                       9.750            741.02         75
                                       9.500            741.02      115,000.00
    BAYFIELD         CO   81122          5            11/02/00         00
    0412195992                           05           12/01/00          0
    0412195992                           N            11/01/30
    0

    3956342          E22/G02             F          131,250.00         ZZ
                                         360        131,059.85          1
                                       9.625          1,115.61         75
                                       9.375          1,115.61      175,000.00
    BAYFIELD         CO   81122          2            11/02/00         00
    0412196057                           05           12/01/00          0
    0412196057                           N            11/01/30
    0

    3961033          253/253             F          265,500.00         ZZ
                                         360        265,334.97          1
1

                                       8.375          2,018.00         90
                                       8.125          2,018.00      295,000.00
    LITTLETON        CO   80124          1            12/01/00         10
    958978                               03           02/01/01         25
    958978                               O            01/01/31
    0

    3962120          737/G02             F           78,400.00         ZZ
                                         360         78,352.50          1
                                       8.500            602.83         80
                                       8.250            602.83       98,000.00
    CLINTON TOWNSHI  MI   48038          5            11/27/00         00
    0432515005                           01           02/01/01          0
    2010901                              O            01/01/31
    0

    3967379          637/G02             F          132,000.00         ZZ
                                         360        131,911.43          3
                                       8.000            968.57         80
                                       7.750            968.57      165,000.00
    EDGEWOOD         PA   15218          2            12/19/00         00
    0432554814                           05           02/01/01          0
    0014573646                           O            01/01/31
    0

    3967548          562/G02             F          195,884.01         ZZ
                                         356        195,600.47          3
                                       9.875          1,705.70         88
                                       9.625          1,705.70      225,000.00
    BRONX            NY   10461          1            12/01/00         12
    0432436442                           05           12/01/00         25
    632016                               N            07/01/30
    0

    3967916          B57/G02             F          308,750.00         ZZ
                                         360        308,567.71          3
                                       8.625          2,401.43         95
                                       8.375          2,401.43      325,000.00
    LOS ANGELES      CA   90045          1            12/15/00         11
    0432543254                           05           02/01/01         30
    2015731                              O            01/01/31
    0

    3970901          642/G02             F           59,500.00         ZZ
                                         360         59,500.00          1
                                       9.375            494.89         80
                                       9.125            494.89       75,000.00
    HUEYTOWN         AL   35023          2            01/19/01         00
    0432564938                           05           03/01/01          0
1

    11118700                             N            02/01/31
    0

    3971445          637/G02             F          152,500.00         ZZ
                                         360        152,314.56          1
                                       8.500          1,172.60         75
                                       8.250          1,172.60      206,000.00
    PORTLAND         OR   97217          5            11/20/00         00
    0432482214                           05           01/01/01          0
    0021435342                           O            12/01/30
    0

    3972048          P34/G02             F           71,500.00         ZZ
                                         360         71,429.38          1
                                       9.500            601.21         65
                                       9.250            601.21      110,000.00
    OROVILLE         CA   95965          5            11/22/00         00
    0432456705                           05           01/01/01          0
    14174                                O            12/01/30
    0

    3978866          U05/G02             F          100,000.00         ZZ
                                         360         99,940.96          1
                                       8.625            777.79         40
                                       8.375            777.79      250,000.00
    BURNET           TX   78611          5            12/08/00         00
    0432527208                           05           02/01/01          0
    3083946                              O            01/01/31
    0

    3980009          B57/G02             F          108,000.00         ZZ
                                         360        107,939.45          4
                                       8.875            859.30         90
                                       8.625            859.30      120,000.00
    APPLE VALLEY     CA   92307          1            12/05/00         11
    0432499648                           05           02/01/01         25
    2015347                              N            01/01/31
    0

    3981536          992/G02             F           40,500.00         ZZ
                                         360         40,368.15          1
                                       9.125            329.53         90
                                       8.875            329.53       45,000.00
    MIDDLETOWN       NY   10940          1            07/26/00         14
    0432508505                           05           09/01/00         30
    845439                               N            08/01/30
    0

1

    3981567          964/G02             F          181,600.00         ZZ
                                         360        181,253.70          1
                                       8.750          1,428.65         79
                                       8.500          1,428.65      230,000.00
    PHOENIX          AZ   85254          5            10/23/00         00
    0432563575                           05           12/01/00          0
    77103                                O            11/01/30
    0

    3982222          962/G02             F           56,000.00         ZZ
                                         360         55,969.41          2
                                       9.000            450.59         80
                                       8.750            450.59       70,000.00
    FARGO            ND   58102          5            12/29/00         00
    0432525376                           05           02/01/01          0
    3982222                              N            01/01/31
    0

    3982466          163/G02             F           72,000.00         ZZ
                                         360         71,918.98          1
                                       8.875            572.86         80
                                       8.625            572.86       90,000.00
    MYRTLE BEACH     SC   29579          5            11/28/00         00
    0432553154                           05           01/01/01          0
    917666431                            O            12/01/30
    0

    3983436          637/G02             F          126,000.00         ZZ
                                         360        125,791.95          1
                                       9.000          1,013.83         80
                                       8.750          1,013.83      157,500.00
    ZACHARY          LA   70791          1            10/23/00         00
    0432540243                           05           12/01/00          0
    0017690751                           O            11/01/30
    0

    3984002          U05/G02             F          106,400.00         ZZ
                                         360        106,343.37          4
                                       9.125            865.71         80
                                       8.875            865.71      133,000.00
    HOLLYWOOD        FL   33023          1            12/12/00         00
    0432501526                           05           02/01/01          0
    3083408                              N            01/01/31
    0

    3985866          637/G02             F          104,900.00         T
                                         360        104,839.65          1
                                       8.750            825.25         60
                                       8.500            825.25      176,000.00
1

    YAKIMA           WA   98901          5            12/13/00         00
    0432548360                           05           02/01/01          0
    0021097308                           O            01/01/31
    0

    3987120          883/G02             F          115,000.00         ZZ
                                         360        114,870.56          1
                                       8.875            915.00         78
                                       8.625            915.00      148,000.00
    AUBURN           GA   30011          2            11/28/00         00
    0432474807                           05           01/01/01          0
    00003386                             O            12/01/30
    0

    3987785          168/168             F          225,000.00         ZZ
                                         360        224,618.78          1
                                       8.875          1,790.20         77
                                       8.625          1,790.20      294,350.00
    HAMBURG TOWNSHI  MI   48116          1            11/01/00         00
    0989949788                           01           12/01/00          0
    0989949788                           O            11/01/30
    0

    3987833          168/168             F          296,400.00         ZZ
                                         360        295,814.39          1
                                       8.125          2,200.76         80
                                       7.875          2,200.76      370,500.00
    STONE RIDGE      NY   12484          1            10/31/00         00
    0189675284                           05           12/01/00          0
    0189675284                           O            11/01/30
    0

    3989625          637/G02             F           76,500.00         ZZ
                                         360         76,426.39          3
                                       9.625            650.25         79
                                       9.375            650.25       98,000.00
    NEW BEDFORD      MA   02740          1            11/20/00         14
    0432445955                           05           01/01/01         25
    0021759139                           N            12/01/30
    0

    3989875          737/G02             F          101,000.00         ZZ
                                         360        100,902.84          1
                                       9.625            858.49         90
                                       9.375            858.49      113,000.00
    MADISON HEIGHTS  MI   48071          5            11/15/00         12
    0432477966                           05           01/01/01         25
    70001422                             O            12/01/30
    0
1

    3991229          737/G02             F           58,500.00         ZZ
                                         360         58,428.87          1
                                       8.500            449.81         75
                                       8.250            449.81       78,000.00
    LAKE HAVASU CIT  AZ   86403          1            11/27/00         00
    0432534113                           01           01/01/01          0
    964785                               O            12/01/30
    0

    3993473          U05/G02             F          334,000.00         ZZ
                                         360        334,000.00          1
                                       8.000          2,450.77         70
                                       7.750          2,450.77      480,000.00
    SOUTH SAN FRANC  CA   94080          5            01/09/01         00
    0432578987                           01           03/01/01          0
    3085098                              O            02/01/31
    0

    4002459          664/G02             F          146,250.00         ZZ
                                         360        146,109.31          3
                                       9.625          1,243.11         90
                                       9.375          1,243.11      162,500.00
    ELGIN            IL   60123          1            11/22/00         11
    0432496727                           02           01/01/01         25
    0003716727                           N            12/01/30
    0

    4002925          Q73/G02             F          126,200.00         ZZ
                                         360        126,119.53          1
                                       8.250            948.10         80
                                       8.000            948.10      158,000.00
    HERNANDO         MS   38632          5            12/08/00         00
    0432502326                           05           02/01/01          0
    2768492                              O            01/01/31
    0

    4004061          637/G02             F          137,500.00         ZZ
                                         360        137,341.19          1
                                       8.750          1,081.72         50
                                       8.500          1,081.72      275,000.00
    BROOKLYN         NY   11201          5            11/21/00         00
    0432555464                           01           01/01/01          0
    0013335427                           N            12/01/30
    0

    4004993          637/G02             F           46,900.00         ZZ
                                         360         46,857.20          1
1

                                       9.875            407.26         73
                                       9.625            407.26       64,500.00
    MOLINE           IL   61265          1            11/22/00         00
    0432536985                           05           01/01/01          0
    0018750018                           N            12/01/30
    0

    4005201          U96/G02             F          133,000.00         ZZ
                                         360        132,921.48          1
                                       8.625          1,034.46         95
                                       8.375          1,034.46      141,000.00
    AIEA             HI   96701          2            12/14/00         10
    0432566073                           06           02/01/01         30
    01100012                             O            01/01/31
    0

    4010652          163/G02             F          300,000.00         ZZ
                                         360        299,813.53          1
                                       8.375          2,280.22         57
                                       8.125          2,280.22      534,000.00
    MELROSE          MA   02176          5            12/23/00         00
    0432549210                           05           02/01/01          0
    1000260805                           O            01/01/31
    0

    4011129          F96/G02             F           80,750.00         ZZ
                                         360         80,661.46          1
                                       9.000            649.73         95
                                       8.750            649.73       85,000.00
    HACKENSACK       NJ   07601          1            11/30/00         12
    0432472181                           04           01/01/01         30
    00000                                O            12/01/30
    0

    4011181          163/G02             F           96,000.00         ZZ
                                         360         95,880.24          1
                                       8.375            729.67         80
                                       8.125            729.67      120,000.00
    CLATSKANIE       OR   97016          1            11/27/00         00
    0432511806                           05           01/01/01          0
    817721517                            O            12/01/30
    0

    4012739          E22/G02             F           80,910.00         ZZ
                                         360         80,742.34          1
                                       8.875            643.76         90
                                       8.625            643.76       89,900.00
    ARLINGTON        TX   76018          1            11/17/00         01
    0412225740                           05           01/01/01         30
1

    0412225740                           O            12/01/30
    0

    4013539          A50/G02             F           81,000.00         ZZ
                                         360         80,949.65          1
                                       8.375            615.66         90
                                       8.125            615.66       90,000.00
    MADISON          AL   35758          1            12/15/00         14
    0432526408                           05           02/01/01         25
    213190                               O            01/01/31
    0

    4013894          637/G02             F          151,250.00         ZZ
                                         360        151,070.76          1
                                       8.625          1,176.41         90
                                       8.375          1,176.41      168,089.00
    LAS VEGAS        NV   89110          1            11/21/00         11
    0432555779                           05           01/01/01         25
    0012944773                           O            12/01/30
    0

    4014555          U05/G02             F          390,000.00         ZZ
                                         360        389,549.60          1
                                       8.750          3,068.13         75
                                       8.500          3,068.13      520,000.00
    CAMPBELL         CA   95008          5            11/27/00         00
    0432508422                           05           01/01/01          0
    3082943                              O            12/01/30
    0

    4015114          163/G02             F          264,000.00         ZZ
                                         360        263,848.11          1
                                       8.750          2,076.89         80
                                       8.500          2,076.89      330,000.00
    DALY CITY        CA   94014          5            11/29/00         00
    0432526663                           05           02/01/01          0
    617731334                            O            01/01/31
    0

    4015609          E23/G02             F          128,450.00         ZZ
                                         360        128,361.60          1
                                       7.875            931.35         80
                                       7.625            931.35      160,575.00
    CHULA VISTA      CA   91913          1            12/26/00         00
    0432523892                           01           02/01/01          0
    10511962                             O            01/01/31
    0

1

    4016240          637/G02             F          137,600.00         ZZ
                                         360        137,518.76          1
                                       8.625          1,070.24         80
                                       8.375          1,070.24      172,000.00
    FARMINGVILLE     NY   11738          1            12/28/00         00
    0432548527                           05           02/01/01          0
    0013333653                           O            01/01/31
    0

    4019568          936/G02             F           70,000.00         ZZ
                                         360         69,881.38          1
                                       8.875            556.96         64
                                       8.625            556.96      110,000.00
    PATERSON         NJ   07501          5            10/25/00         00
    0432458180                           05           12/01/00          0
    183838445557                         O            11/01/30
    0

    4019649          J86/G02             F           76,000.00         ZZ
                                         360         75,856.65          1
                                       8.875            604.69         80
                                       8.625            604.69       95,500.00
    EAST BRUNSWICK   NJ   08816          1            12/14/00         00
    0432511293                           01           02/01/01          0
    STEPPS                               O            01/01/31
    0

    4020170          A50/G02             F          216,750.00         ZZ
                                         360        216,486.45          1
                                       8.500          1,666.62         85
                                       8.250          1,666.62      255,000.00
    HOOVER           AL   35226          1            12/01/00         01
    0432505121                           05           01/01/01         12
    132508                               O            12/01/30
    0

    4020314          A50/G02             F          117,800.00         ZZ
                                         360        117,656.75          1
                                       8.500            905.79         76
                                       8.250            905.79      155,000.00
    CHILDERSBURG     AL   35044          5            11/27/00         00
    0432508034                           05           01/01/01          0
    132509                               O            12/01/30
    0

    4020324          U05/G02             F          337,500.00         ZZ
                                         360        337,295.54          1
                                       8.500          2,595.08         75
                                       8.250          2,595.08      455,000.00
1

    SAN FRANCISCO    CA   94112          5            12/14/00         00
    0432553303                           05           02/01/01          0
    3086296                              O            01/01/31
    0

    4020465          664/G02             F           64,000.00         T
                                         360         63,863.88          1
                                       8.500            492.10         80
                                       8.250            492.10       80,000.00
    GREENSBORO       NC   27406          5            11/28/00         00
    0432503498                           05           01/01/01          0
    0003715596                           O            12/01/30
    0

    4021436          168/168             F          316,000.00         ZZ
                                         360        315,635.07          1
                                       8.750          2,485.97         80
                                       8.500          2,485.97      395,000.00
    RYE              NY   10580          1            11/10/00         00
    1866650                              05           01/01/01          0
    1866650                              O            12/01/30
    0

    4021801          168/168             F           76,400.00         ZZ
                                         360         76,322.53          3
                                       9.375            635.46         90
                                       9.125            635.46       84,900.00
    ROCHESTER        NY   14620          1            11/09/00         14
    0189637099                           05           01/01/01         25
    0189637099                           N            12/01/30
    0

    4023482          S18/G02             F          125,100.00         ZZ
                                         360        125,100.00          4
                                       9.375          1,040.52         90
                                       9.125          1,040.52      139,000.00
    MIAMI            FL   33130          1            01/08/01         12
    0432570828                           05           03/01/01         25
    40050                                N            02/01/31
    0

    4023793          369/G02             F          391,500.00         ZZ
                                         360        387,792.35          1
                                       8.250          2,941.21         90
                                       8.000          2,941.21      435,000.00
    ALPHARETTA       GA   30022          1            11/30/00         10
    0432563625                           03           01/01/01         25
    0072609779                           O            12/01/30
    0
1

    4024407          526/526             F          500,000.00         ZZ
                                         360        498,743.81          1
                                       8.375          3,800.36         80
                                       8.125          3,800.36      625,000.00
    VANCOUVER        WA   98664          1            09/09/00         00
    0357808                              05           11/01/00          0
    0357808                              O            10/01/30
    0

    4024408          526/526             F          216,000.00         ZZ
                                         360        215,484.38          1
                                       8.625          1,680.03         80
                                       8.375          1,680.03      270,000.00
    GILBERT          AZ   85234          1            09/18/00         00
    0372919                              03           11/01/00          0
    0372919                              O            10/01/30
    0

    4024427          526/526             F          174,500.00         ZZ
                                         360        174,094.01          1
                                       8.750          1,372.79         94
                                       8.500          1,372.79      186,000.00
    THE DALLES       OR   97058          2            09/07/00         12
    0414859                              05           11/01/00         30
    0414859                              O            10/01/30
    0

    4024437          526/526             F          162,100.00         ZZ
                                         360        161,810.81          1
                                       8.625          1,260.80         63
                                       8.375          1,260.80      259,000.00
    PORTLAND         OR   97236          1            10/13/00         00
    0417520                              05           12/01/00          0
    0417520                              O            11/01/30
    0

    4024574          526/526             F          649,950.00         ZZ
                                         360        648,398.48          2
                                       8.625          5,055.24         75
                                       8.375          5,055.24      870,000.00
    SAN DIEGO        CA   92109          1            10/02/00         00
    0422960                              05           11/01/00          0
    0422960                              O            10/01/30
    0

    4024606          526/526             F          211,500.00         ZZ
                                         360        211,150.80          1
1

                                       9.000          1,701.78         90
                                       8.750          1,701.78      235,000.00
    BRONX            NY   10453          1            10/17/00         12
    0423355                              05           12/01/00         25
    0423355                              O            11/01/30
    0

    4024616          526/526             F          162,450.00         ZZ
                                         360        162,072.05          4
                                       8.750          1,277.99         90
                                       8.500          1,277.99      180,500.00
    MESA             AZ   85201          1            09/28/00         12
    0423494                              05           11/01/00         25
    0423494                              N            10/01/30
    0

    4024657          526/526             F          174,150.00         ZZ
                                         360        173,712.46          1
                                       8.375          1,323.67         90
                                       8.125          1,323.67      193,500.00
    AVON             CO   81620          1            09/28/00         12
    0423956                              01           11/01/00         25
    0423956                              O            10/01/30
    0

    4024693          526/526             F          176,000.00         ZZ
                                         360        175,590.52          4
                                       8.750          1,384.59         80
                                       8.500          1,384.59      220,000.00
    CHICO            CA   95928          1            09/28/00         00
    0424323                              05           11/01/00          0
    0424323                              N            10/01/30
    0

    4024694          526/526             F          178,200.00         ZZ
                                         360        177,873.86          4
                                       8.500          1,370.20         90
                                       8.250          1,370.20      198,000.00
    EAGLE POINT      OR   97524          1            10/04/00         12
    0424324                              05           12/01/00         25
    0424324                              N            11/01/30
    0

    4024747          526/526             F          140,400.00         ZZ
                                         360        140,155.89          2
                                       8.750          1,104.53         90
                                       8.500          1,104.53      156,000.00
    FRANKLIN         IN   46131          1            10/17/00         12
    0424957                              05           12/01/00         25
1

    0424957                              N            11/01/30
    0

    4024753          526/526             F          110,700.00         ZZ
                                         360        110,455.39          1
                                       9.000            890.72         90
                                       8.750            890.72      123,000.00
    MESA             AZ   85201          1            09/28/00         01
    0425010                              05           11/01/00         25
    0425010                              N            10/01/30
    0

    4024779          526/526             F          149,400.00         ZZ
                                         360        149,165.84          1
                                       9.250          1,229.08         90
                                       9.000          1,229.08      166,000.00
    PHOENIX          AZ   85018          1            10/20/00         12
    0425340                              05           12/01/00         25
    0425340                              N            11/01/30
    0

    4024803          526/526             F          148,000.00         ZZ
                                         360        147,658.97          2
                                       8.250          1,111.87         80
                                       8.000          1,111.87      185,000.00
    FORT LAUDERDALE  FL   33304          1            10/27/00         00
    0425664                              05           12/01/00          0
    0425664                              O            11/01/30
    0

    4024811          526/526             F          306,000.00         ZZ
                                         360        305,454.11          4
                                       8.625          2,380.04         90
                                       8.375          2,380.04      340,000.00
    ANAHEIM          CA   92804          1            10/09/00         12
    0425800                              05           12/01/00         25
    0425800                              N            11/01/30
    0

    4024856          526/526             F          148,400.00         ZZ
                                         360        148,148.56          1
                                       8.875          1,180.74         90
                                       8.625          1,180.74      164,900.00
    GILBERT          AZ   85296          1            10/11/00         12
    0426351                              03           12/01/00         25
    0426351                              O            11/01/30
    0

1

    4024859          526/526             F          127,400.00         ZZ
                                         360        127,112.68          2
                                       8.750          1,002.26         65
                                       8.500          1,002.26      196,000.00
    LOMITA           CA   90717          1            10/20/00         00
    0426393                              05           12/01/00          0
    0426393                              N            11/01/30
    0

    4024860          526/526             F          127,400.00         ZZ
                                         360        127,098.61          1
                                       8.625            990.90         65
                                       8.375            990.90      196,000.00
    LOMITA           CA   90717          1            10/18/00         00
    0426405                              05           12/01/00          0
    0426405                              N            11/01/30
    0

    4024863          526/526             F          161,228.00         T
                                         360        160,975.32          1
                                       9.250          1,326.38         75
                                       9.000          1,326.38      215,000.00
    LINCOLN CITY     OR   97367          1            10/24/00         00
    0426458                              01           12/01/00          0
    0426458                              O            11/01/30
    0

    4024868          526/526             F          128,000.00         ZZ
                                         360        127,742.33          3
                                       8.875          1,018.43         80
                                       8.625          1,018.43      160,000.00
    PHOENIX          AZ   85015          1            10/19/00         00
    0426540                              05           12/01/00          0
    0426540                              N            11/01/30
    0

    4024886          526/526             F          207,000.00         ZZ
                                         360        206,209.77          4
                                       9.250          1,702.94         90
                                       9.000          1,702.94      230,000.00
    TEMPE            AZ   85281          1            10/18/00         12
    0426849                              05           12/01/00         25
    0426849                              N            11/01/30
    0

    4024894          526/526             F          649,900.00         ZZ
                                         360        648,710.48          4
                                       8.500          4,997.17         69
                                       8.250          4,997.17      950,000.00
1

    SANTA MONICA     CA   90403          2            10/20/00         00
    0426949                              05           12/01/00          0
    0426949                              O            11/01/30
    0

    4024898          526/526             F          175,500.00         ZZ
                                         360        175,224.92          4
                                       9.250          1,443.80         90
                                       9.000          1,443.80      195,000.00
    SAN DIEGO        CA   92105          1            10/17/00         12
    0427056                              05           12/01/00         25
    0427056                              N            11/01/30
    0

    4024931          526/526             F          119,700.00         ZZ
                                         360        119,491.88          1
                                       8.750            941.68         90
                                       8.500            941.68      133,000.00
    MESA             AZ   85202          1            10/27/00         01
    0427925                              05           12/01/00         25
    0427925                              N            11/01/30
    0

    4024932          526/526             F          118,350.00         ZZ
                                         360        118,144.23          1
                                       8.750            931.06         90
                                       8.500            931.06      131,500.00
    TEMPE            AZ   85282          1            10/27/00         01
    0427926                              05           12/01/00         25
    0427926                              N            11/01/30
    0

    4025247          664/G02             F          150,000.00         ZZ
                                         360        149,825.17          1
                                       9.500          1,261.29         73
                                       9.250          1,261.29      206,000.00
    MARLBOROUGH      MA   01752          2            11/29/00         00
    0432542322                           05           01/01/01          0
    0003654159                           O            12/01/30
    0

    4025355          R17/G02             F           30,100.00         ZZ
                                         360         30,066.12          1
                                       8.875            239.49         37
                                       8.625            239.49       83,500.00
    ST PETERSBURG    FL   33713          1            11/07/00         00
    0432432300                           05           01/01/01          0
    1000012406                           O            12/01/30
    0
1

    4028062          637/G02             F           90,000.00         ZZ
                                         360         89,955.73          2
                                       9.500            756.77         46
                                       9.250            756.77      198,000.00
    SPRINGFIELD GAR  NY   11413          5            12/07/00         00
    0432543627                           05           02/01/01          0
    0013334768                           O            01/01/31
    0

    4028421          H19/G02             F           99,200.00         ZZ
                                         360         99,141.43          1
                                       8.625            771.57         80
                                       8.375            771.57      124,000.00
    GREEN BAY        WI   54302          1            12/15/00         00
    0432511731                           05           02/01/01          0
    0010040061                           O            01/01/31
    0

    4029600          683/G02             F           56,700.00         ZZ
                                         360         56,666.52          1
                                       8.625            441.01         90
                                       8.375            441.01       63,000.00
    HUDSON           NH   03051          1            12/07/00         04
    0432557973                           01           02/01/01         25
    018825                               N            01/01/31
    0

    4029924          B57/G02             F           64,000.00         ZZ
                                         360         63,960.22          4
                                       8.375            486.45         77
                                       8.125            486.45       84,000.00
    BAKERSFIELD      CA   93304          1            12/05/00         00
    0432532026                           05           02/01/01          0
    2015500                              O            01/01/31
    0

    4031569          U05/G02             F           64,000.00         ZZ
                                         360         63,964.12          1
                                       8.875            509.21         80
                                       8.625            509.21       80,000.00
    KNOXVILLE        TN   37920          2            11/30/00         00
    0432496156                           05           02/01/01          0
    3086550                              O            01/01/31
    0

    4031704          405/405             F          440,000.00         ZZ
                                         360        439,407.56          1
1

                                       8.000          3,228.57         80
                                       7.500          3,228.57      550,000.00
    LOS ANGELES      CA   90025          1            11/08/00         00
    16954935                             05           01/01/01          0
    16954935                             O            12/01/30
    0

    4031940          Q59/G02             F          452,000.00         ZZ
                                         360        450,197.43          1
                                       8.250          3,395.73         81
                                       8.000          3,395.73      563,120.00
    BEVERLY HILLS    CA   90210          1            11/29/00         95
    0432495588                           08           02/01/01          0
    00202177                             O            01/01/31
    0

    4032807          637/G02             F          119,900.00         ZZ
                                         360        119,819.54          1
                                       8.000            879.79         75
                                       7.750            879.79      159,900.00
    WILSONVILLE      OR   97070          1            12/14/00         00
    0432524189                           03           02/01/01          0
    0016192965                           O            01/01/31
    0

    4034231          E22/G02             F          236,000.00         ZZ
                                         360        235,713.04          1
                                       8.500          1,814.64         80
                                       8.250          1,814.64      295,000.00
    HORSESHOE BAY    TX   78657          1            11/27/00         00
    0412254401                           03           01/01/01          0
    0412254401                           O            12/01/30
    0

    4034637          E86/G02             F          225,000.00         ZZ
                                         360        224,480.42          4
                                       9.875          1,953.78         90
                                       9.625          1,953.78      250,000.00
    BRONX            NY   10455          1            08/25/00         12
    0432549491                           05           10/01/00         30
    131468810                            N            09/01/30
    0

    4036212          S27/G02             F           40,500.00         ZZ
                                         360         40,479.55          3
                                       9.375            336.86         90
                                       9.125            336.86       45,000.00
    SAINT PETERSBUR  FL   33701          1            12/22/00         10
    0432517019                           05           02/01/01         25
1

    1010005979                           N            01/01/31
    0

    4036254          637/G02             F          410,000.00         ZZ
                                         360        409,764.10          1
                                       8.750          3,225.48         73
                                       8.500          3,225.48      565,000.00
    SEATTLE          WA   98177          5            12/06/00         00
    0432545531                           03           02/01/01          0
    0021098835                           O            01/01/31
    0

    4036992          664/G02             F           71,900.00         ZZ
                                         360         71,819.08          2
                                       8.875            572.07         90
                                       8.625            572.07       79,900.00
    HAMDEN           CT   06514          1            12/01/00         11
    0432543346                           05           01/01/01         25
    0003650793                           N            12/01/30
    0

    4037613          P06/G02             F          196,000.00         ZZ
                                         360        195,767.73          1
                                       8.625          1,524.47         80
                                       8.375          1,524.47      245,000.00
    SANTEE           CA   92071          1            11/30/00         00
    0432474898                           05           01/01/01          0
    4300764                              O            12/01/30
    0

    4038091          168/168             F          100,000.00         ZZ
                                         360         99,243.03          1
                                       9.375            831.75         33
                                       9.125            831.75      310,000.00
    LAKEVILLE        MA   02347          5            09/20/00         00
    247804SI                             05           11/01/00          0
    247804SI                             O            10/01/30
    0

    4038841          G52/G02             F           65,000.00         ZZ
                                         360         64,920.98          1
                                       8.500            499.79         76
                                       8.250            499.79       86,000.00
    TUCSON           AZ   85730          5            11/17/00         00
    0432475861                           05           01/01/01          0
    99006282                             O            12/01/30
    0

1

    4039205          637/G02             F          206,800.00         ZZ
                                         360        206,674.71          1
                                       8.500          1,590.12         90
                                       8.250          1,590.12      229,800.00
    SANTA CLARITA    CA   91350          1            12/01/00         11
    0432546083                           03           02/01/01         25
    0019320050                           O            01/01/31
    0

    4039639          E22/G02             F           95,450.00         T
                                         360         95,355.72          1
                                       9.500            802.60         75
                                       9.250            802.60      127,300.00
    MABANK           TX   75147          5            11/28/00         00
    0412152498                           03           01/01/01          0
    0412152498                           O            12/01/30
    0

    4039653          E22/G02             F          163,200.00         ZZ
                                         360        163,016.34          1
                                       8.875          1,298.49         80
                                       8.625          1,298.49      204,000.00
    ENGLEWOOD        CO   80110          5            11/28/00         00
    0412203598                           05           01/01/01          0
    0412203598                           N            12/01/30
    0

    4039665          E22/G02             F          140,000.00         ZZ
                                         360        139,829.78          1
                                       8.500          1,076.48         80
                                       8.250          1,076.48      175,000.00
    ALVIN            TX   77511          5            11/22/00         00
    0412227159                           05           01/01/01          0
    0412227159                           O            12/01/30
    0

    4039685          E22/G02             F           72,000.00         ZZ
                                         360         71,932.55          1
                                       9.750            618.59         90
                                       9.500            618.59       80,000.00
    BAY CITY         MI   48706          5            11/22/00         04
    0412243024                           05           01/01/01         25
    0412243024                           O            12/01/30
    0

    4039698          E22/G02             F          420,000.00         ZZ
                                         360        419,595.97          1
                                       9.625          3,569.96         80
                                       9.375          3,569.96      525,000.00
1

    WEST BLOOMFIELD  MI   48323          5            11/22/00         00
    0412247892                           05           01/01/01          0
    0412247892                           O            12/01/30
    0

    4039710          E22/G02             F          135,000.00         ZZ
                                         360        134,848.08          1
                                       8.875          1,074.12         73
                                       8.625          1,074.12      185,000.00
    ALLENSTOWN       NH   03275          5            11/22/00         00
    0412251431                           05           01/01/01          0
    0412251431                           O            12/01/30
    0

    4039715          E22/G02             F           55,250.00         ZZ
                                         360         55,184.79          1
                                       9.625            469.62         85
                                       9.375            469.62       65,000.00
    GULFPORT         MS   39501          2            11/22/00         01
    0412253445                           05           01/01/01         12
    0412253445                           O            12/01/30
    0

    4040496          637/G02             F          125,900.00         ZZ
                                         360        125,829.42          1
                                       8.875          1,001.72         90
                                       8.625          1,001.72      139,900.00
    HUMBLE           TX   77369          1            12/15/00         11
    0432563385                           05           02/01/01         25
    0021721576                           O            01/01/31
    0

    4041689          637/G02             F           96,000.00         ZZ
                                         360         95,935.58          1
                                       8.000            704.42         80
                                       7.750            704.42      120,000.00
    CLAYTON          NM   88415          5            12/05/00         00
    0432539179                           05           02/01/01          0
    0017392440                           O            01/01/31
    0

    4041714          637/G02             F          107,800.00         ZZ
                                         360        107,739.56          1
                                       8.875            857.71         95
                                       8.625            857.71      113,500.00
    MARSHALL         NC   28753          5            12/07/00         04
    0432541175                           05           02/01/01         30
    0013125091                           O            01/01/31
    0
1

    4041986          637/G02             F          206,250.00         ZZ
                                         360        206,131.34          1
                                       8.750          1,622.57         75
                                       8.500          1,622.57      275,000.00
    GOLD HILL        OR   97525          5            12/01/00         00
    0432545259                           05           02/01/01          0
    0021435409                           O            01/01/31
    0

    4043195          J40/G02             F          144,500.00         ZZ
                                         360        144,414.68          1
                                       8.625          1,123.91         85
                                       8.375          1,123.91      170,000.00
    VICKSBURG        MS   39180          5            12/05/00         11
    0432499002                           05           02/01/01         12
    7685317                              O            01/01/31
    0

    4043544          H37/G02             F           43,500.00         T
                                         360         43,450.20          1
                                       8.750            342.00         75
                                       8.500            342.00       58,000.00
    NORTH WILDWOOD   NJ   08260          1            11/17/00         00
    0432438885                           08           01/01/01          0
    00246885                             O            12/01/30
    0

    4044186          163/G02             F          324,218.00         ZZ
                                         360        323,823.77          1
                                       8.500          2,492.96         89
                                       8.250          2,492.96      365,000.00
    ALBUQUERQUE      NM   87104          1            11/30/00         11
    0432514990                           05           01/01/01         25
    1817740665                           O            12/01/30
    0

    4044540          637/G02             F          308,000.00         ZZ
                                         360        307,798.52          1
                                       8.125          2,286.90         80
                                       7.875          2,286.90      385,000.00
    JEFFERSON        OR   97352          5            12/08/00         00
    0432512721                           05           02/01/01          0
    0021437231                           O            01/01/31
    0

    4044801          E22/G02             F          137,600.00         ZZ
                                         360        137,432.71          1
1

                                       8.500          1,058.02         80
                                       8.250          1,058.02      172,000.00
    BAY CITY         MI   48708          5            11/24/00         00
    0412200941                           05           01/01/01          0
    0412200941                           O            12/01/30
    0

    4044803          E22/G02             F           72,400.00         ZZ
                                         360         72,333.95          2
                                       9.875            628.68         90
                                       9.625            628.68       80,450.00
    GALLUP           NM   87301          1            11/29/00         01
    0412203796                           05           01/01/01         25
    0412203796                           N            12/01/30
    0

    4045316          737/G02             F          133,350.00         ZZ
                                         360        133,275.23          1
                                       8.875          1,061.00         90
                                       8.625          1,061.00      148,200.00
    TYLER            TX   75701          1            12/06/00         01
    0432548535                           05           02/01/01         25
    2011358                              O            01/01/31
    0

    4045335          A33/A33             F          102,500.00         ZZ
                                         360        102,442.53          1
                                       8.875            815.54         70
                                       8.625            815.54      147,500.00
    NOVI             MI   48375          1            12/12/00         00
    007094943                            01           02/01/01          0
    007094943                            O            01/01/31
    0

    4045815          737/G02             F          121,500.00         ZZ
                                         360        121,380.00          4
                                       9.500          1,021.64         90
                                       9.250          1,021.64      135,000.00
    MILWAUKEE        WI   53218          1            12/01/00         10
    0432543536                           05           01/01/01         25
    965376                               N            12/01/30
    0

    4046427          637/G02             F          327,200.00         ZZ
                                         360        326,850.42          1
                                       9.125          2,662.21         70
                                       8.875          2,662.21      467,500.00
    ATLANTA          GA   30324          1            12/01/00         00
    0432566305                           05           01/01/01          0
1

    0021928163                           N            12/01/30
    0

    4047674          163/G02             F          360,000.00         ZZ
                                         360        359,758.45          1
                                       8.000          2,641.55         80
                                       7.750          2,641.55      450,000.00
    SANTA ANA        CA   92705          5            12/05/00         00
    0432515997                           05           02/01/01          0
    617741879                            O            01/01/31
    0

    4047679          T44/G02             F           93,750.00         ZZ
                                         360         93,691.73          1
                                       8.375            712.57         75
                                       8.125            712.57      125,000.00
    LAS VEGAS        NV   89102          5            12/08/00         00
    0432498160                           01           02/01/01          0
    9116940                              O            01/01/31
    0

    4049384          M66/G02             F           67,500.00         ZZ
                                         360         67,463.12          1
                                       9.000            543.13         63
                                       8.750            543.13      107,500.00
    ATCO             NJ   08004          1            12/18/00         00
    0432556140                           05           02/01/01          0
    210431                               O            01/01/31
    0

    4049450          168/168             F          138,750.00         ZZ
                                         360        138,563.18          1
                                       8.000          1,018.10         75
                                       7.750          1,018.10      185,000.00
    SPRING VALLEY    NY   10977          1            11/15/00         00
    187815                               02           01/01/01          0
    187815                               O            12/01/30
    0

    4052838          637/G02             F          272,000.00         ZZ
                                         360        271,839.41          3
                                       8.625          2,115.59         80
                                       8.375          2,115.59      340,000.00
    LOS ANGELES      CA   90732          1            12/04/00         00
    0432550614                           05           02/01/01          0
    0019322635                           O            01/01/31
    0

1

    4053113          E22/G02             F          144,000.00         ZZ
                                         360        143,853.99          1
                                       9.375          1,197.72         90
                                       9.125          1,197.72      160,000.00
    BROWNSTOWN TWP   MI   48173          5            11/03/00         10
    0412205338                           05           01/01/01         25
    0412205338                           O            12/01/30
    0

    4053144          E22/G02             F          295,200.00         ZZ
                                         360        294,892.74          1
                                       9.250          2,428.54         90
                                       9.000          2,428.54      328,000.00
    PALM CITY        FL   34990          1            11/30/00         04
    0412242604                           03           01/01/01         30
    0412242604                           O            12/01/30
    0

    4055280          E23/G02             F          348,000.00         ZZ
                                         360        347,778.09          1
                                       8.250          2,614.41         80
                                       8.000          2,614.41      435,000.00
    SAN JOSE         CA   95139          5            12/14/00         00
    0432511699                           05           02/01/01          0
    51000798                             O            01/01/31
    0

    4056162          637/G02             F          121,600.00         ZZ
                                         360        121,522.45          1
                                       8.250            913.55         80
                                       8.000            913.55      152,000.00
    EL PASO          TX   79936          1            12/08/00         00
    0432516193                           05           02/01/01          0
    0021878293                           O            01/01/31
    0

    4056890          883/G02             F          108,000.00         ZZ
                                         360        107,939.45          1
                                       8.875            859.30         71
                                       8.625            859.30      153,000.00
    TOMAHAWK         WI   54487          5            12/22/00         00
    0432513414                           05           02/01/01          0
    00003496                             O            01/01/31
    0

    4058376          E22/G02             F          100,800.00         ZZ
                                         360         99,183.57          1
                                       8.750            792.99         80
                                       8.500            792.99      126,000.00
1

    BURNET           TX   78611          5            11/27/00         00
    0412231763                           03           01/01/01          0
    0412231763                           O            12/01/30
    0

    4060315          G52/G02             F          139,500.00         ZZ
                                         360        139,343.02          2
                                       8.875          1,109.92         89
                                       8.625          1,109.92      157,000.00
    AUSTIN           TX   78745          1            11/20/00         10
    0432550812                           05           01/01/01         25
    74502501                             N            12/01/30
    0

    4060850          637/G02             F          138,000.00         ZZ
                                         360        137,912.00          1
                                       8.250          1,036.75         69
                                       8.000          1,036.75      200,000.00
    HENDERSON        NV   89015          5            12/06/00         00
    0432519247                           05           02/01/01          0
    0012946943                           O            01/01/31
    0

    4061163          225/225             F          105,000.00         ZZ
                                         360        104,802.83          1
                                       8.375            798.08         75
                                       8.125            798.08      140,000.00
    NEWLAND          NC   28657          5            10/16/00         00
    6512241                              05           12/01/00          0
    6512241                              O            11/01/30
    0

    4061407          B57/G02             F          144,000.00         ZZ
                                         360        143,910.50          1
                                       8.375          1,094.50         74
                                       8.125          1,094.50      196,500.00
    VENTURA          CA   93001          5            12/13/00         00
    0432534501                           05           02/01/01          0
    2015117                              O            01/01/31
    0

    4061615          G52/G02             F          139,500.00         ZZ
                                         360        139,343.02          2
                                       8.875          1,109.92         90
                                       8.625          1,109.92      155,000.00
    AUSTIN           TX   78745          1            11/20/00         10
    0432443307                           05           01/01/01         25
    74502500                             N            12/01/30
    0
1

    4062951          U28/G02             F          112,261.00         ZZ
                                         360        112,192.99          1
                                       8.500            863.19         90
                                       8.250            863.19      124,735.00
    HOLLY SPRINGS    NC   27540          1            12/15/00         04
    0432534022                           03           02/01/01         25
    00000                                O            01/01/31
    0

    4063151          163/G02             F          368,000.00         ZZ
                                         360        367,777.06          1
                                       8.500          2,829.61         80
                                       8.250          2,829.61      460,000.00
    NORTH KINGSTOWN  RI   02852          1            12/29/00         00
    0432549244                           05           02/01/01          0
    1000251550                           O            01/01/31
    0

    4063271          A50/G02             F           60,800.00         ZZ
                                         360         60,764.10          1
                                       8.625            472.90         66
                                       8.375            472.90       93,300.00
    ALBERTIVLLE      AL   35950          1            12/11/00         00
    0432504207                           05           02/01/01          0
    132550                               O            01/01/31
    0

    4063338          637/G02             F          312,000.00         ZZ
                                         360        311,795.90          1
                                       8.125          2,316.60         80
                                       7.875          2,316.60      390,000.00
    WALDORF          MD   20603          5            12/06/00         00
    0432545572                           05           02/01/01          0
    0019195825                           O            01/01/31
    0

    4063399          U59/G02             F          179,900.00         ZZ
                                         360        179,692.23          1
                                       8.750          1,415.28         79
                                       8.500          1,415.28      229,900.00
    YORKTOWN HEIGHT  NY   10598          1            12/08/00         00
    0432476737                           05           01/08/01          0
    800687915                            O            12/08/30
    0

    4063884          742/G02             F          148,000.00         ZZ
                                         360        147,910.34          1
1

                                       8.500          1,137.99         80
                                       8.250          1,137.99      185,000.00
    SAUGERTIES       NY   12477          5            12/15/00         00
    0432534121                           05           02/01/01          0
    6174262                              O            01/01/31
    0

    4064042          F36/G02             F          104,000.00         ZZ
                                         360        103,926.60          1
                                       7.750            745.07         80
                                       7.500            745.07      130,000.00
    TACOMA           WA   98406          1            12/12/00         00
    0432516177                           05           02/01/01          0
    06401506                             O            01/01/31
    0

    4064107          664/G02             F           58,800.00         ZZ
                                         360         58,769.51          1
                                       9.250            483.74         60
                                       9.000            483.74       98,000.00
    CARY             IL   60013          5            12/14/00         00
    0432505535                           03           02/01/01          0
    0003627114                           N            01/01/31
    0

    4065084          U28/G02             F          332,000.00         ZZ
                                         360        331,788.29          1
                                       8.250          2,494.21         80
                                       8.000          2,494.21      415,000.00
    ATLANTA          GA   30305          1            12/29/00         00
    0432560118                           05           02/01/01          0
    108039                               N            01/01/31
    0

    4066472          637/G02             F          135,000.00         ZZ
                                         360        134,920.29          1
                                       8.625          1,050.02         90
                                       8.375          1,050.02      150,000.00
    JONAS            PA   18058          2            12/08/00         10
    0432517589                           05           02/01/01         25
    0021918644                           O            01/01/31
    0

    4067274          A50/G02             F          110,000.00         ZZ
                                         360        109,931.63          1
                                       8.375            836.08         71
                                       8.125            836.08      155,000.00
    ATHENS           GA   30605          1            12/07/00         00
    0432531309                           03           02/01/01          0
1

    207192                               O            01/01/31
    0

    4067704          664/G02             F           58,500.00         ZZ
                                         360         58,471.97          2
                                       9.625            497.25         90
                                       9.375            497.25       65,000.00
    NEW BEDFORD      MA   02740          1            01/02/01         11
    0432546992                           05           02/01/01         25
    003654175                            N            01/01/31
    0

    4067945          E22/G02             F           80,000.00         ZZ
                                         360         77,941.42          1
                                       9.500            672.68         80
                                       9.250            672.68      100,000.00
    ST PETERSBURG    FL   33710          2            11/30/00         00
    0412185308                           05           01/01/01          0
    0412185308                           O            12/01/30
    0

    4067986          E22/G02             F          157,600.00         ZZ
                                         360        157,273.37          1
                                       8.125          1,170.18         80
                                       7.875          1,170.18      197,000.00
    CHINO HILLS      CA   91709          1            11/30/00         00
    0412257347                           05           01/01/01          0
    0412257347                           N            12/01/30
    0

    4069229          H22/G02             F          247,700.00         ZZ
                                         240        247,700.00          2
                                       8.250          2,110.57         80
                                       8.000          2,110.57      309,722.00
    JACKSON HEIGHTS  NY   11370          1            01/25/01         00
    0432569937                           07           03/01/01          0
    0011023                              O            02/01/21
    0

    4069382          163/G02             F           39,900.00         ZZ
                                         360         39,878.21          1
                                       9.000            321.04         70
                                       8.750            321.04       57,000.00
    AKRON            OH   44307          2            12/15/00         00
    0432559706                           05           02/01/01          0
    3910732902                           N            01/01/31
    0

1

    4070171          F96/G02             F          112,000.00         ZZ
                                         240        111,809.86          1
                                       8.000            936.81         78
                                       7.750            936.81      145,000.00
    JEFFERSON        NJ   07849          5            12/08/00         00
    0432517571                           05           02/01/01          0
    0003856                              O            01/01/21
    0

    4070393          E86/G02             F           68,000.00         ZZ
                                         360         67,934.60          1
                                       9.625            577.99         80
                                       9.375            577.99       85,000.00
    FORT LEE         NJ   07024          1            11/21/00         00
    0432548501                           08           01/01/01          0
    970101                               N            12/01/30
    0

    4070456          163/G02             F          390,000.00         ZZ
                                         360        389,775.62          1
                                       8.750          3,068.13         65
                                       8.500          3,068.13      600,000.00
    SANTA CLARITA    CA   91350          5            12/07/00         00
    0432513901                           05           02/01/01          0
    617736598                            O            01/01/31
    0

    4071031          637/G02             F          232,000.00         ZZ
                                         360        231,855.80          1
                                       8.375          1,763.37         80
                                       8.125          1,763.37      290,000.00
    HANOVER          MA   02339          1            12/19/00         00
    0432562262                           05           02/01/01          0
    0021763917                           O            01/01/31
    0

    4071301          G52/G02             F           90,800.00         ZZ
                                         360         90,750.40          2
                                       9.000            730.60         90
                                       8.750            730.60      100,900.00
    TUCSON           AZ   85719          1            12/12/00         10
    0432573764                           05           02/01/01         25
    99006440                             N            01/01/31
    0

    4071310          163/G02             F          584,000.00         ZZ
                                         360        583,646.22          1
                                       8.500          4,490.45         56
                                       8.250          4,490.45    1,050,000.00
1

    BORING           OR   97009          2            12/11/00         00
    0432562957                           05           02/01/01          0
    817742901                            O            01/01/31
    0

    4072058          U05/G02             F          459,600.00         ZZ
                                         360        459,069.21          1
                                       8.750          3,615.68         80
                                       8.500          3,615.68      574,500.00
    CARMEL           CA   93921          1            11/14/00         00
    0432566115                           05           01/01/01          0
    3082805                              N            12/01/30
    0

    4072282          F61/G02             F          148,500.00         ZZ
                                         360        148,407.70          1
                                       8.375          1,128.71         90
                                       8.125          1,128.71      165,000.00
    SELAH            WA   98942          1            12/21/00         11
    0432567550                           05           02/01/01         25
    001278CU                             O            01/01/31
    0

    4072297          637/G02             F          224,000.00         ZZ
                                         360        223,864.30          1
                                       8.500          1,722.37         80
                                       8.250          1,722.37      280,000.00
    SCOTTSDALE       AZ   85254          1            12/12/00         00
    0432548261                           05           02/01/01          0
    0017394644                           O            01/01/31
    0

    4072379          T44/G02             F          225,000.00         ZZ
                                         360        224,863.69          1
                                       8.500          1,730.06         70
                                       8.250          1,730.06      325,000.00
    SHINGLE SPRINGS  CA   95682          5            12/08/00         00
    0432515252                           03           02/01/01          0
    9120173                              O            01/01/31
    0

    4072436          637/G02             F          182,400.00         ZZ
                                         360        182,295.05          1
                                       8.750          1,434.95         80
                                       8.500          1,434.95      228,000.00
    LITTLETON        CO   80129          1            12/12/00         00
    0432540375                           03           02/01/01          0
    0015020076                           O            01/01/31
    0
1

    4072644          637/G02             F          378,300.00         ZZ
                                         360        378,082.35          1
                                       8.750          2,976.09         89
                                       8.500          2,976.09      426,713.00
    MILPITAS         CA   95035          1            12/01/00         12
    0432545010                           01           02/01/01         25
    0021470919                           O            01/01/31
    0

    4072803          E22/G02             F           79,050.00         ZZ
                                         360         78,948.83          1
                                       8.250            593.88         85
                                       8.000            593.88       94,000.00
    MONTGOMERY       AL   36116          2            12/01/00         04
    0412262123                           05           01/01/01         12
    0412262123                           O            12/01/30
    0

    4073012          B65/G02             F          116,200.00         ZZ
                                         360        116,129.60          1
                                       8.500            893.48         70
                                       8.250            893.48      166,000.00
    COLUMBUS         OH   43221          5            12/22/00         00
    0432513554                           05           02/01/01          0
    011100936                            O            01/01/31
    0

    4073114          637/G02             F          101,500.00         ZZ
                                         360        101,441.59          1
                                       8.750            798.51         74
                                       8.500            798.51      138,000.00
    RUIDOSO          NM   88345          2            12/21/00         00
    0432536332                           05           02/01/01          0
    0021853262                           O            01/01/31
    0

    4073220          664/G02             F          320,600.00         ZZ
                                         360        320,446.41          1
                                       9.625          2,725.07         75
                                       9.375          2,725.07      427,500.00
    NEWTONVILLE      MA   02460          1            12/14/00         00
    0432538809                           05           02/01/01          0
    0003653326                           N            01/01/31
    0

    4073224          806/G02             F          142,700.00         ZZ
                                         360        142,526.49          1
1

                                       8.500          1,097.24         80
                                       8.250          1,097.24      178,481.00
    RANCHO CUCAMONG  CA   91730          1            11/14/00         00
    0432448959                           03           01/01/01          0
    1540085131                           O            12/01/30
    0

    4074116          575/G02             F          274,000.00         BB
                                         360        273,861.64          1
                                       9.375          2,278.99         67
                                       9.125          2,278.99      412,000.00
    FAIRFAX STATION  VA   22039          2            12/12/00         00
    0432503415                           03           02/01/01          0
    9441460                              O            01/01/31
    0

    4074177          163/G02             F          295,000.00         ZZ
                                         360        294,816.64          1
                                       8.375          2,242.21         71
                                       8.125          2,242.21      417,000.00
    KEY WEST         FL   33040          5            12/18/00         00
    0432553980                           05           02/01/01          0
    7717750706                           O            01/01/31
    0

    4074317          637/G02             F           42,642.00         ZZ
                                         360         42,619.31          3
                                       9.125            346.95         90
                                       8.875            346.95       47,380.00
    TROY             NY   12180          1            12/27/00         14
    0432546737                           05           02/01/01         25
    0018779496                           N            01/01/31
    0

    4074438          K15/G02             F          135,800.00         ZZ
                                         360        135,731.42          1
                                       9.375          1,129.52         95
                                       9.125          1,129.52      144,000.00
    VERNON           NJ   07422          5            12/13/00         11
    0432513844                           05           02/01/01         30
    20350301612                          O            01/01/31
    0

    4074543          F28/G02             F          300,000.00         ZZ
                                         360        296,163.99          1
                                       8.000          2,201.29         75
                                       7.750          2,201.29      400,000.00
    KETCHUM          ID   83340          5            07/14/99         00
    0432506707                           05           09/01/99          0
1

    4674927                              O            08/01/29
    0

    4074549          F28/G02             F          442,500.00         ZZ
                                         360        441,304.52          1
                                       9.125          3,600.33         75
                                       8.875          3,600.33      590,000.00
    ST PAUL          MN   55105          5            09/01/00         00
    0432507853                           05           10/01/00          0
    6074597                              O            09/01/30
    0

    4074553          F28/G02             F          371,000.00         ZZ
                                         360        370,371.39          1
                                       8.875          2,951.85         70
                                       8.625          2,951.85      530,000.00
    NORTHVILLE       MI   48167          5            10/04/00         00
    0432506558                           05           12/01/00          0
    6142469                              O            11/01/30
    0

    4074557          F28/G02             F          309,000.00         ZZ
                                         360        307,713.10          1
                                       8.375          2,348.62         48
                                       8.125          2,348.62      650,000.00
    WATERFORD        MI   48329          5            10/02/00         00
    0432506509                           29           11/01/00          0
    6189298                              O            10/01/30
    0

    4074618          F28/G02             F          330,000.00         ZZ
                                         360        325,530.78          1
                                       8.000          2,421.42         43
                                       7.750          2,421.42      780,000.00
    PARADISE VALLEY  AZ   85253          5            07/02/99         00
    0432506483                           05           08/01/99          0
    4840726                              O            07/01/29
    0

    4074648          F28/G02             F          360,000.00         ZZ
                                         360        358,979.96          1
                                       8.875          2,864.33         75
                                       8.625          2,864.33      485,000.00
    NORTH KINGSTOWN  RI   02852          5            09/20/00         00
    0432507838                           05           11/01/00          0
    6122883                              O            10/01/30
    0

1

    4075472          964/G02             F           82,400.00         ZZ
                                         360         82,343.29          1
                                       7.875            597.46         80
                                       7.625            597.46      103,000.00
    EUGENE           OR   97405          1            12/11/00         00
    0432503217                           05           02/01/01          0
    95417                                O            01/01/31
    0

    4075758          163/G02             F          495,000.00         T
                                         360        494,667.86          1
                                       8.000          3,632.14         75
                                       7.750          3,632.14      660,000.00
    BURLINGAME       CA   94401          1            12/22/00         00
    0432550929                           01           02/01/01          0
    1000265188                           O            01/01/31
    0

    4075825          624/G02             F          359,000.00         ZZ
                                         360        358,782.52          1
                                       8.500          2,760.40         66
                                       8.250          2,760.40      545,000.00
    SAN JOSE         CA   95124          5            12/13/00         00
    0432506160                           05           02/01/01          0
    35300102196                          O            01/01/31
    0

    4076196          313/G02             F          106,800.00         ZZ
                                         360        106,748.83          3
                                       9.625            907.79         90
                                       9.375            907.79      118,700.00
    MILLWAUKEE       WI   53218          1            12/18/00         10
    0432525095                           05           02/01/01         25
    0007045511                           N            01/01/31
    0

    4076428          964/G02             F          150,000.00         ZZ
                                         360        149,904.35          1
                                       8.250          1,126.90         75
                                       8.000          1,126.90      200,000.00
    PHOENIX          AZ   85032          5            12/14/00         00
    0432499838                           05           02/01/01          0
    4076428                              O            01/01/31
    0

    4077281          E22/G02             F          140,000.00         ZZ
                                         360        139,695.22          1
                                       8.875          1,113.91         80
                                       8.625          1,113.91      175,000.00
1

    EL CAJON         CA   92020          5            11/06/00         00
    0412144511                           05           01/01/01          0
    0412144511                           O            12/01/30
    0

    4077296          E22/G02             F          108,000.00         ZZ
                                         360        107,858.22          1
                                       8.125            801.90         80
                                       7.875            801.90      135,000.00
    AUSTIN           TX   78745          5            12/01/00         00
    0412254641                           05           01/01/01          0
    0412254641                           O            12/01/30
    0

    4077845          144/144             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       8.625          3,188.94         61
                                       8.375          3,188.94      682,000.00
    SOUTHAMPTON      NY   11968          5            01/18/01         00
    00AIMONE                             05           03/01/01          0
    00AIMONE                             O            02/01/31
    0

    4079906          M66/G02             F           80,000.00         ZZ
                                         360         79,912.27          1
                                       9.000            643.70         51
                                       8.750            643.70      159,900.00
    HELMETTA         NJ   08828          1            11/15/00         00
    0432454999                           09           01/01/01          0
    141844                               O            12/01/30
    0

    4080012          676/G02             F          742,000.00         T
                                         360        737,358.92          1
                                       8.500          5,705.34         70
                                       8.250          5,705.34    1,060,000.00
    LAHAINA          HI   96761          1            03/20/00         00
    0432553972                           05           05/01/00          0
    0018703608                           O            04/01/30
    0

    4081562          700/G02             F           39,750.00         ZZ
                                         360         39,729.93          1
                                       9.375            330.62         75
                                       9.125            330.62       53,000.00
    INDIANAPOLIS     IN   46222          5            01/02/01         00
    0432563070                           05           02/01/01          0
    00254447                             N            01/01/31
    0
1

    4081756          E22/G02             F           81,000.00         ZZ
                                         360         80,954.59          1
                                       8.875            644.47         90
                                       8.625            644.47       90,000.00
    MADISON HEIGHTS  MI   48071          1            12/08/00         04
    0412255051                           05           02/01/01         25
    0412255051                           O            01/01/31
    0

    4082090          956/G02             F           71,200.00         ZZ
                                         360         71,082.45          1
                                       9.000            572.89         80
                                       8.750            572.89       89,000.00
    COMMERCE CITY    CO   80022          5            10/23/00         00
    0432455004                           05           12/01/00          0
    2410100107                           O            11/01/30
    0

    4082272          286/286             F           69,750.00         ZZ
                                         360         69,681.11          3
                                       9.500            586.50         90
                                       9.250            586.50       77,500.00
    EAST HARTFORD    CT   06108          1            11/20/00         14
    9782062                              05           01/01/01         25
    9782062                              N            12/01/30
    0

    4082280          286/286             F           78,850.00         ZZ
                                         360         78,772.13          2
                                       9.500            663.01         90
                                       9.250            663.01       87,655.00
    SANFORD          ME   04073          1            11/21/00         14
    9779233                              05           01/01/01         25
    9779233                              N            12/01/30
    0

    4082282          286/286             F           89,600.00         T
                                         360         89,511.49          1
                                       9.500            753.41         75
                                       9.250            753.41      119,500.00
    ISLE             MN   56342          2            11/16/00         00
    9771926                              05           01/01/01          0
    9771926                              O            12/01/30
    0

    4082285          286/286             F          304,000.00         ZZ
                                         360        303,610.97          1
1

                                       8.250          2,283.85         80
                                       8.000          2,283.85      380,000.00
    SAN FRANCISCO    CA   94134          2            11/09/00         00
    9775717                              05           01/01/01          0
    9775717                              O            12/01/30
    0

    4082322          286/286             F          215,900.00         ZZ
                                         360        215,543.55          4
                                       9.000          1,737.18         80
                                       8.750          1,737.18      269,900.00
    PORTLAND         OR   97214          1            10/27/00         00
    9770677                              05           12/01/00          0
    9770677                              N            11/01/30
    0

    4082326          286/286             F          103,200.00         ZZ
                                         360        103,089.74          4
                                       9.125            839.67         80
                                       8.875            839.67      129,000.00
    REDDING          CA   96003          1            11/03/00         00
    9732779                              05           01/01/01          0
    9732779                              N            12/01/30
    0

    4082327          286/286             F          103,200.00         ZZ
                                         360        103,089.74          4
                                       9.125            839.67         80
                                       8.875            839.67      129,000.00
    REDDING          CA   96003          1            11/03/00         00
    9732797                              05           01/01/01          0
    9732797                              N            12/01/30
    0

    4085291          196/G02             F          495,000.00         ZZ
                                         360        494,382.51          1
                                       8.375          3,762.36         75
                                       8.125          3,762.36      660,000.00
    VALENCIA         CA   91355          1            11/20/00         00
    0432457687                           03           01/01/01          0
    1390608                              O            12/01/30
    0

    4085378          P09/G02             F          157,250.00         ZZ
                                         360        157,178.56          1
                                       9.875          1,365.48         85
                                       9.625          1,365.48      185,000.00
    NW WASHINGTON    DC   20001          1            12/26/00         04
    0432541019                           03           02/01/01         12
1

    WILLIAM2                             N            01/01/31
    0

    4085451          S11/G02             F          208,000.00         ZZ
                                         360        207,883.39          1
                                       8.875          1,654.94         80
                                       8.625          1,654.94      260,000.00
    NEWPORT BEACH    CA   91307          5            12/12/00         00
    0432519924                           05           02/01/01          0
    10201524                             O            01/01/31
    0

    4085493          168/168             F           50,150.00         ZZ
                                         360         50,095.01          1
                                       9.000            403.52         75
                                       8.750            403.52       66,900.00
    AMHERST          NY   14051          1            11/17/00         00
    0249648334                           05           01/01/01          0
    0249648334                           O            12/01/30
    0

    4086631          E22/G02             F          144,000.00         ZZ
                                         360        143,910.50          1
                                       8.375          1,094.50         80
                                       8.125          1,094.50      180,000.00
    SAN MARCOS       TX   78666          5            12/04/00         00
    0412243479                           03           02/01/01          0
    0412243479                           O            01/01/31
    0

    4086638          E22/G02             F          183,350.00         ZZ
                                         360        183,244.51          1
                                       8.750          1,442.42         95
                                       8.500          1,442.42      193,000.00
    ROHNERT PARK     CA   94928          1            12/06/00         01
    0412250003                           01           02/01/01         30
    0412250003                           O            01/01/31
    0

    4086655          E22/G02             F           71,000.00         ZZ
                                         360         70,960.19          1
                                       8.875            564.91         80
                                       8.625            564.91       89,000.00
    GLADWIN          MI   48624          5            12/05/00         00
    0412262867                           05           02/01/01          0
    0412262867                           O            01/01/31
    0

1

    4086667          E22/G02             F          131,200.00         ZZ
                                         360        131,124.52          1
                                       8.750          1,032.15         80
                                       8.500          1,032.15      164,000.00
    CEDAR PARK       TX   78613          5            12/05/00         00
    0412268666                           05           02/01/01          0
    0412268666                           O            01/01/31
    0

    4089321          U62/G02             F          130,000.00         ZZ
                                         360        129,917.10          1
                                       8.250            976.65         76
                                       8.000            976.65      172,000.00
    LITTLE RIVER     SC   29566          5            12/02/00         00
    0432478170                           05           02/01/01          0
    2001212447                           O            01/01/31
    0

    4089455          E86/G02             F          360,000.00         ZZ
                                         360        359,653.70          4
                                       9.625          3,059.96         90
                                       9.375          3,059.96      400,000.00
    BROOKLYN         NY   11212          1            11/20/00         12
    0432572089                           05           01/01/01         30
    0000085939                           O            12/01/30
    0

    4089933          A19/G02             F          132,750.00         ZZ
                                         360        132,682.96          2
                                       9.375          1,104.15         90
                                       9.125          1,104.15      147,500.00
    LYNN             MA   01904          1            12/28/00         10
    0432502474                           05           02/01/01         25
    009601                               N            01/01/31
    0

    4090470          E22/G02             F           76,850.00         ZZ
                                         360         76,803.44          1
                                       8.500            590.91         84
                                       8.250            590.91       91,500.00
    SHREVEPORT       LA   71119          2            12/07/00         01
    0412175457                           05           02/01/01         12
    0412175457                           O            01/01/31
    0

    4090473          E22/G02             F          126,000.00         ZZ
                                         360        125,915.46          1
                                       8.000            924.54         90
                                       7.750            924.54      140,000.00
1

    WAYNESVILLE      OH   45068          5            12/07/00         04
    0412203200                           05           02/01/01         25
    0412203200                           O            01/01/31
    0

    4091221          A36/A36             F          120,000.00         ZZ
                                         360        119,932.73          1
                                       8.875            954.77         75
                                       8.625            954.77      160,000.00
    BETHLEHEM        PA   18015          5            12/15/00         00
    0355867                              05           02/01/01          0
    0355867                              O            01/01/31
    0

    4091447          944/G02             F           45,000.00         ZZ
                                         360         44,977.86          3
                                       9.500            378.39         90
                                       9.250            378.39       50,000.00
    FORT WORTH       TX   76103          1            12/19/00         01
    0432507887                           05           02/01/01         25
    W88007945                            N            01/01/31
    0

    4092116          K83/G02             F           49,000.00         ZZ
                                         360         48,880.91          1
                                       9.250            403.11         90
                                       9.000            403.11       54,500.00
    AIKEN            SC   29801          1            09/29/00         12
    0432472892                           05           11/01/00         25
    0023005499                           O            10/01/30
    0

    4094158          E22/G02             F           64,000.00         ZZ
                                         360         63,967.68          1
                                       9.375            532.32         80
                                       9.125            532.32       80,000.00
    TIOGA            TX   76271          5            12/08/00         00
    0412233751                           05           02/01/01          0
    0412233751                           O            01/01/31
    0

    4094160          E22/G02             F           68,000.00         ZZ
                                         360         67,958.81          1
                                       8.500            522.86         85
                                       8.250            522.86       80,000.00
    FRESNO           CA   93728          5            12/04/00         01
    0412237232                           05           02/01/01         12
    0412237232                           O            01/01/31
    0
1

    4094311          253/253             F          375,000.00         ZZ
                                         360        374,495.08          1
                                       8.000          2,751.62         67
                                       7.750          2,751.62      560,000.00
    WHEAT RIDGE      CO   80033          1            12/01/00         00
    959511                               05           01/01/01          0
    959511                               O            12/01/30
    0

    4094925          526/526             F          154,800.00         ZZ
                                         360        152,411.89          1
                                       8.875          1,231.66         90
                                       8.625          1,231.66      172,000.00
    LONGMONT         CO   80501          1            11/01/00         12
    0423918                              05           12/01/00         25
    0423918                              O            11/01/30
    0

    4094960          526/526             F           66,500.00         ZZ
                                         360         66,283.65          1
                                       8.750            523.16         49
                                       8.500            523.16      136,000.00
    TEMPE            AZ   85281          5            10/30/00         00
    0426178                              05           12/01/00          0
    0426178                              O            11/01/30
    0

    4094969          526/526             F          156,800.00         ZZ
                                         360        156,520.28          1
                                       8.625          1,219.57         80
                                       8.375          1,219.57      196,000.00
    HOSCHTON         GA   30548          1            10/31/00         00
    0426358                              05           12/01/00          0
    0426358                              O            11/01/30
    0

    4094999          526/526             F          153,750.00         ZZ
                                         360        153,563.06          1
                                       8.500          1,182.20         75
                                       8.250          1,182.20      205,000.00
    MIDDLETOWN       CT   06457          5            11/08/00         00
    0426976                              05           01/01/01          0
    0426976                              O            12/01/30
    0

    4095020          526/526             F          274,400.00         ZZ
                                         360        274,048.84          4
1

                                       8.250          2,061.48         80
                                       8.000          2,061.48      343,000.00
    ALHAMBRA         CA   91801          1            11/06/00         00
    0427340                              05           01/01/01          0
    0427340                              O            12/01/30
    0

    4095034          526/526             F           72,000.00         ZZ
                                         360         71,905.48          1
                                       8.125            534.60         60
                                       7.875            534.60      120,000.00
    MT LAUREL        NJ   08054          5            11/22/00         00
    0427488                              09           01/01/01          0
    0427488                              O            12/01/30
    0

    4095058          526/526             F           66,400.00         ZZ
                                         360         66,264.10          1
                                       8.875            528.31         80
                                       8.625            528.31       83,000.00
    PHILADELPHIA     PA   19154          5            10/30/00         00
    0427837                              05           12/01/00          0
    0427837                              O            11/01/30
    0

    4095061          526/526             F          308,000.00         ZZ
                                         360        307,605.85          1
                                       8.250          2,313.90         80
                                       8.000          2,313.90      385,000.00
    BIGFORK          MT   59911          1            11/07/00         00
    0427887                              05           01/01/01          0
    0427887                              O            12/01/30
    0

    4095126          526/526             F           72,000.00         ZZ
                                         360         71,907.77          1
                                       8.250            540.91         80
                                       8.000            540.91       90,500.00
    MARION           IL   62959          5            11/21/00         00
    0428778                              05           01/01/01          0
    0428778                              O            12/01/30
    0

    4095161          526/526             F          102,000.00         ZZ
                                         360        101,879.12          1
                                       8.625            793.35         75
                                       8.375            793.35      136,000.00
    BEND             OR   97701          5            11/24/00         00
    0429298                              05           01/01/01          0
1

    0429298                              O            12/01/30
    0

    4095197          526/526             F          164,000.00         ZZ
                                         360        163,800.59          1
                                       8.500          1,261.02         80
                                       8.250          1,261.02      205,000.00
    NAPLES           FL   34108          1            11/08/00         00
    0429708                              05           01/01/01          0
    0429708                              O            12/01/30
    0

    4095214          526/526             F          153,600.00         ZZ
                                         360        153,413.24          1
                                       8.500          1,181.05         80
                                       8.250          1,181.05      192,000.00
    PLACERVILLE      CO   81435          1            11/27/00         00
    0429925                              05           01/01/01          0
    0429925                              O            12/01/30
    0

    4095258          526/526             F          159,000.00         ZZ
                                         360        158,811.57          1
                                       8.625          1,236.69         75
                                       8.375          1,236.69      212,000.00
    BOULDER          CO   80301          5            11/28/00         00
    0430626                              09           01/01/01          0
    0430626                              O            12/01/30
    0

    4095267          526/526             F          138,750.00         ZZ
                                         360        138,605.59          1
                                       9.250          1,141.46         75
                                       9.000          1,141.46      185,000.00
    LAKE VILLA       IL   60046          5            11/22/00         00
    0430888                              05           01/01/01          0
    0430888                              O            12/01/30
    0

    4096964          U62/G02             F          108,000.00         ZZ
                                         360        107,939.45          1
                                       8.875            859.30         90
                                       8.625            859.30      120,000.00
    MECHANICSVILLE   VA   23111          2            12/06/00         04
    0432575744                           05           02/01/01         25
    2001223175                           O            01/01/31
    0

1

    4096979          196/G02             F          146,900.00         ZZ
                                         360        146,716.74          1
                                       8.375          1,116.55         87
                                       8.125          1,116.55      168,980.00
    TALLMADGE        OH   44278          1            11/20/00         10
    0432464741                           29           01/01/01         25
    1386748                              O            12/01/30
    0

    4097101          964/G02             F          156,000.00         ZZ
                                         360        155,912.54          1
                                       8.875          1,241.21         80
                                       8.625          1,241.21      195,000.00
    PORTLAND         OR   97219          2            12/19/00         00
    0432514172                           05           02/01/01          0
    61094978                             O            01/01/31
    0

    4097264          196/G02             F          121,750.00         ZZ
                                         360        121,626.56          1
                                       9.375          1,012.65         84
                                       9.125          1,012.65      145,000.00
    GRETNA           LA   70056          5            11/20/00         10
    0432464386                           05           01/01/01         12
    1390072                              O            12/01/30
    0

    4097331          196/G02             F          140,000.00         ZZ
                                         360        139,829.78          1
                                       8.500          1,076.48         84
                                       8.250          1,076.48      168,000.00
    LOS ANGELES      CA   90744          5            11/14/00         01
    0432468494                           05           01/01/01         17
    1389898                              O            12/01/30
    0

    4097525          196/G02             F           68,400.00         ZZ
                                         360         68,281.05          1
                                       8.750            538.11         90
                                       8.500            538.11       76,000.00
    KILLEEN          TX   76542          1            11/10/00         10
    0432464469                           05           01/01/01         25
    1388089                              N            12/01/30
    0

    4097575          196/G02             F          210,000.00         ZZ
                                         360        209,751.14          1
                                       8.625          1,633.36         76
                                       8.375          1,633.36      279,888.00
1

    SANDIEGO         CA   92117          1            11/16/00         00
    0432464550                           05           01/01/01          0
    1391105                              O            12/01/30
    0

    4098408          E22/G02             F          252,700.00         ZZ
                                         360        252,526.09          1
                                       7.875          1,832.25         47
                                       7.625          1,832.25      538,000.00
    GREELEY          CO   80631          4            12/13/00         00
    0412274706                           05           02/01/01          0
    0412274706                           O            01/01/31
    0

    4098733          P44/G02             F          178,000.00         ZZ
                                         360        177,910.12          2
                                       9.375          1,480.51         65
                                       9.125          1,480.51      275,000.00
    ROXBURY          MA   02119          5            12/20/00         00
    0432505089                           05           02/01/01          0
    6799248520                           N            01/01/31
    0

    4099786          950/G02             F          130,000.00         ZZ
                                         360        129,912.78          1
                                       8.000            953.89         69
                                       7.750            953.89      189,000.00
    SEATTLE          WA   98108          5            12/20/00         00
    0432553428                           05           02/01/01          0
    E2012176                             O            01/01/31
    0

    4099886          637/G02             F          137,500.00         ZZ
                                         360         76,097.52          1
                                       8.750          1,081.72         50
                                       8.500          1,081.72      275,000.00
    BROOKLYN         NY   11201          1            11/21/00         00
    0432566149                           01           01/01/01          0
    0013335500                           N            12/01/30
    0

    4099929          A48/G02             F          250,000.00         ZZ
                                         360        249,840.58          1
                                       8.250          1,878.17         63
                                       8.000          1,878.17      402,000.00
    SAN JOSE         CA   95121          5            12/28/00         00
    0432545135                           05           02/01/01          0
    8111004040                           O            01/01/31
    0
1

    4099935          562/G02             F          156,368.47         ZZ
                                         355        156,285.48          2
                                       9.375          1,304.62         95
                                       9.125          1,304.62      165,000.00
    BRONX            NY   10473          1            01/01/01         12
    0432548824                           05           02/01/01         30
    632046                               O            08/01/30
    0

    4100178          P06/G02             F          154,800.00         ZZ
                                         360        154,721.83          4
                                       9.375          1,287.55         90
                                       9.125          1,287.55      172,000.00
    PHOENIX          AZ   85029          1            12/18/00         04
    0432527836                           03           02/01/01         30
    1401660                              N            01/01/31
    0

    4101189          637/G02             F          121,000.00         ZZ
                                         360        120,928.56          1
                                       8.625            941.13         90
                                       8.375            941.13      135,000.00
    ROME             GA   30161          2            12/18/00         10
    0432536373                           05           02/01/01         25
    0021928353                           O            01/01/31
    0

    4101383          700/G02             F           46,500.00         ZZ
                                         360         46,473.24          1
                                       8.750            365.82         35
                                       8.500            365.82      135,000.00
    MIDDLETOWN       CA   95461          2            12/18/00         00
    0432523959                           03           02/02/01          0
    0000156951                           N            01/02/31
    0

    4101715          U05/G02             F          122,400.00         ZZ
                                         360        122,323.92          1
                                       8.375            930.33         90
                                       8.125            930.33      136,000.00
    FORT COLLINS     CO   80524          5            12/14/00         01
    0432557882                           03           02/01/01         25
    3086734                              O            01/01/31
    0

    4102686          637/G02             F          364,000.00         ZZ
                                         360        363,767.89          1
1

                                       8.250          2,734.61         80
                                       8.000          2,734.61      455,000.00
    WASHINGTON       DC   20016          1            12/20/00         00
    0432547313                           05           02/01/01          0
    0019198746                           O            01/01/31
    0

    4102764          P06/G02             F          154,800.00         ZZ
                                         360        154,721.83          4
                                       9.375          1,287.55         90
                                       9.125          1,287.55      172,000.00
    PHOENIX          AZ   85029          1            12/18/00         04
    0432511897                           05           02/01/01         30
    1401663                              N            01/01/31
    0

    4104006          E22/G02             F          243,000.00         ZZ
                                         360        242,874.02          4
                                       9.250          1,999.10         90
                                       9.000          1,999.10      270,000.00
    CORAL SPRINGS    FL   33065          1            12/15/00         04
    0412254781                           05           02/01/01         25
    0412254781                           N            01/01/31
    0

    4104007          E22/G02             F          105,000.00         ZZ
                                         360        104,927.74          1
                                       7.875            761.32         87
                                       7.625            761.32      122,000.00
    KEARNEY          MO   64060          5            12/04/00         04
    0412256299                           05           02/01/01         25
    0412256299                           O            01/01/31
    0

    4104438          A35/G02             F          675,000.00         ZZ
                                         360        675,000.00          1
                                       8.250          5,071.04         75
                                       8.000          5,071.04      900,000.00
    EAST HILLS       NY   11576          2            01/12/01         00
    0432566347                           05           03/01/01          0
    PFW511                               O            02/01/31
    0

    4104524          883/G02             F           43,400.00         ZZ
                                         360         43,373.71          1
                                       8.500            333.71         33
                                       8.250            333.71      135,447.00
    PORT ST. LUCIE   FL   34983          1            12/21/00         00
    0432540862                           05           02/01/01          0
1

    00003899                             O            01/01/31
    0

    4105426          B57/G02             F           70,000.00         ZZ
                                         360         69,962.75          1
                                       9.125            569.54         80
                                       8.875            569.54       87,500.00
    BAKERSFIELD      CA   93306          5            12/14/00         00
    0432516243                           05           02/01/01          0
    20B0382                              N            01/01/31
    0

    4105488          B57/G02             F           49,600.00         ZZ
                                         360         49,573.61          2
                                       9.125            403.56         80
                                       8.875            403.56       62,000.00
    BAKERSFIELD      CA   93301          5            12/07/00         00
    0432519205                           05           02/01/01          0
    20B0383                              N            01/01/31
    0

    4105638          B57/G02             F           52,800.00         ZZ
                                         360         52,771.90          2
                                       9.125            429.60         80
                                       8.875            429.60       66,000.00
    BAKERSFIELD      CA   93305          5            12/07/00         00
    0432518090                           05           02/01/01          0
    20B0385                              N            01/01/31
    0

    4105867          637/G02             F           46,000.00         ZZ
                                         360         45,974.21          1
                                       8.875            366.00         77
                                       8.625            366.00       60,000.00
    ALBUQUERQUE      NM   87106          2            12/21/00         00
    0432551786                           05           02/01/01          0
    0017394404                           N            01/01/31
    0

    4105984          637/G02             F          124,200.00         ZZ
                                         360        124,135.60          1
                                       9.250          1,021.77         90
                                       9.000          1,021.77      138,000.00
    STONE MOUNTAIN   GA   30083          1            12/19/00         10
    0432525079                           05           02/01/01         25
    0021818687                           O            01/01/31
    0

1

    4106439          637/G02             F           83,000.00         ZZ
                                         360         82,942.88          1
                                       7.875            601.81         83
                                       7.625            601.81      100,000.00
    ROME             GA   30165          2            12/21/00         14
    0432557429                           05           02/01/01         12
    0021817192                           O            01/01/31
    0

    4106781          E47/G02             F           93,600.00         ZZ
                                         360         93,537.20          1
                                       8.000            686.80         80
                                       7.750            686.80      117,000.00
    HOUSTON          TX   77084          1            12/20/00         00
    0432525160                           03           02/01/01          0
    7323011171                           O            01/01/31
    0

    4106987          737/G02             F           86,450.00         ZZ
                                         360         86,401.53          1
                                       8.875            687.84         65
                                       8.625            687.84      133,000.00
    LAFAYETTE        CO   80026          5            12/28/00         00
    0432516185                           09           02/01/01          0
    00000                                N            01/01/31
    0

    4107014          E84/G02             F          280,000.00         ZZ
                                         360        279,258.62          1
                                       8.250          2,103.55         88
                                       8.000          2,103.55      320,000.00
    SAN DIEGO        CA   92126          5            10/17/00         11
    0432528677                           05           12/01/00         25
    16001358                             O            11/01/30
    0

    4107077          624/G02             F           52,000.00         ZZ
                                         360         51,973.04          1
                                       9.250            427.79         65
                                       9.000            427.79       80,000.00
    GLENDALE         AZ   85032          5            12/19/00         00
    0432505444                           05           02/01/01          0
    35509700026                          N            01/01/31
    0

    4107371          623/623             F           77,250.00         ZZ
                                         360         77,163.06          1
                                       8.875            614.64         75
                                       8.625            614.64      103,000.00
1

    APACHE JUNCTION  AZ   85219          5            11/07/00         00
    1950940                              05           01/01/01          0
    1950940                              O            12/01/30
    0

    4107496          624/G02             F          300,000.00         ZZ
                                         360        299,827.40          1
                                       8.750          2,360.10         79
                                       8.500          2,360.10      380,750.00
    SALINAS          CA   93901          1            12/21/00         00
    0432549574                           05           02/01/01          0
    88612000116F                         N            01/01/31
    0

    4108312          637/G02             F          192,000.00         ZZ
                                         360        191,897.82          2
                                       9.125          1,562.18         80
                                       8.875          1,562.18      240,000.00
    SOUTH OZONE PAR  NY   11420          1            12/27/00         00
    0432548741                           05           02/01/01          0
    13334537                             N            01/01/31
    0

    4108452          664/G02             F           76,400.00         ZZ
                                         360         76,353.72          1
                                       8.500            587.45         90
                                       8.250            587.45       84,900.00
    PORTLAND         OR   97203          1            12/20/00         01
    0432562221                           05           02/01/01         25
    0003697711                           N            01/01/31
    0

    4109302          U05/G02             F          400,000.00         ZZ
                                         360        399,763.84          1
                                       8.625          3,111.16         73
                                       8.375          3,111.16      550,000.00
    SAN BRUNO        CA   94066          5            12/22/00         00
    0432578946                           05           02/01/01          0
    3089770                              O            01/01/31
    0

    4109536          758/G02             F          397,500.00         ZZ
                                         360        397,219.45          1
                                       7.750          2,847.74         75
                                       7.500          2,847.74      530,000.00
    HOUSTON          TX   77098          5            12/22/00         00
    0432526531                           05           02/01/01          0
    10641                                O            01/01/31
    0
1

    4110337          E82/G02             F           86,900.00         ZZ
                                         360         86,850.01          1
                                       8.750            683.64         95
                                       8.500            683.64       91,500.00
    ST LOUIS         MO   63118          2            12/11/00         04
    0400339305                           05           02/01/01         30
    0400339305                           O            01/01/31
    0

    4110341          E82/G02             F          173,500.00         ZZ
                                         360        173,392.16          1
                                       8.375          1,318.73         80
                                       8.125          1,318.73      218,000.00
    BELLEVILLE       MI   48111          5            12/12/00         00
    0400341483                           05           02/01/01          0
    0400341483                           O            01/01/31
    0

    4110580          A33/A33             F           83,200.00         ZZ
                                         360         83,150.87          1
                                       8.625            647.13         80
                                       8.375            647.13      104,000.00
    ST JOSEPH        MI   49085          1            12/29/00         00
    0965096322                           05           02/01/01          0
    0965096322                           O            01/01/31
    0

    4111218          M66/G02             F          172,000.00         ZZ
                                         360        171,895.79          1
                                       8.500          1,322.54         67
                                       8.250          1,322.54      260,000.00
    PEQUANNOCK TOWN  NJ   07444          5            12/26/00         00
    0432540888                           05           02/01/01          0
    210591                               O            01/01/31
    0

    4111401          U59/G02             F          360,000.00         ZZ
                                         360        359,764.51          1
                                       8.125          2,672.99         80
                                       7.875          2,672.99      450,000.00
    BROOKFIELD       CT   06804          1            01/12/01         00
    0432561843                           05           02/12/01          0
    800709171                            O            01/12/31
    0

    4112025          950/G02             F          120,750.00         ZZ
                                         360        120,682.31          2
1

                                       8.875            960.74         75
                                       8.625            960.74      161,000.00
    FEDERAL WAY      WA   98003          5            12/27/00         00
    0432539211                           05           02/01/01          0
    E1012115                             N            01/01/31
    0

    4112329          F62/G02             F           57,600.00         ZZ
                                         360         57,561.35          1
                                       8.000            422.65         90
                                       7.750            422.65       64,000.00
    MIAMI            FL   33157          1            12/29/00         04
    0432554079                           01           02/01/01         25
    184881300                            O            01/01/31
    0

    4113568          560/560             F          135,750.00         ZZ
                                         360        135,571.19          1
                                       9.000          1,092.28         75
                                       8.750          1,092.28      181,000.00
    BARRE            VT   05641          5            11/08/00         00
    507411205                            05           01/01/01          0
    507411205                            O            12/01/30
    0

    4113576          560/560             F           57,000.00         ZZ
                                         360         56,820.25          1
                                       9.125            463.78         75
                                       8.875            463.78       76,000.00
    HUBBARDTON       VT   05732          5            10/23/00         00
    507864601                            05           12/01/00          0
    507864601                            O            11/01/30
    0

    4113577          560/560             F           86,250.00         ZZ
                                         360         86,155.42          1
                                       9.000            693.99         75
                                       8.750            693.99      115,000.00
    GRAND LEDGE      MI   48837          5            11/22/00         00
    508001906                            05           01/01/01          0
    508001906                            O            12/01/30
    0

    4113589          560/560             F           93,700.00         ZZ
                                         360         93,498.52          1
                                       9.000            753.94         75
                                       8.750            753.94      125,000.00
    NEW HAVEN        CT   06513          5            10/02/00         00
    652278700                            05           12/01/00          0
1

    652278700                            O            11/01/30
    0

    4113670          P34/G02             F          227,400.00         ZZ
                                         360        227,258.65          1
                                       8.375          1,728.41         74
                                       8.125          1,728.41      308,000.00
    NORTH SMITHFIEL  RI   02830          2            12/22/00         00
    0432540300                           05           02/01/01          0
    61533                                O            01/01/31
    0

    4114090          830/G02             F          481,000.00         ZZ
                                         360        480,685.36          1
                                       8.125          3,571.41         80
                                       7.875          3,571.41      602,000.00
    DAPHNE           AL   36526          5            12/21/00         00
    0432514909                           05           02/01/01          0
    545149                               O            01/01/31
    0

    4114608          E22/G02             F          146,800.00         ZZ
                                         360        146,711.07          1
                                       8.500          1,128.76         80
                                       8.250          1,128.76      183,500.00
    HUNSTVILLE       TX   77320          5            12/13/00         00
    0412199994                           05           02/01/01          0
    0412199994                           O            01/01/31
    0

    4114646          E22/G02             F           68,400.00         ZZ
                                         360         68,366.36          1
                                       9.500            575.14         95
                                       9.250            575.14       72,000.00
    FORT WORTH       TX   76111          2            12/12/00         01
    0412276297                           05           02/01/01         30
    0412276297                           O            01/01/31
    0

    4114651          E22/G02             F          132,800.00         ZZ
                                         360        132,723.59          1
                                       8.750          1,044.74         80
                                       8.500          1,044.74      166,000.00
    WEST LINN        OR   97068          5            12/12/00         00
    0412278236                           05           02/01/01          0
    0412278236                           O            01/01/31
    0

1

    4114658          E22/G02             F           70,000.00         ZZ
                                         360         69,961.76          1
                                       9.000            563.24         74
                                       8.750            563.24       95,000.00
    BEAUFORT         SC   29902          5            12/14/00         00
    0412286189                           05           02/01/01          0
    0412286189                           O            01/01/31
    0

    4114776          T90/G02             F          117,000.00         ZZ
                                         360        116,943.95          4
                                       9.625            994.49         90
                                       9.375            994.49      130,000.00
    GRETNA           LA   70056          1            12/22/00         12
    0432576163                           05           02/01/01         25
    29063                                N            01/01/31
    0

    4115499          637/G02             F          484,000.00         ZZ
                                         360        483,675.25          1
                                       8.000          3,551.42         80
                                       7.750          3,551.42      605,000.00
    SEATTLE          WA   98115          5            12/21/00         00
    0432562296                           05           02/01/01          0
    15469729                             O            01/01/31
    0

    4115800          J95/J95             F          193,600.00         ZZ
                                         360        192,693.05          1
                                       8.375          1,471.50         80
                                       8.125          1,471.50      242,000.00
    WRENTHAM         MA   02093          1            10/27/00         00
    111505791                            05           12/01/00          0
    111505791                            O            11/01/30
    0

    4116173          U05/G02             F          107,100.00         ZZ
                                         360        107,035.11          2
                                       8.500            823.51         85
                                       8.250            823.51      126,000.00
    HAPEVILLE        GA   30354          1            12/29/00         01
    0432557585                           05           02/01/01         12
    3092601                              N            01/01/31
    0

    4116588          B49/G02             F          343,200.00         ZZ
                                         360        343,200.00          1
                                       8.250          2,578.35         80
                                       8.000          2,578.35      429,000.00
1

    EVERGREEN        CO   80439          1            01/05/01         00
    0432563609                           05           03/01/01          0
    154800550                            O            02/01/31
    0

    4116705          664/G02             F          102,000.00         ZZ
                                         360        102,000.00          2
                                       9.000            820.72         70
                                       8.750            820.72      146,000.00
    CHICAGO          IL   60632          5            12/29/00         00
    0432563047                           05           03/01/01          0
    0003670536                           O            02/01/31
    0

    4116927          P59/G02             F           88,000.00         ZZ
                                         360         87,943.89          1
                                       8.250            661.11         80
                                       8.000            661.11      110,000.00
    SANTA MARIA      CA   93454          1            12/21/00         00
    0432556272                           05           02/01/01          0
    AT001138                             N            01/01/31
    0

    4117975          J95/J95             F          130,000.00         ZZ
                                         360        129,755.89          1
                                       8.375            988.10         58
                                       8.125            988.10      228,000.00
    FRAMINGHAM       MA   01701          1            10/25/00         00
    111487818                            05           12/01/00          0
    111487818                            O            11/01/30
    0

    4119260          700/G02             F          130,800.00         ZZ
                                         360        130,716.59          1
                                       8.250            982.66         80
                                       8.000            982.66      163,500.00
    MURRIETA         CA   92562          1            12/27/00         00
    0432563468                           05           02/01/01          0
    0254723                              O            01/01/31
    0

    4119413          E22/G02             F           66,600.00         ZZ
                                         360         66,568.10          1
                                       9.625            566.09         90
                                       9.375            566.09       74,000.00
    JACKSONVILLE     AL   36265          5            12/15/00         01
    0412256141                           05           02/01/01         25
    0412256141                           O            01/01/31
    0
1

    4119454          E22/G02             F           67,200.00         ZZ
                                         360         67,156.04          1
                                       8.125            498.96         80
                                       7.875            498.96       84,000.00
    DURANT           OK   74701          5            12/14/00         00
    0412282261                           05           02/01/01          0
    0412282261                           O            01/01/31
    0

    4120376          964/G02             F          145,500.00         ZZ
                                         360        145,500.00          1
                                       7.625          1,029.84         62
                                       7.375          1,029.84      235,000.00
    PORTLAND         OR   97212          5            12/28/00         00
    0432548147                           03           03/01/01          0
    96664                                O            02/01/31
    0

    4120437          U28/G02             F          346,000.00         ZZ
                                         360        345,761.89          1
                                       7.875          2,508.74         74
                                       7.625          2,508.74      470,000.00
    DECATUR          GA   30030          5            12/04/00         00
    0432512754                           05           02/01/01          0
    047036                               O            01/01/31
    0

    4120564          U05/G02             F          166,500.00         ZZ
                                         360        166,388.28          4
                                       8.000          1,221.72         90
                                       7.750          1,221.72      185,000.00
    NORTH LAS VEGAS  NV   89030          1            12/29/00         01
    0432562320                           05           02/01/01         25
    3093118                              O            01/01/31
    0

    4120827          227/G02             F           81,250.00         ZZ
                                         360         81,250.00          1
                                       8.250            610.41         65
                                       8.000            610.41      125,000.00
    GERMANTOWN       MD   20876          1            01/05/01         00
    0432574093                           01           03/01/01          0
    1902680                              O            02/01/31
    0

    4120925          944/G02             F          117,000.00         ZZ
                                         360        116,884.44          4
1

                                       9.500            983.80         90
                                       9.250            983.80      130,000.00
    PHOENIX          AZ   85015          1            11/28/00         01
    0432558104                           05           01/01/01         25
    W88002572                            N            12/01/30
    0

    4121429          624/G02             F          103,500.00         ZZ
                                         360        103,428.77          1
                                       7.875            750.45         75
                                       7.625            750.45      138,000.00
    LOVELAND         CO   80537          5            12/22/00         00
    0432505378                           05           02/01/01          0
    7301440013                           O            01/01/31
    0

    4121456          964/G02             F          160,000.00         ZZ
                                         360        159,900.55          1
                                       8.375          1,216.12         80
                                       8.125          1,216.12      200,000.00
    OAKLAND          CA   94607          1            01/02/01         00
    0432540532                           05           02/01/01          0
    97683                                O            01/01/31
    0

    4122321          U05/G02             F          526,500.00         ZZ
                                         360        526,500.00          1
                                       8.750          4,141.98         66
                                       8.500          4,141.98      800,000.00
    DALLAS           TX   75209          5            01/05/01         00
    0432563062                           05           03/01/01          0
    3093497                              O            02/01/31
    0

    4122553          F96/G02             F          375,200.00         T
                                         360        374,941.79          1
                                       7.875          2,720.46         80
                                       7.625          2,720.46      469,000.00
    LONG BEACH TOWN  NJ   08008          1            12/27/00         00
    0432548600                           05           02/01/01          0
    0004126                              O            01/01/31
    0

    4122588          G52/G02             F          120,000.00         ZZ
                                         360        119,930.96          1
                                       8.750            944.04         80
                                       8.500            944.04      150,000.00
    LOS ANGELES      CA   90023          2            12/12/00         00
    0432503720                           05           02/01/01          0
1

    87004259                             O            01/01/31
    0

    4122646          944/G02             F          308,000.00         ZZ
                                         360        307,585.29          1
                                       8.000          2,260.00         72
                                       7.750          2,260.00      433,000.00
    SAN JOSE         CA   95139          5            11/14/00         00
    0432517340                           05           01/01/01          0
    W00103013                            O            12/01/30
    0

    4122764          253/253             F          400,000.00         ZZ
                                         360        399,751.38          1
                                       8.375          3,040.29         77
                                       8.125          3,040.29      525,000.00
    SAN JOSE         CA   95112          1            12/11/00         00
    959543                               05           02/01/01          0
    959543                               O            01/01/31
    0

    4122829          637/G02             F           33,000.00         ZZ
                                         360         32,981.50          1
                                       8.875            262.56         75
                                       8.625            262.56       44,000.00
    WEBSTER          TX   77598          1            12/22/00         00
    0432563633                           01           02/01/01          0
    0021724356                           N            01/01/31
    0

    4122965          588/G02             F          236,000.00         ZZ
                                         360        235,713.04          1
                                       8.500          1,814.64         80
                                       8.250          1,814.64      295,000.00
    RARITAN TOWNSHI  NJ   08822          1            11/28/00         00
    0432551471                           05           01/01/01          0
    1030318                              O            12/01/30
    0

    4122976          455/G02             F           55,800.00         ZZ
                                         360         55,743.42          1
                                       9.375            464.12         90
                                       9.125            464.12       62,000.00
    HOUSTON          TX   77049          1            11/07/00         01
    0432553899                           03           01/01/01         25
    30001323                             O            12/01/30
    0

1

    4123130          168/168             F          299,000.00         ZZ
                                         360        298,827.98          1
                                       8.750          2,352.23         74
                                       8.500          2,352.23      407,000.00
    GROSSE POINTE F  MI   48236          5            11/29/00         00
    0209524987                           05           02/01/01          0
    0209524987                           O            01/01/31
    0

    4123199          P06/G02             F          279,000.00         ZZ
                                         360        279,000.00          4
                                       8.500          2,145.27         90
                                       8.250          2,145.27      310,000.00
    SIGNAL HILL      CA   90806          1            01/02/01         04
    0432562270                           05           03/01/01         25
    0001561                              O            02/01/31
    0

    4123744          U05/G02             F           44,000.00         ZZ
                                         360         43,974.68          1
                                       8.750            346.15         80
                                       8.500            346.15       55,000.00
    KENNETT SQUARE   PA   19348          1            12/29/00         00
    0432560597                           05           02/01/01          0
    3089402                              N            01/01/31
    0

    4123925          K15/G02             F          147,000.00         ZZ
                                         360        146,896.24          1
                                       7.750          1,053.13         75
                                       7.500          1,053.13      197,000.00
    RIDGE            NY   11961          5            12/26/00         00
    0432535433                           05           02/01/01          0
    906                                  O            01/01/31
    0

    4124088          T90/G02             F           60,300.00         ZZ
                                         360         60,269.55          2
                                       9.375            501.54         90
                                       9.125            501.54       67,000.00
    NEW ORLEANS      LA   70114          1            12/29/00         12
    0432559920                           05           02/01/01         25
    30047                                N            01/01/31
    0

    4124172          964/G02             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       8.125          2,272.04         90
                                       7.875          2,272.04      340,000.00
1

    WENATCHEE        WA   98801          1            01/08/01         11
    0432556520                           05           03/01/01         25
    92520                                O            02/01/31
    0

    4124294          637/G02             F          150,000.00         ZZ
                                         360        149,906.77          1
                                       8.375          1,140.11         43
                                       8.125          1,140.11      350,000.00
    SAN JOSE         CA   95121          5            12/26/00         00
    0432553048                           05           02/01/01          0
    0021480058                           N            01/01/31
    0

    4124421          637/G02             F          348,700.00         ZZ
                                         360        348,523.91          1
                                       9.375          2,900.31         75
                                       9.125          2,900.31      465,000.00
    ATLANTA          GA   30324          1            12/27/00         00
    0432543569                           05           02/01/01          0
    0021930029                           N            01/01/31
    0

    4124434          K15/G02             F           80,100.00         ZZ
                                         360         80,059.55          1
                                       9.375            666.23         89
                                       9.125            666.23       90,000.00
    SPRINGFIELD      MA   01118          5            12/26/00         04
    0432517118                           05           02/01/01         25
    037905302409                         O            01/01/31
    0

    4125174          E44/G02             F          228,300.00         T
                                         360        228,161.69          1
                                       8.500          1,755.43         57
                                       8.250          1,755.43      405,000.00
    PARK CITY        UT   84060          5            12/22/00         00
    0432504504                           05           02/01/01          0
    53000116                             O            01/01/31
    0

    4125202          163/G02             F          535,700.00         ZZ
                                         360        535,112.59          1
                                       9.000          4,310.36         80
                                       8.750          4,310.36      675,000.00
    SPOKANE          WA   99208          5            11/20/00         00
    0432552396                           05           01/01/01          0
    817718844                            O            12/01/30
    0
1

    4125246          637/G02             F          122,988.00         ZZ
                                         360        122,917.24          1
                                       8.750            967.55         80
                                       8.500            967.55      153,735.00
    MINDEN           NV   89423          1            12/22/00         00
    0432551760                           03           02/01/01          0
    0021361662                           N            01/01/31
    0

    4125423          964/G02             F          253,500.00         ZZ
                                         360        253,357.88          1
                                       8.875          2,016.96         81
                                       8.625          2,016.96      313,000.00
    SCOTTSDALE       AZ   85262          2            12/29/00         01
    0432539971                           03           02/01/01         25
    97942                                O            01/01/31
    0

    4125619          E22/G02             F           67,450.00         ZZ
                                         360         67,416.82          1
                                       9.500            567.16         95
                                       9.250            567.16       71,000.00
    LEITCHFIELD      KY   42754          5            12/18/00         04
    0412229361                           05           02/01/01         30
    0412229361                           O            01/01/31
    0

    4126289          G81/G02             F           54,700.00         ZZ
                                         360         54,671.64          1
                                       9.250            450.01         75
                                       9.000            450.01       73,000.00
    MIAMI            FL   33156          1            12/28/00         00
    0432506152                           08           02/01/01          0
    200010011                            N            01/01/31
    0

    4127277          Q17/G02             F           38,400.00         T
                                         360         38,361.05          1
                                       9.375            319.40         80
                                       9.125            319.40       48,000.00
    RENO             NV   89509          1            11/15/00         00
    0432501542                           01           01/01/01          0
    200010917                            O            12/01/30
    0

    4127354          Q41/G02             F          267,300.00         ZZ
                                         360        267,300.00          4
1

                                       9.375          2,223.27         90
                                       9.125          2,223.27      297,000.00
    COLORADO SPRING  CO   80917          1            01/05/01         04
    0432539401                           05           03/01/01         25
    31027                                N            02/01/31
    0

    4128208          637/G02             F          112,500.00         ZZ
                                         360        112,388.90          4
                                       9.500            945.96         90
                                       9.250            945.96      125,000.00
    PHOENIX          AZ   85017          1            11/22/00         04
    0432553626                           05           01/01/01         25
    0017392309                           N            12/01/30
    0

    4128891          T90/G02             F          191,200.00         ZZ
                                         360        191,074.93          1
                                       8.125          1,419.65         80
                                       7.875          1,419.65      239,000.00
    PFLUGERVILLE     TX   78660          1            12/29/00         00
    0432557510                           03           02/01/01          0
    29779                                O            01/01/31
    0

    4128926          637/G02             F          300,000.00         ZZ
                                         360        299,793.54          1
                                       7.875          2,175.21         69
                                       7.625          2,175.21      437,000.00
    COVINGTON        LA   70433          2            12/29/00         00
    0432571214                           05           02/01/01          0
    17692070                             O            01/01/31
    0

    4131034          E22/G02             F           97,500.00         ZZ
                                         360         97,440.93          1
                                       8.500            749.69         75
                                       8.250            749.69      130,000.00
    MESQUITE         NV   89027          2            12/14/00         00
    0412238503                           09           02/01/01          0
    0412238503                           O            01/01/31
    0

    4131037          E22/G02             F          154,000.00         ZZ
                                         360        153,901.80          1
                                       8.250          1,156.95         80
                                       8.000          1,156.95      194,000.00
    CORONA           CA   92883          2            12/14/00         00
    0412253619                           03           02/01/01          0
1

    0412253619                           O            01/01/31
    0

    4131120          883/G02             F           84,000.00         ZZ
                                         360         84,000.00          4
                                       8.875            668.35         80
                                       8.625            668.35      105,000.00
    LAKELAND         FL   33810          1            01/08/01         00
    0432559722                           05           03/01/01          0
    210151160                            N            02/01/31
    0

    4131517          T90/G02             F           60,300.00         ZZ
                                         360         60,269.55          2
                                       9.375            501.54         90
                                       9.125            501.54       67,000.00
    NEW ORLEANS      LA   70114          1            12/29/00         12
    0432564052                           05           02/01/01         25
    30048                                N            01/01/31
    0

    4131752          637/G02             F           62,400.00         ZZ
                                         360         62,361.21          1
                                       8.375            474.29         80
                                       8.125            474.29       78,000.00
    DENHAM SPRINGS   LA   70706          1            12/08/00         00
    0432511467                           05           02/01/01          0
    0017692468                           O            01/01/31
    0

    4131815          Q64/G02             F          374,000.00         ZZ
                                         360        373,795.71          1
                                       9.000          3,009.29         75
                                       8.750          3,009.29      499,900.00
    OSPREY           FL   34229          1            12/22/00         00
    0432556116                           01           02/01/01          0
    7201010594                           N            01/01/31
    0

    4131936          637/G02             F           47,700.00         ZZ
                                         360         47,652.89          4
                                       9.500            401.09         90
                                       9.250            401.09       53,000.00
    BATON ROUGE      LA   70807          1            12/04/00         01
    0432517357                           05           01/01/01         25
    0017692948                           N            12/01/30
    0

1

    4132004          E45/G02             F          100,000.00         ZZ
                                         360         99,942.47          1
                                       8.750            786.70         80
                                       8.500            786.70      125,000.00
    MARGATE          FL   33063          1            12/29/00         00
    0432566883                           05           02/01/01          0
    106890                               O            01/01/31
    0

    4132204          Q73/G02             F          155,000.00         ZZ
                                         360        154,890.60          1
                                       7.750          1,110.44         69
                                       7.500          1,110.44      225,000.00
    SENATOBIA        MS   38668          5            12/21/00         00
    0432542074                           05           02/01/01          0
    2770163                              O            01/01/31
    0

    4132615          N94/G02             F          152,000.00         ZZ
                                         360        151,912.55          3
                                       8.750          1,195.78         95
                                       8.500          1,195.78      160,000.00
    LEOMINSTER       MA   01453          1            12/29/00         14
    0432557890                           05           02/01/01         30
    4131069                              O            01/01/31
    0

    4132797          T86/G02             F           94,700.00         ZZ
                                         360         94,645.51          1
                                       8.750            745.01         76
                                       8.500            745.01      125,000.00
    BENNINGTON       VT   05201          5            12/20/00         00
    0432517456                           05           02/01/01          0
    0348                                 O            01/01/31
    0

    4133055          950/G02             F          109,700.00         ZZ
                                         360        109,633.54          1
                                       8.500            843.50         90
                                       8.250            843.50      121,900.00
    BEAVERTON        OR   97007          1            12/05/00         11
    0432511392                           05           02/01/01         25
    E9009031                             O            01/01/31
    0

    4133060          536/536             F          130,000.00         ZZ
                                         360        128,686.96          1
                                       9.250          1,069.48         55
                                       9.000          1,069.48      237,000.00
1

    WAIPAHU          HI   96797          1            09/25/00         00
    1267624                              05           11/01/00          0
    1267624                              O            10/01/30
    0

    4133161          455/G02             F           81,900.00         ZZ
                                         360         77,537.59          1
                                       8.750            644.31         90
                                       8.500            644.31       91,000.00
    HOUSTON          TX   77084          1            11/27/00         01
    0432498921                           03           01/01/01         25
    30001476                             O            12/01/30
    0

    4133436          940/G02             F          139,000.00         ZZ
                                         360        139,000.00          1
                                       8.500          1,068.79         70
                                       8.250          1,068.79      200,000.00
    RESEDA           CA   91335          2            01/02/01         00
    0432530434                           05           03/01/01          0
    3388                                 O            02/01/31
    0

    4133633          L55/G02             F          112,500.00         ZZ
                                         360        112,500.00          2
                                       8.625            875.02         75
                                       8.375            875.02      150,000.00
    CARTERET         NJ   07008          1            01/18/01         00
    0432566669                           05           03/01/01          0
    429851                               O            02/01/31
    0

    4133832          624/G02             F          111,000.00         ZZ
                                         360        111,000.00          1
                                       8.125            824.17         77
                                       7.875            824.17      145,000.00
    HESPERIA         CA   92345          1            12/29/00         00
    0432520708                           05           03/01/01          0
    46300200093F                         O            02/01/31
    0

    4134172          E47/G02             F          171,600.00         ZZ
                                         360        171,513.35          4
                                       9.375          1,427.28         65
                                       9.125          1,427.28      264,000.00
    DENVER           CO   80223          5            12/29/00         00
    0432543932                           05           02/01/01          0
    7332015440                           N            01/01/31
    0
1

    4134793          E22/G02             F          136,500.00         ZZ
                                         360        136,412.96          1
                                       8.250          1,025.48         65
                                       8.000          1,025.48      210,000.00
    LAWNDALE         CA   90260          5            12/19/00         00
    0412208415                           01           02/01/01          0
    0412208415                           O            01/01/31
    0

    4134799          E22/G02             F          187,000.00         ZZ
                                         360        186,883.76          1
                                       8.375          1,421.34         85
                                       8.125          1,421.34      220,000.00
    STEVENSVILLE     MI   49127          5            12/21/00         04
    0412250144                           05           02/01/01         12
    0412250144                           O            01/01/31
    0

    4134806          E22/G02             F          138,000.00         ZZ
                                         360        137,916.40          1
                                       8.500          1,061.10         80
                                       8.250          1,061.10      172,501.00
    COLORADO SPRING  CO   80907          1            12/27/00         00
    0412255986                           05           02/01/01          0
    0412255986                           O            01/01/31
    0

    4134807          E22/G02             F           98,000.00         ZZ
                                         360         97,942.15          1
                                       8.625            762.23         86
                                       8.375            762.23      115,000.00
    GRAND JUNCTION   CO   81501          2            12/21/00         01
    0412257818                           05           02/01/01         25
    0412257818                           O            01/01/31
    0

    4134810          E22/G02             F          221,000.00         ZZ
                                         360        220,872.85          1
                                       8.750          1,738.61         79
                                       8.500          1,738.61      280,000.00
    FORT WORTH       TX   76140          5            12/19/00         00
    0412261034                           05           02/01/01          0
    0412261034                           O            01/01/31
    0

    4134825          E22/G02             F          318,750.00         ZZ
                                         360        318,561.82          1
1

                                       8.625          2,479.20         75
                                       8.375          2,479.20      425,000.00
    LAKE FOREST      CA   92630          5            12/18/00         00
    0412278426                           03           02/01/01          0
    0412278426                           O            01/01/31
    0

    4134826          E22/G02             F          108,750.00         ZZ
                                         360        108,690.60          1
                                       9.000            875.03         95
                                       8.750            875.03      114,500.00
    CHICAGO          IL   60659          1            12/27/00         04
    0412278467                           01           02/01/01         30
    0412278467                           O            01/01/31
    0

    4134831          E22/G02             F          196,000.00         ZZ
                                         360        195,887.24          1
                                       8.750          1,541.93         80
                                       8.500          1,541.93      245,000.00
    IRMO             SC   29063          5            12/21/00         00
    0412280372                           05           02/01/01          0
    0412280372                           O            01/01/31
    0

    4134832          E22/G02             F           55,125.00         T
                                         360         55,093.28          1
                                       8.750            433.67         75
                                       8.500            433.67       73,500.00
    ROSLYN           WA   98941          1            12/12/00         00
    0412280679                           05           02/01/01          0
    0412280679                           O            01/01/31
    0

    4134834          E22/G02             F           83,700.00         ZZ
                                         360         83,646.63          1
                                       8.250            628.81         73
                                       8.000            628.81      115,000.00
    MOORESVILLE      NC   28115          2            12/21/00         00
    0412282329                           05           02/01/01          0
    0412282329                           O            01/01/31
    0

    4134839          E22/G02             F           65,600.00         ZZ
                                         360         65,558.17          1
                                       8.250            492.83         80
                                       8.000            492.83       82,000.00
    LAUDERHILL       FL   33319          1            12/27/00         00
    0412285140                           06           02/01/01          0
1

    0412285140                           O            01/01/31
    0

    4134846          E22/G02             F           85,000.00         ZZ
                                         360         84,945.80          1
                                       8.250            638.58         50
                                       8.000            638.58      170,000.00
    STANFIELD        NC   28163          5            12/21/00         00
    0412287963                           05           02/01/01          0
    0412287963                           O            01/01/31
    0

    4134853          E22/G02             F          120,000.00         ZZ
                                         360        119,932.73          1
                                       8.875            954.77         75
                                       8.625            954.77      161,000.00
    ISANTI           MN   55040          5            12/21/00         00
    0412290348                           05           02/01/01          0
    0412290348                           O            01/01/31
    0

    4134856          E22/G02             F          200,000.00         ZZ
                                         360        199,875.69          1
                                       8.375          1,520.14         80
                                       8.125          1,520.14      250,000.00
    BRIGHTON         CO   80603          5            12/21/00         00
    0412291445                           05           02/01/01          0
    0412291445                           O            01/01/31
    0

    4134862          E22/G02             F          100,000.00         ZZ
                                         360         99,942.47          1
                                       8.750            786.70         80
                                       8.500            786.70      125,000.00
    RICHARDSON       TX   75080          1            12/27/00         00
    0412294282                           05           02/01/01          0
    0412294282                           O            01/01/31
    0

    4134865          E22/G02             F           72,000.00         T
                                         360         71,962.67          1
                                       9.250            592.33         80
                                       9.000            592.33       90,000.00
    LONG BRANCH      NJ   07740          1            12/27/00         00
    0412294902                           01           02/01/01          0
    0412294902                           O            01/01/31
    0

1

    4134871          E22/G02             F          108,800.00         ZZ
                                         360        108,737.40          1
                                       8.750            855.93         80
                                       8.500            855.93      136,000.00
    BOCA RATON       FL   33431          1            12/27/00         00
    0412298994                           05           02/01/01          0
    0412298994                           O            01/01/31
    0

    4135036          T90/G02             F          135,000.00         ZZ
                                         360        135,000.00          4
                                       9.125          1,098.40         90
                                       8.875          1,098.40      150,000.00
    HOUSTON          TX   77091          1            01/23/01         12
    0432577443                           03           03/01/01         25
    30961                                N            02/01/31
    0

    4135129          637/G02             F          360,000.00         ZZ
                                         360        359,813.36          1
                                       9.250          2,961.64         75
                                       9.000          2,961.64      480,000.00
    NE ATLANTA       GA   30324          1            12/29/00         00
    0432557304                           05           02/01/01          0
    0021930292                           N            01/01/31
    0

    4135349          964/G02             F          252,000.00         ZZ
                                         360        252,000.00          1
                                       8.875          2,005.03         80
                                       8.625          2,005.03      315,000.00
    PHOENIX          AZ   85050          1            01/08/01         00
    0432558450                           03           03/01/01          0
    94976                                N            02/01/31
    0

    4135643          E82/G02             F           70,000.00         ZZ
                                         360         69,957.59          1
                                       8.500            538.24         27
                                       8.250            538.24      260,500.00
    EAST STROUDSBUR  PA   18301          5            12/22/00         00
    0400351953                           05           02/01/01          0
    0400351953                           O            01/01/31
    0

    4135656          T35/G02             F           66,400.00         ZZ
                                         360         66,362.77          1
                                       8.875            528.31         80
                                       8.625            528.31       83,000.00
1

    EATON            OH   45320          5            12/21/00         00
    0400342879                           05           02/01/01          0
    0400342879                           O            01/01/31
    0

    4135779          U99/G02             F          174,150.00         ZZ
                                         360        174,150.00          3
                                       8.750          1,370.04         90
                                       8.500          1,370.04      193,500.00
    WEST CHESTER     PA   19382          1            01/12/01         01
    0432555159                           05           03/01/01         25
    30000365                             N            02/01/31
    0

    4136269          T90/G02             F          135,000.00         ZZ
                                         360        135,000.00          4
                                       9.125          1,098.40         90
                                       8.875          1,098.40      150,000.00
    HOUSTON          TX   77489          1            01/23/01         12
    0432577641                           03           03/01/01         25
    30958                                N            02/01/31
    0

    4136376          B60/G02             F          110,500.00         ZZ
                                         360        110,425.86          1
                                       8.000            810.81         85
                                       7.750            810.81      130,000.00
    LAS VEGAS        NV   89102          5            12/13/00         01
    0432525574                           05           02/01/01         12
    303495                               O            01/01/31
    0

    4136417          168/168             F          224,000.00         ZZ
                                         360        223,864.30          1
                                       8.500          1,722.37         71
                                       8.250          1,722.37      316,000.00
    DAVIDSON         NC   28036          5            11/30/00         00
    0869327399                           05           02/01/01          0
    0869327399                           O            01/01/31
    0

    4136538          964/G02             F           72,000.00         ZZ
                                         360         71,954.09          1
                                       8.250            540.91         60
                                       8.000            540.91      122,000.00
    YUCCA VALLEY     CA   92284          1            12/20/00         00
    0432557270                           05           02/01/01          0
    95384                                O            01/01/31
    0
1

    4136658          J83/G02             F           93,600.00         ZZ
                                         360         93,541.82          1
                                       8.375            711.43         80
                                       8.125            711.43      117,000.00
    VIRGINIA BEACH   VA   23456          1            12/06/00         00
    0432566172                           05           02/01/01          0
    282923                               N            01/01/31
    0

    4136955          E45/G02             F          137,600.00         ZZ
                                         360        137,518.76          1
                                       8.625          1,070.24         80
                                       8.375          1,070.24      172,000.00
    ATLANTA          GA   30319          5            01/04/01         00
    0432553311                           01           02/01/01          0
    107842                               O            01/01/31
    0

    4137887          P44/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       9.125          1,236.72         80
                                       8.875          1,236.72      190,000.00
    HOLDEN           MA   01520          1            01/11/01         00
    0432552685                           05           03/01/01          0
    000554                               N            02/01/31
    0

    4138144          E47/G02             F           79,200.00         ZZ
                                         360         79,158.94          1
                                       9.250            651.56         90
                                       9.000            651.56       88,000.00
    PUEBLO           CO   81004          5            12/14/00         01
    0432518306                           05           02/01/01         25
    7332015223                           O            01/01/31
    0

    4138270          E22/G02             F          392,300.00         ZZ
                                         360        392,043.38          1
                                       8.125          2,912.82         80
                                       7.875          2,912.82      490,404.00
    SAN JOSE         CA   95112          1            12/14/00         00
    0412244329                           01           02/01/01          0
    0412244329                           N            01/01/31
    0

    4138277          E22/G02             F          224,000.00         ZZ
                                         360        223,867.75          1
1

                                       8.625          1,742.25         75
                                       8.375          1,742.25      300,000.00
    CONCORD          CA   94521          5            12/18/00         00
    0412261679                           05           02/01/01          0
    0412261679                           O            01/01/31
    0

    4138280          E22/G02             F           94,800.00         ZZ
                                         360         94,750.85          4
                                       9.250            779.90         75
                                       9.000            779.90      127,000.00
    AUSTIN           TX   78744          2            12/21/00         00
    0412264707                           05           02/01/01          0
    0412264707                           O            01/01/31
    0

    4138285          E22/G02             F           73,500.00         ZZ
                                         360         73,464.79          1
                                       9.625            624.74         81
                                       9.375            624.74       91,500.00
    OSMUND           NE   68765          5            12/22/00         04
    0412269193                           05           02/01/01         12
    0412269193                           O            01/01/31
    0

    4138286          E22/G02             F           59,400.00         ZZ
                                         360         59,367.55          3
                                       9.000            477.95         90
                                       8.750            477.95       66,000.00
    NEWBURGH         NY   12550          1            12/28/00         04
    0412269573                           05           02/01/01         25
    0412269573                           N            01/01/31
    0

    4138289          E22/G02             F           89,600.00         ZZ
                                         360         89,542.87          1
                                       8.250            673.13         80
                                       8.000            673.13      112,000.00
    WALNUT CREEK     CA   94595          1            12/26/00         00
    0412274482                           01           02/01/01          0
    0412274482                           O            01/01/31
    0

    4138307          E22/G02             F          569,000.00         ZZ
                                         360        568,646.34          1
                                       8.375          4,324.81         72
                                       8.125          4,324.81      800,000.00
    SEATTLE          WA   98103          5            12/20/00         00
    0412285660                           05           02/01/01          0
1

    0412285660                           O            01/01/31
    0

    4138308          E22/G02             F          136,650.00         ZZ
                                         360        136,558.31          1
                                       8.000          1,002.69         80
                                       7.750          1,002.69      171,960.00
    SAN ANTONIO      TX   78258          1            12/22/00         00
    0412285686                           03           02/01/01          0
    0412285686                           O            01/01/31
    0

    4138334          E22/G02             F          350,000.00         ZZ
                                         360        349,782.46          1
                                       8.375          2,660.25         48
                                       8.125          2,660.25      744,000.00
    LOS GATOS        CA   95033          5            12/21/00         00
    0412293441                           05           02/01/01          0
    0412293441                           O            01/01/31
    0

    4138336          E22/G02             F           78,000.00         ZZ
                                         360         77,908.50          1
                                       9.125            634.63         65
                                       8.875            634.63      121,000.00
    SMITHFIELD       RI   02917          5            12/22/00         00
    0412294167                           05           02/01/01          0
    0412294167                           O            01/01/31
    0

    4138348          E22/G02             F           91,500.00         ZZ
                                         360         91,430.93          1
                                       9.000            736.23         90
                                       8.750            736.23      102,000.00
    CARENCRO         LA   70520          2            12/22/00         04
    0412297954                           05           02/01/01         25
    0412297954                           O            01/01/31
    0

    4138465          U62/G02             F          133,000.00         ZZ
                                         360        132,901.05          1
                                       7.875            964.34         95
                                       7.625            964.34      140,000.00
    STERLING HEIGHT  MI   48313          2            12/19/00         04
    0432516086                           05           02/01/01         30
    2001225408                           O            01/01/31
    0

1

    4138556          163/G02             F          115,000.00         ZZ
                                         360        114,877.13          1
                                       9.125            935.68         31
                                       8.875            935.68      378,500.00
    SHREWSBURY       MA   01545          1            11/30/00         00
    0432512796                           05           01/01/01          0
    3217592124                           O            12/01/30
    0

    4138678          P44/G02             F          121,600.00         ZZ
                                         360        121,600.00          1
                                       9.375          1,011.41         80
                                       9.125          1,011.41      152,000.00
    SOUTHBOROUGH     MA   01745          1            01/05/01         00
    0432518686                           05           03/01/01          0
    000554                               N            02/01/31
    0

    4138785          637/G02             F          100,000.00         ZZ
                                         360         99,865.35          4
                                       8.000            733.77         80
                                       7.750            733.77      125,000.00
    MARYSVILLE       CA   95901          1            11/30/00         00
    0432572667                           05           01/01/01          0
    0021352778                           N            12/01/30
    0

    4139038          E82/G02             F          200,000.00         ZZ
                                         360        199,875.69          1
                                       8.375          1,520.14         60
                                       8.125          1,520.14      335,000.00
    FERNADINA BEACH  FL   32034          5            12/22/00         00
    0400351300                           03           02/01/01          0
    0400351300                           O            01/01/31
    0

    4139041          E82/G02             F          100,800.00         ZZ
                                         360        100,746.36          1
                                       9.125            820.14         80
                                       8.875            820.14      126,000.00
    LANCASTER        PA   17601          2            12/22/00         00
    0400352688                           05           02/01/01          0
    0400352688                           O            01/01/31
    0

    4139090          U62/G02             F           50,000.00         ZZ
                                         360         49,975.40          1
                                       9.500            420.43         75
                                       9.250            420.43       67,000.00
1

    SAN ANTONIO      TX   78201          5            12/06/00         00
    0432562759                           05           02/01/01          0
    2001223094                           N            01/01/31
    0

    4139518          E47/G02             F          289,000.00         ZZ
                                         360        288,824.92          1
                                       8.500          2,222.16         79
                                       8.250          2,222.16      368,000.00
    BRIGHTON         CO   80601          2            01/03/01         00
    0432545556                           05           02/01/01          0
    7332015399                           O            01/01/31
    0

    4139718          624/G02             F          101,700.00         ZZ
                                         360        101,638.38          1
                                       8.500            781.99         90
                                       8.250            781.99      113,000.00
    OCEANSIDE        CA   92057          1            12/28/00         01
    0432525483                           05           02/01/01         25
    37000400073F                         N            01/01/31
    0

    4139996          F96/G02             F          180,000.00         ZZ
                                         360        179,904.21          3
                                       9.125          1,464.54         80
                                       8.875          1,464.54      225,000.00
    ORANGE           NJ   07050          1            12/20/00         00
    0432502052                           05           02/01/01          0
    0003884                              N            01/01/31
    0

    4141409          A48/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       8.625          2,138.92         72
                                       8.375          2,138.92      386,500.00
    SAN JOSE         CA   95127          1            01/11/01         00
    0432567733                           05           03/01/01          0
    8511004059                           N            02/01/31
    0

    4141577          964/G02             F           94,400.00         ZZ
                                         360         94,400.00          1
                                       9.000            759.56         90
                                       8.750            759.56      104,900.00
    LAKE ARROWHEAD   CA   92352          1            01/09/01         14
    0432559474                           01           03/01/01         25
    97058                                N            02/01/31
    0
1

    4142013          E22/G02             F           45,000.00         ZZ
                                         360         44,977.87          1
                                       9.500            378.38         90
                                       9.250            378.38       50,000.00
    HOUSTON          TX   77047          1            12/20/00         04
    0412210114                           05           02/01/01         25
    0412210114                           N            01/01/31
    0

    4142023          E22/G02             F          116,900.00         ZZ
                                         360        116,778.32          1
                                       9.250            961.71         90
                                       9.000            961.71      129,900.00
    BROOKLYN         MI   49234          1            11/30/00         04
    0412263550                           05           01/01/01         25
    0412263550                           O            12/01/30
    0

    4142028          E22/G02             F           71,550.00         ZZ
                                         360         71,514.81          1
                                       9.500            601.63         90
                                       9.250            601.63       79,500.00
    TAMARAC          FL   33319          1            12/29/00         10
    0412271512                           03           02/01/01         25
    0412271512                           O            01/01/31
    0

    4142032          E22/G02             F           98,100.00         ZZ
                                         360         98,050.46          4
                                       9.375            815.95         90
                                       9.125            815.95      109,000.00
    RACINE           WI   53403          1            12/29/00         04
    0412276396                           05           02/01/01         25
    0412276396                           N            01/01/31
    0

    4142044          E22/G02             F          126,800.00         ZZ
                                         360        126,735.97          1
                                       9.375          1,054.66         80
                                       9.125          1,054.66      158,500.00
    NASHVILLE        TN   37204          1            12/29/00         00
    0412284291                           05           02/01/01          0
    0412284291                           N            01/01/31
    0

    4142046          E22/G02             F           83,700.00         ZZ
                                         360         83,655.46          3
1

                                       9.125            681.01         90
                                       8.875            681.01       93,000.00
    RIVIERA BEACH    FL   33404          1            12/29/00         04
    0412284879                           05           02/01/01         25
    0412284879                           N            01/01/31
    0

    4142062          E22/G02             F          102,050.00         ZZ
                                         360        101,979.77          1
                                       7.875            739.93         80
                                       7.625            739.93      127,590.00
    EAST WENATCHEE   WA   98802          1            12/21/00         00
    0412292021                           05           02/01/01          0
    0412292021                           O            01/01/31
    0

    4142065          E22/G02             F           74,700.00         ZZ
                                         360         74,659.20          1
                                       9.000            601.05         90
                                       8.750            601.05       83,000.00
    PORT ST LUCIE    FL   34953          1            12/29/00         10
    0412293276                           05           02/01/01         25
    0412293276                           O            01/01/31
    0

    4142070          E22/G02             F           99,250.00         T
                                         360         99,191.40          1
                                       8.625            771.96         80
                                       8.375            771.96      124,100.00
    TAMPA            FL   33647          1            12/27/00         00
    0412295941                           03           02/01/01          0
    0412295941                           O            01/01/31
    0

    4142072          E22/G02             F           84,150.00         ZZ
                                         360         84,109.68          2
                                       9.625            715.27         85
                                       9.375            715.27       99,000.00
    CINCINNATI       OH   45214          1            12/29/00         04
    0412296139                           05           02/01/01         12
    0412296139                           N            01/01/31
    0

    4142079          E22/G02             F          152,100.00         ZZ
                                         360        152,019.05          1
                                       9.125          1,237.54         90
                                       8.875          1,237.54      169,050.00
    RALEIGH          NC   27604          1            12/29/00         04
    0412298341                           05           02/01/01         25
1

    0412298341                           O            01/01/31
    0

    4142080          E22/G02             F          209,000.00         ZZ
                                         360        208,879.76          1
                                       8.750          1,644.20         95
                                       8.500          1,644.20      220,000.00
    CHEYENNE         WY   82009          5            12/22/00         04
    0412298358                           05           02/01/01         30
    0412298358                           O            01/01/31
    0

    4142098          E22/G02             F          232,000.00         ZZ
                                         360        231,876.54          1
                                       9.125          1,887.63         80
                                       8.875          1,887.63      290,000.00
    FLOSSMOOR        IL   60422          2            12/29/00         00
    0412303588                           05           02/01/01          0
    0412303588                           N            01/01/31
    0

    4142107          E22/G02             F          119,700.00         ZZ
                                         360        119,632.89          1
                                       8.875            952.39         90
                                       8.625            952.39      133,000.00
    BOYNTON BEACH    FL   33435          1            12/29/00         10
    0412307589                           05           02/01/01         25
    0412307589                           O            01/01/31
    0

    4142242          A50/G02             F          386,880.00         ZZ
                                         360        386,880.00          1
                                       8.125          2,872.57         80
                                       7.875          2,872.57      483,600.00
    ELGIN            SC   29045          1            01/02/01         00
    0432563807                           03           03/01/01          0
    224157                               O            02/01/31
    0

    4142506          E45/G02             F          181,200.00         ZZ
                                         360        181,200.00          1
                                       8.250          1,361.30         60
                                       8.000          1,361.30      302,000.00
    TOCCOA           GA   30577          2            01/05/01         00
    0432559458                           05           03/01/01          0
    99243                                O            02/01/31
    0

1

    4142935          E47/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
                                       8.375            383.08         80
                                       8.125            383.08       63,000.00
    CONWAY           AR   72032          2            01/08/01         00
    0432552651                           05           03/01/01          0
    7332015147                           O            02/01/31
    0

    4142953          737/G02             F          117,600.00         ZZ
                                         360        117,528.75          1
                                       8.500            904.25         80
                                       8.250            904.25      147,000.00
    PLANO            TX   75025          1            12/21/00         00
    0432502482                           05           02/01/01          0
    2011991                              O            01/01/31
    0

    4143018          737/G02             F           72,000.00         ZZ
                                         360         71,957.49          1
                                       8.625            560.01         75
                                       8.375            560.01       96,000.00
    EAST PEORIA      IL   61611          1            12/22/00         00
    0432546778                           05           02/01/01          0
    2011827                              O            01/01/31
    0

    4143220          F96/G02             F          256,500.00         ZZ
                                         360        256,118.51          2
                                       9.500          2,156.79         95
                                       9.250          2,156.79      270,000.00
    CITY OF ELIZABE  NJ   07206          1            10/13/00         12
    0432563005                           05           12/01/00         30
    0003053                              O            11/01/30
    0

    4143451          624/G02             F           94,000.00         ZZ
                                         360         94,000.00          1
                                       7.750            673.43         80
                                       7.500            673.43      117,500.00
    STOCKTON         CA   95207          1            01/03/01         00
    0432535243                           05           03/01/01          0
    29100110013F                         N            02/01/31
    0

    4143755          L16/G02             F           53,000.00         ZZ
                                         360         52,971.05          1
                                       9.000            426.45         38
                                       8.750            426.45      140,000.00
1

    FRUIT HEIGHTS    UT   84037          5            01/05/01         00
    0432556652                           05           02/01/01          0
    MP0011099                            N            01/01/31
    0

    4144090          T44/G02             F          315,000.00         T
                                         360        315,000.00          1
                                       7.875          2,283.97         89
                                       7.625          2,283.97      354,000.00
    ARROYO GRANDE    CA   93420          1            01/08/01         11
    0432565133                           05           03/01/01         25
    9172356                              O            02/01/31
    0

    4145122          737/G02             F           85,500.00         ZZ
                                         360         85,500.00          3
                                       9.375            711.15         90
                                       9.125            711.15       95,000.00
    APPLEGATE        MI   48401          1            01/04/01         10
    0432566263                           05           03/01/01         25
    2012092                              N            02/01/31
    0

    4146653          E22/G02             F          225,000.00         ZZ
                                         360        224,886.37          3
                                       9.375          1,871.44         90
                                       9.125          1,871.44      250,000.00
    QUINCY           MA   02169          1            01/02/01         04
    0412238354                           05           02/01/01         25
    0412238354                           N            01/01/31
    0

    4146658          E22/G02             F           68,000.00         ZZ
                                         360         67,961.88          4
                                       8.875            541.04         80
                                       8.625            541.04       85,000.00
    ROSEBURG         OR   97470          1            12/27/00         00
    0412267643                           05           02/01/01          0
    0412267643                           N            01/01/31
    0

    4146659          E22/G02             F          104,500.00         ZZ
                                         360        104,436.70          2
                                       8.500            803.51         70
                                       8.250            803.51      149,350.00
    LOS ANGELES      CA   90041          1            12/15/00         00
    0412271942                           05           02/01/01          0
    0412271942                           O            01/01/31
    0
1

    4146660          E22/G02             F           70,000.00         ZZ
                                         360         69,959.73          1
                                       8.750            550.69         56
                                       8.500            550.69      125,000.00
    GREENWOOD        CA   95635          5            12/27/00         00
    0412273815                           05           02/01/01          0
    0412273815                           N            01/01/31
    0

    4146672          E22/G02             F           95,000.00         ZZ
                                         360         94,932.95          1
                                       7.750            680.59         74
                                       7.500            680.59      130,000.00
    ST CLAIR SHORES  MI   48080          5            12/26/00         00
    0412286775                           05           02/01/01          0
    0412286775                           O            01/01/31
    0

    4146673          E22/G02             F          193,500.00         ZZ
                                         360        193,379.73          1
                                       8.375          1,470.74         90
                                       8.125          1,470.74      215,000.00
    WINDER           GA   30680          2            12/26/00         04
    0412291387                           05           02/01/01         25
    0412291387                           O            01/01/31
    0

    4146674          E22/G02             F           81,000.00         ZZ
                                         360         80,953.40          1
                                       8.750            637.23         90
                                       8.500            637.23       90,000.00
    BALTIMORE        MD   21215          2            12/27/00         04
    0412292641                           05           02/01/01         25
    0412292641                           O            01/01/31
    0

    4146687          E22/G02             F           62,000.00         ZZ
                                         360         61,964.33          1
                                       8.750            487.75         87
                                       8.500            487.75       72,000.00
    SEBRING          FL   33872          1            01/02/01         01
    0412299190                           05           02/01/01         30
    0412299190                           O            01/01/31
    0

    4146691          E22/G02             F           58,000.00         ZZ
                                         360         57,965.76          1
1

                                       8.625            451.12         40
                                       8.375            451.12      147,772.00
    TINLEY PARK      IL   60477          1            01/02/01         00
    0412304693                           01           02/01/01          0
    0412304693                           O            01/01/31
    0

    4147037          U59/G02             F          164,000.00         ZZ
                                         360        163,892.72          1
                                       8.125          1,217.70         71
                                       7.875          1,217.70      234,000.00
    BETHPAGE         NY   11771          1            01/11/01         00
    0432561140                           05           02/11/01          0
    800713501                            O            01/11/31
    0

    4147581          E47/G02             F          306,400.00         ZZ
                                         360        306,209.56          1
                                       8.375          2,328.86         80
                                       8.125          2,328.86      383,000.00
    GOLDEN           CO   80403          1            01/05/01         00
    0432541480                           03           02/01/01          0
    7332015486                           O            01/01/31
    0

    4147858          822/G02             F          116,400.00         ZZ
                                         360        115,364.11          1
                                       8.500            895.02         72
                                       8.250            895.02      162,000.00
    EAST WINDSOR     CT   06016          5            12/04/00         00
    0432504587                           05           02/01/01          0
    3806009562                           O            01/01/31
    0

    4147880          964/G02             F          103,000.00         ZZ
                                         360        103,000.00          1
                                       8.375            782.87         79
                                       8.125            782.87      131,000.00
    BEND             OR   97701          2            01/04/01         00
    0432559649                           05           03/01/01          0
    98065                                O            02/01/31
    0

    4148126          742/G02             F          260,000.00         ZZ
                                         360        260,000.00          3
                                       8.500          1,999.18         80
                                       8.250          1,999.18      325,000.00
    BROOKLYN         NY   11215          1            01/04/01         00
    0432534568                           05           03/01/01          0
1

    6127765                              N            02/01/31
    0

    4148142          Q41/G02             F          265,500.00         ZZ
                                         360        265,500.00          4
                                       9.375          2,208.29         90
                                       9.125          2,208.29      295,000.00
    COLORADO SPRING  CO   80917          1            01/05/01         04
    0432560076                           05           03/01/01         25
    31026                                N            02/01/31
    0

    4148597          P06/G02             F          462,750.00         ZZ
                                         360        462,750.00          1
                                       8.625          3,599.22         75
                                       8.375          3,599.22      617,000.00
    SAN JOSE         CA   95119          1            01/04/01         00
    0432554046                           05           03/01/01          0
    0001601                              N            02/01/31
    0

    4149094          A19/G02             F          286,200.00         ZZ
                                         360        286,200.00          1
                                       9.250          2,354.50         90
                                       9.000          2,354.50      319,000.00
    EVERETT          MA   02149          1            01/02/01         04
    0432519585                           05           03/01/01         25
    000000                               N            02/01/31
    0

    4149216          N74/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       8.750            708.03         60
                                       8.500            708.03      152,000.00
    AUSTIN           TX   78757          5            01/12/01         00
    0432566057                           05           03/01/01          0
    0027957010                           N            02/01/31
    0

    4149462          624/G02             F          512,500.00         ZZ
                                         360        512,500.00          1
                                       7.875          3,715.98         67
                                       7.625          3,715.98      775,000.00
    CASTROVILLE      CA   95012          2            01/04/01         00
    0432563252                           05           03/01/01          0
    88611010016F                         O            02/01/31
    0

1

    4150243          950/G02             F          254,000.00         ZZ
                                         360        254,000.00          1
                                       8.875          2,020.94         79
                                       8.625          2,020.94      323,000.00
    REDMOND          WA   98052          5            01/08/01         00
    0432559516                           05           03/01/01          0
    1012150                              O            02/01/31
    0

    4150535          E22/G02             F          103,550.00         ZZ
                                         360        103,499.07          1
                                       9.500            870.70         85
                                       9.250            870.70      122,000.00
    DALE             TX   78616          2            12/28/00         01
    0412238172                           27           02/01/01         12
    0412238172                           O            01/01/31
    0

    4150537          E22/G02             F          190,000.00         ZZ
                                         360        189,875.72          3
                                       8.125          1,410.74         95
                                       7.875          1,410.74      200,000.00
    LOS ANGELES      CA   90031          1            12/27/00         04
    0412246761                           05           02/01/01         30
    0412246761                           O            01/01/31
    0

    4150550          E22/G02             F          400,000.00         ZZ
                                         360        399,295.35          1
                                       8.125          2,969.99         80
                                       7.875          2,969.99      500,000.00
    CHICO            CA   95973          2            12/22/00         00
    0412272601                           05           02/01/01          0
    0412272601                           O            01/01/31
    0

    4150551          E22/G02             F           94,150.00         ZZ
                                         360         94,102.46          1
                                       9.375            783.09         80
                                       9.125            783.09      117,700.00
    ROCKVILLE        MD   20855          1            01/03/01         00
    0412276479                           05           02/01/01          0
    0412276479                           N            01/01/31
    0

    4150552          E22/G02             F          159,300.00         ZZ
                                         360        159,300.00          1
                                       8.500          1,224.88         90
                                       8.250          1,224.88      177,000.00
1

    POULSBO          WA   98370          1            12/29/00         11
    0412278384                           03           03/01/01         25
    0412278384                           O            02/01/31
    0

    4150562          E22/G02             F          592,500.00         ZZ
                                         360        592,159.11          1
                                       8.750          4,661.20         75
                                       8.500          4,661.20      790,000.00
    LUTZ             FL   33549          5            12/28/00         00
    0412294944                           05           02/01/01          0
    0412294944                           O            01/01/31
    0

    4150565          E22/G02             F           55,100.00         ZZ
                                         360         55,069.11          1
                                       8.875            438.40         71
                                       8.625            438.40       78,000.00
    HOUSTON          TX   77009          2            12/28/00         00
    0412297053                           05           02/01/01          0
    0412297053                           O            01/01/31
    0

    4150569          E22/G02             F          513,750.00         ZZ
                                         360        513,750.00          1
                                       8.375          3,904.87         69
                                       8.125          3,904.87      750,000.00
    CARLSBAD         CA   92005          5            12/26/00         00
    0412302077                           05           03/01/01          0
    0412302077                           O            02/01/31
    0

    4150570          E22/G02             F          151,200.00         ZZ
                                         360        151,200.00          1
                                       8.750          1,189.49         90
                                       8.500          1,189.49      168,000.00
    RIVERSIDE        CA   92503          5            12/26/00         04
    0412303786                           05           03/01/01         25
    0412303786                           O            02/01/31
    0

    4150571          E22/G02             F          106,300.00         ZZ
                                         360        106,233.93          1
                                       8.375            807.96         80
                                       8.125            807.96      132,900.00
    WINDER           GA   30680          1            01/03/01         00
    0412304008                           03           02/01/01          0
    0412304008                           O            01/01/31
    0
1

    4150578          E22/G02             F          547,950.00         ZZ
                                         360        547,658.40          1
                                       9.125          4,458.30         65
                                       8.875          4,458.30      850,000.00
    AUSTIN           TX   78735          5            12/28/00         00
    0412304982                           03           02/01/01          0
    0412304982                           O            01/01/31
    0

    4152471          S48/S48             F          295,000.00         ZZ
                                         360        294,612.75          1
                                       8.125          2,190.37         75
                                       7.875          2,190.37      395,000.00
    LIVERMORE        CA   94550          5            11/07/00         00
    29026622                             05           01/01/01          0
    29026622                             O            12/01/30
    0

    4152484          S48/S48             F          257,000.00         ZZ
                                         360        256,541.53          1
                                       8.625          1,998.92         74
                                       8.375          1,998.92      350,000.00
    CORCORAN         MN   55340          1            10/12/00         00
    29068483                             05           12/01/00          0
    29068483                             O            11/01/30
    0

    4152486          S48/S48             F          325,000.00         ZZ
                                         360        324,201.96          1
                                       8.500          2,498.97         55
                                       8.250          2,498.97      600,000.00
    BROOKLYN         NY   11226          5            09/22/00         00
    29068970                             05           11/01/00          0
    29068970                             O            10/01/30
    0

    4152490          S48/S48             F          333,000.00         ZZ
                                         360        332,027.99          1
                                       8.750          2,619.71         73
                                       8.500          2,619.71      462,000.00
    LOS ANGELES      CA   90064          2            08/25/00         00
    29069424                             05           10/01/00          0
    29069424                             O            09/01/30
    0

    4152492          S48/S48             F          292,000.00         ZZ
                                         360        291,185.23          1
1

                                       8.375          2,219.41         80
                                       8.125          2,219.41      365,000.00
    MENDOCINO        CA   95460          2            09/27/00         00
    29070596                             05           11/01/00          0
    29070596                             O            10/01/30
    0

    4152494          S48/S48             F          650,000.00         ZZ
                                         360        649,249.34          1
                                       8.750          5,113.55         60
                                       8.500          5,113.55    1,100,000.00
    NEWPORT BEACH    CA   92660          2            11/08/00         00
    29075694                             03           01/01/01          0
    29075694                             O            12/01/30
    0

    4152499          S48/S48             F          300,000.00         ZZ
                                         360        299,354.08          4
                                       9.125          2,440.90         77
                                       8.875          2,440.90      390,000.00
    BROOKLYN         NY   11230          1            09/11/00         00
    29106697                             05           11/01/00          0
    29106697                             O            10/01/30
    0

    4152519          S48/S48             F          340,000.00         ZZ
                                         360        339,377.67          1
                                       8.500          2,614.31         78
                                       8.250          2,614.31      440,000.00
    SAN MATEO        CA   94401          1            10/20/00         00
    6122775585                           01           12/01/00          0
    6122775585                           O            11/01/30
    0

    4152520          S48/S48             F          600,000.00         ZZ
                                         360        599,251.52          1
                                       8.375          4,560.44         72
                                       8.125          4,560.44      837,000.00
    LOS ANGELES      CA   91403          2            11/20/00         00
    6142028197                           05           01/01/01          0
    6142028197                           O            12/01/30
    0

    4152527          S48/S48             F          364,800.00         ZZ
                                         360        362,387.66          2
                                       8.125          2,708.63         49
                                       7.875          2,708.63      745,000.00
    LAGUNA BEAC      CA   92651          2            11/09/00         00
    6325883293                           05           01/01/01          0
1

    6325883293                           N            12/01/30
    0

    4152529          S48/S48             F          295,439.00         ZZ
                                         360        294,842.42          1
                                       8.125          2,193.63         80
                                       7.875          2,193.63      369,299.00
    IRVINE           CA   92618          1            10/25/00         00
    6350370018                           01           12/01/00          0
    6350370018                           O            11/01/30
    0

    4152530          S48/S48             F          537,000.00         ZZ
                                         360        536,379.82          1
                                       8.750          4,224.59         74
                                       8.500          4,224.59      730,000.00
    GROSSE POINTE F  MI   48236          1            12/01/00         00
    6383799589                           05           01/01/01          0
    6383799589                           O            12/01/30
    0

    4152531          S48/S48             F          430,000.00         ZZ
                                         360        429,187.47          3
                                       8.375          3,268.32         53
                                       8.125          3,268.32      825,000.00
    GILROY           CA   95020          5            10/18/00         00
    6390639893                           05           12/01/00          0
    6390639893                           O            11/01/30
    0

    4152533          S48/S48             F          280,000.00         ZZ
                                         360        278,940.43          1
                                       8.250          2,103.55         80
                                       8.000          2,103.55      350,000.00
    TORRANCE         CA   90501          1            11/06/00         00
    6437419192                           05           01/01/01          0
    6437419192                           O            12/01/30
    0

    4152536          S48/S48             F          347,200.00         ZZ
                                         360        346,580.60          1
                                       8.625          2,700.49         80
                                       8.375          2,700.49      434,000.00
    HUGO             MN   55038          2            10/17/00         00
    6466922512                           05           12/01/00          0
    6466922512                           O            11/01/30
    0

1

    4152539          S48/S48             F          294,000.00         ZZ
                                         360        293,488.84          1
                                       8.750          2,312.90         69
                                       8.500          2,312.90      430,000.00
    DALY CITY        CA   94014          5            10/16/00         00
    6527317983                           05           12/01/00          0
    6527317983                           O            11/01/30
    0

    4152543          S48/S48             F          333,850.00         ZZ
                                         360        333,254.40          1
                                       8.625          2,596.66         75
                                       8.375          2,596.66      445,185.00
    CARLSBAD         CA   92008          1            10/05/00         00
    6550711821                           03           12/01/00          0
    6550711821                           O            11/01/30
    0

    4152544          S48/S48             F          300,000.00         ZZ
                                         360        299,651.73          1
                                       8.750          2,360.11         75
                                       8.500          2,360.11      400,000.00
    OAKLAND          CA   94605          5            11/27/00         00
    6556833306                           05           01/01/01          0
    6556833306                           O            12/01/30
    0

    4152549          S48/S48             F          571,350.00         ZZ
                                         360        570,304.24          1
                                       8.500          4,393.19         65
                                       8.250          4,393.19      879,000.00
    MILLBRAE         CA   94030          1            10/26/00         00
    6673147986                           05           12/01/00          0
    6673147986                           O            11/01/30
    0

    4152553          S48/S48             F          359,250.00         ZZ
                                         360        358,625.37          1
                                       8.750          2,826.23         75
                                       8.500          2,826.23      479,000.00
    ARROYO GRANDE    CA   93420          1            10/24/00         00
    6712387098                           05           12/01/00          0
    6712387098                           O            11/01/30
    0

    4152557          S48/S48             F          397,500.00         ZZ
                                         360        396,772.42          1
                                       8.500          3,056.44         75
                                       8.250          3,056.44      530,000.00
1

    CREVE COEUR      MO   63141          1            11/01/00         00
    6794449147                           03           12/01/00          0
    6794449147                           O            11/01/30
    0

    4152567          S48/S48             F          298,400.00         ZZ
                                         360        297,795.30          1
                                       8.000          2,189.56         80
                                       7.750          2,189.56      373,000.00
    SAN JOSE         CA   95127          1            10/26/00         00
    6929717251                           05           12/01/00          0
    6929717251                           O            11/01/30
    0

    4152568          S48/S48             F          340,000.00         ZZ
                                         360        339,464.20          1
                                       8.250          2,554.31         80
                                       8.000          2,554.31      425,000.00
    LOS ANGELES      CA   91326          1            11/01/00         00
    6933386085                           05           01/01/01          0
    6933386085                           O            12/01/30
    0

    4152570          S48/S48             F          382,500.00         ZZ
                                         360        381,834.97          2
                                       8.750          3,009.13         75
                                       8.500          3,009.13      510,000.00
    BERKELEY         CA   94705          1            10/16/00         00
    6950372406                           05           12/01/00          0
    6950372406                           O            11/01/30
    0

    4152571          S48/S48             F          435,000.00         ZZ
                                         360        434,729.62          1
                                       8.375          3,306.32         62
                                       8.125          3,306.32      710,000.00
    NOVATO           CA   94947          5            12/04/00         00
    6954778624                           05           02/01/01          0
    6954778624                           O            01/01/31
    0

    4152575          S48/S48             F          421,000.00         ZZ
                                         360        420,403.80          1
                                       7.750          3,016.10         59
                                       7.500          3,016.10      721,000.00
    ST LOUIS         MO   63141          1            11/08/00         00
    6963369225                           05           01/01/01          0
    6963369225                           O            12/01/30
    0
1

    4152831          967/G02             F           99,600.00         ZZ
                                         360         99,600.00          1
                                       8.500            765.84         80
                                       8.250            765.84      124,500.00
    PRESCOTT         AZ   86301          1            01/05/01         00
    0432553394                           05           03/01/01          0
    6214472                              O            02/01/31
    0

    4153696          624/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       9.000            901.18         80
                                       8.750            901.18      140,000.00
    FRIANT           CA   93626          1            01/10/01         00
    0432576197                           05           03/01/01          0
    33500100823F                         O            02/01/31
    0

    4154352          G52/G02             F           40,500.00         T
                                         360         40,477.29          1
                                       8.875            322.24         90
                                       8.625            322.24       45,000.00
    SAN ANTONIO      TX   78229          1            12/21/00         10
    0432530491                           01           02/01/01         25
    74502672                             O            01/01/31
    0

    4154563          624/G02             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       8.250          2,328.93         76
                                       8.000          2,328.93      410,000.00
    LOVELAND         CO   80537          5            01/08/01         00
    0432537744                           03           03/01/01          0
    73013900683F                         O            02/01/31
    0

    4155054          964/G02             F           80,500.00         ZZ
                                         360         80,500.00          1
                                       7.875            583.68         63
                                       7.625            583.68      129,000.00
    CARMICHAEL       CA   95608          5            01/05/01         00
    0432559342                           05           03/01/01          0
    94581                                O            02/01/31
    0

    4155127          975/G02             F          562,500.00         ZZ
                                         360        562,500.00          1
1

                                       8.375          4,275.41         75
                                       8.125          4,275.41      750,000.00
    HUNTINGTON BEAC  CA   92646          5            01/02/01         00
    0432554996                           05           03/01/01          0
    2002958                              O            02/01/31
    0

    4155660          E22/G02             F          128,250.00         ZZ
                                         360        128,178.11          4
                                       8.875          1,020.41         95
                                       8.625          1,020.41      135,000.00
    FT WAYNE         IN   46835          1            01/04/01         04
    0412259301                           05           02/01/01         30
    0412259301                           O            01/01/31
    0

    4155662          E22/G02             F          212,000.00         ZZ
                                         360        211,864.81          1
                                       8.250          1,592.69         80
                                       8.000          1,592.69      265,000.00
    WEST HILLS       CA   91307          5            12/21/00         00
    0412260853                           05           02/01/01          0
    0412260853                           O            01/01/31
    0

    4155671          E22/G02             F           75,000.00         ZZ
                                         360         74,956.85          1
                                       8.750            590.03         64
                                       8.500            590.03      118,000.00
    WASILLA          AK   99654          5            12/22/00         00
    0412283509                           05           02/01/01          0
    0412283509                           O            01/01/31
    0

    4155673          E22/G02             F          374,000.00         ZZ
                                         360        373,816.04          3
                                       9.500          3,144.79         75
                                       9.250          3,144.79      499,000.00
    BROOKLYN         NY   11205          1            01/04/01         00
    0412286130                           05           02/01/01          0
    0412286130                           N            01/01/31
    0

    4155677          E22/G02             F          193,600.00         ZZ
                                         360        193,600.00          1
                                       8.250          1,454.45         80
                                       8.000          1,454.45      242,000.00
    LAKE OSWEGO      OR   97035          2            12/28/00         00
    0412294241                           05           03/01/01          0
1

    0412294241                           O            02/01/31
    0

    4155678          E22/G02             F          142,100.00         ZZ
                                         360        142,020.34          1
                                       8.875          1,130.61         90
                                       8.625          1,130.61      157,900.00
    EMMET            MI   48022          1            12/22/00         04
    0412294407                           05           02/01/01         25
    0412294407                           O            01/01/31
    0

    4155681          E22/G02             F          117,000.00         ZZ
                                         360        116,937.74          1
                                       9.125            951.95         90
                                       8.875            951.95      130,000.00
    FERN PARK        FL   32730          5            12/29/00         10
    0412296477                           05           02/01/01         25
    0412296477                           O            01/01/31
    0

    4155689          E22/G02             F          112,000.00         ZZ
                                         360        111,937.21          1
                                       8.875            891.12         80
                                       8.625            891.12      140,000.00
    AUSTIN           TX   78734          5            12/26/00         00
    0412301046                           03           02/01/01          0
    0412301046                           O            01/01/31
    0

    4155698          E22/G02             F           59,500.00         ZZ
                                         360         59,500.00          1
                                       9.500            500.31         85
                                       9.250            500.31       70,000.00
    CHICAGO          IL   60613          1            01/04/01         04
    0412303836                           06           03/01/01         25
    0412303836                           N            02/01/31
    0

    4155700          E22/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       9.625          1,121.99         80
                                       9.375          1,121.99      165,000.00
    WEST HARTFORD    CT   06107          5            12/27/00         00
    0412304164                           05           03/01/01          0
    0412304164                           N            02/01/31
    0

1

    4155705          E22/G02             F           90,900.00         ZZ
                                         360         90,852.88          1
                                       9.250            747.81         90
                                       9.000            747.81      101,000.00
    KATY             TX   77449          1            12/29/00         01
    0412307035                           03           02/01/01         25
    0412307035                           N            01/01/31
    0

    4155706          E22/G02             F          130,500.00         ZZ
                                         360        130,416.79          1
                                       8.250            980.40         90
                                       8.000            980.40      145,000.00
    BATON ROUGE      LA   70816          5            12/29/00         01
    0412307092                           05           02/01/01         25
    0412307092                           O            01/01/31
    0

    4155708          E22/G02             F          114,400.00         ZZ
                                         360        114,400.00          1
                                       9.250            941.14         80
                                       9.000            941.14      143,000.00
    GRESHAM          OR   97030          1            12/28/00         00
    0412308421                           05           03/01/01          0
    0412308421                           N            02/01/31
    0

    4155711          E22/G02             F           80,900.00         ZZ
                                         360         80,900.00          1
                                       9.125            658.23         90
                                       8.875            658.23       89,900.00
    HOUSTON          TX   77043          1            01/04/01         01
    0412312589                           03           03/01/01         25
    0412312589                           O            02/01/31
    0

    4155865          964/G02             F          183,500.00         ZZ
                                         360        183,388.83          1
                                       8.500          1,410.96         75
                                       8.250          1,410.96      245,000.00
    DENVER           CO   80205          5            12/13/00         00
    0432508042                           05           02/01/01          0
    95263                                N            01/01/31
    0

    4155875          025/025             F           85,000.00         ZZ
                                         360         84,188.05          1
                                       8.500            653.58         77
                                       8.250            653.58      111,500.00
1

    NORTH FORT MYER  FL   33917          1            10/15/99         00
    0021919907                           03           12/01/99          0
    0021919907                           O            11/01/29
    0

    4155884          700/G02             F           75,900.00         ZZ
                                         360         75,856.33          1
                                       8.750            597.11         95
                                       8.500            597.11       79,900.00
    LONG BEACH       CA   90802          1            12/11/00         10
    0432511772                           01           02/01/01         30
    00253432                             O            01/01/31
    0

    4156071          964/G02             F          131,000.00         ZZ
                                         360        130,909.85          1
                                       7.875            949.84         69
                                       7.625            949.84      190,000.00
    EDGEWATER        CO   80214          5            12/20/00         00
    0432552750                           05           02/01/01          0
    95097                                O            01/01/31
    0

    4156102          025/025             F           55,100.00         ZZ
                                         360         54,603.16          1
                                       9.125            448.31         75
                                       8.875            448.31       73,500.00
    MACON            GA   31211          2            10/01/99         00
    0020970190                           05           11/01/99          0
    0020970190                           O            10/01/29
    0

    4156191          E77/G02             F           75,000.00         ZZ
                                         360         74,954.56          1
                                       8.500            576.69         68
                                       8.250            576.69      111,000.00
    GLEN BURNIE      MD   21060          5            12/29/00         00
    0432510949                           05           02/01/01          0
    1010000621                           N            01/01/31
    0

    4156335          A33/G02             F          140,400.00         ZZ
                                         360        140,400.00          2
                                       8.250          1,054.78         90
                                       8.000          1,054.78      156,000.00
    WACO             TX   76705          1            01/15/01         11
    0432559862                           05           03/01/01         25
    92374688                             N            02/01/31
    0
1

    4157015          Q73/G02             F           83,700.00         ZZ
                                         360         83,700.00          1
                                       8.000            614.16         90
                                       7.750            614.16       93,000.00
    SOUTHAVEN        MS   38671          1            01/16/01         01
    0432565935                           05           03/01/01         17
    2761648                              O            02/01/31
    0

    4157526          E76/G02             F           88,000.00         ZZ
                                         360         87,948.05          1
                                       8.625            684.45         80
                                       8.375            684.45      110,000.00
    ARLINGTON        TX   76006          1            12/21/00         00
    0432510725                           05           02/01/01          0
    10002480                             O            01/01/31
    0

    4157630          U38/G02             F          444,000.00         ZZ
                                         360        443,731.02          1
                                       8.500          3,413.98         80
                                       8.250          3,413.98      555,000.00
    ORINDA           CA   94563          1            12/18/00         00
    0432553907                           05           02/01/01          0
    60290                                O            01/01/31
    0

    4157700          U62/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       8.875            954.77         80
                                       8.625            954.77      150,000.00
    BAY SHORE        NY   11706          5            12/28/00         00
    0432514651                           05           03/01/01          0
    2001227940                           O            02/01/31
    0

    4158742          642/G02             F           76,450.00         ZZ
                                         360         76,399.99          1
                                       8.125            567.64         85
                                       7.875            567.64       90,000.00
    COLORADO SPRING  CO   80918          5            12/15/00         10
    0432529931                           09           02/01/01         12
    12107300                             O            01/01/31
    0

    4159301          168/168             F          132,000.00         ZZ
                                         240        131,782.77          1
1

                                       8.250          1,124.73         80
                                       8.000          1,124.73      165,000.00
    LEWISTON         NY   14092          1            12/21/00         00
    0249667797                           05           02/01/01          0
    0249667797                           O            01/01/21
    0

    4159388          168/168             F          442,000.00         ZZ
                                         360        441,710.87          1
                                       8.125          3,281.84         80
                                       7.875          3,281.84      553,349.00
    ATLANTA          GA   30319          1            12/20/00         00
    0169626644                           03           02/01/01          0
    0169626644                           O            01/01/31
    0

    4159455          253/253             F          214,400.00         ZZ
                                         360        214,248.68          1
                                       7.750          1,535.99         80
                                       7.500          1,535.99      268,000.00
    BOULDER          CO   80303          1            12/29/00         00
    960111                               05           02/01/01          0
    960111                               O            01/01/31
    0

    4160025          F89/G02             F          103,520.00         ZZ
                                         360        103,453.99          1
                                       8.250            777.71         80
                                       8.000            777.71      129,400.00
    LAS VEGAS        NV   89128          1            12/21/00         00
    0432545507                           01           02/01/01          0
    5330                                 O            01/01/31
    0

    4160539          E22/G02             F          260,000.00         ZZ
                                         360        259,613.28          1
                                       9.500          2,186.23         80
                                       9.250          2,186.23      325,000.00
    ATLANTA          GA   30906          1            10/30/00         00
    0412215758                           05           12/01/00          0
    0412215758                           N            11/01/30
    0

    4160540          E22/G02             F           36,950.00         ZZ
                                         360         36,933.22          1
                                       9.875            320.85         90
                                       9.625            320.85       41,107.00
    AUBURN           IN   46706          1            01/05/01         04
    0412233728                           05           02/01/01         25
1

    0412233728                           N            01/01/31
    0

    4160542          E22/G02             F           61,200.00         ZZ
                                         360         61,167.44          1
                                       9.125            497.94         90
                                       8.875            497.94       68,009.00
    DELRAY BEACH     FL   33444          1            01/05/01         04
    0412249476                           05           02/01/01         25
    0412249476                           N            01/01/31
    0

    4160549          E22/G02             F          155,700.00         ZZ
                                         360        155,614.95          1
                                       9.000          1,252.80         90
                                       8.750          1,252.80      173,000.00
    DAVENPORT        FL   33837          1            12/29/00         04
    0412274680                           03           02/01/01         25
    0412274680                           N            01/01/31
    0

    4160556          E22/G02             F          131,600.00         ZZ
                                         360        131,531.78          4
                                       9.250          1,082.64         90
                                       9.000          1,082.64      146,300.00
    KENOSHA          WI   53144          1            01/05/01         04
    0412286395                           05           02/01/01         25
    0412286395                           N            01/01/31
    0

    4160559          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       9.250          1,053.02         80
                                       9.000          1,053.02      160,000.00
    DERRY            NH   03038          5            12/27/00         00
    0412291759                           05           03/01/01          0
    0412291759                           O            02/01/31
    0

    4160564          E22/G02             F           96,400.00         ZZ
                                         360         96,345.96          1
                                       8.875            767.00         74
                                       8.625            767.00      132,000.00
    HUMBLE           TX   77338          1            01/04/01         00
    0412300600                           27           02/01/01          0
    0412300600                           O            01/01/31
    0

1

    4160571          E22/G02             F          216,000.00         ZZ
                                         360        215,875.73          1
                                       8.750          1,699.27         80
                                       8.500          1,699.27      270,000.00
    DALLAS           TX   75214          5            12/28/00         00
    0412304297                           05           02/01/01          0
    0412304297                           O            01/01/31
    0

    4160576          E22/G02             F          118,250.00         ZZ
                                         360        118,250.00          1
                                       9.125            962.13         90
                                       8.875            962.13      131,400.00
    CHESTERFIELD TW  MI   48047          1            01/05/01         04
    0412306573                           05           03/01/01         30
    0412306573                           O            02/01/31
    0

    4160577          E22/G02             F           73,800.00         ZZ
                                         360         73,762.73          1
                                       9.375            613.83         90
                                       9.125            613.83       82,000.00
    YUKON            OK   73099          1            01/05/01         01
    0412307712                           05           02/01/01         30
    0412307712                           O            01/01/31
    0

    4162604          637/G02             F          117,900.00         ZZ
                                         360        117,833.90          1
                                       8.875            938.07         90
                                       8.625            938.07      131,000.00
    HOLLISTER        MO   65672          1            12/15/00         10
    0432513406                           05           02/01/01         25
    0018757179                           O            01/01/31
    0

    4162631          E40/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       8.125          1,670.62         77
                                       7.875          1,670.62      292,500.00
    WOBURN           MA   01801          1            01/11/01         00
    0432548857                           05           03/01/01          0
    545000107                            O            02/01/31
    0

    4162700          S18/G02             F          467,500.00         ZZ
                                         360        467,500.00          1
                                       7.750          3,349.23         85
                                       7.500          3,349.23      550,000.00
1

    MIAMI            FL   33156          1            01/10/01         10
    0432559573                           05           03/01/01         12
    40082                                O            02/01/31
    0

    4162711          624/G02             F          101,250.00         ZZ
                                         360        101,250.00          1
                                       9.250            832.96         75
                                       9.000            832.96      136,000.00
    SALT LAKE CITY   UT   84105          5            01/09/01         00
    0432550671                           05           03/01/01          0
    81700103303F                         N            02/01/31
    0

    4162729          637/G02             F          385,600.00         ZZ
                                         360        385,378.15          1
                                       8.750          3,033.52         80
                                       8.500          3,033.52      482,000.00
    LOS ANGELES      CA   90045          1            12/12/00         00
    0432569465                           05           02/01/01          0
    0019322916                           O            01/01/31
    0

    4163030          163/G02             F          350,000.00         ZZ
                                         360        349,776.81          1
                                       8.250          2,629.44         52
                                       8.000          2,629.44      675,000.00
    WOODMERE         NY   11598          5            12/15/00         00
    0432534436                           05           02/01/01          0
    1000259082                           O            01/01/31
    0

    4163235          637/G02             F          388,000.00         ZZ
                                         360        387,814.12          1
                                       9.625          3,297.96         80
                                       9.375          3,297.96      485,000.00
    WALNUT CREEK     CA   94595          1            11/13/00         00
    0432575918                           05           02/01/01          0
    0019616028                           N            01/01/31
    0

    4163250          455/G02             F          147,900.00         ZZ
                                         360        147,900.00          1
                                       9.250          1,216.74         80
                                       9.000          1,216.74      184,900.00
    ATLANTA          GA   30319          1            01/12/01         00
    0432559417                           05           03/01/01          0
    09001021                             N            02/01/31
    0
1

    4163393          025/025             F           80,000.00         ZZ
                                         360         79,544.23          1
                                       9.750            687.32         64
                                       9.500            687.32      125,000.00
    CANON CITY       CO   81212          5            05/09/00         00
    0137620027                           05           07/01/00          0
    0137620027                           O            06/01/30
    0

    4163643          E44/G02             F          190,000.00         ZZ
                                         360        190,000.00          4
                                       9.125          1,545.90         89
                                       8.875          1,545.90      215,000.00
    TREMONTON        UT   84337          2            01/10/01         12
    0432559599                           05           03/01/01         25
    58000018                             N            02/01/31
    0

    4163957          E47/G02             F          632,800.00         ZZ
                                         360        632,800.00          1
                                       7.375          4,370.59         80
                                       7.125          4,370.59      792,000.00
    SAN GABRIEL      CA   91775          1            01/11/01         00
    0432569051                           05           03/01/01          0
    7331012537                           O            02/01/31
    0

    4164691          N34/G02             F          147,250.00         ZZ
                                         360        147,250.00          2
                                       9.375          1,224.75         95
                                       9.125          1,224.75      155,000.00
    CHICAGO          IL   60647          1            01/16/01         11
    0432559565                           05           03/01/01         30
    DOMENECH                             O            02/01/31
    0

    4164809          964/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
                                       7.875          1,421.14         80
                                       7.625          1,421.14      245,000.00
    COLFAX           CA   95713          2            01/10/01         00
    0432559680                           05           03/01/01          0
    97266                                O            02/01/31
    0

    4165746          E22/G02             F           79,000.00         ZZ
                                         360         79,000.00          1
1

                                       8.875            628.56         90
                                       8.625            628.56       88,000.00
    JACKSON          MI   49201          2            01/02/01         04
    0412277907                           05           03/01/01         25
    0412277907                           O            02/01/31
    0

    4165749          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          3
                                       8.625            560.01         80
                                       8.375            560.01       90,000.00
    SAN JACINTO      CA   92583          1            12/28/00         00
    0412287898                           05           03/01/01          0
    0412287898                           O            02/01/31
    0

    4165752          E22/G02             F           45,000.00         ZZ
                                         360         45,000.00          3
                                       9.625            382.50         90
                                       9.375            382.50       50,000.00
    NEW BRITAIN      CT   06051          1            01/08/01         04
    0412290827                           05           03/01/01         25
    0412290827                           N            02/01/31
    0

    4165753          E22/G02             F          204,200.00         ZZ
                                         360        204,088.46          1
                                       9.000          1,643.04         87
                                       8.750          1,643.04      235,000.00
    QUEEN CREEK      AZ   85242          5            12/22/00         04
    0412290918                           05           02/01/01         25
    0412290918                           O            01/01/31
    0

    4165755          E22/G02             F          125,100.00         ZZ
                                         360        125,100.00          4
                                       8.500            961.91         90
                                       8.250            961.91      139,000.00
    FREMONT          NE   68025          1            01/08/01         04
    0412292088                           05           03/01/01         25
    0412292088                           N            02/01/31
    0

    4165756          E22/G02             F          195,300.00         ZZ
                                         360        195,300.00          1
                                       8.875          1,553.89         90
                                       8.625          1,553.89      217,000.00
    QUINCY           MA   02170          1            01/08/01         04
    0412292542                           05           03/01/01         25
1

    0412292542                           N            02/01/31
    0

    4165759          E22/G02             F           25,650.00         ZZ
                                         360         25,650.00          1
                                       9.375            213.34         95
                                       9.125            213.34       27,000.00
    NORMAN           OK   73071          1            01/08/01         04
    0412295503                           01           03/01/01         30
    0412295503                           O            02/01/31
    0

    4165765          E22/G02             F           50,400.00         ZZ
                                         360         49,818.42          1
                                       7.875            365.43         80
                                       7.625            365.43       63,000.00
    SAN ANTONIO      TX   78213          2            12/27/00         00
    0412300089                           05           02/01/01          0
    0412300089                           O            01/01/31
    0

    4165775          E22/G02             F          108,450.00         ZZ
                                         360        108,450.00          4
                                       8.500            833.89         90
                                       8.250            833.89      120,500.00
    FREMONT          NE   68025          1            01/08/01         04
    0412305963                           05           03/01/01         25
    0412305963                           N            02/01/31
    0

    4165776          E22/G02             F          206,250.00         ZZ
                                         360        206,250.00          1
                                       9.250          1,696.77         74
                                       9.000          1,696.77      279,000.00
    NORRIDGE         IL   60634          5            01/03/01         00
    0412307225                           05           03/01/01          0
    0412307225                           O            02/01/31
    0

    4165783          E22/G02             F          142,800.00         ZZ
                                         360        142,800.00          1
                                       8.500          1,098.01         75
                                       8.250          1,098.01      192,000.00
    WYLIE            TX   75098          1            01/05/01         00
    0412315277                           05           03/01/01          0
    0412315277                           O            02/01/31
    0

1

    4165985          U05/G02             F          333,000.00         ZZ
                                         360        333,000.00          1
                                       9.125          2,709.40         90
                                       8.875          2,709.40      370,000.00
    BOCA RATON       FL   33498          5            01/11/01         11
    0432560944                           03           03/01/01         25
    3092265                              O            02/01/31
    0

    4167043          U62/G02             F          100,800.00         ZZ
                                         360        100,674.26          1
                                       8.375            766.15         80
                                       8.125            766.15      126,000.00
    SPRING           TX   77388          2            11/02/00         00
    0432553717                           05           01/01/01          0
    2001219785                           O            12/01/30
    0

    4167120          253/253             F          106,600.00         ZZ
                                         360        106,540.24          1
                                       8.875            848.16         65
                                       8.625            848.16      164,000.00
    BOULDER          CO   80301          5            12/28/00         00
    959865                               01           02/01/01          0
    959865                               N            01/01/31
    0

    4167786          E86/G02             F          382,000.00         ZZ
                                         360        381,785.85          1
                                       8.875          3,039.36         80
                                       8.625          3,039.36      477,500.00
    DANA POINT       CA   92629          1            12/14/00         00
    0432514230                           03           02/01/01          0
    0000089270                           N            01/01/31
    0

    4167860          G92/G02             F          238,000.00         ZZ
                                         240        237,602.18          1
                                       8.125          2,009.28         56
                                       7.875          2,009.28      430,000.00
    JAMUL            CA   91935          5            12/21/00         00
    0432540359                           05           02/01/01          0
    WASECKO                              O            01/01/21
    0

    4167982          168/168             F          185,000.00         ZZ
                                         360        184,896.29          4
                                       8.875          1,471.94         56
                                       8.625          1,471.94      335,000.00
1

    CHICAGO          IL   60651          5            12/22/00         00
    0189688505                           05           02/01/01          0
    0189688505                           O            01/01/31
    0

    4168232          U59/G02             F           17,600.00         ZZ
                                         360         17,589.87          1
                                       8.750            138.46         80
                                       8.500            138.46       22,000.00
    COFFEEN          IL   62017          1            01/19/01         00
    0432563898                           05           02/19/01          0
    800738402                            N            01/19/31
    0

    4168844          E23/G02             F          316,800.00         ZZ
                                         360        316,800.00          1
                                       7.875          2,297.02         80
                                       7.625          2,297.02      399,000.00
    GILROY           CA   95020          2            01/11/01         00
    0432567162                           05           03/01/01          0
    61000281                             O            02/01/31
    0

    4168911          E86/G02             F          103,500.00         ZZ
                                         360        103,443.47          1
                                       9.000            832.78         90
                                       8.750            832.78      115,000.00
    NORTH BERGEN     NJ   07047          1            12/21/00         11
    0432570745                           08           02/01/01         25
    0000088593                           O            01/01/31
    0

    4169013          480/G02             F          152,000.00         ZZ
                                         360        151,912.55          1
                                       8.750          1,195.78         80
                                       8.500          1,195.78      190,000.00
    WETUMPKA         AL   36093          5            12/15/00         00
    0432527224                           05           02/01/01          0
    3469160                              O            01/01/31
    0

    4169182          480/G02             F          322,500.00         ZZ
                                         360        322,304.62          1
                                       8.500          2,479.75         75
                                       8.250          2,479.75      430,000.00
    CLIFTON          VA   20124          1            12/15/00         00
    0432570943                           05           02/01/01          0
    3460136                              O            01/01/31
    0
1

    4169224          E82/G02             F          111,200.00         ZZ
                                         360        111,200.00          2
                                       8.625            864.90         80
                                       8.375            864.90      139,000.00
    BELLINGHAM       WA   98226          1            01/08/01         00
    0400347746                           05           03/01/01          0
    0400347746                           O            02/01/31
    0

    4169226          E82/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       8.875          1,591.29         75
                                       8.625          1,591.29      268,000.00
    MOUNTAIN TOP     PA   18707          1            01/08/01         00
    0400349411                           05           03/01/01          0
    0400349411                           O            02/01/31
    0

    4169227          E82/G02             F           72,050.00         ZZ
                                         360         72,050.00          1
                                       9.000            579.73         90
                                       8.750            579.73       80,100.00
    HILLSIDE         IL   60162          1            01/05/01         04
    0400365144                           05           03/01/01         25
    0400365144                           N            02/01/31
    0

    4169462          U62/G02             F          110,950.00         ZZ
                                         360        110,882.79          1
                                       8.500            853.11         95
                                       8.250            853.11      117,000.00
    BALTIMORE        MD   21215          5            12/23/00         04
    0432530632                           05           02/01/01         25
    2001226750                           O            01/01/31
    0

    4170655          B65/G02             F          124,560.00         ZZ
                                         360        124,560.00          1
                                       8.125            924.85         90
                                       7.875            924.85      138,400.00
    WORTHINGTON      OH   43085          1            01/15/01         04
    0432544799                           05           03/01/01         25
    213882710                            N            02/01/31
    0

    4171263          E22/G02             F           84,550.00         ZZ
                                         360         84,550.00          1
1

                                       9.250            695.57         90
                                       9.000            695.57       94,000.00
    OAK POINT        TX   75068          2            01/09/01         01
    0412277790                           03           03/01/01         25
    0412277790                           N            02/01/31
    0

    4171264          E22/G02             F           87,900.00         ZZ
                                         360         87,900.00          1
                                       8.250            660.36         71
                                       8.000            660.36      124,900.00
    BOZEMAN          MT   59718          1            01/08/01         00
    0412282584                           09           03/01/01          0
    0412282584                           O            02/01/31
    0

    4171265          E22/G02             F          145,000.00         ZZ
                                         360        145,000.00          1
                                       8.250          1,089.34         58
                                       8.000          1,089.34      251,000.00
    RALEIGH          NC   27609          5            01/04/01         00
    0412282881                           05           03/01/01          0
    0412282881                           O            02/01/31
    0

    4171273          E22/G02             F           66,400.00         ZZ
                                         360         66,400.00          1
                                       8.000            487.22         80
                                       7.750            487.22       83,000.00
    BETHANY          OK   73008          2            01/04/01         00
    0412291700                           05           03/01/01          0
    0412291700                           O            02/01/31
    0

    4171277          E22/G02             F          137,700.00         ZZ
                                         360        137,700.00          1
                                       8.500          1,058.79         91
                                       8.250          1,058.79      152,000.00
    COLUMBUS         OH   43229          5            01/04/01         04
    0412300345                           05           03/01/01         30
    0412300345                           O            02/01/31
    0

    4171278          E22/G02             F          120,000.00         ZZ
                                         360        119,927.30          1
                                       8.500            922.70         80
                                       8.250            922.70      150,000.00
    SAN DIEGO        CA   92109          1            12/21/00         00
    0412301103                           01           02/01/01          0
1

    0412301103                           O            01/01/31
    0

    4171279          E22/G02             F           91,500.00         ZZ
                                         360         91,500.00          1
                                       8.125            679.38         75
                                       7.875            679.38      122,000.00
    HAMMOND          LA   70401          5            01/04/01         00
    0412301822                           05           03/01/01          0
    0412301822                           O            02/01/31
    0

    4171282          E22/G02             F          162,400.00         ZZ
                                         360        162,400.00          1
                                       9.250          1,336.02         80
                                       9.000          1,336.02      203,000.00
    ROSEVILLE        CA   95747          1            01/04/01         00
    0412306060                           05           03/01/01          0
    0412306060                           N            02/01/31
    0

    4171285          E22/G02             F           49,500.00         ZZ
                                         360         49,500.00          2
                                       9.500            416.22         90
                                       9.250            416.22       55,000.00
    KANSAS CITY      MO   64131          1            01/09/01         04
    0412308280                           05           03/01/01         25
    0412308280                           N            02/01/31
    0

    4171289          E22/G02             F          211,150.00         ZZ
                                         360        211,150.00          1
                                       8.625          1,642.30         90
                                       8.375          1,642.30      234,621.00
    NORTH AURORA     IL   60542          1            01/09/01         04
    0412310864                           05           03/01/01         25
    0412310864                           O            02/01/31
    0

    4171290          E22/G02             F           34,800.00         ZZ
                                         240         34,800.00          1
                                       8.750            307.53         80
                                       8.500            307.53       43,500.00
    GRANBURY         TX   76048          1            01/05/01         00
    0412311003                           03           03/01/01          0
    0412311003                           O            02/01/21
    0

1

    4171291          E22/G02             F          301,500.00         ZZ
                                         360        301,500.00          1
                                       8.750          2,371.90         75
                                       8.500          2,371.90      402,000.00
    FREMONT          CA   94538          1            12/29/00         00
    0412311201                           05           03/01/01          0
    0412311201                           N            02/01/31
    0

    4171551          E76/G02             F          336,000.00         ZZ
                                         360        335,816.47          1
                                       9.000          2,703.53         80
                                       8.750          2,703.53      420,000.00
    PARKER           CO   80134          5            12/29/00         00
    0432524064                           05           02/01/01          0
    10001889                             O            01/01/31
    0

    4171586          E22/G02             F           82,000.00         ZZ
                                         360         82,000.00          1
                                       8.625            637.79         54
                                       8.375            637.79      152,000.00
    LOUISVILLE       CO   80027          2            01/09/01         00
    0412292872                           05           03/01/01          0
    0412292872                           N            02/01/31
    0

    4171792          E40/G02             F          138,700.00         ZZ
                                         360        138,700.00          1
                                       9.375          1,153.64         95
                                       9.125          1,153.64      146,000.00
    FRANKLIN         MA   02038          1            01/12/01         12
    0432558310                           01           03/01/01         30
    545000108                            O            02/01/31
    0

    4171811          R21/G02             F          299,673.00         ZZ
                                         360        299,673.00          1
                                       8.625          2,330.83         95
                                       8.375          2,330.83      315,446.00
    GENEVA           IL   60134          1            01/11/01         04
    0432570562                           03           03/01/01         30
    20000069                             O            02/01/31
    0

    4172074          168/168             F          100,000.00         ZZ
                                         360         99,932.91          1
                                       8.000            733.76         72
                                       7.750            733.76      139,000.00
1

    LAKE PLACID      NY   12946          1            12/29/00         00
    0249669013                           05           02/01/01          0
    0249669013                           O            01/01/31
    0

    4173112          737/G02             F          171,000.00         ZZ
                                         360        170,879.31          1
                                       7.750          1,225.06         80
                                       7.500          1,225.06      213,800.00
    NEWNAN           GA   30263          5            12/27/00         00
    0432519940                           05           02/01/01          0
    2011635                              O            01/01/31
    0

    4173185          168/168             F          210,000.00         ZZ
                                         360        209,872.78          1
                                       8.500          1,614.72         79
                                       8.250          1,614.72      268,310.00
    AMHERST          NY   14051          1            12/29/00         00
    0189598298                           05           02/01/01          0
    0189598298                           O            01/01/31
    0

    4173283          U05/G02             F          198,900.00         ZZ
                                         360        198,900.00          2
                                       9.125          1,618.32         90
                                       8.875          1,618.32      221,000.00
    CHICAGO          IL   60622          1            01/12/01         11
    0432564284                           05           03/01/01         25
    3095962                              N            02/01/31
    0

    4173621          168/168             F          320,000.00         ZZ
                                         360        319,600.82          1
                                       8.375          2,432.23         80
                                       8.125          2,432.23      400,000.00
    HUNTINGTON BEAC  CA   92646          5            11/21/00         00
    0439579023                           05           01/01/01          0
    0439579023                           O            12/01/30
    0

    4174982          G52/G02             F          243,000.00         ZZ
                                         360        242,877.29          4
                                       9.375          2,021.15         90
                                       9.125          2,021.15      270,000.00
    LOS ANGELES      CA   90063          1            12/20/00         10
    0432520468                           05           02/01/01         25
    83503911                             N            01/01/31
    0
1

    4176006          964/G02             F          111,200.00         ZZ
                                         360        111,200.00          3
                                       8.750            874.81         90
                                       8.500            874.81      123,600.00
    LAS VEGAS        NV   89030          1            01/12/01         10
    0432564532                           05           03/01/01         25
    97812                                N            02/01/31
    0

    4176501          E22/G02             F          104,000.00         ZZ
                                         360        103,938.60          2
                                       8.625            808.90         78
                                       8.375            808.90      135,000.00
    RAYTOWN          MO   64138          2            12/29/00         00
    0412224313                           05           02/01/01          0
    0412224313                           N            01/01/31
    0

    4176505          E22/G02             F          116,700.00         ZZ
                                         360        116,700.00          1
                                       8.875            928.52         80
                                       8.625            928.52      145,900.00
    BURKE            VA   22015          1            01/09/01         00
    0412245375                           09           03/01/01          0
    0412245375                           N            02/01/31
    0

    4176521          E22/G02             F           82,800.00         ZZ
                                         360         82,800.00          1
                                       8.750            651.39         90
                                       8.500            651.39       92,000.00
    WINTON           CA   95388          1            01/03/01         01
    0412308405                           05           03/01/01         25
    0412308405                           O            02/01/31
    0

    4176526          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       8.375          1,976.19         80
                                       8.125          1,976.19      325,000.00
    FAIRFIELD        CT   06437          2            01/05/01         00
    0412309817                           05           03/01/01          0
    0412309817                           O            02/01/31
    0

    4176532          E22/G02             F          179,500.00         ZZ
                                         360        179,500.00          1
1

                                       8.625          1,396.13         90
                                       8.375          1,396.13      199,500.00
    CHICO            CA   95926          1            01/08/01         01
    0412315038                           05           03/01/01         25
    0412315038                           O            02/01/31
    0

    4176536          E22/G02             F          157,500.00         ZZ
                                         360        157,500.00          4
                                       9.375          1,310.01         90
                                       9.125          1,310.01      175,000.00
    AUSTIN           TX   78724          1            01/09/01         01
    0412318156                           05           03/01/01         25
    0412318156                           N            02/01/31
    0

    4176549          956/G02             F          123,750.00         T
                                         360        122,869.23          1
                                       9.500          1,040.56         75
                                       9.250          1,040.56      165,000.00
    BLOOMINGTON      MN   55438          1            12/01/00         00
    0432569010                           05           01/01/01          0
    3510110131                           O            12/01/30
    0

    4176940          637/G02             F          252,700.00         ZZ
                                         360        252,436.99          1
                                       9.250          2,078.90         78
                                       9.000          2,078.90      325,000.00
    UNION CITY       CA   94587          1            11/28/00         00
    0432575439                           09           01/01/01          0
    0015460546                           N            12/01/30
    0

    4177015          637/G02             F          474,000.00         ZZ
                                         360        473,712.85          1
                                       8.500          3,644.65         77
                                       8.250          3,644.65      620,000.00
    SAN JOSE         CA   95128          5            12/06/00         00
    0432566297                           05           02/01/01          0
    0021478144                           O            01/01/31
    0

    4178511          R19/G02             F          238,500.00         ZZ
                                         360        238,500.00          4
                                       9.000          1,919.03         90
                                       8.750          1,919.03      265,000.00
    HAMPTON          NH   03842          1            01/19/01         23
    0432579019                           05           03/01/01          0
1

    4178511                              O            02/01/31
    0

    4179120          637/G02             F           72,000.00         ZZ
                                         360         71,965.50          4
                                       9.625            612.00         90
                                       9.375            612.00       80,000.00
    DUSON            LA   70529          1            12/15/00         01
    0432548626                           05           02/01/01         25
    0017692724                           N            01/01/31
    0

    4179554          462/G02             F          354,150.00         ZZ
                                         360        353,696.77          1
                                       8.250          2,660.62         80
                                       8.000          2,660.62      442,743.00
    IRVINE           CA   92602          1            11/15/00         00
    0432550770                           03           01/01/01          0
    M06D300                              O            12/01/30
    0

    4181653          665/G02             F          195,000.00         ZZ
                                         360        194,881.87          1
                                       8.500          1,499.38         65
                                       8.250          1,499.38      303,500.00
    SALINAS          CA   93906          5            12/22/00         00
    0432533354                           05           02/01/01          0
    88004485                             O            01/01/31
    0

    4181702          637/G02             F           72,000.00         ZZ
                                         360         71,965.50          4
                                       9.625            612.00         90
                                       9.375            612.00       80,000.00
    DUSON            LA   70529          1            12/15/00         01
    0432526150                           05           02/01/01         25
    0017692799                           N            01/01/31
    0

    4181917          E22/G02             F          113,000.00         ZZ
                                         360        113,000.00          1
                                       9.500            950.17         90
                                       9.250            950.17      125,660.00
    WEST NEW YORK    NJ   07093          1            01/11/01         04
    0412215741                           05           03/01/01         25
    0412215741                           N            02/01/31
    0

1

    4181924          E22/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
                                       8.875            413.74         65
                                       8.625            413.74       80,000.00
    MT CLEMENS       MI   48043          1            01/11/01         00
    0412278434                           05           03/01/01          0
    0412278434                           N            02/01/31
    0

    4181926          E22/G02             F           82,800.00         ZZ
                                         360         82,800.00          1
                                       8.750            651.39         90
                                       8.500            651.39       92,000.00
    DALLAS           TX   75214          1            01/08/01         01
    0412298523                           05           03/01/01         25
    0412298523                           O            02/01/31
    0

    4181928          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          2
                                       9.000          1,673.62         80
                                       8.750          1,673.62      260,000.00
    WEST AMWELL      NJ   08551          1            01/11/01         00
    0412307902                           05           03/01/01          0
    0412307902                           N            02/01/31
    0

    4181934          E22/G02             F           63,600.00         ZZ
                                         360         63,600.00          1
                                       8.750            500.34         80
                                       8.500            500.34       79,500.00
    WEST CHESTER     OH   45069          1            01/11/01         00
    0412311433                           01           03/01/01          0
    0412311433                           O            02/01/31
    0

    4181937          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       8.375          1,976.19         80
                                       8.125          1,976.19      325,000.00
    SALINAS          CA   93901          1            01/10/01         00
    0412313918                           05           03/01/01          0
    0412313918                           O            02/01/31
    0

    4181940          E22/G02             F          151,650.00         ZZ
                                         360        151,650.00          1
                                       8.625          1,179.52         80
                                       8.375          1,179.52      189,619.00
1

    VANCOUVER        WA   98686          1            01/08/01         00
    0412317976                           05           03/01/01          0
    0412317976                           O            02/01/31
    0

    4181942          E22/G02             F          105,550.00         ZZ
                                         360        105,550.00          1
                                       9.375            877.91         70
                                       9.125            877.91      152,000.00
    TROY             MI   48098          5            01/11/01         00
    0412318594                           05           03/01/01          0
    0412318594                           N            02/01/31
    0

    4182434          A33/G02             F           59,400.00         ZZ
                                         360         59,400.00          1
                                       9.250            488.67         90
                                       9.000            488.67       66,000.00
    TAYLOR           MI   48180          1            01/19/01         11
    0432568509                           05           03/01/01         25
    038096243                            N            02/01/31
    0

    4184999          G52/G02             F           97,600.00         ZZ
                                         360         97,600.00          1
                                       8.375            741.83         80
                                       8.125            741.83      122,000.00
    TUCSON           AZ   85741          1            01/23/01         00
    0432574887                           05           03/01/01          0
    97003680                             O            02/01/31
    0

    4185183          G52/G02             F          128,700.00         ZZ
                                         360        128,700.00          1
                                       8.250            966.88         90
                                       8.000            966.88      143,000.00
    TUCSON           AZ   85715          1            01/22/01         10
    0432577542                           05           03/01/01         25
    99006808                             O            02/01/31
    0

    4185678          944/G02             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       8.250          2,298.88         75
                                       8.000          2,298.88      408,000.00
    SAN JOSE         CA   95111          1            01/18/01         00
    0432572451                           05           03/01/01          0
    W00121089                            O            02/01/31
    0
1

    4187434          168/168             F          460,000.00         ZZ
                                         360        459,699.09          1
                                       8.125          3,415.49         80
                                       7.875          3,415.49      575,000.00
    CASTRO VALLEY    CA   94536          5            01/02/01         00
    439572754                            05           02/01/01          0
    439572754                            O            01/01/31
    0

    4187435          168/168             F          148,700.00         ZZ
                                         360        148,609.92          3
                                       8.500          1,143.37         80
                                       8.250          1,143.37      185,900.00
    BREWSTER         NY   10509          1            12/29/00         00
    0189667516                           05           02/01/01          0
    0189667516                           O            01/01/31
    0

    4187845          696/G02             F          174,250.00         ZZ
                                         360        174,250.00          1
                                       8.125          1,293.80         80
                                       7.875          1,293.80      217,840.00
    ELKRIDGE         MD   21075          1            01/12/01         00
    0432529733                           03           03/01/01          0
    30101003                             O            02/01/31
    0

    4188704          253/253             F          210,320.00         ZZ
                                         360        210,192.59          1
                                       8.500          1,617.18         80
                                       8.250          1,617.18      262,900.00
    LITTLETON        CO   80127          1            12/29/00         00
    959411                               05           02/01/01          0
    959411                               O            01/01/31
    0

    4189143          964/G02             F          481,000.00         ZZ
                                         360        481,000.00          1
                                       7.875          3,487.58         80
                                       7.625          3,487.58      602,000.00
    MISSION VIEJO    CA   92692          5            01/10/01         00
    0432562130                           03           03/01/01          0
    98705                                O            02/01/31
    0

    4190049          E82/G02             F           30,000.00         ZZ
                                         360         30,000.00          1
1

                                       9.125            244.09         30
                                       8.875            244.09      102,000.00
    EMINENCE         KY   40019          2            01/16/01         00
    0400289716                           05           03/01/01          0
    0400289716                           N            02/01/31
    0

    4190050          E82/G02             F           53,300.00         ZZ
                                         360         53,300.00          1
                                       8.625            414.56         55
                                       8.375            414.56       98,000.00
    MARYDEL          MD   21649          2            01/09/01         00
    0400345088                           05           03/01/01          0
    0400345088                           O            02/01/31
    0

    4190619          E22/G02             F           58,500.00         ZZ
                                         360         58,500.00          1
                                       8.750            460.22         90
                                       8.500            460.22       65,000.00
    CHICAGO          IL   60617          1            01/12/01         04
    0412260903                           05           03/01/01         25
    0412260903                           O            02/01/31
    0

    4190621          E22/G02             F          112,500.00         ZZ
                                         360        112,500.00          4
                                       9.500            945.96         90
                                       9.250            945.96      125,000.00
    HARVEY           LA   70058          1            01/12/01         04
    0412273369                           05           03/01/01         25
    0412273369                           N            02/01/31
    0

    4190623          E22/G02             F          282,000.00         ZZ
                                         360        282,000.00          1
                                       8.750          2,218.50         32
                                       8.500          2,218.50      885,000.00
    OAKLAND          CA   94610          2            01/04/01         00
    0412279523                           05           03/01/01          0
    0412279523                           N            02/01/31
    0

    4190626          E22/G02             F           55,250.00         ZZ
                                         360         55,250.00          1
                                       9.125            449.53         85
                                       8.875            449.53       65,000.00
    GOLDEN           CO   80401          5            01/08/01         04
    0412289316                           01           03/01/01         12
1

    0412289316                           O            02/01/31
    0

    4190635          E22/G02             F           74,450.00         ZZ
                                         360         74,450.00          2
                                       9.500            626.02         90
                                       9.250            626.02       82,758.00
    NAPLES           FL   34113          1            01/12/01         10
    0412295693                           05           03/01/01         25
    0412295693                           N            02/01/31
    0

    4190646          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       8.500            861.18         80
                                       8.250            861.18      140,000.00
    CONROE           TX   77302          5            01/08/01         00
    0412308215                           03           03/01/01          0
    0412308215                           O            02/01/31
    0

    4190647          E22/G02             F           39,150.00         ZZ
                                         360         39,150.00          1
                                       8.375            297.57         90
                                       8.125            297.57       43,500.00
    KILLINGLY        CT   06239          1            01/12/01         01
    0412309346                           01           03/01/01         25
    0412309346                           O            02/01/31
    0

    4190656          E22/G02             F          100,800.00         ZZ
                                         360        100,800.00          1
                                       9.000            811.06         80
                                       8.750            811.06      126,000.00
    WOODBURY         MN   55125          1            01/15/01         00
    0412316283                           03           03/01/01          0
    0412316283                           O            02/01/31
    0

    4190657          E22/G02             F          166,250.00         ZZ
                                         360        166,250.00          4
                                       8.625          1,293.08         95
                                       8.375          1,293.08      175,000.00
    HOUSTON          TX   77004          1            01/12/01         04
    0412316770                           05           03/01/01         30
    0412316770                           O            02/01/31
    0

1

    4190663          E22/G02             F           87,200.00         ZZ
                                         360         87,200.00          1
                                       9.000            701.63         90
                                       8.750            701.63       96,900.00
    GROVE CITY       OH   43123          1            01/12/01         04
    0412320376                           05           03/01/01         25
    0412320376                           N            02/01/31
    0

    4190665          E22/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       7.625          1,217.41         80
                                       7.375          1,217.41      215,000.00
    SAN ANTONIO      TX   78229          1            01/12/01         00
    0412321283                           05           03/01/01          0
    0412321283                           O            02/01/31
    0

    4190669          E22/G02             F          102,150.00         ZZ
                                         360        102,150.00          1
                                       9.000            821.92         90
                                       8.750            821.92      113,500.00
    MIDLOTHIAN       TX   76065          4            01/12/01         01
    0412325102                           05           03/01/01         25
    0412325102                           O            02/01/31
    0

    4190804          M66/G02             F          225,000.00         ZZ
                                         360        224,886.37          3
                                       9.375          1,871.44         90
                                       9.125          1,871.44      250,000.00
    NEWARK           NJ   07107          1            12/29/00         01
    0432532455                           05           02/01/01         25
    210336                               O            01/01/31
    0

    4190976          168/168             F           67,500.00         ZZ
                                         360         67,462.16          2
                                       8.875            537.07         90
                                       8.625            537.07       75,000.00
    FORT WORTH       TX   76140          1            12/18/00         14
    0189651601                           05           02/01/01         25
    0189651601                           N            01/01/31
    0

    4190987          964/G02             F          369,000.00         ZZ
                                         360        368,793.13          4
                                       8.875          2,935.93         90
                                       8.625          2,935.93      410,000.00
1

    KENMORE          WA   98028          1            12/21/00         11
    0432566362                           05           02/01/01         25
    96745                                N            01/01/31
    0

    4191249          B60/G02             F          250,000.00         ZZ
                                         360        250,000.00          4
                                       8.500          1,922.28         88
                                       8.250          1,922.28      285,000.00
    LONG BEACH       CA   90805          1            01/05/01         01
    0432576221                           05           03/01/01         25
    308218                               N            02/01/31
    0

    4191357          624/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       8.375          1,398.53         80
                                       8.125          1,398.53      230,000.00
    INDIO            CA   92201          1            01/10/01         00
    0432567741                           03           03/01/01          0
    85600510023F                         O            02/01/31
    0

    4192138          K30/G02             F          139,050.00         ZZ
                                         360        138,972.05          1
                                       8.875          1,106.34         90
                                       8.625          1,106.34      155,000.00
    SACRAMENTO       CA   95833          5            12/14/00         14
    0432538841                           05           02/01/01         25
    0075488                              O            01/01/31
    0

    4192139          P44/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       8.875          2,864.32         80
                                       8.625          2,864.32      450,000.00
    ASHLAND          MA   01721          5            01/05/01         00
    0432579613                           05           03/01/01          0
    00000                                O            02/01/31
    0

    4192296          893/G02             F          278,400.00         ZZ
                                         360        278,400.00          1
                                       8.250          2,091.53         80
                                       8.000          2,091.53      348,000.00
    SANTA ROSA       CA   95407          1            01/02/01         00
    0432558039                           05           03/01/01          0
    A01109011                            O            02/01/31
    0
1

    4192396          685/G02             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       8.500          3,460.11         75
                                       8.250          3,460.11      600,000.00
    WESTLAKE VILLAG  CA   91361          5            01/03/01         00
    0432557312                           05           03/01/01          0
    124475                               O            02/01/31
    0

    4192626          K88/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.875          1,450.14         44
                                       7.625          1,450.14      455,000.00
    MIDDLETOWN       NJ   07701          1            01/08/01         00
    0432558682                           05           03/01/01          0
    14164                                O            02/01/31
    0

    4193600          950/G02             F          140,000.00         ZZ
                                         360        139,917.34          1
                                       8.625          1,088.91         59
                                       8.375          1,088.91      240,000.00
    SEATTLE          WA   98136          5            12/18/00         00
    0432556173                           05           02/01/01          0
    E4011058                             O            01/01/31
    0

    4193710          637/G02             F          387,000.00         ZZ
                                         360        386,765.55          1
                                       8.500          2,975.70         79
                                       8.250          2,975.70      490,000.00
    SEATTLE          WA   98126          5            12/20/00         00
    0432536795                           05           02/01/01          0
    0021103213                           O            01/01/31
    0

    4194028          964/G02             F          131,750.00         ZZ
                                         360        131,665.99          1
                                       8.250            989.79         85
                                       8.000            989.79      155,000.00
    AURORA           CO   80010          5            12/29/00         10
    0432558385                           05           02/01/01         12
    95608                                O            01/01/31
    0

    4195042          E22/G02             F          154,350.00         ZZ
                                         360        154,350.00          1
1

                                       8.750          1,214.27         90
                                       8.500          1,214.27      171,500.00
    DAVENPORT        FL   33837          1            01/10/01         10
    0412269201                           03           03/01/01         25
    0412269201                           N            02/01/31
    0

    4195044          E22/G02             F          698,500.00         ZZ
                                         360        698,500.00          1
                                       8.500          5,370.86         44
                                       8.250          5,370.86    1,600,000.00
    PALO ALTO        CA   94306          5            01/05/01         00
    0412273708                           05           03/01/01          0
    0412273708                           O            02/01/31
    0

    4195045          E22/G02             F          110,600.00         ZZ
                                         240        110,600.00          1
                                       7.750            907.97         90
                                       7.500            907.97      123,000.00
    WEST PALM BEACH  FL   33406          2            01/10/01         01
    0412276743                           05           03/01/01         25
    0412276743                           O            02/01/21
    0

    4195049          E22/G02             F           41,400.00         ZZ
                                         360         41,400.00          1
                                       8.875            329.40         90
                                       8.625            329.40       46,000.00
    PORT ST LUCIE    FL   34983          1            01/16/01         10
    0412286833                           05           03/01/01         25
    0412286833                           N            02/01/31
    0

    4195050          E22/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       8.500          3,844.57         80
                                       8.250          3,844.57      625,000.00
    DULUTH           GA   30097          1            01/16/01         00
    0412287351                           03           03/01/01          0
    0412287351                           O            02/01/31
    0

    4195059          E22/G02             F           99,750.00         ZZ
                                         360         99,750.00          3
                                       8.500            766.99         95
                                       8.250            766.99      105,000.00
    LAKE CHARLES     LA   70605          1            01/12/01         04
    0412298168                           05           03/01/01         30
1

    0412298168                           O            02/01/31
    0

    4195061          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       8.750            629.36         80
                                       8.500            629.36      100,000.00
    INDEPENDENCE     MO   64057          5            01/10/01         00
    0412299208                           27           03/01/01          0
    0412299208                           O            02/01/31
    0

    4195073          E22/G02             F          199,200.00         ZZ
                                         360        199,200.00          1
                                       8.875          1,584.92         80
                                       8.625          1,584.92      249,000.00
    CARROLLTON       TX   75007          5            01/10/01         00
    0412311706                           05           03/01/01          0
    0412311706                           O            02/01/31
    0

    4195075          E22/G02             F          156,750.00         ZZ
                                         360        156,750.00          4
                                       8.125          1,163.86         95
                                       7.875          1,163.86      165,000.00
    NEW HAVEN        CT   06515          1            01/16/01         04
    0412312324                           05           03/01/01         30
    0412312324                           O            02/01/31
    0

    4195085          E22/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
                                       9.125            406.82         59
                                       8.875            406.82       86,000.00
    WAYNE            MI   48184          5            01/16/01         00
    0412319469                           05           03/01/01          0
    0412319469                           N            02/01/31
    0

    4195087          E22/G02             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       8.875          3,174.62         95
                                       8.625          3,174.62      420,000.00
    DALLAS           TX   75219          1            01/12/01         04
    0412320202                           05           03/01/01         30
    0412320202                           O            02/01/31
    0

1

    4195088          E22/G02             F           63,200.00         ZZ
                                         360         63,200.00          1
                                       9.000            508.52         80
                                       8.750            508.52       79,000.00
    FOREST PARK      GA   30050          1            01/16/01         00
    0412320533                           05           03/01/01          0
    0412320533                           N            02/01/31
    0

    4195091          E22/G02             F           74,250.00         ZZ
                                         360         74,250.00          4
                                       9.375            617.57         75
                                       9.125            617.57       99,000.00
    OMAHA            NE   68131          1            01/15/01         00
    0412324725                           05           03/01/01          0
    0412324725                           N            02/01/31
    0

    4195092          E22/G02             F          111,950.00         ZZ
                                         360        111,950.00          1
                                       8.750            880.71         80
                                       8.500            880.71      139,995.00
    NORTHGLEN        CO   80233          1            01/16/01         00
    0412325078                           09           03/01/01          0
    0412325078                           N            02/01/31
    0

    4195837          637/G02             F          118,800.00         ZZ
                                         360        118,736.78          1
                                       9.125            966.60         90
                                       8.875            966.60      132,000.00
    FARMERVILLE      LA   71241          1            12/22/00         01
    0432557296                           05           02/01/01         25
    0017693946                           O            01/01/31
    0

    4196232          637/G02             F          287,950.00         ZZ
                                         360        271,901.55          1
                                       8.750          2,265.31         80
                                       8.500          2,265.31      359,950.00
    LIVERMORE        CA   94550          1            12/21/00         00
    0432567105                           05           02/01/01          0
    0019620244                           N            01/01/31
    0

    4197593          637/G02             F          368,000.00         ZZ
                                         360        367,765.33          1
                                       8.250          2,764.67         80
                                       8.000          2,764.67      463,000.00
1

    DRAPER           UT   84020          1            12/05/00         00
    0432547230                           05           02/01/01          0
    0021348529                           O            01/01/31
    0

    4198239          S11/G02             F          292,000.00         ZZ
                                         360        292,000.00          1
                                       8.375          2,219.41         80
                                       8.125          2,219.41      365,000.00
    SAN CLEMENTE     CA   92672          1            01/02/01         00
    0432548238                           05           03/01/01          0
    10201560                             O            02/01/31
    0

    4198631          742/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       8.375            581.46         90
                                       8.125            581.46       85,000.00
    CHESTER          NY   10918          1            01/23/01         04
    0432577179                           05           03/01/01         25
    6183412                              O            02/01/31
    0

    4198682          A52/G02             F          179,000.00         ZZ
                                         360        179,000.00          1
                                       8.500          1,376.36         69
                                       8.250          1,376.36      260,000.00
    ATLANTA          GA   30315          5            01/19/01         00
    0432578912                           05           03/01/01          0
    13452                                N            02/01/31
    0

    4200006          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       9.500            756.77         90
                                       9.250            756.77      100,000.00
    DEARBORN HEIGHT  MI   48127          1            01/17/01         04
    0412256752                           05           03/01/01         25
    0412256752                           N            02/01/31
    0

    4200007          E22/G02             F          193,000.00         ZZ
                                         360        193,000.00          1
                                       9.000          1,552.92         82
                                       8.750          1,552.92      236,000.00
    WYOMING          MI   49509          2            01/11/01         04
    0412260267                           05           03/01/01         12
    0412260267                           O            02/01/31
    0
1

    4200013          E22/G02             F           84,600.00         ZZ
                                         360         84,600.00          4
                                       9.000            680.71         90
                                       8.750            680.71       94,000.00
    ABERDEEN         WA   98520          1            01/09/01         11
    0412292104                           05           03/01/01         25
    0412292104                           N            02/01/31
    0

    4200018          E22/G02             F          166,500.00         ZZ
                                         360        166,500.00          1
                                       8.125          1,236.26         76
                                       7.875          1,236.26      220,000.00
    WINDER           GA   30680          2            01/11/01         00
    0412300410                           05           03/01/01          0
    0412300410                           O            02/01/31
    0

    4200021          E22/G02             F          335,000.00         ZZ
                                         360        334,802.21          1
                                       8.625          2,605.60         71
                                       8.375          2,605.60      475,000.00
    ALLEN            TX   75002          2            01/05/01         00
    0412306516                           05           02/01/01          0
    0412306516                           O            01/01/31
    0

    4200023          E22/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
                                       8.375          1,702.56         80
                                       8.125          1,702.56      280,000.00
    CHICAGO          IL   60656          5            01/11/01         00
    0412308702                           05           03/01/01          0
    0412308702                           O            02/01/31
    0

    4200026          E22/G02             F           65,500.00         ZZ
                                         360         65,500.00          1
                                       8.750            515.29         90
                                       8.500            515.29       73,000.00
    NILES            MI   49120          5            01/11/01         04
    0412310682                           05           03/01/01         25
    0412310682                           O            02/01/31
    0

    4200028          E22/G02             F           73,000.00         ZZ
                                         360         73,000.00          1
1

                                       8.125            542.02         80
                                       7.875            542.02       92,000.00
    PUEBLO           CO   81005          2            01/12/01         00
    0412315368                           05           03/01/01          0
    0412315368                           O            02/01/31
    0

    4200035          E22/G02             F           80,150.00         ZZ
                                         360         80,150.00          1
                                       9.500            673.94         80
                                       9.250            673.94      100,206.00
    LEXINGTON        KY   40509          1            01/17/01         00
    0412323347                           05           03/01/01          0
    0412323347                           N            02/01/31
    0

    4200037          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          2
                                       9.500          1,135.15         90
                                       9.250          1,135.15      150,000.00
    OXFORD           OH   45056          2            01/17/01         04
    0412325524                           05           03/01/01         25
    0412325524                           N            02/01/31
    0

    4200038          E22/G02             F          240,250.00         ZZ
                                         360        240,250.00          1
                                       8.875          1,911.54         90
                                       8.625          1,911.54      266,988.00
    MIRAMAR          FL   33027          1            01/17/01         10
    0412325557                           03           03/01/01         25
    0412325557                           O            02/01/31
    0

    4200382          E82/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       8.875            954.77         80
                                       8.625            954.77      150,900.00
    NORTH BRUNSWICK  NJ   08902          1            01/17/01         00
    0400339248                           01           03/01/01          0
    0400339248                           O            02/01/31
    0

    4200840          Q64/G02             F          405,000.00         ZZ
                                         360        404,748.27          1
                                       8.375          3,078.29         34
                                       8.125          3,078.29    1,200,000.00
    LONGBOAT KEY     FL   34228          5            12/18/00         00
    0432564466                           03           02/01/01          0
1

    7201010610                           O            01/01/31
    0

    4201252          637/G02             F          157,250.00         ZZ
                                         360        157,157.15          1
                                       8.625          1,223.08         80
                                       8.375          1,223.08      196,600.00
    CAMERON PARK     CA   95682          1            12/07/00         00
    0432558401                           05           02/01/01          0
    0021477567                           N            01/01/31
    0

    4202472          M66/G02             F          122,400.00         ZZ
                                         360        122,338.18          2
                                       9.375          1,018.07         90
                                       9.125          1,018.07      136,000.00
    NORTH BERGEN     NJ   07047          1            12/21/00         11
    0432565257                           05           02/01/01         25
    210563                               N            01/01/31
    0

    4202779          K30/G02             F          116,100.00         ZZ
                                         360        116,100.00          4
                                       8.875            923.74         90
                                       8.625            923.74      129,000.00
    EL PASO          TX   79936          1            01/05/01         11
    0432562700                           05           03/01/01         25
    0076013                              N            02/01/31
    0

    4204124          526/526             F          246,750.00         T
                                         360        245,614.30          1
                                       8.875          1,963.25         76
                                       8.625          1,963.25      325,500.00
    HENDERSON        NV   89015          1            05/11/00         00
    0408123                              05           07/01/00          0
    0408123                              O            06/01/30
    0

    4204125          526/526             F          253,600.00         ZZ
                                         360        253,299.48          1
                                       8.625          1,972.47         75
                                       8.375          1,972.47      338,155.00
    AURORA           CO   80016          1            11/21/00         00
    0410014                              05           01/01/01          0
    0410014                              O            12/01/30
    0

1

    4204130          526/526             F           80,883.00         ZZ
                                         360         80,832.73          1
                                       8.375            614.77         90
                                       8.125            614.77       89,870.00
    HOUSTON          TX   77056          1            12/12/00         11
    0416675                              01           02/01/01         25
    0416675                              O            01/01/31
    0

    4204131          526/526             F          139,180.00         ZZ
                                         360        139,099.92          1
                                       8.750          1,094.93         90
                                       8.500          1,094.93      154,644.00
    ANTHEM           AZ   85086          1            12/13/00         12
    0416794                              03           02/01/01         25
    0416794                              O            01/01/31
    0

    4204148          526/526             F          122,350.00         ZZ
                                         360        122,065.33          1
                                       8.750            962.53         89
                                       8.500            962.53      138,500.00
    MESA             AZ   85206          1            09/20/00         01
    0422083                              05           11/01/00         25
    0422083                              O            10/01/30
    0

    4204154          526/526             F          252,000.00         ZZ
                                         360        251,413.67          1
                                       8.750          1,982.49         90
                                       8.500          1,982.49      280,000.00
    MESA             AZ   85213          1            09/25/00         12
    0423762                              05           11/01/00         25
    0423762                              N            10/01/30
    0

    4204159          526/526             F          177,300.00         ZZ
                                         360        177,200.60          3
                                       8.875          1,410.68         90
                                       8.625          1,410.68      197,000.00
    BROCKTON         MA   02301          1            12/21/00         01
    0424478                              05           02/01/01         25
    0424478                              N            01/01/31
    0

    4204163          526/526             F          139,500.00         T
                                         360        139,415.49          1
                                       8.500          1,072.63         70
                                       8.250          1,072.63      199,344.00
1

    DAVENPORT        FL   33837          1            12/13/00         00
    0425030                              03           02/01/01          0
    0425030                              O            01/01/31
    0

    4204167          526/526             F          171,750.00         ZZ
                                         360        171,551.64          1
                                       8.750          1,351.16         75
                                       8.500          1,351.16      229,000.00
    TAUNTON          MA   02780          1            11/30/00         00
    0425578                              05           01/01/01          0
    0425578                              O            12/01/30
    0

    4204170          526/526             F          132,400.00         ZZ
                                         360        132,209.51          1
                                       8.750          1,041.59         80
                                       8.500          1,041.59      165,605.00
    PRESCOTT         AZ   86305          1            12/22/00         00
    0426061                              05           02/01/01          0
    0426061                              O            01/01/31
    0

    4204173          526/526             F          126,000.00         ZZ
                                         360        125,842.83          1
                                       8.375            957.69         90
                                       8.125            957.69      140,000.00
    PORTLAND         OR   97206          1            11/21/00         12
    0426275                              05           01/01/01         25
    0426275                              N            12/01/30
    0

    4204176          526/526             F          171,600.00         ZZ
                                         360        171,285.90          1
                                       8.500          1,319.46         90
                                       8.250          1,319.46      190,725.00
    PARK CITY        UT   84098          1            10/30/00         12
    0426530                              05           12/01/00         25
    0426530                              N            11/01/30
    0

    4204179          526/526             F          112,000.00         ZZ
                                         300        111,753.93          1
                                       7.750            845.97         80
                                       7.500            845.97      140,000.00
    CATHEDRAL CITY   CA   92234          2            12/01/00         00
    0426970                              05           01/01/01          0
    0426970                              O            12/01/25
    0
1

    4204181          526/526             F          121,812.00         ZZ
                                         360        121,738.20          1
                                       8.500            936.63         80
                                       8.250            936.63      152,265.00
    BONITA SPRINGS   FL   34134          1            12/12/00         00
    0427071                              01           02/01/01          0
    0427071                              O            01/01/31
    0

    4204184          526/526             F           75,350.00         ZZ
                                         360         75,305.52          1
                                       8.625            586.06         50
                                       8.375            586.06      150,790.00
    LAS VEGAS        NV   89147          1            12/13/00         00
    0427301                              09           02/01/01          0
    0427301                              O            01/01/31
    0

    4204191          526/526             F          543,750.00         ZZ
                                         360        543,088.85          1
                                       8.500          4,180.97         75
                                       8.250          4,180.97      725,000.00
    SCOTTSDALE       AZ   85262          1            11/30/00         00
    0427570                              03           01/01/01          0
    0427570                              O            12/01/30
    0

    4204192          526/526             F          480,000.00         ZZ
                                         360        479,686.01          1
                                       8.125          3,563.99         80
                                       7.875          3,563.99      600,000.00
    PORTLAND         OR   97210          1            12/14/00         00
    0427703                              01           02/01/01          0
    0427703                              O            01/01/31
    0

    4204195          526/526             F          340,000.00         ZZ
                                         360        339,564.89          1
                                       8.250          2,554.31         80
                                       8.000          2,554.31      425,000.00
    PETALUMA         CA   94952          1            12/01/00         00
    0428072                              05           01/01/01          0
    0428072                              O            12/01/30
    0

    4204196          526/526             F          143,900.00         ZZ
                                         360        143,817.21          1
1

                                       8.750          1,132.06         90
                                       8.500          1,132.06      160,479.00
    SCHERERVILLE     IN   46375          1            12/13/00         11
    0428090                              05           02/01/01         25
    0428090                              O            01/01/31
    0

    4204200          526/526             F          204,592.00         ZZ
                                         360        204,330.18          1
                                       8.250          1,537.03         80
                                       8.000          1,537.03      255,740.00
    CHULA VISTA      CA   91915          1            11/06/00         00
    0428207                              03           01/01/01          0
    0428207                              N            12/01/30
    0

    4204201          526/526             F          152,000.00         T
                                         360        151,824.47          1
                                       8.750          1,195.78         80
                                       8.500          1,195.78      190,000.00
    SANTA ROSA BEAC  FL   32459          1            11/06/00         00
    0428254                              05           01/01/01          0
    0428254                              O            12/01/30
    0

    4204204          526/526             F           49,900.00         ZZ
                                         360         49,843.84          1
                                       8.875            397.03         82
                                       8.625            397.03       61,000.00
    STREAMWOOD       IL   60107          2            12/04/00         12
    0428335                              01           01/01/01         12
    0428335                              O            12/01/30
    0

    4204206          526/526             F           94,500.00         ZZ
                                         360         94,382.11          1
                                       8.375            718.27         70
                                       8.125            718.27      135,000.00
    ROWLETT          TX   75089          1            11/29/00         00
    0428564                              05           01/01/01          0
    0428564                              O            12/01/30
    0

    4204208          526/526             F           75,000.00         ZZ
                                         360         74,869.59          1
                                       8.750            590.03         75
                                       8.500            590.03      100,000.00
    BRECKENRIDGE     CO   80424          1            11/01/00         00
    0428594                              01           12/01/00          0
1

    0428594                              N            11/01/30
    0

    4204210          526/526             F          139,365.00         ZZ
                                         360        139,286.87          4
                                       8.875          1,108.85         95
                                       8.625          1,108.85      146,700.00
    VICTORVILLE      CA   92376          1            12/19/00         12
    0428628                              05           02/01/01         30
    0428628                              O            01/01/31
    0

    4204213          526/526             F          180,700.00         ZZ
                                         360        180,491.31          2
                                       8.750          1,421.57         65
                                       8.500          1,421.57      278,000.00
    DENVER           CO   80211          5            11/16/00         00
    0428728                              05           01/01/01          0
    0428728                              N            12/01/30
    0

    4204218          526/526             F          162,000.00         ZZ
                                         360        161,909.18          1
                                       8.875          1,288.94         83
                                       8.625          1,288.94      197,000.00
    INDIANAPOLI      IN   46236          5            12/13/00         11
    0429064                              03           02/01/01         12
    0429064                              O            01/01/31
    0

    4204225          526/526             F          125,350.00         ZZ
                                         360        125,159.36          1
                                       8.125            930.72         66
                                       7.875            930.72      190,000.00
    PLAINFIELD       IL   60544          5            11/27/00         00
    0429466                              05           01/01/01          0
    0429466                              O            12/01/30
    0

    4204227          526/526             F          339,200.00         ZZ
                                         360        338,776.85          1
                                       8.375          2,578.17         80
                                       8.125          2,578.17      424,000.00
    IRVINE           CA   92620          1            11/10/00         00
    0429551                              03           01/01/01          0
    0429551                              O            12/01/30
    0

1

    4204231          526/526             F           33,600.00         ZZ
                                         360         33,558.09          1
                                       8.375            255.38         80
                                       8.125            255.38       42,000.00
    LAKE HAVASU CIT  AZ   86403          1            11/15/00         00
    0429725                              01           01/01/01          0
    0429725                              N            12/01/30
    0

    4204233          526/526             F          190,800.00         ZZ
                                         360        190,690.23          1
                                       8.750          1,501.02         90
                                       8.500          1,501.02      212,000.00
    OLATHE           CO   81425          2            12/18/00         12
    0429772                              05           02/01/01         25
    0429772                              O            01/01/31
    0

    4204236          526/526             F          229,000.00         ZZ
                                         360        228,857.66          1
                                       8.375          1,740.57         79
                                       8.125          1,740.57      290,000.00
    LEAWOOD          KS   66224          5            12/20/00         00
    0429818                              03           02/01/01          0
    0429818                              O            01/01/31
    0

    4204237          526/526             F          139,500.00         ZZ
                                         360        139,347.03          1
                                       9.000          1,122.45         90
                                       8.750          1,122.45      155,000.00
    PHOENIX          AZ   85032          1            11/15/00         12
    0429832                              05           01/01/01         25
    0429832                              N            12/01/30
    0

    4204238          526/526             F          139,500.00         ZZ
                                         360        139,347.03          1
                                       9.000          1,122.45         90
                                       8.750          1,122.45      155,000.00
    PHOENIX          AZ   85032          1            11/15/00         12
    0429834                              05           01/01/01         25
    0429834                              N            12/01/30
    0

    4204241          526/526             F          139,500.00         ZZ
                                         360        139,347.03          1
                                       9.000          1,122.45         90
                                       8.750          1,122.45      155,000.00
1

    PHOENIX          AZ   85032          1            11/15/00         12
    0429854                              05           01/01/01         25
    0429854                              N            12/01/30
    0

    4204242          526/526             F          139,500.00         ZZ
                                         360        139,347.03          4
                                       9.000          1,122.45         90
                                       8.750          1,122.45      155,000.00
    PHOENIX          AZ   85032          1            11/15/00         12
    0429856                              05           01/01/01         25
    0429856                              N            12/01/30
    0

    4204245          526/526             F          308,800.00         ZZ
                                         360        308,244.33          1
                                       8.500          2,374.40         80
                                       8.250          2,374.40      386,000.00
    SAN CLEMENTE     CA   92673          1            11/27/00         00
    0429912                              03           01/01/01          0
    0429912                              N            12/01/30
    0

    4204246          526/526             F          240,000.00         ZZ
                                         360        239,861.92          1
                                       8.750          1,888.08         55
                                       8.500          1,888.08      440,000.00
    BOSTON           MA   02116          5            12/08/00         00
    0429966                              01           02/01/01          0
    0429966                              N            01/01/31
    0

    4204247          526/526             F          135,750.00         ZZ
                                         360        135,675.85          3
                                       9.000          1,092.28         75
                                       8.750          1,092.28      181,000.00
    TAUNTON          MA   02780          1            12/20/00         00
    0430073                              05           02/01/01          0
    0430073                              O            01/01/31
    0

    4204249          526/526             F          370,000.00         ZZ
                                         360        369,572.70          1
                                       8.750          2,910.79         80
                                       8.500          2,910.79      462,500.00
    BRECKENRIDGE     CO   80424          2            11/27/00         00
    0430095                              05           01/01/01          0
    0430095                              O            12/01/30
    0
1

    4204251          526/526             F          352,500.00         ZZ
                                         360        352,071.39          1
                                       8.500          2,710.42         55
                                       8.250          2,710.42      650,000.00
    REDWOOD CITY     CA   94062          2            11/27/00         00
    0430109                              05           01/01/01          0
    0430109                              N            12/01/30
    0

    4204252          526/526             F           82,500.00         ZZ
                                         360         82,453.75          1
                                       8.875            656.41         75
                                       8.625            656.41      110,000.00
    ANDALUSIA        AL   36420          2            12/22/00         00
    0430118                              05           02/01/01          0
    0430118                              O            01/01/31
    0

    4204254          526/526             F          239,200.00         ZZ
                                         360        239,062.38          1
                                       8.750          1,881.79         80
                                       8.500          1,881.79      299,000.00
    SCOTTSDALE       AZ   85255          1            12/11/00         00
    0430139                              03           02/01/01          0
    0430139                              O            01/01/31
    0

    4204256          526/526             F           78,300.00         ZZ
                                         360         78,256.10          1
                                       8.875            622.99         90
                                       8.625            622.99       87,000.00
    GLENDALE         AZ   85304          1            12/01/00         12
    0430160                              05           02/01/01         25
    0430160                              N            01/01/31
    0

    4204257          526/526             F          187,000.00         ZZ
                                         360        186,880.76          1
                                       8.250          1,404.87         74
                                       8.000          1,404.87      255,000.00
    CATHEDRAL CITY   CA   92234          2            11/28/00         00
    0430177                              05           02/01/01          0
    0430177                              O            01/01/31
    0

    4204259          526/526             F          267,750.00         ZZ
                                         360        267,416.00          1
1

                                       8.375          2,035.09         60
                                       8.125          2,035.09      450,000.00
    FLAGSTAFF        AZ   86001          5            11/10/00         00
    0430230                              05           01/01/01          0
    0430230                              O            12/01/30
    0

    4204261          526/526             F           86,250.00         ZZ
                                         360         86,133.87          1
                                       8.000            632.87         77
                                       7.750            632.87      113,000.00
    COCOA            FL   32926          1            12/01/00         00
    0430286                              03           01/01/01          0
    0430286                              O            12/01/30
    0

    4204263          526/526             F          113,950.00         ZZ
                                         360        113,886.12          4
                                       8.875            906.64         95
                                       8.625            906.64      119,988.00
    LOCKPORT         IL   60441          1            12/07/00         12
    0430303                              05           02/01/01         30
    0430303                              O            01/01/31
    0

    4204265          526/526             F          171,000.00         ZZ
                                         360        170,896.41          1
                                       8.500          1,314.84         90
                                       8.250          1,314.84      190,000.00
    TEMPE            AZ   85284          1            12/06/00         12
    0430346                              03           02/01/01         25
    0430346                              N            01/01/31
    0

    4204266          526/526             F          479,800.00         ZZ
                                         360        479,245.89          1
                                       8.750          3,774.59         80
                                       8.500          3,774.59      599,800.00
    BELMONT          CA   94002          1            11/28/00         00
    0430440                              05           01/01/01          0
    0430440                              O            12/01/30
    0

    4204276          526/526             F           93,600.00         ZZ
                                         360         93,486.20          1
                                       8.500            719.70         90
                                       8.250            719.70      104,000.00
    MESA             AZ   85203          1            11/22/00         12
    0430671                              05           01/01/01         25
1

    0430671                              N            12/01/30
    0

    4204278          526/526             F           80,000.00         ZZ
                                         360         79,907.61          3
                                       8.750            629.36         80
                                       8.500            629.36      100,000.00
    CHICAGO          IL   60651          1            11/30/00         00
    0430674                              05           01/01/01          0
    0430674                              N            12/01/30
    0

    4204279          526/526             F          165,750.00         ZZ
                                         360        165,652.14          1
                                       8.625          1,289.19         80
                                       8.375          1,289.19      207,200.00
    TELLURIDE        CO   81435          1            12/05/00         00
    0430677                              01           02/01/01          0
    0430677                              O            01/01/31
    0

    4204281          526/526             F          132,500.00         ZZ
                                         360        132,321.59          1
                                       8.000            972.24         47
                                       7.750            972.24      282,500.00
    HOWARD BEACH     NY   11414          1            12/01/00         00
    0430756                              05           01/01/01          0
    0430756                              O            12/01/30
    0

    4204283          526/526             F          155,800.00         ZZ
                                         360        155,708.01          4
                                       8.625          1,211.80         85
                                       8.375          1,211.80      185,000.00
    PHOENIX          AZ   85029          2            12/11/00         12
    0430764                              05           02/01/01         12
    0430764                              N            01/01/31
    0

    4204285          526/526             F          283,500.00         ZZ
                                         360        283,341.07          1
                                       8.875          2,255.65         90
                                       8.625          2,255.65      315,000.00
    SAN DIEGO        CA   92102          1            12/05/00         12
    0430842                              05           02/01/01         25
    0430842                              N            01/01/31
    0

1

    4204286          526/526             F          125,600.00         ZZ
                                         360        125,458.66          1
                                       8.875            999.33         75
                                       8.625            999.33      167,500.00
    KISSIMMEE        FL   34747          1            11/28/00         00
    0430867                              05           01/01/01          0
    0430867                              O            12/01/30
    0

    4204288          526/526             F          156,000.00         ZZ
                                         360        155,907.90          4
                                       8.625          1,213.35         85
                                       8.375          1,213.35      185,000.00
    PHOENIX          AZ   85029          2            12/11/00         12
    0430915                              09           02/01/01         12
    0430915                              N            01/01/31
    0

    4204289          526/526             F           50,000.00         ZZ
                                         360         49,942.25          1
                                       8.750            393.35         33
                                       8.500            393.35      152,400.00
    PHOENIX          AZ   85050          1            11/27/00         00
    0430947                              05           01/01/01          0
    0430947                              O            12/01/30
    0

    4204291          526/526             F          135,000.00         ZZ
                                         360        134,840.01          1
                                       8.625          1,050.02         90
                                       8.375          1,050.02      150,000.00
    TEMPE            AZ   85282          1            11/28/00         12
    0430961                              05           01/01/01         25
    0430961                              N            12/01/30
    0

    4204292          526/526             F           94,500.00         ZZ
                                         360         94,451.01          4
                                       9.250            777.43         90
                                       9.000            777.43      105,000.00
    PHOENIX          AZ   85003          1            12/12/00         12
    0430973                              05           02/01/01         25
    0430973                              N            01/01/31
    0

    4204293          526/526             F          228,750.00         ZZ
                                         360        228,614.95          1
                                       8.625          1,779.19         75
                                       8.375          1,779.19      305,000.00
1

    SEATTLE          WA   98103          2            12/18/00         00
    0430996                              05           02/01/01          0
    0430996                              N            01/01/31
    0

    4204294          526/526             F          228,750.00         ZZ
                                         360        228,614.95          1
                                       8.625          1,779.19         75
                                       8.375          1,779.19      305,000.00
    SEATTLE          WA   98103          2            12/18/00         00
    0431006                              05           02/01/01          0
    0431006                              N            01/01/31
    0

    4204296          526/526             F          228,750.00         ZZ
                                         360        228,614.95          1
                                       8.625          1,779.19         75
                                       8.375          1,779.19      305,000.00
    SEATTLE          WA   98103          2            12/18/00         00
    0431013                              05           02/01/01          0
    0431013                              N            01/01/31
    0

    4204297          526/526             F          228,750.00         ZZ
                                         360        228,614.95          1
                                       8.625          1,779.19         75
                                       8.375          1,779.19      305,000.00
    SEATTLE          WA   98103          2            12/18/00         00
    0431017                              05           02/01/01          0
    0431017                              N            01/01/31
    0

    4204298          526/526             F          146,800.00         ZZ
                                         360        146,616.86          1
                                       8.375          1,115.79         80
                                       8.125          1,115.79      183,562.00
    CHANDLER         AZ   85225          1            11/15/00         00
    0431041                              03           01/01/01          0
    0431041                              O            12/01/30
    0

    4204300          526/526             F          269,100.00         ZZ
                                         360        268,764.31          1
                                       8.375          2,045.35         90
                                       8.125          2,045.35      299,000.00
    MIAMI            FL   33178          1            11/30/00         21
    0431073                              03           01/01/01         25
    0431073                              O            12/01/30
    0
1

    4204301          526/526             F          318,700.00         ZZ
                                         360        318,312.49          1
                                       8.500          2,450.53         75
                                       8.250          2,450.53      425,000.00
    PINCKNEY         MI   48169          5            12/01/00         00
    0431119                              29           01/01/01          0
    0431119                              O            12/01/30
    0

    4204303          526/526             F           88,000.00         ZZ
                                         360         87,948.05          1
                                       8.625            684.45         79
                                       8.375            684.45      111,500.00
    CENTRAL POINT    OR   97502          1            12/01/00         00
    0431141                              05           02/01/01          0
    0431141                              O            01/01/31
    0

    4204306          526/526             F          200,000.00         ZZ
                                         360        199,744.04          1
                                       8.250          1,502.54         80
                                       8.000          1,502.54      250,000.00
    LONGWOOD         FL   32750          1            11/30/00         00
    0431182                              03           01/01/01          0
    0431182                              O            12/01/30
    0

    4204308          526/526             F          500,000.00         T
                                         360        499,326.79          1
                                       8.000          3,668.82         80
                                       7.750          3,668.82      625,000.00
    PARK CITY        UT   84060          1            11/21/00         00
    0431198                              01           01/01/01          0
    0431198                              O            12/01/30
    0

    4204310          526/526             F          126,000.00         ZZ
                                         360        125,925.61          3
                                       8.625            980.02         90
                                       8.375            980.02      140,000.00
    MESA             AZ   85205          1            12/20/00         10
    0431211                              05           02/01/01         25
    0431211                              N            01/01/31
    0

    4204312          526/526             F          126,000.00         ZZ
                                         360        125,925.61          3
1

                                       8.625            980.02         90
                                       8.375            980.02      140,000.00
    MESA             AZ   85205          1            12/20/00         14
    0431220                              05           02/01/01         30
    0431220                              N            01/01/31
    0

    4204314          526/526             F           99,200.00         ZZ
                                         360         99,079.39          1
                                       8.500            762.76         80
                                       8.250            762.76      124,000.00
    CICERO           IL   60804          1            11/30/00         00
    0431289                              05           01/01/01          0
    0431289                              O            12/01/30
    0

    4204315          526/526             F          113,500.00         ZZ
                                         360        113,368.93          4
                                       8.750            892.90         56
                                       8.500            892.90      205,000.00
    ENGLEWOOD        CO   80110          1            11/30/00         00
    0431378                              05           01/01/01          0
    0431378                              N            12/01/30
    0

    4204317          526/526             F          400,000.00         ZZ
                                         360        399,501.02          1
                                       8.375          3,040.29         60
                                       8.125          3,040.29      675,000.00
    SANTA FE         NM   87501          5            11/28/00         00
    0431384                              03           01/01/01          0
    0431384                              O            12/01/30
    0

    4204320          526/526             F           99,000.00         ZZ
                                         360         98,943.05          1
                                       8.750            778.83         90
                                       8.500            778.83      110,000.00
    WICKLIFFE        OH   44092          1            12/11/00         12
    0431430                              05           02/01/01         25
    0431430                              O            01/01/31
    0

    4204324          526/526             F          207,000.00         ZZ
                                         360        206,883.96          3
                                       8.875          1,646.98         90
                                       8.625          1,646.98      230,000.00
    CHICAGO          IL   60653          1            12/22/00         11
    0431461                              05           02/01/01         25
1

    0431461                              N            01/01/31
    0

    4204325          526/526             F          637,500.00         ZZ
                                         360        636,684.17          1
                                       8.250          4,789.33         75
                                       8.000          4,789.33      850,000.00
    SCOTTSDALE       AZ   85258          5            11/22/00         00
    0431493                              03           01/01/01          0
    0431493                              O            12/01/30
    0

    4204328          526/526             F          108,800.00         ZZ
                                         360        108,558.75          1
                                       7.875            788.88         80
                                       7.625            788.88      136,000.00
    MIAMI            FL   33177          1            12/01/00         00
    0431543                              05           01/01/01          0
    0431543                              O            12/01/30
    0

    4204331          526/526             F          311,250.00         ZZ
                                         360        310,871.56          1
                                       8.500          2,393.24         75
                                       8.250          2,393.24      415,000.00
    HOLLISTER        CA   95023          1            11/29/00         00
    0431584                              05           01/01/01          0
    0431584                              N            12/01/30
    0

    4204335          526/526             F          151,900.00         ZZ
                                         360        151,807.98          1
                                       8.500          1,167.98         80
                                       8.250          1,167.98      189,900.00
    KALISPELL        MT   59901          1            12/04/00         00
    0431651                              05           02/01/01          0
    0431651                              O            01/01/31
    0

    4204336          526/526             F          153,000.00         ZZ
                                         360        152,909.67          1
                                       8.625          1,190.02         90
                                       8.375          1,190.02      170,000.00
    MESA             AZ   85205          1            12/22/00         12
    0431667                              05           02/01/01         25
    0431667                              N            01/01/31
    0

1

    4204337          526/526             F          157,500.00         ZZ
                                         360        157,407.01          4
                                       8.625          1,225.02         90
                                       8.375          1,225.02      175,000.00
    MESA             AZ   85203          1            12/14/00         12
    0431671                              05           02/01/01         25
    0431671                              N            01/01/31
    0

    4204340          526/526             F          207,200.00         ZZ
                                         360        206,948.07          1
                                       8.500          1,593.19         70
                                       8.250          1,593.19      296,000.00
    NAPLES           FL   34108          1            11/30/00         00
    0431690                              05           01/01/01          0
    0431690                              O            12/01/30
    0

    4204344          526/526             F           75,000.00         ZZ
                                         360         74,956.85          1
                                       8.750            590.03         52
                                       8.500            590.03      145,000.00
    GLOCESTER        RI   02814          1            12/22/00         00
    0431774                              05           02/01/01          0
    0431774                              O            01/01/31
    0

    4204346          526/526             F           69,300.00         ZZ
                                         360         69,219.97          1
                                       8.750            545.18         90
                                       8.500            545.18       77,000.00
    GLENDALE         AZ   85308          1            11/29/00         12
    0431819                              05           01/01/01         25
    0431819                              N            12/01/30
    0

    4204347          526/526             F          165,750.00         ZZ
                                         360        165,638.79          1
                                       8.000          1,216.21         85
                                       7.750          1,216.21      195,000.00
    SANTA CLARA      CA   91321          5            12/19/00         12
    0431829                              01           02/01/01         12
    0431829                              O            01/01/31
    0

    4204348          526/526             F           51,765.00         ZZ
                                         360         51,735.98          3
                                       8.875            411.87         85
                                       8.625            411.87       60,900.00
1

    ANDERSON         IN   46013          1            12/27/00         11
    0431849                              05           02/01/01         12
    0431849                              N            01/01/31
    0

    4204350          526/526             F          130,500.00         ZZ
                                         360        130,416.40          1
                                       8.250            980.40         90
                                       8.000            980.40      145,000.00
    BLOOMFIELD TOWN  MI   48302          1            12/05/00         11
    0431886                              01           02/01/01         25
    0431886                              O            01/01/31
    0

    4204352          526/526             F          110,000.00         ZZ
                                         360        109,929.86          1
                                       8.250            826.39         60
                                       8.000            826.39      185,000.00
    RIVER FOREST     IL   60305          5            12/15/00         00
    0431893                              01           02/01/01          0
    0431893                              O            01/01/31
    0

    4204354          526/526             F          118,400.00         ZZ
                                         360        118,333.63          4
                                       8.875            942.04         80
                                       8.625            942.04      148,000.00
    PALISADE         CO   81526          1            12/11/00         00
    0431895                              05           02/01/01          0
    0431895                              N            01/01/31
    0

    4204355          526/526             F          239,400.00         ZZ
                                         360        239,123.53          1
                                       8.750          1,883.36         95
                                       8.500          1,883.36      252,000.00
    WEST BEND        WI   53095          1            12/01/00         10
    0431914                              05           01/01/01         30
    0431914                              O            12/01/30
    0

    4204357          526/526             F          252,500.00         ZZ
                                         360        252,192.98          1
                                       8.500          1,941.51         40
                                       8.250          1,941.51      635,000.00
    LA JOLLA         CA   92037          5            11/27/00         00
    0431922                              01           01/01/01          0
    0431922                              O            12/01/30
    0
1

    4204358          526/526             F           88,850.00         ZZ
                                         360         88,793.34          1
                                       8.250            667.50         80
                                       8.000            667.50      111,122.00
    FORT WORTH       TX   76135          1            12/01/00         00
    0431925                              05           02/01/01          0
    0431925                              O            01/01/31
    0

    4204361          526/526             F          142,500.00         ZZ
                                         360        142,272.06          1
                                       8.875          1,133.79         95
                                       8.625          1,133.79      150,000.00
    PHILADELPHIA     PA   19131          1            11/30/00         01
    0431949                              05           01/01/01         30
    0431949                              O            12/01/30
    0

    4204362          526/526             F           92,000.00         ZZ
                                         360         91,874.54          1
                                       7.875            667.07         80
                                       7.625            667.07      115,000.00
    ORLANDO          FL   32809          5            12/01/00         00
    0431968                              05           01/01/01          0
    0431968                              O            12/01/30
    0

    4204363          526/526             F          237,600.00         ZZ
                                         360        237,470.22          4
                                       9.000          1,911.78         80
                                       8.750          1,911.78      297,000.00
    CHICAGO          IL   60618          1            12/08/00         00
    0431971                              05           02/01/01          0
    0431971                              O            01/01/31
    0

    4204364          526/526             F           97,800.00         ZZ
                                         360         97,695.52          1
                                       9.125            795.73         90
                                       8.875            795.73      108,720.00
    CLEVELAND        TX   77327          1            12/05/00         12
    0431987                              05           01/01/01         25
    0431987                              N            12/01/30
    0

    4204365          526/526             F          538,400.00         ZZ
                                         360        538,047.82          1
1

                                       8.125          3,997.60         80
                                       7.875          3,997.60      673,000.00
    SCOTTSDALE       AZ   85260          1            12/12/00         00
    0432010                              05           02/01/01          0
    0432010                              O            01/01/31
    0

    4204366          526/526             F          105,300.00         ZZ
                                         360        105,240.97          1
                                       8.875            837.81         90
                                       8.625            837.81      117,000.00
    SCOTTSDALE       AZ   85257          1            12/06/00         12
    0432019                              01           02/01/01         25
    0432019                              N            01/01/31
    0

    4204371          526/526             F           83,768.00         ZZ
                                         360         83,717.26          1
                                       8.500            644.10         71
                                       8.250            644.10      118,000.00
    CARROLLTON       GA   30116          5            12/18/00         00
    0432115                              05           02/01/01          0
    0432115                              O            01/01/31
    0

    4204372          526/526             F          228,000.00         ZZ
                                         360        227,736.68          3
                                       8.750          1,793.68         80
                                       8.500          1,793.68      285,000.00
    SEATTLE          WA   98115          1            11/28/00         00
    0432124                              05           01/01/01          0
    0432124                              N            12/01/30
    0

    4204373          526/526             F          173,200.00         ZZ
                                         360        172,983.93          1
                                       8.375          1,316.45         80
                                       8.125          1,316.45      216,500.00
    PHOENIX          AZ   85023          1            11/28/00         00
    0432128                              03           01/01/01          0
    0432128                              O            12/01/30
    0

    4204374          526/526             F          103,900.00         ZZ
                                         360        103,773.67          1
                                       8.500            798.90         80
                                       8.250            798.90      129,900.00
    TEMPE            AZ   85283          1            11/27/00         00
    0432131                              05           01/01/01          0
1

    0432131                              O            12/01/30
    0

    4204377          526/526             F          119,000.00         ZZ
                                         360        118,929.74          1
                                       8.625            925.57         48
                                       8.375            925.57      250,000.00
    DES PLAINES      IL   60018          5            12/07/00         00
    0432149                              05           02/01/01          0
    0432149                              O            01/01/31
    0

    4204379          526/526             F           61,200.00         ZZ
                                         360         61,162.92          1
                                       8.500            470.58         90
                                       8.250            470.58       68,000.00
    MIAMI            FL   33183          1            12/06/00         01
    0432162                              08           02/01/01         25
    0432162                              O            01/01/31
    0

    4204380          526/526             F           82,400.00         ZZ
                                         360         82,344.71          1
                                       8.000            604.62         80
                                       7.750            604.62      103,000.00
    HOUSTON          TX   77084          1            12/01/00         00
    0432173                              05           02/01/01          0
    0432173                              O            01/01/31
    0

    4204385          526/526             F           95,000.00         ZZ
                                         360         94,942.45          1
                                       8.500            730.47         68
                                       8.250            730.47      140,955.00
    MESA             AZ   85208          1            12/19/00         00
    0432251                              03           02/01/01          0
    0432251                              O            01/01/31
    0

    4204386          526/526             F           67,200.00         ZZ
                                         360         67,156.04          1
                                       8.125            498.96         60
                                       7.875            498.96      112,000.00
    SOUTHFIELD       MI   48076          5            12/22/00         00
    0432283                              05           02/01/01          0
    0432283                              O            01/01/31
    0

1

    4204388          526/526             F          348,000.00         ZZ
                                         360        347,754.39          1
                                       7.750          2,493.11         80
                                       7.500          2,493.11      435,000.00
    CEDAR FALLS      IA   50613          5            12/14/00         00
    0432290                              05           02/01/01          0
    0432290                              O            01/01/31
    0

    4204389          526/526             F          120,000.00         ZZ
                                         360        119,929.15          1
                                       8.625            933.35         58
                                       8.375            933.35      210,000.00
    FT LAUDERDALE    FL   33312          1            12/01/00         00
    0432306                              03           02/01/01          0
    0432306                              O            01/01/31
    0

    4204390          526/526             F          156,000.00         ZZ
                                         360        155,824.43          1
                                       8.875          1,241.21         80
                                       8.625          1,241.21      195,000.00
    DENVER           CO   80218          1            12/01/00         00
    0432321                              06           01/01/01          0
    0432321                              O            12/01/30
    0

    4204391          526/526             F          380,450.00         ZZ
                                         360        380,225.38          1
                                       8.625          2,959.10         70
                                       8.375          2,959.10      543,500.00
    SUNNY ISLES BEA  FL   33160          1            12/19/00         00
    0432333                              06           02/01/01          0
    0432333                              O            01/01/31
    0

    4204394          526/526             F          129,000.00         ZZ
                                         360        128,919.82          1
                                       8.375            980.49         88
                                       8.125            980.49      147,000.00
    NAPLES           FL   34103          2            12/15/00         12
    0432346                              01           02/01/01         25
    0432346                              O            01/01/31
    0

    4204395          526/526             F          210,400.00         ZZ
                                         360        210,278.95          1
                                       8.750          1,655.22         80
                                       8.500          1,655.22      263,000.00
1

    PLATTEVILLE      CO   80651          1            12/04/00         00
    0432353                              05           02/01/01          0
    0432353                              O            01/01/31
    0

    4204397          526/526             F          175,500.00         ZZ
                                         360        175,281.06          1
                                       8.375          1,333.93         90
                                       8.125          1,333.93      195,000.00
    QUEEN CREEK      AZ   85242          2            11/27/00         12
    0432372                              05           01/01/01         25
    0432372                              O            12/01/30
    0

    4204400          526/526             F          560,556.00         ZZ
                                         360        560,233.49          1
                                       8.750          4,409.90         75
                                       8.500          4,409.90      747,408.00
    SIMI VALLEY      CA   93065          1            12/04/00         00
    0432381                              03           02/01/01          0
    0432381                              O            01/01/31
    0

    4204401          526/526             F          112,000.00         ZZ
                                         360        111,932.15          1
                                       8.500            861.18         74
                                       8.250            861.18      153,000.00
    PHOENIX          AZ   85020          5            12/12/00         00
    0432383                              05           02/01/01          0
    0432383                              O            01/01/31
    0

    4204403          526/526             F          200,000.00         ZZ
                                         360        199,884.93          1
                                       8.750          1,573.40         80
                                       8.500          1,573.40      250,000.00
    VANCOUVER        WA   98661          1            12/01/00         00
    0432479                              05           02/01/01          0
    0432479                              N            01/01/31
    0

    4204404          526/526             F          378,000.00         ZZ
                                         360        377,563.45          1
                                       8.750          2,973.73         90
                                       8.500          2,973.73      420,000.00
    WASHINGTON       UT   84780          1            11/28/00         12
    0432515                              03           01/01/01         25
    0432515                              O            12/01/30
    0
1

    4204406          526/526             F          103,500.00         ZZ
                                         360        103,440.46          3
                                       8.750            814.23         90
                                       8.500            814.23      115,000.00
    LOWELL           MA   01852          1            12/08/00         11
    0432539                              05           02/01/01         25
    0432539                              N            01/01/31
    0

    4204408          526/526             F          500,000.00         ZZ
                                         360        499,689.22          1
                                       8.375          3,800.36         75
                                       8.125          3,800.36      671,000.00
    DANVILLE         CA   94526          5            12/22/00         00
    0432546                              05           02/01/01          0
    0432546                              O            01/01/31
    0

    4204409          526/526             F          208,125.00         ZZ
                                         360        207,890.77          1
                                       8.875          1,655.94         75
                                       8.625          1,655.94      277,500.00
    PHOENIX          AZ   85018          1            11/28/00         00
    0432568                              03           01/01/01          0
    0432568                              N            12/01/30
    0

    4204410          526/526             F          166,500.00         ZZ
                                         360        166,404.20          1
                                       8.750          1,309.86         90
                                       8.500          1,309.86      185,000.00
    WESTON           FL   33327          1            12/20/00         01
    0432621                              03           02/01/01         20
    0432621                              O            01/01/31
    0

    4204411          526/526             F           70,000.00         ZZ
                                         360         69,950.59          1
                                       7.750            501.49         61
                                       7.500            501.49      115,000.00
    EL PASO          TX   79924          1            12/05/00         00
    0432628                              05           02/01/01          0
    0432628                              O            01/01/31
    0

    4204413          526/526             F           61,200.00         ZZ
                                         360         61,132.89          2
1

                                       9.000            492.43         90
                                       8.750            492.43       68,000.00
    ATHENS           GA   30601          1            12/01/00         12
    0432636                              05           01/01/01         25
    0432636                              N            12/01/30
    0

    4204414          526/526             F           85,500.00         ZZ
                                         360         85,339.80          1
                                       8.500            657.42         90
                                       8.250            657.42       95,000.00
    EAST PROVIDENCE  RI   02915          1            12/07/00         10
    0432638                              05           02/01/01         25
    0432638                              O            01/01/31
    0

    4204416          526/526             F          144,300.00         ZZ
                                         360        144,205.61          1
                                       8.125          1,071.42         73
                                       7.875          1,071.42      200,000.00
    LAKEWOOD         CO   80228          5            12/14/00         00
    0432662                              01           02/01/01          0
    0432662                              O            01/01/31
    0

    4204417          526/526             F           90,000.00         ZZ
                                         360         89,890.57          1
                                       8.500            692.02         90
                                       8.250            692.02      100,000.00
    GILBERT          AZ   85234          1            11/30/00         12
    0432664                              05           01/01/01         25
    0432664                              N            12/01/30
    0

    4204420          526/526             F          122,400.00         ZZ
                                         360        122,254.96          1
                                       8.625            952.01         90
                                       8.375            952.01      136,000.00
    CHESTNUT HILL    MA   02467          1            11/30/00         11
    0432675                              01           01/01/01         25
    0432675                              N            12/01/30
    0

    4204421          526/526             F          157,500.00         ZZ
                                         360        157,404.58          1
                                       8.500          1,211.04         90
                                       8.250          1,211.04      175,000.00
    PHOENIX          AZ   85014          1            12/18/00         12
    0432683                              09           02/01/01         25
1

    0432683                              N            01/01/31
    0

    4204422          526/526             F          161,000.00         ZZ
                                         360        160,902.47          1
                                       8.500          1,237.95         90
                                       8.250          1,237.95      179,000.00
    PHOENIX          AZ   85014          1            12/18/00         12
    0432687                              09           02/01/01         25
    0432687                              N            01/01/31
    0

    4204424          526/526             F          132,750.00         ZZ
                                         360        132,677.49          1
                                       9.000          1,068.14         90
                                       8.750          1,068.14      147,500.00
    EATONVILLE       FL   32751          1            12/28/00         12
    0432728                              05           02/01/01         25
    0432728                              N            01/01/31
    0

    4204426          526/526             F          104,046.00         ZZ
                                         360        103,982.97          1
                                       8.500            800.02         90
                                       8.250            800.02      115,607.00
    TEMPE            AZ   85282          1            12/19/00         12
    0432746                              05           02/01/01         25
    0432746                              N            01/01/31
    0

    4204427          526/526             F          118,400.00         ZZ
                                         360        118,256.05          1
                                       8.500            910.39         80
                                       8.250            910.39      148,000.00
    CHANDLER         AZ   85225          1            11/29/00         00
    0432758                              05           01/01/01          0
    0432758                              N            12/01/30
    0

    4204431          526/526             F          103,500.00         ZZ
                                         360        103,443.47          1
                                       9.000            832.78         90
                                       8.750            832.78      115,000.00
    TUCSON           AZ   85714          1            12/01/00         12
    0432772                              05           02/01/01         25
    0432772                              N            01/01/31
    0

1

    4204432          526/526             F          171,000.00         ZZ
                                         360        170,893.72          1
                                       8.375          1,299.72         90
                                       8.125          1,299.72      190,000.00
    PHOENIX          AZ   85029          1            12/05/00         12
    0432806                              03           02/01/01         25
    0432806                              O            01/01/31
    0

    4204433          526/526             F          320,000.00         ZZ
                                         360        319,790.68          1
                                       8.125          2,375.99         80
                                       7.875          2,375.99      400,000.00
    WALESKA          GA   30183          5            12/20/00         00
    0432808                              05           02/01/01          0
    0432808                              O            01/01/31
    0

    4204434          526/526             F          237,500.00         ZZ
                                         360        237,366.85          4
                                       8.875          1,889.66         90
                                       8.625          1,889.66      263,900.00
    LANSING          IL   60438          1            12/19/00         12
    0432824                              05           02/01/01         25
    0432824                              N            01/01/31
    0

    4204435          526/526             F          320,000.00         ZZ
                                         360        319,795.95          1
                                       8.250          2,404.05         79
                                       8.000          2,404.05      410,000.00
    WOLCOTT          CO   81655          5            12/21/00         00
    0432828                              05           02/01/01          0
    0432828                              O            01/01/31
    0

    4204438          526/526             F          720,000.00         ZZ
                                         360        719,516.90          1
                                       8.000          5,283.10         80
                                       7.750          5,283.10      900,000.00
    BERKELEY         CA   94708          1            12/21/00         00
    0432836                              05           02/01/01          0
    0432836                              O            01/01/31
    0

    4204442          526/526             F          388,000.00         ZZ
                                         360        387,758.84          1
                                       8.375          2,949.08         80
                                       8.125          2,949.08      485,000.00
1

    MIAMI            FL   33133          1            12/14/00         00
    0432873                              05           02/01/01          0
    0432873                              O            01/01/31
    0

    4204443          526/526             F          126,000.00         ZZ
                                         360        125,865.39          1
                                       9.125          1,025.18         70
                                       8.875          1,025.18      180,000.00
    UXBRIDGE         MA   01569          1            12/07/00         00
    0432911                              05           01/01/01          0
    0432911                              O            12/01/30
    0

    4204444          526/526             F          189,600.00         ZZ
                                         360        189,479.10          1
                                       8.250          1,424.40         80
                                       8.000          1,424.40      237,000.00
    FRAMINGHAM       MA   01701          1            12/11/00         00
    0432921                              05           02/01/01          0
    0432921                              O            01/01/31
    0

    4204445          526/526             F          148,150.00         ZZ
                                         360        148,057.91          1
                                       8.375          1,126.05         80
                                       8.125          1,126.05      185,240.00
    HENDERSON        NV   89012          1            12/04/00         00
    0432941                              03           02/01/01          0
    0432941                              O            01/01/31
    0

    4204446          526/526             F          139,500.00         ZZ
                                         360        139,419.74          1
                                       8.750          1,097.45         90
                                       8.500          1,097.45      155,000.00
    MESA             AZ   85201          1            12/18/00         12
    0432944                              05           02/01/01         25
    0432944                              N            01/01/31
    0

    4204447          526/526             F           56,000.00         ZZ
                                         360         55,965.19          1
                                       8.375            425.64         80
                                       8.125            425.64       70,000.00
    SALEM            OR   97301          1            12/18/00         00
    0432947                              01           02/01/01          0
    0432947                              N            01/01/31
    0
1

    4204448          526/526             F           53,000.00         ZZ
                                         360         52,967.06          1
                                       8.375            402.84         80
                                       8.125            402.84       66,250.00
    SALEM            OR   97301          1            12/18/00         00
    0432950                              01           02/01/01          0
    0432950                              N            01/01/31
    0

    4204449          526/526             F           36,350.00         ZZ
                                         360         36,328.54          1
                                       8.625            282.73         75
                                       8.375            282.73       48,500.00
    SALEM            OR   97301          1            12/18/00         00
    0432953                              01           02/01/01          0
    0432953                              N            01/01/31
    0

    4204450          526/526             F          123,626.00         ZZ
                                         360        123,490.45          1
                                       9.000            994.72         90
                                       8.750            994.72      137,363.00
    GILBERT          AZ   85296          1            11/30/00         12
    0432956                              03           01/01/01         25
    0432956                              N            12/01/30
    0

    4204452          526/526             F          147,920.00         ZZ
                                         360        147,837.07          1
                                       8.875          1,176.92         80
                                       8.625          1,176.92      184,900.00
    ANTIOCH          CA   94509          1            12/07/00         00
    0432961                              05           02/01/01          0
    0432961                              N            01/01/31
    0

    4204453          526/526             F          280,000.00         ZZ
                                         360        279,825.97          1
                                       8.375          2,128.20         80
                                       8.125          2,128.20      350,000.00
    SUGAR LAND       TX   77479          1            12/20/00         00
    0432964                              03           02/01/01          0
    0432964                              O            01/01/31
    0

    4204454          526/526             F          140,000.00         ZZ
                                         360        139,917.34          3
1

                                       8.625          1,088.91         77
                                       8.375          1,088.91      182,000.00
    LYNN             MA   01904          2            12/20/00         00
    0433001                              05           02/01/01          0
    0433001                              O            01/01/31
    0

    4204456          526/526             F           60,000.00         ZZ
                                         360         59,963.65          1
                                       8.500            461.35         80
                                       8.250            461.35       75,000.00
    DALLAS           TX   75206          1            12/13/00         00
    0433049                              01           02/01/01          0
    0433049                              O            01/01/31
    0

    4204458          526/526             F          500,000.00         ZZ
                                         360        499,681.17          1
                                       8.250          3,756.33         80
                                       8.000          3,756.33      625,000.00
    SCOTTSDALE       AZ   85255          1            12/12/00         00
    0433068                              03           02/01/01          0
    0433068                              O            01/01/31
    0

    4204461          526/526             F          108,800.00         ZZ
                                         360        108,680.69          1
                                       9.000            875.43         80
                                       8.750            875.43      136,000.00
    DENVER           CO   80207          1            12/04/00         00
    0433099                              05           01/01/01          0
    0433099                              N            12/01/30
    0

    4204462          526/526             F          520,000.00         ZZ
                                         360        519,684.98          1
                                       8.500          3,998.35         37
                                       8.250          3,998.35    1,437,266.00
    CUPERTINO        CA   95014          1            12/11/00         00
    0433106                              03           02/01/01          0
    0433106                              O            01/01/31
    0

    4204463          526/526             F          190,000.00         ZZ
                                         360        189,881.90          1
                                       8.375          1,444.14         72
                                       8.125          1,444.14      265,000.00
    PALM DESERT      CA   92211          1            12/01/00         00
    0433123                              07           02/01/01          0
1

    0433123                              O            01/01/31
    0

    4204464          526/526             F          100,000.00         ZZ
                                         360         99,942.47          1
                                       8.750            786.70         75
                                       8.500            786.70      135,000.00
    WATERTOWN        CT   06795          1            12/20/00         00
    0433138                              05           02/01/01          0
    0433138                              O            01/01/31
    0

    4204465          526/526             F           54,400.00         ZZ
                                         360         54,366.19          1
                                       8.375            413.48         43
                                       8.125            413.48      128,000.00
    CODY             WY   82414          5            12/14/00         00
    0433178                              05           02/01/01          0
    0433178                              N            01/01/31
    0

    4204466          526/526             F          484,800.00         T
                                         360        484,163.59          1
                                       8.125          3,599.63         80
                                       7.875          3,599.63      606,012.00
    FOUNTAIN HILLS   AZ   85268          1            11/29/00         00
    0433184                              01           01/01/01          0
    0433184                              O            12/01/30
    0

    4204467          526/526             F          113,500.00         ZZ
                                         360        113,436.37          1
                                       8.875            903.06         74
                                       8.625            903.06      153,500.00
    MESA             AZ   85202          1            12/07/00         00
    0433194                              03           02/01/01          0
    0433194                              N            01/01/31
    0

    4204469          526/526             F           76,000.00         ZZ
                                         360         75,956.28          1
                                       8.750            597.89         80
                                       8.500            597.89       95,000.00
    STOUGHTON        MA   02072          1            12/21/00         00
    0433206                              01           02/01/01          0
    0433206                              O            01/01/31
    0

1

    4204473          526/526             F          350,000.00         ZZ
                                         360        349,787.97          4
                                       8.500          2,691.20         48
                                       8.250          2,691.20      740,000.00
    CHICAGO          IL   60647          5            12/21/00         00
    0433245                              05           02/01/01          0
    0433245                              O            01/01/31
    0

    4204474          526/526             F          178,200.00         ZZ
                                         360        178,097.48          4
                                       8.750          1,401.90         90
                                       8.500          1,401.90      198,000.00
    BOISE            ID   83705          1            12/08/00         14
    0433251                              05           02/01/01         25
    0433251                              N            01/01/31
    0

    4204475          526/526             F           98,000.00         T
                                         360         97,943.61          1
                                       8.750            770.97         70
                                       8.500            770.97      140,000.00
    MONTGOMERY       TX   77356          1            12/08/00         00
    0433252                              01           02/01/01          0
    0433252                              O            01/01/31
    0

    4204480          526/526             F          135,000.00         ZZ
                                         360        134,924.32          1
                                       8.875          1,074.12         75
                                       8.625          1,074.12      180,000.00
    ATTLEBORO        MA   02703          5            12/12/00         00
    0433327                              05           02/01/01          0
    0433327                              O            01/01/31
    0

    4204484          526/526             F           64,950.00         ZZ
                                         360         64,912.63          2
                                       8.750            510.96         95
                                       8.500            510.96       69,000.00
    CHICAGO          IL   60636          2            12/18/00         11
    0433374                              05           02/01/01         30
    0433374                              O            01/01/31
    0

    4204489          526/526             F          216,000.00         ZZ
                                         360        215,872.47          4
                                       8.625          1,680.03         90
                                       8.375          1,680.03      240,000.00
1

    SAN DIEGO        CA   92104          1            12/14/00         12
    0433430                              05           02/01/01         25
    0433430                              N            01/01/31
    0

    4204491          526/526             F          147,250.00         ZZ
                                         360        147,156.10          1
                                       8.250          1,106.24         90
                                       8.000          1,106.24      163,625.00
    MESA             AZ   85212          1            12/08/00         12
    0433434                              03           02/01/01         25
    0433434                              N            01/01/31
    0

    4204492          526/526             F          557,900.00         ZZ
                                         360        557,570.62          1
                                       8.625          4,339.29         90
                                       8.375          4,339.29      620,000.00
    ENCINO           CA   91316          2            12/07/00         12
    0433436                              05           02/01/01         25
    0433436                              O            01/01/31
    0

    4204493          526/526             F          178,750.00         ZZ
                                         360        178,638.90          1
                                       8.375          1,358.63         65
                                       8.125          1,358.63      275,000.00
    PHOENIX          AZ   85018          1            12/08/00         00
    0433438                              05           02/01/01          0
    0433438                              O            01/01/31
    0

    4204495          526/526             F           50,680.00         ZZ
                                         360         50,650.08          1
                                       8.625            394.18         59
                                       8.375            394.18       86,000.00
    CASTLEROCK       CO   80104          1            12/20/00         00
    0433514                              01           02/01/01          0
    0433514                              N            01/01/31
    0

    4204499          526/526             F          140,000.00         ZZ
                                         360        139,921.52          2
                                       8.875          1,113.90         80
                                       8.625          1,113.90      175,000.00
    CHICAGO          IL   60612          5            12/19/00         00
    0433584                              05           02/01/01          0
    0433584                              O            01/01/31
    0
1

    4204500          526/526             F          136,750.00         ZZ
                                         360        136,671.33          1
                                       8.750          1,075.81         67
                                       8.500          1,075.81      206,000.00
    TEMPE            AZ   85282          2            12/01/00         00
    0433591                              03           02/01/01          0
    0433591                              N            01/01/31
    0

    4204501          526/526             F          136,750.00         ZZ
                                         360        136,671.33          1
                                       8.750          1,075.81         67
                                       8.500          1,075.81      206,000.00
    TEMPE            AZ   85282          2            12/01/00         00
    0433592                              07           02/01/01          0
    0433592                              N            01/01/31
    0

    4204503          526/526             F          224,100.00         ZZ
                                         360        223,964.23          1
                                       8.500          1,723.14         90
                                       8.250          1,723.14      249,000.00
    CHICAGO          IL   60630          1            12/12/00         11
    0433605                              05           02/01/01         30
    0433605                              O            01/01/31
    0

    4204507          526/526             F          102,000.00         ZZ
                                         360        101,934.96          1
                                       8.250            766.29         64
                                       8.000            766.29      160,540.00
    SCOTTSDALE       AZ   85259          1            12/05/00         00
    0433629                              01           02/01/01          0
    0433629                              O            01/01/31
    0

    4204508          526/526             F          101,300.00         ZZ
                                         360        101,233.74          1
                                       8.125            752.15         84
                                       7.875            752.15      122,000.00
    CHANDLER         AZ   85224          5            12/07/00         12
    0433630                              03           02/01/01         12
    0433630                              O            01/01/31
    0

    4204509          526/526             F           90,000.00         ZZ
                                         360         89,942.61          1
1

                                       8.250            676.14         80
                                       8.000            676.14      112,500.00
    BILLINGS         MT   59105          1            12/27/00         00
    0433637                              05           02/01/01          0
    0433637                              O            01/01/31
    0

    4204510          526/526             F          391,200.00         ZZ
                                         360        390,956.85          1
                                       8.375          2,973.40         80
                                       8.125          2,973.40      489,000.00
    SAN DIEGO        CA   92124          1            12/18/00         00
    0433638                              05           02/01/01          0
    0433638                              O            01/01/31
    0

    4204511          526/526             F          113,000.00         ZZ
                                         360        112,934.99          1
                                       8.750            888.97         95
                                       8.500            888.97      118,990.00
    MIAMI            FL   33186          1            12/13/00         01
    0433661                              01           02/01/01         25
    0433661                              O            01/01/31
    0

    4204512          526/526             F           69,200.00         ZZ
                                         360         69,160.18          1
                                       8.750            544.40         90
                                       8.500            544.40       76,900.00
    MIAMI            FL   33179          1            12/15/00         01
    0433666                              01           02/01/01         30
    0433666                              O            01/01/31
    0

    4204513          526/526             F          212,850.00         ZZ
                                         360        212,727.54          3
                                       8.750          1,674.49         90
                                       8.500          1,674.49      236,500.00
    CHICAGO          IL   60629          1            12/20/00         11
    0433683                              05           02/01/01         25
    0433683                              O            01/01/31
    0

    4204517          526/526             F          204,800.00         ZZ
                                         360        204,672.70          1
                                       8.375          1,556.63         80
                                       8.125          1,556.63      256,000.00
    SCOTTSDALE       AZ   85255          1            12/07/00         00
    0433754                              03           02/01/01          0
1

    0433754                              O            01/01/31
    0

    4204520          526/526             F          100,000.00         ZZ
                                         360         99,714.20          1
                                       8.125            742.50         80
                                       7.875            742.50      125,000.00
    SOMERS POINT     NJ   08244          1            12/15/00         00
    0433804                              05           02/01/01          0
    0433804                              O            01/01/31
    0

    4204521          526/526             F          191,000.00         ZZ
                                         360        190,871.84          1
                                       8.000          1,401.49         66
                                       7.750          1,401.49      290,000.00
    LAKEWOOD         CO   80226          2            12/20/00         00
    0433806                              05           02/01/01          0
    0433806                              O            01/01/31
    0

    4204522          526/526             F          128,000.00         ZZ
                                         240        127,792.62          1
                                       8.375          1,100.71         74
                                       8.125          1,100.71      175,000.00
    LAKEWOOD         CO   80226          2            12/20/00         00
    0433807                              05           02/01/01          0
    0433807                              N            01/01/21
    0

    4204523          526/526             F           47,300.00         ZZ
                                         360         47,271.34          1
                                       8.500            363.70         60
                                       8.250            363.70       78,900.00
    HOUSTON          TX   77063          1            12/13/00         00
    0433846                              02           02/01/01          0
    0433846                              O            01/01/31
    0

    4204524          526/526             F          472,000.00         ZZ
                                         360        471,691.24          1
                                       8.125          3,504.59         80
                                       7.875          3,504.59      590,000.00
    PLANO            TX   75093          1            12/21/00         00
    0433850                              01           02/01/01          0
    0433850                              O            01/01/31
    0

1

    4204525          526/526             F          411,000.00         ZZ
                                         360        407,040.10          1
                                       8.250          3,087.71         80
                                       8.000          3,087.71      515,000.00
    BOULDER          CO   80303          2            12/18/00         00
    0433878                              05           02/01/01          0
    0433878                              O            01/01/31
    0

    4204526          526/526             F          469,600.00         ZZ
                                         360        469,276.82          1
                                       7.875          3,404.93         80
                                       7.625          3,404.93      587,000.00
    TEMPE            AZ   85284          1            12/07/00         00
    0433884                              03           02/01/01          0
    0433884                              O            01/01/31
    0

    4204528          526/526             F          161,100.00         ZZ
                                         360        160,974.32          1
                                       7.250          1,098.99         90
                                       7.000          1,098.99      180,000.00
    GILBERT          AZ   85296          2            12/15/00         12
    0433903                              03           02/01/01         25
    0433903                              O            01/01/31
    0

    4204529          526/526             F          130,500.00         ZZ
                                         360        130,420.94          1
                                       8.500          1,003.43         90
                                       8.250          1,003.43      145,000.00
    ATLANTA          GA   30317          1            12/21/00         12
    0433908                              05           02/01/01         25
    0433908                              N            01/01/31
    0

    4204531          526/526             F          100,000.00         ZZ
                                         360         99,943.94          1
                                       8.875            795.64         75
                                       8.625            795.64      135,000.00
    KAYSVILLE        UT   84037          2            12/11/00         00
    0433923                              05           02/01/01          0
    0433923                              N            01/01/31
    0

    4204532          526/526             F          163,800.00         ZZ
                                         360        163,703.29          4
                                       8.625          1,274.02         90
                                       8.375          1,274.02      182,000.00
1

    SALT LAKE CITY   UT   84104          1            12/11/00         12
    0433933                              05           02/01/01         25
    0433933                              N            01/01/31
    0

    4204533          526/526             F          326,900.00         ZZ
                                         360        326,701.96          1
                                       8.500          2,513.58         70
                                       8.250          2,513.58      467,000.00
    OSTERVILLE       MA   02655          5            12/20/00         00
    0433959                              05           02/01/01          0
    0433959                              O            01/01/31
    0

    4204534          526/526             F          952,500.00         ZZ
                                         360        951,951.99          1
                                       8.750          7,493.32         75
                                       8.500          7,493.32    1,270,000.00
    NEWPORT BEACH    CA   92660          1            12/19/00         00
    0433993                              03           02/01/01          0
    0433993                              O            01/01/31
    0

    4204535          526/526             F          109,600.00         T
                                         360        109,533.60          1
                                       8.500            842.73         80
                                       8.250            842.73      137,000.00
    VAIL             CO   81657          1            12/18/00         00
    0434000                              01           02/01/01          0
    0434000                              O            01/01/31
    0

    4204538          526/526             F          244,500.00         ZZ
                                         360        244,351.88          4
                                       8.500          1,879.99         75
                                       8.250          1,879.99      326,000.00
    LA MESA          CA   91942          1            12/20/00         00
    0434057                              05           02/01/01          0
    0434057                              N            01/01/31
    0

    4204540          526/526             F           61,500.00         ZZ
                                         360         61,464.62          1
                                       8.750            483.82         75
                                       8.500            483.82       82,000.00
    PHOENIX          AZ   85022          1            12/14/00         00
    0434066                              03           02/01/01          0
    0434066                              O            01/01/31
    0
1

    4204546          526/526             F          508,000.00         ZZ
                                         360        507,707.73          1
                                       8.750          3,996.44         69
                                       8.500          3,996.44      740,000.00
    BRENTWOOD        TN   37027          2            12/14/00         00
    0434123                              03           02/01/01          0
    0434123                              O            01/01/31
    0

    4204548          526/526             F          250,200.00         ZZ
                                         360        250,056.06          1
                                       8.750          1,968.32         90
                                       8.500          1,968.32      278,000.00
    GOLD CANYON      AZ   85219          1            12/11/00         12
    0434145                              03           02/01/01         25
    0434145                              N            01/01/31
    0

    4204551          526/526             F          198,400.00         ZZ
                                         360        198,273.49          2
                                       8.250          1,490.51         80
                                       8.000          1,490.51      248,000.00
    SAN DIEGO        CA   92117          1            12/19/00         00
    0434174                              05           02/01/01          0
    0434174                              O            01/01/31
    0

    4204553          526/526             F          280,000.00         ZZ
                                         360        279,830.37          1
                                       8.500          2,152.96         80
                                       8.250          2,152.96      350,000.00
    EAST GREENWICH   RI   02818          1            12/27/00         00
    0434208                              05           02/01/01          0
    0434208                              N            01/01/31
    0

    4204555          526/526             F          452,000.00         ZZ
                                         360        451,680.99          1
                                       7.750          3,238.18         78
                                       7.500          3,238.18      585,000.00
    ANNAPOLIS        MD   21401          5            12/22/00         00
    0434232                              03           02/01/01          0
    0434232                              O            01/01/31
    0

    4204557          526/526             F          360,000.00         ZZ
                                         360        359,770.44          1
1

                                       8.250          2,704.56         80
                                       8.000          2,704.56      450,000.00
    ENCINITAS        CA   92024          5            12/20/00         00
    0434246                              05           02/01/01          0
    0434246                              O            01/01/31
    0

    4204558          526/526             F           82,400.00         ZZ
                                         360         82,344.71          1
                                       8.000            604.62         80
                                       7.750            604.62      103,000.00
    HUNTINGDON VALL  PA   19006          1            12/15/00         00
    0434249                              05           02/01/01          0
    0434249                              O            01/01/31
    0

    4204561          526/526             F          330,000.00         ZZ
                                         360        329,778.58          1
                                       8.000          2,421.42         80
                                       7.750          2,421.42      412,500.00
    BENICIA          CA   94510          1            12/13/00         00
    0434268                              05           02/01/01          0
    0434268                              N            01/01/31
    0

    4204564          526/526             F          379,500.00         ZZ
                                         360        379,238.83          1
                                       7.875          2,751.64         95
                                       7.625          2,751.64      399,496.00
    LADERA RANCH     CA   92694          1            12/15/00         12
    0434344                              07           02/01/01         30
    0434344                              O            01/01/31
    0

    4204566          526/526             F          130,950.00         ZZ
                                         360        130,878.48          3
                                       9.000          1,053.65         90
                                       8.750          1,053.65      145,500.00
    PHOENIX          AZ   85020          1            12/15/00         12
    0434386                              05           02/01/01         25
    0434386                              N            01/01/31
    0

    4204568          526/526             F          159,750.00         ZZ
                                         360        159,658.09          1
                                       8.750          1,256.75         90
                                       8.500          1,256.75      177,500.00
    PHOENIX          OR   97535          1            12/19/00         14
    0434396                              05           02/01/01         25
1

    0434396                              N            01/01/31
    0

    4204569          526/526             F          159,750.00         ZZ
                                         360        159,658.09          1
                                       8.750          1,256.75         90
                                       8.500          1,256.75      177,500.00
    PHOENIX          OR   97535          1            12/19/00         12
    0434398                              05           02/01/01         25
    0434398                              N            01/01/31
    0

    4204572          526/526             F          450,000.00         ZZ
                                         360        449,734.33          1
                                       8.625          3,500.05         90
                                       8.375          3,500.05      500,000.00
    CORAL GABLES     FL   33146          1            12/27/00         01
    0434444                              05           02/01/01         25
    0434444                              O            01/01/31
    0

    4204573          526/526             F          176,000.00         ZZ
                                         360        175,893.38          1
                                       8.500          1,353.29         80
                                       8.250          1,353.29      220,000.00
    MEDFORD          OR   97504          2            12/21/00         00
    0434459                              05           02/01/01          0
    0434459                              O            01/01/31
    0

    4204576          526/526             F          112,000.00         ZZ
                                         360        111,937.21          1
                                       8.875            891.12         80
                                       8.625            891.12      140,000.00
    DENVER           CO   80207          1            12/28/00         00
    0434473                              05           02/01/01          0
    0434473                              N            01/01/31
    0

    4204577          526/526             F          180,000.00         ZZ
                                         360        174,977.00          1
                                       8.625          1,400.02         62
                                       8.375          1,400.02      291,000.00
    BOLINGBROOK      IL   60440          1            12/22/00         00
    0434490                              05           02/01/01          0
    0434490                              N            01/01/31
    0

1

    4204579          526/526             F          121,500.00         ZZ
                                         360        121,426.39          1
                                       8.500            934.23         90
                                       8.250            934.23      135,000.00
    DALLAS           TX   75228          1            12/21/00         11
    0434508                              05           02/01/01         25
    0434508                              O            01/01/31
    0

    4204580          526/526             F          144,000.00         ZZ
                                         360        143,912.76          4
                                       8.500          1,107.24         90
                                       8.250          1,107.24      160,000.00
    TEMPE            AZ   85281          1            12/26/00         12
    0434526                              05           02/01/01         25
    0434526                              N            01/01/31
    0

    4204581          526/526             F          202,000.00         ZZ
                                         360        201,883.79          1
                                       8.750          1,589.13         80
                                       8.500          1,589.13      252,500.00
    LITTLETON        CO   80124          1            12/27/00         00
    0434529                              03           02/01/01          0
    0434529                              O            01/01/31
    0

    4204583          526/526             F          144,000.00         ZZ
                                         360        143,912.76          4
                                       8.500          1,107.24         90
                                       8.250          1,107.24      160,000.00
    TEMPE            AZ   85281          1            12/26/00         12
    0434535                              05           02/01/01         25
    0434535                              N            01/01/31
    0

    4204584          526/526             F          124,000.00         ZZ
                                         360        123,932.27          3
                                       9.000            997.73         80
                                       8.750            997.73      155,000.00
    PHOENIX          AZ   85016          1            12/14/00         00
    0434540                              05           02/01/01          0
    0434540                              N            01/01/31
    0

    4204585          526/526             F          250,000.00         ZZ
                                         360        249,852.41          1
                                       8.625          1,944.47         46
                                       8.375          1,944.47      550,000.00
1

    PHOENIX          AZ   85007          5            12/15/00         00
    0434545                              05           02/01/01          0
    0434545                              O            01/01/31
    0

    4204587          526/526             F          122,000.00         ZZ
                                         360        121,920.19          1
                                       8.125            905.85         80
                                       7.875            905.85      152,500.00
    SCOTTSDALE       AZ   85253          1            12/14/00         00
    0434568                              01           02/01/01          0
    0434568                              O            01/01/31
    0

    4204588          526/526             F          180,000.00         ZZ
                                         360        179,888.12          1
                                       8.375          1,368.13         60
                                       8.125          1,368.13      300,000.00
    PARK CITY        UT   84098          5            12/15/00         00
    0434588                              05           02/01/01          0
    0434588                              O            01/01/31
    0

    4204590          526/526             F           82,350.00         ZZ
                                         360         82,303.84          1
                                       8.875            655.21         90
                                       8.625            655.21       91,500.00
    GLENDALE         AZ   85303          1            12/15/00         12
    0434626                              05           02/01/01         25
    0434626                              N            01/01/31
    0

    4204591          526/526             F          308,000.00         ZZ
                                         360        307,808.56          1
                                       8.375          2,341.02         80
                                       8.125          2,341.02      385,000.00
    OAKLEY           UT   84055          1            12/18/00         00
    0434632                              05           02/01/01          0
    0434632                              O            01/01/31
    0

    4204595          526/526             F           80,550.00         ZZ
                                         360         80,504.84          1
                                       8.875            640.89         90
                                       8.625            640.89       89,500.00
    SUPRISE          AZ   85374          1            12/18/00         12
    0434708                              03           02/01/01         25
    0434708                              N            01/01/31
    0
1

    4204596          526/526             F          229,000.00         ZZ
                                         360        228,850.20          1
                                       8.125          1,700.32         61
                                       7.875          1,700.32      380,000.00
    BOULDER          CO   80304          5            12/22/00         00
    0434718                              05           02/01/01          0
    0434718                              O            01/01/31
    0

    4204597          526/526             F          356,250.00         ZZ
                                         360        356,010.96          1
                                       8.000          2,614.04         95
                                       7.750          2,614.04      375,000.00
    SANTA ANA        CA   92705          1            12/20/00         12
    0434725                              05           02/01/01         30
    0434725                              O            01/01/31
    0

    4204599          526/526             F           67,500.00         ZZ
                                         360         67,459.10          1
                                       8.500            519.02         90
                                       8.250            519.02       75,000.00
    POMPANO BEACH    FL   33062          1            12/22/00         01
    0434755                              08           02/01/01         25
    0434755                              O            01/01/31
    0

    4204601          526/526             F           95,200.00         ZZ
                                         360         95,142.32          1
                                       8.500            732.01         80
                                       8.250            732.01      119,000.00
    SCOTTSDALE       AZ   85258          1            12/21/00         00
    0434804                              05           02/01/01          0
    0434804                              O            01/01/31
    0

    4204603          526/526             F          188,350.00         ZZ
                                         360        188,232.93          1
                                       8.375          1,431.60         80
                                       8.125          1,431.60      235,450.00
    AURORA           CO   80016          1            12/21/00         00
    0434913                              05           02/01/01          0
    0434913                              O            01/01/31
    0

    4204604          526/526             F           39,000.00         ZZ
                                         360         38,975.14          1
1

                                       8.250            292.99         75
                                       8.000            292.99       52,000.00
    FOX LAKE         IL   60020          1            12/28/00         00
    0434918                              01           02/01/01          0
    0434918                              O            01/01/31
    0

    4204605          526/526             F          198,000.00         ZZ
                                         360        197,873.74          1
                                       8.250          1,487.51         80
                                       8.000          1,487.51      247,500.00
    ESCONDIDO        CA   92026          1            12/19/00         00
    0434945                              03           02/01/01          0
    0434945                              O            01/01/31
    0

    4204607          526/526             F          119,900.00         ZZ
                                         360        119,823.54          1
                                       8.250            900.77         80
                                       8.000            900.77      149,900.00
    MIAMI            FL   33177          1            12/28/00         00
    0435021                              05           02/01/01          0
    0435021                              O            01/01/31
    0

    4204608          526/526             F           90,000.00         ZZ
                                         360         89,939.61          1
                                       8.000            660.39         90
                                       7.750            660.39      100,000.00
    CROWLEY          TX   76036          1            12/29/00         12
    0435086                              05           02/01/01         25
    0435086                              O            01/01/31
    0

    4204610          526/526             F          144,500.00         ZZ
                                         360        144,500.00          1
                                       8.375          1,098.30         79
                                       8.125          1,098.30      185,000.00
    LAKE HAVASU CIT  AZ   86406          2            12/21/00         00
    0435119                              05           03/01/01          0
    0435119                              O            02/01/31
    0

    4204611          526/526             F          185,500.00         ZZ
                                         360        185,387.63          1
                                       8.500          1,426.33         70
                                       8.250          1,426.33      265,000.00
    BORING           OR   97009          5            12/21/00         00
    0435151                              05           02/01/01          0
1

    0435151                              O            01/01/31
    0

    4204613          526/526             F           96,300.00         ZZ
                                         360         96,233.73          1
                                       7.875            698.24         80
                                       7.625            698.24      120,400.00
    CHARLOTTE        NC   28205          1            12/27/00         00
    0435193                              01           02/01/01          0
    0435193                              O            01/01/31
    0

    4204614          526/526             F          639,700.00         ZZ
                                         360        639,292.09          1
                                       8.250          4,805.85         72
                                       8.000          4,805.85      900,000.00
    PHOENIX          AZ   85012          2            12/21/00         00
    0435203                              05           02/01/01          0
    0435203                              O            01/01/31
    0

    4204615          526/526             F          192,000.00         ZZ
                                         360        191,886.64          1
                                       8.625          1,493.36         75
                                       8.375          1,493.36      256,000.00
    GLENDALE         AZ   85304          5            12/20/00         00
    0435213                              03           02/01/01          0
    0435213                              O            01/01/31
    0

    4204616          526/526             F          119,200.00         ZZ
                                         360        119,117.97          1
                                       7.875            864.28         80
                                       7.625            864.28      149,000.00
    PHOENIX          AZ   85050          1            12/27/00         00
    0435226                              03           02/01/01          0
    0435226                              O            01/01/31
    0

    4204618          526/526             F          378,000.00         ZZ
                                         360        377,776.83          1
                                       8.625          2,940.05         70
                                       8.375          2,940.05      540,000.00
    SCOTTSDALE       AZ   85262          5            12/21/00         00
    0435234                              05           02/01/01          0
    0435234                              O            01/01/31
    0

1

    4204620          526/526             F          256,500.00         ZZ
                                         360        256,340.57          1
                                       8.375          1,949.59         90
                                       8.125          1,949.59      285,000.00
    UNIVERSITY CITY  MO   63130          1            12/29/00         12
    0435348                              05           02/01/01         25
    0435348                              O            01/01/31
    0

    4204621          526/526             F          179,200.00         ZZ
                                         360        179,082.78          1
                                       8.125          1,330.55         80
                                       7.875          1,330.55      224,000.00
    PHOENIX          AZ   85013          1            12/28/00         00
    0435352                              05           02/01/01          0
    0435352                              O            01/01/31
    0

    4204622          526/526             F           51,200.00         ZZ
                                         360         51,171.30          3
                                       8.875            407.37         80
                                       8.625            407.37       64,000.00
    TIPTON           IN   46072          1            12/29/00         00
    0435355                              05           02/01/01          0
    0435355                              N            01/01/31
    0

    4204626          526/526             F          380,000.00         ZZ
                                         360        379,745.02          1
                                       8.000          2,788.31         95
                                       7.750          2,788.31      400,000.00
    OCEANSIDE        CA   92057          1            12/21/00         12
    0435421                              05           02/01/01         30
    0435421                              O            01/01/31
    0

    4204629          526/526             F          664,000.00         ZZ
                                         360        663,565.65          1
                                       8.125          4,930.18         80
                                       7.875          4,930.18      830,000.00
    GILBERT          AZ   85234          1            12/26/00         00
    0435452                              03           02/01/01          0
    0435452                              O            01/01/31
    0

    4204634          526/526             F          102,600.00         ZZ
                                         360        102,539.43          2
                                       8.625            798.01         90
                                       8.375            798.01      114,000.00
1

    MESA             AZ   85210          1            12/28/00         12
    0436001                              05           02/01/01         25
    0436001                              N            01/01/31
    0

    4204635          526/526             F          400,000.00         ZZ
                                         360        399,738.34          1
                                       8.125          2,969.99         74
                                       7.875          2,969.99      544,341.00
    SCOTTSDALE       AZ   85255          1            12/27/00         00
    0435760                              03           02/01/01          0
    0435760                              N            01/01/31
    0

    4205793          168/168             F           78,650.00         ZZ
                                         360         78,602.35          1
                                       8.500            604.75         65
                                       8.250            604.75      121,000.00
    CHAMBLEE         GA   30341          5            12/27/00         00
    169627560                            05           02/01/01          0
    169627560                            N            01/01/31
    0

    4206030          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       8.375          1,520.14         80
                                       8.125          1,520.14      250,000.00
    CONCORD          CA   94520          5            01/10/01         00
    0412253395                           05           03/01/01          0
    0412253395                           O            02/01/31
    0

    4206035          E22/G02             F           61,600.00         ZZ
                                         360         61,600.00          1
                                       9.375            512.36         80
                                       9.125            512.36       77,000.00
    YULEE            FL   32097          1            01/18/01         00
    0412290389                           05           03/01/01          0
    0412290389                           N            02/01/31
    0

    4206045          E22/G02             F          135,450.00         ZZ
                                         360        135,450.00          2
                                       8.875          1,077.70         90
                                       8.625          1,077.70      150,507.00
    EAST NEWARK      NJ   07029          1            01/18/01         04
    0412304461                           05           03/01/01         25
    0412304461                           O            02/01/31
    0
1

    4206046          E22/G02             F          451,550.00         ZZ
                                         360        451,550.00          1
                                       8.250          3,392.34         77
                                       8.000          3,392.34      590,000.00
    ARGYLE           TX   76226          2            01/12/01         00
    0412305930                           05           03/01/01          0
    0412305930                           O            02/01/31
    0

    4206048          E22/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       8.000          3,081.81         80
                                       7.750          3,081.81      530,000.00
    WEST LINN        OR   97068          5            01/09/01         00
    0412308256                           05           03/01/01          0
    0412308256                           O            02/01/31
    0

    4206049          E22/G02             F           80,750.00         ZZ
                                         360         80,750.00          1
                                       9.625            686.37         95
                                       9.375            686.37       85,000.00
    DEARBORN HEIGHT  MI   48125          5            01/12/01         04
    0412310070                           05           03/01/01         30
    0412310070                           O            02/01/31
    0

    4206052          E22/G02             F           71,200.00         ZZ
                                         360         71,200.00          1
                                       8.250            534.90         80
                                       8.000            534.90       89,000.00
    SEBRING          FL   33870          1            01/12/01         00
    0412311409                           05           03/01/01          0
    0412311409                           O            02/01/31
    0

    4206053          E22/G02             F          102,600.00         ZZ
                                         360        102,600.00          4
                                       9.500            862.72         90
                                       9.250            862.72      114,000.00
    ELKHART          IN   46514          1            01/18/01         04
    0412312290                           05           03/01/01         25
    0412312290                           N            02/01/31
    0

    4206060          E22/G02             F          274,950.00         ZZ
                                         360        274,950.00          1
1

                                       8.750          2,163.03         88
                                       8.500          2,163.03      313,500.00
    MOORPARK         CA   93021          1            01/09/01         04
    0412315137                           03           03/01/01         25
    0412315137                           O            02/01/31
    0

    4206061          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          2
                                       9.000          1,086.24         90
                                       8.750          1,086.24      150,000.00
    VACAVILLE        CA   95688          1            01/11/01         04
    0412315186                           05           03/01/01         25
    0412315186                           N            02/01/31
    0

    4206066          E22/G02             F          358,700.00         ZZ
                                         360        358,700.00          1
                                       8.250          2,694.79         90
                                       8.000          2,694.79      398,574.00
    HOLLISTER        CA   95023          1            01/09/01         01
    0412317489                           05           03/01/01         25
    0412317489                           O            02/01/31
    0

    4206068          E22/G02             F          149,000.00         ZZ
                                         360        149,000.00          1
                                       8.500          1,145.68         95
                                       8.250          1,145.68      157,000.00
    COMPTON          CA   90221          5            01/10/01         04
    0412319527                           05           03/01/01         30
    0412319527                           O            02/01/31
    0

    4206074          E22/G02             F          134,000.00         ZZ
                                         360        134,000.00          2
                                       8.875          1,066.16         66
                                       8.625          1,066.16      205,000.00
    NEW ORLEANS      LA   70118          2            01/18/01         00
    0412326308                           05           03/01/01          0
    0412326308                           N            02/01/31
    0

    4206077          E22/G02             F          208,250.00         ZZ
                                         360        208,250.00          1
                                       8.250          1,564.51         85
                                       8.000          1,564.51      245,000.00
    LITHOPOLIS       OH   43136          5            01/12/01         04
    0412327959                           05           03/01/01         12
1

    0412327959                           O            02/01/31
    0

    4207043          664/G02             F          180,000.00         ZZ
                                         360        179,911.46          2
                                       9.500          1,513.54         80
                                       9.250          1,513.54      227,500.00
    CHICAGO          IL   60647          5            12/20/00         00
    0432562635                           05           02/01/01          0
    0003730454                           N            01/01/31
    0

    4209166          562/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       8.625          2,800.05         80
                                       8.375          2,800.05      450,000.00
    EASTCHESTER      NY   10709          5            01/12/01         00
    0432562817                           05           03/01/01          0
    297003866                            O            02/01/31
    0

    4209471          822/G02             F          106,200.00         ZZ
                                         360        106,128.74          3
                                       8.000            779.26         90
                                       7.750            779.26      118,000.00
    PHILADELPHIA     PA   19111          1            12/22/00         04
    0432554921                           05           02/01/01         25
    3636042009                           O            01/01/31
    0

    4210340          964/G02             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       7.875          2,262.22         80
                                       7.625          2,262.22      390,000.00
    TORRANCE         CA   90503          1            01/08/01         00
    0432559375                           01           03/01/01          0
    97814                                O            02/01/31
    0

    4211547          E22/G02             F           64,000.00         ZZ
                                         360         64,000.00          3
                                       9.500            538.15         80
                                       9.250            538.15       80,000.00
    TRENTON          NJ   08611          1            01/19/01         00
    0412214751                           05           03/01/01          0
    0412214751                           N            02/01/31
    0

1

    4211552          E22/G02             F          155,700.00         ZZ
                                         360        155,700.00          1
                                       8.750          1,224.89         90
                                       8.500          1,224.89      173,000.00
    DAVENPORT        FL   33837          1            01/19/01         04
    0412282238                           03           03/01/01         25
    0412282238                           N            02/01/31
    0

    4211554          E22/G02             F           73,700.00         ZZ
                                         360         73,700.00          2
                                       8.750            579.80         90
                                       8.500            579.80       81,900.00
    LARGO            FL   33772          1            01/19/01         04
    0412283731                           05           03/01/01         25
    0412283731                           N            02/01/31
    0

    4211555          E22/G02             F          228,000.00         ZZ
                                         360        227,881.80          2
                                       9.250          1,875.70         95
                                       9.000          1,875.70      240,000.00
    LYNDHURST        NJ   07071          1            12/22/00         04
    0412286635                           05           02/01/01         30
    0412286635                           O            01/01/31
    0

    4211572          E22/G02             F          323,000.00         ZZ
                                         360        323,000.00          4
                                       9.250          2,657.24         95
                                       9.000          2,657.24      340,000.00
    LOS ANGELES      CA   90037          1            01/11/01         04
    0412320657                           05           03/01/01         30
    0412320657                           O            02/01/31
    0

    4211573          E22/G02             F           92,700.00         ZZ
                                         360         92,700.00          1
                                       9.250            762.62         90
                                       9.000            762.62      103,000.00
    CARMEL           IN   46033          1            01/19/01         04
    0412321416                           05           03/01/01         25
    0412321416                           N            02/01/31
    0

    4211574          E22/G02             F           94,850.00         ZZ
                                         360         94,850.00          4
                                       8.750            746.19         85
                                       8.500            746.19      111,590.00
1

    TULARE           CA   93274          1            01/16/01         01
    0412322513                           05           03/01/01         20
    0412322513                           N            02/01/31
    0

    4211581          E22/G02             F           36,000.00         ZZ
                                         360         36,000.00          2
                                       9.500            302.71         90
                                       9.250            302.71       40,000.00
    HUDSON           NY   12534          1            01/19/01         04
    0412327157                           05           03/01/01         25
    0412327157                           N            02/01/31
    0

    4211582          E22/G02             F           34,650.00         ZZ
                                         360         34,650.00          2
                                       9.500            291.36         90
                                       9.250            291.36       38,500.00
    HUDSON           NY   12534          1            01/19/01         04
    0412327231                           05           03/01/01         25
    0412327231                           N            02/01/31
    0

    4211927          U62/G02             F          366,000.00         ZZ
                                         360        366,000.00          1
                                       7.875          2,653.75         84
                                       7.625          2,653.75      440,000.00
    SHOREHAM         NY   11786          2            01/06/01         04
    0432561165                           05           03/01/01         12
    2001220778                           O            02/01/31
    0

    4212542          P06/G02             F           55,800.00         ZZ
                                         360         55,800.00          1
                                       8.000            409.44         90
                                       7.750            409.44       62,000.00
    BAKERSFIELD      CA   93301          5            01/08/01         01
    0432561678                           05           03/01/01         25
    1000216                              O            02/01/31
    0

    4212620          721/G02             F           49,250.00         ZZ
                                         360         49,220.91          1
                                       8.625            383.07         80
                                       8.375            383.07       61,900.00
    HOPKINS          MN   55343          1            12/18/00         00
    0432558815                           01           02/01/01          0
    7890825027                           O            01/01/31
    0
1

    4215055          168/168             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       8.500          1,691.61         54
                                       8.250          1,691.61      413,000.00
    EAST HAMPTON     NY   11937          5            01/05/01         00
    0189663413                           05           03/01/01          0
    0189663413                           O            02/01/31
    0

    4215298          721/G02             F          265,000.00         ZZ
                                         360        264,851.44          1
                                       8.875          2,108.46         74
                                       8.625          2,108.46      360,000.00
    ST LOUIS         MO   63132          1            12/14/00         00
    0432557544                           03           02/01/01          0
    7500010028                           O            01/01/31
    0

    4215516          E82/G02             F          121,500.00         ZZ
                                         360        121,500.00          1
                                       8.750            955.84         90
                                       8.500            955.84      135,000.00
    HAMILTON         NJ   08619          1            01/19/01         04
    0400334769                           05           03/01/01         25
    0400334769                           O            02/01/31
    0

    4217128          E22/G02             F          160,800.00         ZZ
                                         360        160,800.00          2
                                       9.125          1,308.32         80
                                       8.875          1,308.32      201,000.00
    DALLAS           TX   75204          2            01/19/01         00
    0412232514                           05           03/01/01          0
    0412232514                           N            02/01/31
    0

    4217131          E22/G02             F          131,000.00         ZZ
                                         360        131,000.00          2
                                       9.000          1,054.06         88
                                       8.750          1,054.06      150,000.00
    WEST VALLEY CIT  UT   84119          2            01/03/01         04
    0412252538                           05           03/01/01         25
    0412252538                           N            02/01/31
    0

    4217132          E22/G02             F          193,700.00         ZZ
                                         360        193,700.00          1
1

                                       8.375          1,472.26         75
                                       8.125          1,472.26      259,000.00
    FRENCHTOWN       MT   59834          2            01/16/01         00
    0412280513                           05           03/01/01          0
    0412280513                           O            02/01/31
    0

    4217134          E22/G02             F          118,750.00         ZZ
                                         360        118,750.00          1
                                       9.375            987.70         95
                                       9.125            987.70      125,000.00
    FAIRBANKS        AK   99701          5            01/11/01         01
    0412290512                           05           03/01/01         30
    0412290512                           O            02/01/31
    0

    4217138          E22/G02             F          130,500.00         ZZ
                                         360        130,500.00          2
                                       8.250            980.40         90
                                       8.000            980.40      145,000.00
    ELIZABETH        NJ   07202          5            01/17/01         04
    0412301913                           05           03/01/01         25
    0412301913                           O            02/01/31
    0

    4217155          E22/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       8.875            608.67         90
                                       8.625            608.67       85,000.00
    TAMPA            FL   33611          1            01/22/01         10
    0412323800                           05           03/01/01         25
    0412323800                           O            02/01/31
    0

    4217158          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       8.750            629.36         80
                                       8.500            629.36      100,000.00
    HOUSTON          TX   77074          1            01/22/01         00
    0412324998                           05           03/01/01          0
    0412324998                           N            02/01/31
    0

    4217282          168/168             F           95,400.00         ZZ
                                         360         95,351.82          1
                                       9.375            793.49         90
                                       9.125            793.49      106,000.00
    ROCHESTER        NY   14586          1            12/28/00         10
    0189634529                           05           02/01/01         25
1

    0189634529                           N            01/01/31
    0

    4217763          E86/G02             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       8.875          3,659.97         80
                                       8.625          3,659.97      575,000.00
    BEACH HAVEN      NJ   08008          1            01/17/01         00
    0432565976                           05           03/01/01          0
    0000089990                           O            02/01/31
    0

    4220925          L99/G02             F          117,000.00         ZZ
                                         360        116,940.91          4
                                       9.375            973.15         90
                                       9.125            973.15      130,000.00
    GRETNA           LA   70056          1            12/27/00         04
    0432566313                           05           02/01/01         25
    202966                               N            01/01/31
    0

    4221003          L99/G02             F          117,000.00         ZZ
                                         360        116,940.91          4
                                       9.375            973.15         90
                                       9.125            973.15      130,000.00
    GRETNA           LA   70056          1            12/27/00         04
    0432566321                           05           02/01/01         25
    202965                               N            01/01/31
    0

    4222567          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       9.000          1,158.66         90
                                       8.750          1,158.66      160,000.00
    ALMONT           MI   48003          5            01/18/01         04
    0412238826                           05           03/01/01         25
    0412238826                           O            02/01/31
    0

    4222573          E22/G02             F          331,350.00         ZZ
                                         360        331,350.00          1
                                       8.875          2,636.37         95
                                       8.625          2,636.37      348,815.00
    CHICAGO          IL   60607          1            01/23/01         04
    0412287534                           01           03/01/01         30
    0412287534                           O            02/01/31
    0

1

    4222577          E22/G02             F          297,975.00         ZZ
                                         360        297,975.00          1
                                       7.875          2,160.53         65
                                       7.625          2,160.53      465,000.00
    OAK POINT        TX   75068          5            01/18/01         00
    0412306409                           03           03/01/01          0
    0412306409                           O            02/01/31
    0

    4222583          E22/G02             F           85,400.00         ZZ
                                         360         85,400.00          1
                                       8.625            664.23         70
                                       8.375            664.23      122,000.00
    VAN NUYS         CA   91401          5            01/16/01         00
    0412310419                           01           03/01/01          0
    0412310419                           N            02/01/31
    0

    4222584          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       8.625          1,400.02         84
                                       8.375          1,400.02      216,000.00
    SANTA ANA        CA   92706          5            01/12/01         04
    0412311417                           05           03/01/01         12
    0412311417                           O            02/01/31
    0

    4222592          E22/G02             F          439,600.00         ZZ
                                         360        439,600.00          1
                                       9.000          3,537.12         48
                                       8.750          3,537.12      925,000.00
    BURNET           TX   78611          5            01/18/01         00
    0412320558                           05           03/01/01          0
    0412320558                           O            02/01/31
    0

    4222601          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       8.500            922.70         78
                                       8.250            922.70      155,000.00
    WATERFORD        MI   48328          5            01/18/01         00
    0412325748                           05           03/01/01          0
    0412325748                           O            02/01/31
    0

    4222606          E22/G02             F           80,500.00         ZZ
                                         360         80,500.00          1
                                       8.500            618.98         85
                                       8.250            618.98       95,000.00
1

    LIVINGSTON       CA   95334          5            01/17/01         01
    0412333650                           05           03/01/01         12
    0412333650                           O            02/01/31
    0

    4222609          E22/G02             F          171,200.00         ZZ
                                         360        171,200.00          1
                                       8.500          1,316.38         80
                                       8.250          1,316.38      214,000.00
    SAGINAW          MI   48603          1            01/23/01         00
    0412338006                           05           03/01/01          0
    0412338006                           O            02/01/31
    0

    4222706          696/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       8.125          2,969.99         80
                                       7.875          2,969.99      500,000.00
    BETHESDA         MD   20817          1            01/19/01         00
    0432555407                           05           03/01/01          0
    30100224                             O            02/01/31
    0

    4224538          163/163             F          113,000.00         ZZ
                                         360        112,668.60          4
                                       9.625            960.49         95
                                       9.375            960.49      118,975.00
    ST LOUIS         MO   63110          1            07/28/00         04
    093009734                            05           09/01/00         30
    093009734                            N            08/01/30
    0

    4224876          964/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
                                       8.875          1,973.20         73
                                       8.625          1,973.20      340,000.00
    BOULDER          CO   80301          2            01/10/01         00
    0432562981                           03           03/01/01          0
    97909                                N            02/01/31
    0

    4224901          K31/G02             F          144,000.00         ZZ
                                         360        144,000.00          3
                                       8.875          1,145.73         90
                                       8.625          1,145.73      160,000.00
    COLLEGE PARK     GA   30349          1            01/05/01         01
    0432572683                           05           03/01/01         25
    2024010503                           N            02/01/31
    0
1

    4227371          E22/G02             F          114,400.00         ZZ
                                         360        114,400.00          1
                                       8.875            910.22         80
                                       8.625            910.22      143,000.00
    ROUND ROCK       TX   78664          1            01/24/01         00
    0412299281                           05           03/01/01          0
    0412299281                           O            02/01/31
    0

    4227372          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
                                       8.500            584.37         80
                                       8.250            584.37       95,000.00
    WESLACO          TX   78596          5            01/19/01         00
    0412299323                           05           03/01/01          0
    0412299323                           O            02/01/31
    0

    4227376          E22/G02             F          190,000.00         ZZ
                                         360        190,000.00          3
                                       9.125          1,545.90         95
                                       8.875          1,545.90      200,000.00
    NEW ORLEANS      LA   70124          5            01/19/01         04
    0412305765                           05           03/01/01         30
    0412305765                           O            02/01/31
    0

    4227377          E22/G02             F          163,000.00         ZZ
                                         360        163,000.00          1
                                       7.750          1,167.75         42
                                       7.500          1,167.75      393,000.00
    SAN JOSE         CA   95122          5            01/18/01         00
    0412309155                           05           03/01/01          0
    0412309155                           O            02/01/31
    0

    4227386          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       8.500            922.70         80
                                       8.250            922.70      150,000.00
    METAIRIE         LA   70001          5            01/19/01         00
    0412317588                           05           03/01/01          0
    0412317588                           O            02/01/31
    0

    4227389          E22/G02             F          142,200.00         ZZ
                                         360        142,200.00          1
1

                                       8.625          1,106.02         90
                                       8.375          1,106.02      158,000.00
    OROVILLE         CA   95966          5            01/16/01         04
    0412322463                           05           03/01/01         25
    0412322463                           O            02/01/31
    0

    4227399          E22/G02             F          151,550.00         ZZ
                                         360        151,550.00          4
                                       9.250          1,246.76         90
                                       9.000          1,246.76      168,400.00
    FORT LAUDERDALE  FL   33312          1            01/24/01         01
    0412330565                           05           03/01/01         25
    0412330565                           N            02/01/31
    0

    4227400          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.875          1,160.11         77
                                       7.625          1,160.11      208,000.00
    AURORA           CO   80014          5            01/19/01         00
    0412331001                           05           03/01/01          0
    0412331001                           O            02/01/31
    0

    4227401          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       8.000          2,054.54         80
                                       7.750          2,054.54      350,000.00
    CHICO            CA   95973          5            01/17/01         00
    0412334112                           05           03/01/01          0
    0412334112                           O            02/01/31
    0

    4227402          E22/G02             F          214,200.00         ZZ
                                         360        214,200.00          4
                                       8.750          1,685.11         90
                                       8.500          1,685.11      238,000.00
    DELRAY BEACH     FL   33444          1            01/24/01         10
    0412336620                           05           03/01/01         25
    0412336620                           N            02/01/31
    0

    4227403          E22/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
                                       9.375          1,696.77         80
                                       9.125          1,696.77      255,000.00
    AUSTIN           TX   78704          5            01/24/01         00
    0412336687                           05           03/01/01          0
1

    0412336687                           N            02/01/31
    0

    4227406          E22/G02             F          169,650.00         ZZ
                                         360        169,650.00          2
                                       8.750          1,334.64         90
                                       8.500          1,334.64      188,500.00
    SALEM            MA   01970          1            01/26/01         04
    0412337537                           05           03/01/01         25
    0412337537                           N            02/01/31
    0

    4227409          E22/G02             F          143,500.00         ZZ
                                         360        143,500.00          4
                                       9.250          1,180.54         90
                                       9.000          1,180.54      159,500.00
    SACRAMENTO       CA   95818          1            01/18/01         01
    0412339327                           05           03/01/01         25
    0412339327                           O            02/01/31
    0

    4228911          F60/G02             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       8.500          1,499.38         78
                                       8.250          1,499.38      250,000.00
    METAIRIE         LA   70002          1            01/15/01         00
    0432563799                           05           03/01/01          0
    445843                               O            02/01/31
    0

    4229850          168/168             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       8.375          1,140.11         51
                                       8.125          1,140.11      295,000.00
    YONKERS          NY   10703          1            01/16/01         00
    0189668806                           05           03/01/01          0
    0189668806                           O            02/01/31
    0

    4230457          E82/G02             F          119,600.00         T
                                         360        119,600.00          1
                                       8.625            930.24         75
                                       8.375            930.24      159,500.00
    REDLANDS         CA   92373          1            01/19/01         00
    0400368544                           05           03/01/01          0
    0400368544                           O            02/01/31
    0

1

    4232058          E22/G02             F          100,800.00         ZZ
                                         360        100,800.00          1
                                       8.750            792.99         90
                                       8.500            792.99      112,000.00
    HOMEWOOD         IL   60430          1            01/25/01         04
    0412259871                           05           03/01/01         25
    0412259871                           N            02/01/31
    0

    4232064          E22/G02             F           33,600.00         ZZ
                                         360         33,600.00          1
                                       8.750            264.33         80
                                       8.500            264.33       42,000.00
    AMARILLO         TX   79106          5            01/25/01         00
    0412305419                           05           03/01/01          0
    0412305419                           N            02/01/31
    0

    4232069          E22/G02             F           82,600.00         ZZ
                                         360         82,600.00          1
                                       8.000            606.09         74
                                       7.750            606.09      112,000.00
    MONTGOMERY       TX   77356          1            01/25/01         00
    0412315244                           03           03/01/01          0
    0412315244                           N            02/01/31
    0

    4232074          E22/G02             F          188,950.00         ZZ
                                         360        188,950.00          1
                                       8.000          1,386.45         90
                                       7.750          1,386.45      210,000.00
    CHINO            CA   91710          5            01/16/01         04
    0412323917                           05           03/01/01         25
    0412323917                           O            02/01/31
    0

    4232076          E22/G02             F           82,500.00         ZZ
                                         360         82,500.00          1
                                       7.625            583.93         75
                                       7.375            583.93      110,000.00
    CASHMERE         WA   98815          5            01/19/01         00
    0412326506                           05           03/01/01          0
    0412326506                           O            02/01/31
    0

    4232079          E22/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
                                       9.000            418.40         80
                                       8.750            418.40       65,000.00
1

    CHICAGO          IL   60643          1            01/25/01         00
    0412328056                           05           03/01/01          0
    0412328056                           N            02/01/31
    0

    4233438          U05/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       8.250            939.08         74
                                       8.000            939.08      171,001.00
    FAIRFIELD        CA   94533          1            01/11/01         00
    0432570760                           05           03/01/01          0
    3095008                              N            02/01/31
    0

    4235067          696/G02             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       8.125          2,784.36         70
                                       7.875          2,784.36      540,000.00
    DARNESTOWN       MD   20874          2            01/22/01         00
    0432560639                           05           03/01/01          0
    25101004                             N            02/01/31
    0

    4235172          696/G02             F          549,300.00         ZZ
                                         360        549,300.00          1
                                       8.000          4,030.57         75
                                       7.750          4,030.57      732,422.00
    VIENNA           VA   22182          1            01/25/01         00
    0432561249                           03           03/01/01          0
    25500011                             O            02/01/31
    0

    4237098          E22/G02             F          131,000.00         ZZ
                                         360        131,000.00          1
                                       8.875          1,042.29         80
                                       8.625          1,042.29      164,170.00
    UTICA            MI   48315          1            01/26/01         00
    0412170730                           01           03/01/01          0
    0412170730                           O            02/01/31
    0

    4237105          E22/G02             F           44,100.00         ZZ
                                         360         44,100.00          1
                                       9.000            354.84         90
                                       8.750            354.84       49,000.00
    FORT WORTH       TX   76112          1            01/26/01         04
    0412302572                           05           03/01/01         25
    0412302572                           O            02/01/31
    0
1

    4237108          E22/G02             F          151,550.00         ZZ
                                         360        151,550.00          4
                                       8.875          1,205.80         90
                                       8.625          1,205.80      168,400.00
    FT. LAUDERDALE   FL   33312          1            01/26/01         01
    0412310203                           05           03/01/01         25
    0412310203                           N            02/01/31
    0

    4237109          E22/G02             F          151,550.00         ZZ
                                         360        151,550.00          4
                                       8.875          1,205.80         90
                                       8.625          1,205.80      168,400.00
    FORT LAUDERDALE  FL   33312          1            01/26/01         01
    0412311482                           05           03/01/01         25
    0412311482                           N            02/01/31
    0

    4237111          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       8.625          1,368.91         80
                                       8.375          1,368.91      220,000.00
    DENVER           CO   80231          1            01/26/01         00
    0412311979                           05           03/01/01          0
    0412311979                           N            02/01/31
    0

    4237127          E22/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       8.750          2,753.45         84
                                       8.500          2,753.45      420,000.00
    NEW ORLEANS      LA   70118          2            01/22/01         04
    0412327330                           05           03/01/01         12
    0412327330                           O            02/01/31
    0

    4237130          E22/G02             F          193,800.00         ZZ
                                         360        193,800.00          1
                                       8.875          1,541.96         85
                                       8.625          1,541.96      228,000.00
    FRESNO           CA   93704          5            01/19/01         01
    0412330938                           05           03/01/01         12
    0412330938                           O            02/01/31
    0

    4237138          E22/G02             F           20,350.00         ZZ
                                         360         20,350.00          1
1

                                       9.375            169.26         90
                                       9.125            169.26       22,660.00
    BURTON           MI   48529          1            01/26/01         04
    0412337685                           05           03/01/01         25
    0412337685                           N            02/01/31
    0

    4237141          E22/G02             F          218,250.00         ZZ
                                         360        218,250.00          2
                                       8.875          1,736.49         95
                                       8.625          1,736.49      230,000.00
    LOS ANGELES      CA   90011          1            01/22/01         04
    0412338279                           05           03/01/01         30
    0412338279                           O            02/01/31
    0

    4237142          E22/G02             F          159,950.00         ZZ
                                         360        159,950.00          4
                                       8.500          1,229.88         95
                                       8.250          1,229.88      168,400.00
    FT LAUDERDALE    FL   33315          1            01/26/01         10
    0412340671                           05           03/01/01         30
    0412340671                           O            02/01/31
    0

    4237144          E22/G02             F          146,800.00         ZZ
                                         360        146,800.00          1
                                       7.500          1,026.45         90
                                       7.250          1,026.45      163,163.00
    CHEYENNE         WY   82009          1            01/26/01         04
    0412343006                           05           03/01/01         25
    0412343006                           O            02/01/31
    0

    4237151          E22/G02             F           61,200.00         ZZ
                                         360         61,200.00          1
                                       8.375            465.16         80
                                       8.125            465.16       76,500.00
    CEDARTOWN        GA   30125          1            01/26/01         00
    0412348435                           05           03/01/01          0
    0412348435                           O            02/01/31
    0

    4237155          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       7.750          1,088.95         80
                                       7.500          1,088.95      190,000.00
    GRAND PRAIRIE    TX   75050          1            01/25/01         00
    0412351900                           05           03/01/01          0
1

    0412351900                           O            02/01/31
    0

    4237906          225/225             F           26,300.00         ZZ
                                         360         26,253.08          1
                                       8.625            204.56         53
                                       8.375            204.56       50,000.00
    FORT MYERS       FL   33901          2            10/26/00         00
    6514111                              05           12/01/00          0
    6514111                              O            11/01/30
    0

    4238014          225/225             F          242,000.00         ZZ
                                         360        241,526.16          1
                                       8.875          1,925.47         49
                                       8.625          1,925.47      498,000.00
    NEWTONVILLE      MA   02460          2            11/14/00         00
    7218069                              01           01/01/01          0
    7218069                              N            12/01/30
    0

    4238059          225/225             F          143,100.00         ZZ
                                         360        142,916.88          1
                                       8.250          1,075.06         87
                                       8.000          1,075.06      165,000.00
    CHARLOTTE        NC   28210          1            11/08/00         10
    6514903                              05           01/01/01         25
    6514903                              O            12/01/30
    0

    4238111          225/225             F          365,000.00         ZZ
                                         360        364,520.85          1
                                       8.125          2,710.12         76
                                       7.875          2,710.12      481,000.00
    MARLBOROUGH      MA   01752          2            11/21/00         00
    7222741                              05           01/01/01          0
    7222741                              O            12/01/30
    0

    4238159          225/225             F          100,000.00         ZZ
                                         360         99,865.35          1
                                       8.000            733.77         68
                                       7.750            733.77      148,000.00
    MOHNTON          PA   19540          1            11/17/00         00
    7221497                              05           01/01/01          0
    7221497                              O            12/01/30
    0

1

    4238236          225/225             F           87,210.00         ZZ
                                         360         87,106.63          1
                                       8.625            678.32         90
                                       8.375            678.32       97,000.00
    MESA             AZ   85210          1            11/27/00         11
    7218905                              01           01/01/01         25
    7218905                              O            12/01/30
    0

    4238239          225/225             F          592,500.00         ZZ
                                         360        591,721.51          1
                                       8.125          4,399.30         75
                                       7.875          4,399.30      790,000.00
    EDWARDS          CO   81632          1            11/16/00         00
    7220240                              03           01/01/01          0
    7220240                              O            12/01/30
    0

    4238290          225/225             F           88,000.00         ZZ
                                         360         87,889.04          3
                                       8.750            692.30         80
                                       8.500            692.30      110,000.00
    JERSEY CITY      NJ   07306          1            11/06/00         00
    7207262                              05           01/01/01          0
    7207262                              N            12/01/30
    0

    4238291          225/225             F          500,000.00         ZZ
                                         360        499,084.84          1
                                       8.500          3,844.57         80
                                       8.250          3,844.57      625,000.00
    EL PASO          TX   79922          1            10/30/00         00
    7216477                              03           12/01/00          0
    7216477                              O            11/01/30
    0

    4238517          225/225             F          329,900.00         ZZ
                                         360        329,455.81          1
                                       8.000          2,420.69         75
                                       7.750          2,420.69      440,000.00
    PLACENTIA        CA   92870          1            11/16/00         00
    7222996                              03           01/01/01          0
    7222996                              O            12/01/30
    0

    4239238          225/225             F          437,000.00         ZZ
                                         360        436,179.43          1
                                       8.375          3,321.52         75
                                       8.125          3,321.52      585,000.00
1

    RANCHO PALOS VE  CA   90275          2            11/22/00         00
    7223804                              05           01/01/01          0
    7223804                              O            12/01/30
    0

    4239244          225/225             F          336,000.00         ZZ
                                         360        335,260.32          1
                                       8.125          2,494.80         80
                                       7.875          2,494.80      420,000.00
    SOUTH SAN FRANC  CA   94080          1            10/25/00         00
    7215026                              05           12/01/00          0
    7215026                              O            11/01/30
    0

    4239248          225/225             F          326,400.00         ZZ
                                         360        326,003.14          1
                                       8.500          2,509.73         80
                                       8.250          2,509.73      408,000.00
    WELLINGTON       FL   33414          1            11/28/00         00
    6518430                              03           01/01/01          0
    6518430                              O            12/01/30
    0

    4239303          225/225             F          364,800.00         ZZ
                                         360        364,367.69          3
                                       8.625          2,837.38         80
                                       8.375          2,837.38      456,000.00
    SAN PEDRO AREA   CA   90731          1            11/01/00         00
    7214169                              05           01/01/01          0
    7214169                              O            12/01/30
    0

    4239331          225/225             F          424,000.00         ZZ
                                         360        423,736.46          1
                                       8.375          3,222.71         80
                                       8.125          3,222.71      530,000.00
    SANTA CLARA      CA   95051          5            11/30/00         00
    7223484                              05           02/01/01          0
    7223484                              O            01/01/31
    0

    4239342          225/225             F          136,000.00         ZZ
                                         360        135,777.54          4
                                       9.500          1,143.57         76
                                       9.250          1,143.57      180,000.00
    NORTH CHICAGO    IL   60064          5            10/31/00         00
    7216529                              05           12/01/00          0
    7216529                              N            11/01/30
    0
1

    4239345          225/225             F          288,750.00         ZZ
                                         360        288,389.79          1
                                       8.375          2,194.71         70
                                       8.125          2,194.71      412,500.00
    BROOMFIELD       CO   80020          1            11/03/00         00
    7214004                              05           01/01/01          0
    7214004                              O            12/01/30
    0

    4239819          225/225             F           83,400.00         ZZ
                                         360         83,265.84          3
                                       9.125            678.57         90
                                       8.875            678.57       92,700.00
    PITTSFIELD       MA   01201          1            11/01/00         11
    7213388                              05           12/01/00         25
    7213388                              N            11/01/30
    0

    4239849          225/225             F          428,000.00         ZZ
                                         360        427,452.26          1
                                       8.250          3,215.43         80
                                       8.000          3,215.43      535,000.00
    OAKLAND          CA   94610          1            11/13/00         00
    7221520                              05           01/01/01          0
    7221520                              O            12/01/30
    0

    4239902          225/225             F          306,000.00         ZZ
                                         360        305,637.38          1
                                       8.625          2,380.04         90
                                       8.375          2,380.04      340,000.00
    VIENNA           VA   22180          2            11/22/00         10
    7221252                              05           01/01/01         25
    7221252                              O            12/01/30
    0

    4239905          225/225             F           76,000.00         T
                                         360         75,871.20          1
                                       8.875            604.70         80
                                       8.625            604.70       95,000.00
    WINHALL          VT   05340          1            11/17/00         00
    7218933                              05           01/01/01          0
    7218933                              O            12/01/30
    0

    4239907          225/225             F          500,000.00         ZZ
                                         360        499,422.55          1
1

                                       8.750          3,933.51         78
                                       8.500          3,933.51      647,622.00
    SHARON           MA   02067          1            11/15/00         00
    7193733                              05           01/01/01          0
    7193733                              O            12/01/30
    0

    4240257          225/225             F          361,250.00         ZZ
                                         360        360,799.34          1
                                       8.375          2,745.77         85
                                       8.125          2,745.77      425,000.00
    BLUFFTON         SC   29910          5            11/21/00         10
    7220566                              03           01/01/01         12
    7220566                              O            12/01/30
    0

    4240291          225/225             F          568,000.00         ZZ
                                         360        567,254.37          1
                                       8.125          4,217.39         80
                                       7.875          4,217.39      710,000.00
    ENCINITAS        CA   92024          5            11/15/00         00
    7219501                              05           01/01/01          0
    7219501                              O            12/01/30
    0

    4240319          225/225             F          117,000.00         ZZ
                                         360        116,797.42          1
                                       8.750            920.44         90
                                       8.500            920.44      130,000.00
    SARASOTA         FL   34231          1            11/29/00         11
    7220198                              05           01/01/01         25
    7220198                              O            12/01/30
    0

    4240328          225/225             F           81,900.00         ZZ
                                         360         81,805.41          2
                                       8.750            644.31         90
                                       8.500            644.31       91,000.00
    TOLEDO           OH   43607          2            11/21/00         10
    7219394                              05           01/01/01         25
    7219394                              N            12/01/30
    0

    4240344          225/225             F          218,450.00         ZZ
                                         360        218,197.71          3
                                       8.750          1,718.55         95
                                       8.500          1,718.55      229,950.00
    CITRUS HEIGHTS   CA   95610          1            11/15/00         10
    7222129                              05           01/01/01         30
1

    7222129                              O            12/01/30
    0

    4240399          225/225             F          106,000.00         ZZ
                                         360        105,871.03          1
                                       8.500            815.05         85
                                       8.250            815.05      125,000.00
    COLUMBIA         SC   29205          2            11/17/00         10
    7221985                              05           01/01/01         25
    7221985                              O            12/01/30
    0

    4240424          225/225             F          303,875.00         ZZ
                                         360        303,476.09          1
                                       8.125          2,256.27         85
                                       7.875          2,256.27      357,500.00
    PARKER           CO   80138          1            11/17/00         11
    7220772                              05           01/01/01         12
    7220772                              O            12/01/30
    0

    4240436          225/225             F          410,000.00         ZZ
                                         360        409,433.82          1
                                       7.875          2,972.79         79
                                       7.625          2,972.79      525,000.00
    SANTA ANA AREA   CA   92705          5            11/22/00         00
    7221730                              05           01/01/01          0
    7221730                              O            12/01/30
    0

    4240438          225/225             F          328,000.00         ZZ
                                         360        326,489.14          1
                                       8.000          2,406.75         80
                                       7.750          2,406.75      410,000.00
    SUGAR GROVE      IL   60554          5            11/01/00         00
    7218826                              05           12/01/00          0
    7218826                              O            11/01/30
    0

    4240718          225/225             F          496,000.00         ZZ
                                         360        495,396.89          1
                                       8.500          3,813.82         80
                                       8.250          3,813.82      620,000.00
    OXNARD AREA      CA   93035          5            11/22/00         00
    7224110                              05           01/01/01          0
    7224110                              O            12/01/30
    0

1

    4240748          225/225             F          391,000.00         ZZ
                                         360        390,548.44          1
                                       8.750          3,076.00         79
                                       8.500          3,076.00      500,000.00
    TROY             MI   48098          2            11/02/00         00
    7217764                              05           01/01/01          0
    7217764                              O            12/01/30
    0

    4240775          225/225             F          425,000.00         ZZ
                                         360        424,521.70          1
                                       8.875          3,381.50         60
                                       8.625          3,381.50      711,000.00
    ST PETE BEACH    FL   33706          2            10/31/00         00
    7213368                              05           01/01/01          0
    7213368                              O            12/01/30
    0

    4240780          225/225             F          420,000.00         ZZ
                                         360        419,502.28          2
                                       8.625          3,266.72         58
                                       8.375          3,266.72      730,000.00
    ENCINITAS        CA   92007          2            11/15/00         00
    7219480                              05           01/01/01          0
    7219480                              N            12/01/30
    0

    4240813          225/225             F          400,000.00         ZZ
                                         360        399,488.11          1
                                       8.250          3,005.07         58
                                       8.000          3,005.07      700,000.00
    SARATOGA         CA   95070          5            11/03/00         00
    7204778                              05           01/01/01          0
    7204778                              O            12/01/30
    0

    4240815          225/225             F          110,000.00         ZZ
                                         360        109,862.78          1
                                       8.375            836.08         74
                                       8.125            836.08      150,000.00
    JUPITER          FL   33478          2            11/13/00         00
    7216306                              05           01/01/01          0
    7216306                              O            12/01/30
    0

    4240978          225/225             F           47,600.00         ZZ
                                         360         47,545.02          1
                                       8.750            374.47         70
                                       8.500            374.47       68,000.00
1

    SUNNY ISLES      FL   33160          1            11/21/00         00
    6514998                              06           01/01/01          0
    6514998                              N            12/01/30
    0

    4241008          E82/G02             F           48,300.00         ZZ
                                         360         48,300.00          2
                                       9.625            410.54         70
                                       9.375            410.54       69,000.00
    WILKES BARRE     PA   18702          1            01/24/01         00
    0400348470                           05           03/01/01          0
    0400348470                           N            02/01/31
    0

    4241075          225/225             F          300,000.00         ZZ
                                         360        299,616.08          1
                                       8.250          2,253.80         30
                                       8.000          2,253.80    1,000,000.00
    NEW SHOREHAM     RI   02807          5            11/02/00         00
    6514996                              05           01/01/01          0
    6514996                              N            12/01/30
    0

    4241274          225/225             F          517,500.00         ZZ
                                         360        516,576.78          1
                                       8.625          4,025.07         75
                                       8.375          4,025.07      690,000.00
    ENGLEWOOD        CO   80111          1            11/03/00         00
    7218877                              05           12/01/00          0
    7218877                              O            11/01/30
    0

    4241373          225/225             F          252,700.00         ZZ
                                         360        252,359.75          1
                                       8.000          1,854.23         80
                                       7.750          1,854.23      318,000.00
    DANA POINT       CA   92629          1            11/03/00         00
    7220377                              05           01/01/01          0
    7220377                              O            12/01/30
    0

    4241714          225/225             F          300,000.00         ZZ
                                         360        299,625.76          1
                                       8.375          2,280.22         68
                                       8.125          2,280.22      442,000.00
    LOUISVILLE       KY   40206          1            11/13/00         00
    7217084                              05           01/01/01          0
    7217084                              O            12/01/30
    0
1

    4241860          225/225             F          192,600.00         ZZ
                                         360        191,969.19          4
                                       8.875          1,532.42         90
                                       8.625          1,532.42      214,000.00
    STOCKBRIDGE      GA   30281          1            11/01/00         11
    7213387                              05           12/01/00         25
    7213387                              N            11/01/30
    0

    4241924          225/225             F          283,500.00         ZZ
                                         360        283,172.59          4
                                       8.750          2,230.30         90
                                       8.500          2,230.30      315,000.00
    SAN DIEGO        CA   92104          1            11/10/00         10
    7214709                              05           01/01/01         25
    7214709                              O            12/01/30
    0

    4243381          E22/G02             F           54,900.00         ZZ
                                         360         54,900.00          2
                                       9.375            456.63         90
                                       9.125            456.63       61,000.00
    NEW ORLEANS      LA   70113          1            01/26/01         04
    0412236119                           05           03/01/01         25
    0412236119                           N            02/01/31
    0

    4243383          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       8.250            691.17         84
                                       8.000            691.17      110,000.00
    SACRAMENTO       CA   95822          2            01/22/01         01
    0412258097                           05           03/01/01         12
    0412258097                           O            02/01/31
    0

    4243399          E22/G02             F          128,000.00         T
                                         360        128,000.00          1
                                       8.000            939.22         80
                                       7.750            939.22      160,000.00
    LAKE ARROWHEAD   CA   92352          1            01/18/01         00
    0412301590                           05           03/01/01          0
    0412301590                           O            02/01/31
    0

    4243411          E22/G02             F          131,250.00         ZZ
                                         360        131,250.00          1
1

                                       8.250            986.04         66
                                       8.000            986.04      200,000.00
    CLARKSTON        MI   48348          2            01/23/01         00
    0412318917                           05           03/01/01          0
    0412318917                           O            02/01/31
    0

    4243414          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       8.750            472.02         80
                                       8.500            472.02       75,000.00
    GREAT FALLS      MT   59404          1            01/26/01         00
    0412321515                           05           03/01/01          0
    0412321515                           N            02/01/31
    0

    4243419          E22/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       8.250          2,794.71         80
                                       8.000          2,794.71      470,000.00
    THOUSAND OAKS    CA   91320          5            01/22/01         00
    0412325896                           05           03/01/01          0
    0412325896                           O            02/01/31
    0

    4243423          E22/G02             F           32,300.00         ZZ
                                         360         32,300.00          1
                                       9.375            268.66         85
                                       9.125            268.66       38,000.00
    ROANOKE          VA   24013          1            01/26/01         11
    0412328940                           05           03/01/01         20
    0412328940                           N            02/01/31
    0

    4243440          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       9.000          1,094.29         80
                                       8.750          1,094.29      170,000.00
    SACRAMENTO       CA   95819          1            01/23/01         00
    0412338105                           05           03/01/01          0
    0412338105                           N            02/01/31
    0

    4243448          E22/G02             F           51,750.00         ZZ
                                         360         51,750.00          1
                                       8.375            393.34         90
                                       8.125            393.34       57,500.00
    TOWN CREEK       AL   35672          1            01/29/01         11
    0412343345                           05           03/01/01         25
1

    0412343345                           O            02/01/31
    0

    4243545          S48/S48             F          340,000.00         ZZ
                                         360        339,575.86          1
                                       8.375          2,584.25         80
                                       8.125          2,584.25      425,000.00
    KERRVILLE        TX   78028          1            11/14/00         00
    29035870                             05           01/01/01          0
    29035870                             O            12/01/30
    0

    4243546          S48/S48             F          302,400.00         ZZ
                                         360        302,041.64          1
                                       8.625          2,352.04         80
                                       8.375          2,352.04      378,000.00
    ARVADA           CO   80004          2            11/22/00         00
    29071255                             05           01/01/01          0
    29071255                             O            12/01/30
    0

    4243547          S48/S48             F          384,650.00         ZZ
                                         360        384,228.22          1
                                       9.000          3,094.98         70
                                       8.750          3,094.98      549,520.00
    SAINT LOUIS      MO   63105          1            11/30/00         00
    29091956                             08           01/01/01          0
    29091956                             O            12/01/30
    0

    4243548          S48/S48             F          368,000.00         ZZ
                                         360        367,360.17          1
                                       8.750          2,895.06         80
                                       8.500          2,895.06      460,000.00
    SAN FRANCIS      CA   94121          1            10/12/00         00
    29106663                             05           12/01/00          0
    29106663                             O            11/01/30
    0

    4243549          S48/S48             F          296,350.00         ZZ
                                         360        295,807.54          1
                                       8.500          2,278.68         66
                                       8.250          2,278.68      450,000.00
    LAKE FOREST      IL   60045          2            10/23/00         00
    29117892                             03           12/01/00          0
    29117892                             N            11/01/30
    0

1

    4243550          S48/S48             F          300,000.00         ZZ
                                         360        299,625.76          1
                                       8.375          2,280.22         71
                                       8.125          2,280.22      425,000.00
    BOYNTON BEACH    FL   33436          1            11/06/00         00
    29206026                             03           01/01/01          0
    29206026                             O            12/01/30
    0

    4243551          S48/S48             F          336,000.00         ZZ
                                         360        335,785.74          1
                                       8.250          2,524.26         70
                                       8.000          2,524.26      480,000.00
    NAPA             CA   94558          5            11/30/00         00
    6019134250                           05           02/01/01          0
    6019134250                           O            01/01/31
    0

    4245672          168/168             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       8.750            786.70         67
                                       8.500            786.70      150,000.00
    LIVINGSTON       NY   12541          1            01/23/01         00
    0189673249                           05           03/01/01          0
    0189673249                           O            02/01/31
    0

    4248979          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          2
                                       8.875            795.64         80
                                       8.625            795.64      125,000.00
    CHICO            CA   95926          1            01/22/01         00
    0412337875                           05           03/01/01          0
    0412337875                           N            02/01/31
    0

    4248996          E22/G02             F          197,600.00         ZZ
                                         360        197,600.00          1
                                       8.000          1,449.92         80
                                       7.750          1,449.92      247,000.00
    TRACY            CA   95376          1            01/25/01         00
    0412351199                           05           03/01/01          0
    0412351199                           O            02/01/31
    0

    4250896          168/168             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       8.500          2,306.74         80
                                       8.250          2,306.74      375,000.00
1

    SEAFORD          NY   11783          1            01/16/01         00
    0189558164                           05           03/01/01          0
    0189558164                           O            02/01/31
    0

   TOTAL NUMBER OF LOANS   :      1,149

   TOTAL ORIGINAL BALANCE  :   215,665,669.48

   TOTAL PRINCIPAL BALANCE :   215,360,303.79

   TOTAL ORIGINAL P+I      :     1,673,806.32

   TOTAL CURRENT P+I       :     1,673,806.32

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

<PAGE>

1

  RUN ON     : 02/27/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 09.59.13           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2001-QS2  CONFORM                         CUTOFF : 02/01/01
  POOL       : 0004486
             :
             :
  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
  ----------------------------------------------------------------------

      1976698                              .2500
       80,000.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      1991172                              .2500
      218,008.38                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      1995201                              .2500
      154,618.77                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      1997704                              .2500
      168,118.68                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
             .0000                        9.5450

      1999091                              .2500
      121,231.56                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      3299769                              .2500
       59,450.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700
1

      3606798                              .2500
      124,480.96                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      3678120                              .2500
      136,044.48                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      3716500                              .2500
      197,665.98                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      3764996                              .2500
       96,281.18                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3767411                              .2500
      229,500.00                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      3774224                              .2500
       35,033.66                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
             .0000                        9.4200

      3778258                              .2500
       80,704.72                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3798579                              .2500
      144,597.97                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700
1

      3802266                              .2500
      194,662.38                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
             .0000                        9.1700

      3814312                              .2500
       74,825.48                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      3823154                              .2500
       73,967.23                           .0800
           10.0000                         .0000
            9.7500                         .0000
            9.6700                         .0000
             .0000                        9.6700

      3823797                              .2500
      129,277.48                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3831365                              .2500
      379,202.84                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
             .0000                        8.9200

      3835758                              .2500
       95,891.96                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3859415                              .2500
      147,827.65                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      3863267                              .2500
      217,467.42                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450
1

      3868812                              .2500
       90,857.39                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
             .0000                        8.9200

      3875552                              .2500
      139,756.59                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      3883450                              .2500
      143,672.39                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      3883614                              .2500
      119,613.77                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      3893803                              .2500
       22,467.63                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
             .0000                        9.4200

      3901082                              .2500
       55,455.33                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      3904381                              .2500
       99,297.77                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3907959                              .2500
       55,723.32                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
             .0000                        9.5450
1

      3913924                              .2500
       85,451.17                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      3919623                              .2500
      126,105.13                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      3920647                              .2500
      119,806.96                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      3921698                              .2500
      262,388.06                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      3928674                              .2500
      106,280.26                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3933555                              .2500
      100,131.48                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      3936889                              .2500
      139,791.77                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
             .0000                        9.1700

      3938920                              .2500
      251,573.02                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450
1

      3939137                              .2500
       64,708.57                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
             .0000                        9.4200

      3947011                              .2500
      171,781.36                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      3948646                              .2500
       77,478.37                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
             .0000                        8.9200

      3956338                              .2500
       93,614.16                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      3956339                              .2500
       74,891.34                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      3956340                              .2500
       86,128.29                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
             .0000                        9.4200

      3956342                              .2500
      131,059.85                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      3961033                              .2500
      265,334.97                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450
1

      3962120                              .2500
       78,352.50                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      3967548                              .2500
      195,600.47                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
             .0000                        9.5450

      3967916                              .2500
      308,567.71                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      3970901                              .2500
       59,500.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      3971445                              .2500
      152,314.56                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      3972048                              .2500
       71,429.38                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
             .0000                        9.1700

      3978866                              .2500
       99,940.96                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      3980009                              .2500
      107,939.45                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450
1

      3981536                              .2500
       40,368.15                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      3981567                              .2500
      181,253.70                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      3982222                              .2500
       55,969.41                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      3982466                              .2500
       71,918.98                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3983436                              .2500
      125,791.95                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      3984002                              .2500
      106,343.37                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      3985866                              .2500
      104,839.65                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      3987120                              .2500
      114,870.56                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450
1

      3987785                              .2500
      224,618.78                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3989625                              .2500
       76,426.39                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      3989875                              .2500
      100,902.84                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      3991229                              .2500
       58,428.87                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4002459                              .2500
      146,109.31                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      4002925                              .2500
      126,119.53                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4004061                              .2500
      137,341.19                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4004993                              .2500
       46,857.20                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
             .0000                        9.5450
1

      4005201                              .2500
      132,921.48                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4011129                              .2500
       80,661.46                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      4011181                              .2500
       95,880.24                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4012739                              .2500
       80,742.34                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4013539                              .2500
       80,949.65                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4013894                              .2500
      151,070.76                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4015114                              .2500
      263,848.11                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4016240                              .2500
      137,518.76                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950
1

      4019568                              .2500
       69,881.38                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4019649                              .2500
       75,856.65                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4020170                              .2500
      216,486.45                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4020314                              .2500
      117,656.75                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4020465                              .2500
       63,863.88                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4021801                              .2500
       76,322.53                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      4023482                              .2500
      125,100.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      4024408                              .2500
      215,484.38                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950
1

      4024427                              .2500
      174,094.01                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4024437                              .2500
      161,810.81                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4024606                              .2500
      211,150.80                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      4024616                              .2500
      162,072.05                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
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            7.9200                         .0000
             .0000                        7.9200

      4204605                              .2500
      197,873.74                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200
1

      4204607                              .2500
      119,823.54                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4204608                              .2500
       89,939.61                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4204610                              .2500
      144,500.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4204611                              .2500
      185,387.63                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4204615                              .2500
      191,886.64                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4204620                              .2500
      256,340.57                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4204621                              .2500
      179,082.78                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      4204622                              .2500
       51,171.30                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450
1

      4204634                              .2500
      102,539.43                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4205793                              .2500
       78,602.35                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4206030                              .2500
      200,000.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4206035                              .2500
       61,600.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      4206045                              .2500
      135,450.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4206049                              .2500
       80,750.00                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      4206052                              .2500
       71,200.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4206053                              .2500
      102,600.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
             .0000                        9.1700
1

      4206060                              .2500
      274,950.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4206061                              .2500
      135,000.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      4206068                              .2500
      149,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4206074                              .2500
      134,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4206077                              .2500
      208,250.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4207043                              .2500
      179,911.46                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
             .0000                        9.1700

      4209471                              .2500
      106,128.74                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4211547                              .2500
       64,000.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
             .0000                        9.1700
1

      4211552                              .2500
      155,700.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4211554                              .2500
       73,700.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4211555                              .2500
      227,881.80                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
             .0000                        8.9200

      4211572                              .2500
      323,000.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
             .0000                        8.9200

      4211573                              .2500
       92,700.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
             .0000                        8.9200

      4211574                              .2500
       94,850.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4211581                              .2500
       36,000.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
             .0000                        9.1700

      4211582                              .2500
       34,650.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
             .0000                        9.1700
1

      4212542                              .2500
       55,800.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4212620                              .2500
       49,220.91                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4215055                              .2500
      220,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4215298                              .2500
      264,851.44                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4215516                              .2500
      121,500.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4217128                              .2500
      160,800.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      4217131                              .2500
      131,000.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      4217132                              .2500
      193,700.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450
1

      4217134                              .2500
      118,750.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      4217138                              .2500
      130,500.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4217155                              .2500
       76,500.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4217158                              .2500
       80,000.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4217282                              .2500
       95,351.82                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      4220925                              .2500
      116,940.91                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      4221003                              .2500
      116,940.91                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      4222567                              .2500
      144,000.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700
1

      4222583                              .2500
       85,400.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4222584                              .2500
      180,000.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4222601                              .2500
      120,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4222606                              .2500
       80,500.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4222609                              .2500
      171,200.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4224538                              .2500
      112,668.60                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      4224876                              .2500
      248,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4224901                              .2500
      144,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450
1

      4227371                              .2500
      114,400.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4227372                              .2500
       76,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4227376                              .2500
      190,000.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      4227386                              .2500
      120,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4227389                              .2500
      142,200.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4227399                              .2500
      151,550.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
             .0000                        8.9200

      4227402                              .2500
      214,200.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4227403                              .2500
      204,000.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450
1

      4227406                              .2500
      169,650.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4227409                              .2500
      143,500.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
             .0000                        8.9200

      4228911                              .2500
      195,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4229850                              .2500
      150,000.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4230457                              .2500
      119,600.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4232058                              .2500
      100,800.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4232064                              .2500
       33,600.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4232074                              .2500
      188,950.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700
1

      4232079                              .2500
       52,000.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      4233438                              .2500
      125,000.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4237098                              .2500
      131,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4237105                              .2500
       44,100.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      4237108                              .2500
      151,550.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4237109                              .2500
      151,550.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4237111                              .2500
      176,000.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4237130                              .2500
      193,800.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450
1

      4237138                              .2500
       20,350.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      4237141                              .2500
      218,250.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4237142                              .2500
      159,950.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4237144                              .2500
      146,800.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
             .0000                        7.1700

      4237151                              .2500
       61,200.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4237906                              .2500
       26,253.08                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4238014                              .2500
      241,526.16                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4238059                              .2500
      142,916.88                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200
1

      4238236                              .2500
       87,106.63                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4238290                              .2500
       87,889.04                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4239303                              .2500
      364,367.69                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4239342                              .2500
      135,777.54                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
             .0000                        9.1700

      4239819                              .2500
       83,265.84                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      4239905                              .2500
       75,871.20                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4240319                              .2500
      116,797.42                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4240328                              .2500
       81,805.41                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200
1

      4240344                              .2500
      218,197.71                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4240399                              .2500
      105,871.03                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4240815                              .2500
      109,862.78                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4240978                              .2500
       47,545.02                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4241008                              .2500
       48,300.00                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      4241373                              .2500
      252,359.75                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4241860                              .2500
      191,969.19                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4241924                              .2500
      283,172.59                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200
1

      4243381                              .2500
       54,900.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      4243383                              .2500
       92,000.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4243399                              .2500
      128,000.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4243411                              .2500
      131,250.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4243414                              .2500
       60,000.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4243423                              .2500
       32,300.00                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      4243440                              .2500
      136,000.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      4243448                              .2500
       51,750.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450
1

      4245672                              .2500
      100,000.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4248979                              .2500
      100,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

  TOTAL NUMBER OF LOANS:      856
  TOTAL BALANCE........:        111,535,438.71

1

  RUN ON     : 02/27/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 09.59.13            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS2  CON   FIXED SUMMARY REPORT      CUTOFF : 02/01/01
  POOL       : 0004486
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        8.7663            7.2500     10.0000
  RFC NET RATE                          8.5163            7.0000      9.7500
  NET MTG RATE(INVSTR RATE)             8.4363            6.9200      9.6700
  POST STRIP RATE                        .0000             .0000       .0000
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0800             .0800       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                 8.4363            6.9200      9.6700

  TOTAL NUMBER OF LOANS:   856
  TOTAL BALANCE........:     111,535,438.71

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

  RUN ON     : 02/27/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 09.59.13          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS2                                  CUTOFF : 02/01/01
  POOL       : 0004486
             :
             :
  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      VALUE
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________

    1976698          A33/A33             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       9.125            650.91         64
                                       8.875            650.91      125,000.00
    WHITE CLOUD      MI   49349          5            12/28/00         00
    011094773                            05           03/01/01          0
    011094773                            O            02/01/31
    0

    1991172          992/G02             F          218,700.00         ZZ
                                         360        218,008.38          4
                                       9.125          1,779.42         90
                                       8.875          1,779.42      245,000.00
    YONKERS          NY   10701          1            08/21/00         01
    0432355725                           05           10/01/00         25
    847643                               N            09/01/30
    0

    1995201          664/G02             F          155,200.00         ZZ
                                         360        154,618.77          1
                                       9.000          1,248.78         80
                                       8.750          1,248.78      194,000.00
    CRETE            IL   60417          1            07/14/00         00
    0432190270                           05           09/01/00          0
    0003604808                           O            08/01/30
    0

    1997704          225/225             F          168,750.00         ZZ
                                         360        168,118.68          1
                                       9.875          1,465.34         90
                                       9.625          1,465.34      187,500.00
    TAMPA            FL   33609          1            06/01/00         04
    7192629                              05           07/01/00         25
1

    7192629                              N            06/01/30
    0

    1999091          R19/G02             F          121,500.00         ZZ
                                         360        121,231.56          2
                                       9.000            977.61         90
                                       8.750            977.61      135,000.00
    FAIRHAVEN        MA   02719          1            09/29/00         04
    0432343648                           05           11/01/00         25
    085484079                            N            10/01/30
    0

    3299769          883/G02             F           59,450.00         ZZ
                                         360         59,450.00          1
                                       9.000            478.35         70
                                       8.750            478.35       84,989.00
    OCALA            FL   34471          2            01/03/01         00
    0432568095                           05           03/01/01          0
    50000462                             N            02/01/31
    0

    3606798          623/G02             F          125,000.00         ZZ
                                         360        124,480.96          1
                                       9.375          1,039.69         75
                                       9.125          1,039.69      168,000.00
    DODGE CENTER     MN   55927          5            05/10/00         00
    0432158962                           05           07/01/00          0
    5256603                              O            06/01/30
    0

    3678120          F28/G02             F          139,100.00         ZZ
                                         240        136,044.48          3
                                       8.375          1,196.16         84
                                       8.125          1,196.16      167,000.00
    WORCESTER        MA   01604          2            12/10/99         10
    0432198208                           05           02/01/00          6
    5105228                              O            01/01/20
    0

    3716500          526/526             F          198,400.00         ZZ
                                         360        197,665.98          1
                                       8.500          1,525.52         80
                                       8.250          1,525.52      248,000.00
    HOUSTON          TX   77096          1            07/14/00         00
    0412631                              07           09/01/00          0
    0412631                              O            08/01/30
    0

1

    3764996          A33/G02             F           96,500.00         ZZ
                                         360         96,281.18          1
                                       8.875            767.80         54
                                       8.625            767.80      181,000.00
    WHITE LAKE       MI   48388          5            09/12/00         00
    0432553931                           05           11/01/00          0
    8940924814                           O            10/01/30
    0

    3767411          R19/G02             F          229,500.00         ZZ
                                         360        229,500.00          4
                                       9.625          1,950.72         90
                                       9.375          1,950.72      255,000.00
    HAMPTON          NH   03862          1            01/03/01         04
    0432530509                           02           03/01/01         25
    3801807533                           N            02/01/31
    0

    3774224          A33/G02             F           35,100.00         ZZ
                                         360         35,033.66          1
                                       9.750            301.57         90
                                       9.500            301.57       39,000.00
    DETROIT          MI   48206          1            09/13/00         11
    0432545416                           05           11/01/00         25
    8370926313                           O            10/01/30
    0

    3778258          637/G02             F           80,750.00         ZZ
                                         360         80,704.72          2
                                       8.875            642.49         95
                                       8.625            642.49       85,000.00
    ALEXANDRIA       LA   71301          1            12/15/00         01
    0432525004                           05           02/01/01         30
    0017688847                           O            01/01/31
    0

    3798579          936/G02             F          145,000.00         ZZ
                                         360        144,597.97          1
                                       9.000          1,166.71         80
                                       8.750          1,166.71      182,000.00
    FORT WORTH       TX   76109          5            08/23/00         00
    0432359370                           05           10/01/00          0
    177162345661                         O            09/01/30
    0

    3802266          168/168             F          195,150.00         ZZ
                                         360        194,662.38          1
                                       9.500          1,640.93         75
                                       9.250          1,640.93      260,250.00
1

    CHARLOTTE        NC   28214          1            08/30/00         00
    0869310623                           05           10/01/00          0
    0869310623                           O            09/01/30
    0

    3814312          196/G02             F           75,000.00         ZZ
                                         360         74,825.48          1
                                       8.750            590.03         66
                                       8.500            590.03      115,000.00
    STREETSBORO      OH   44241          1            09/06/00         00
    0432283265                           05           11/01/00          0
    1381425                              O            10/01/30
    0

    3823154          E22/G02             F           74,100.00         ZZ
                                         360         73,967.23          2
                                      10.000            650.28         95
                                       9.750            650.28       78,000.00
    ELKHART          IN   46516          1            09/25/00         01
    0412114571                           05           11/01/00         30
    0412114571                           O            10/01/30
    0

    3823797          313/G02             F          129,350.00         ZZ
                                         360        129,277.48          3
                                       8.875          1,029.17         74
                                       8.625          1,029.17      175,000.00
    MILWAUKEE        WI   53202          2            12/20/00         00
    0432530137                           05           02/01/01          0
    0007041684                           N            01/01/31
    0

    3831365          E22/G02             F          380,000.00         ZZ
                                         360        379,202.84          4
                                       9.250          3,126.17         95
                                       9.000          3,126.17      400,000.00
    LONG BEACH       CA   90802          1            09/18/00         01
    0412121824                           05           11/01/00         30
    0412121824                           O            10/01/30
    0

    3835758          664/G02             F           96,000.00         ZZ
                                         360         95,891.96          1
                                       8.875            763.82         80
                                       8.625            763.82      120,000.00
    LANSDALE         PA   19446          1            11/17/00         00
    0432566958                           05           01/01/01          0
    0003394277                           N            12/01/30
    0
1

    3859415          633/G02             F          148,200.00         ZZ
                                         360        147,827.65          1
                                       8.375          1,126.43         95
                                       8.125          1,126.43      156,000.00
    SAN DIEGO        CA   92116          1            09/21/00         10
    0432437945                           01           11/01/00         30
    699592                               O            10/01/30
    0

    3863267          664/G02             F          217,800.00         ZZ
                                         360        217,467.42          4
                                       9.375          1,811.56         90
                                       9.125          1,811.56      242,000.00
    EAST BOSTON      MA   02128          1            10/30/00         11
    0432423044                           05           12/01/00         25
    0003393774                           N            11/01/30
    0

    3868812          180/G02             F           91,000.00         T
                                         360         90,857.39          1
                                       9.250            748.63         75
                                       9.000            748.63      121,500.00
    MOUNT CRESTED B  CO   81225          1            10/13/00         00
    0432375095                           01           12/01/00          0
    0022740245                           O            11/01/30
    0

    3875552          F64/G02             F          140,000.00         ZZ
                                         360        139,756.59          1
                                       8.750          1,101.38         74
                                       8.500          1,101.38      190,000.00
    BRECKENRIDGE     CO   80424          5            10/19/00         00
    0432502367                           03           12/01/00          0
    9000000100                           O            11/01/30
    0

    3883450          B28/G02             F          143,910.00         ZZ
                                         360        143,672.39          1
                                       9.000          1,157.94         90
                                       8.750          1,157.94      159,900.00
    DENVER           CO   80239          1            10/16/00         11
    0432380228                           05           12/01/00         25
    0008280025                           O            11/01/30
    0

    3883614          593/G02             F          119,900.00         ZZ
                                         360        119,613.77          1
1

                                       8.625            932.57         80
                                       8.375            932.57      149,900.00
    RENO             NV   89502          1            09/01/00         00
    0432333110                           05           11/01/00          0
    0050134287                           O            10/01/30
    0

    3893803          T73/G02             F           22,500.00         ZZ
                                         360         22,467.63          1
                                       9.750            193.31         90
                                       9.500            193.31       25,000.00
    BALTIMORE        MD   21224          1            11/21/00         26
    0432570877                           07           12/21/00         25
    592883                               N            11/21/30
    0

    3901082          J95/J95             F           55,575.00         ZZ
                                         360         55,455.33          1
                                       9.125            452.18         95
                                       8.875            452.18       58,500.00
    AUSTIN           TX   78705          1            09/12/00         12
    0022916431                           01           11/01/00         30
    0022916431                           O            10/01/30
    0

    3904381          168/168             F           99,900.00         ZZ
                                         360         99,297.77          1
                                       8.875            794.85         90
                                       8.625            794.85      111,000.00
    MYRTLE BEACH     SC   29577          2            09/22/00         10
    0169608719                           05           11/01/00         25
    0169608719                           O            10/01/30
    0

    3907959          E22/G02             F           55,800.00         ZZ
                                         360         55,723.32          1
                                       9.875            484.54         90
                                       9.625            484.54       62,000.00
    LAKE             MI   48632          1            10/18/00         01
    0412121501                           05           12/01/00         25
    0412121501                           N            11/01/30
    0

    3913924          A35/G02             F           85,600.00         ZZ
                                         360         85,451.17          1
                                       8.750            673.42         80
                                       8.500            673.42      107,000.00
    LAS VEGAS        NV   89147          1            10/24/00         00
    0432552065                           09           12/01/00          0
1

    00363                                N            11/01/30
    0

    3919623          637/G02             F          126,240.00         ZZ
                                         360        126,105.13          4
                                       9.125          1,027.13         80
                                       8.875          1,027.13      157,800.00
    SACRAMENTO       CA   95821          1            11/09/00         00
    0432568277                           07           01/01/01          0
    0021351838                           N            12/01/30
    0

    3920647          168/168             F          120,000.00         ZZ
                                         360        119,806.96          1
                                       9.125            976.36         57
                                       8.875            976.36      214,000.00
    RED HOOK         NY   12504          5            10/13/00         00
    0189647736                           05           12/01/00          0
    0189647736                           O            11/01/30
    0

    3921698          936/G02             F          263,000.00         ZZ
                                         360        262,388.06          1
                                       8.750          2,069.03         79
                                       8.500          2,069.03      335,000.00
    CORONA           CA   92879          2            09/25/00         00
    0432409068                           05           11/01/00          0
    182669325669                         O            10/01/30
    0

    3928674          168/168             F          106,400.00         ZZ
                                         360        106,280.26          1
                                       8.875            846.57         80
                                       8.625            846.57      133,000.00
    GATES            NY   14606          5            10/12/00         00
    0189638842                           05           12/01/00          0
    0189638842                           O            11/01/30
    0

    3933555          U05/G02             F          101,250.00         ZZ
                                         360        100,131.48          1
                                       9.000            814.68         75
                                       8.750            814.68      135,000.00
    HOUSTON          TX   77057          5            11/20/00         00
    0432486298                           01           01/01/01          0
    3080832                              O            12/01/30
    0

1

    3936889          685/G02             F          140,000.00         ZZ
                                         360        139,791.77          1
                                       9.500          1,177.20         85
                                       9.250          1,177.20      165,000.00
    SEDALIA          MO   65301          5            10/09/00         29
    0432512606                           05           12/01/00         17
    208595                               O            11/01/30
    0

    3938920          637/G02             F          252,000.00         ZZ
                                         360        251,573.02          1
                                       8.875          2,005.03         90
                                       8.625          2,005.03      280,000.00
    ALTO             NM   88312          1            10/10/00         11
    0432553006                           05           12/01/00         25
    00218290601                          O            11/01/30
    0

    3939137          T90/G02             F           64,800.00         ZZ
                                         360         64,708.57          2
                                       9.750            556.73         90
                                       9.500            556.73       72,000.00
    NEW ORLEANS      LA   70119          1            11/01/00         12
    0432447621                           05           12/01/00         25
    27120                                N            11/01/30
    0

    3947011          664/G02             F          172,000.00         ZZ
                                         360        171,781.36          2
                                       9.000          1,383.96         64
                                       8.750          1,383.96      270,000.00
    CHICAGO          IL   60629          5            11/17/00         00
    0432518520                           05           01/01/01          0
    0003708849                           O            12/01/30
    0

    3948646          168/168             F           77,600.00         ZZ
                                         360         77,478.37          2
                                       9.250            638.40         80
                                       9.000            638.40       98,000.00
    OGDEN            NY   14624          1            10/12/00         00
    0869308963                           05           12/01/00          0
    0869308963                           O            11/01/30
    0

    3956338          E22/G02             F           93,750.00         ZZ
                                         360         93,614.16          1
                                       9.625            796.87         75
                                       9.375            796.87      125,000.00
1

    BAYFIELD         CO   81122          2            11/02/00         00
    0412195901                           05           12/01/00          0
    0412195901                           N            11/01/30
    0

    3956339          E22/G02             F           75,000.00         ZZ
                                         360         74,891.34          1
                                       9.625            637.49         75
                                       9.375            637.49      100,000.00
    BAYFIELD         CO   81122          2            11/02/00         00
    0412195968                           05           12/01/00          0
    0412195968                           N            11/01/30
    0

    3956340          E22/G02             F           86,250.00         ZZ
                                         360         86,128.29          1
                                       9.750            741.02         75
                                       9.500            741.02      115,000.00
    BAYFIELD         CO   81122          5            11/02/00         00
    0412195992                           05           12/01/00          0
    0412195992                           N            11/01/30
    0

    3956342          E22/G02             F          131,250.00         ZZ
                                         360        131,059.85          1
                                       9.625          1,115.61         75
                                       9.375          1,115.61      175,000.00
    BAYFIELD         CO   81122          2            11/02/00         00
    0412196057                           05           12/01/00          0
    0412196057                           N            11/01/30
    0

    3961033          253/253             F          265,500.00         ZZ
                                         360        265,334.97          1
                                       8.375          2,018.00         90
                                       8.125          2,018.00      295,000.00
    LITTLETON        CO   80124          1            12/01/00         10
    958978                               03           02/01/01         25
    958978                               O            01/01/31
    0

    3962120          737/G02             F           78,400.00         ZZ
                                         360         78,352.50          1
                                       8.500            602.83         80
                                       8.250            602.83       98,000.00
    CLINTON TOWNSHI  MI   48038          5            11/27/00         00
    0432515005                           01           02/01/01          0
    2010901                              O            01/01/31
    0
1

    3967548          562/G02             F          195,884.01         ZZ
                                         356        195,600.47          3
                                       9.875          1,705.70         88
                                       9.625          1,705.70      225,000.00
    BRONX            NY   10461          1            12/01/00         12
    0432436442                           05           12/01/00         25
    632016                               N            07/01/30
    0

    3967916          B57/G02             F          308,750.00         ZZ
                                         360        308,567.71          3
                                       8.625          2,401.43         95
                                       8.375          2,401.43      325,000.00
    LOS ANGELES      CA   90045          1            12/15/00         11
    0432543254                           05           02/01/01         30
    2015731                              O            01/01/31
    0

    3970901          642/G02             F           59,500.00         ZZ
                                         360         59,500.00          1
                                       9.375            494.89         80
                                       9.125            494.89       75,000.00
    HUEYTOWN         AL   35023          2            01/19/01         00
    0432564938                           05           03/01/01          0
    11118700                             N            02/01/31
    0

    3971445          637/G02             F          152,500.00         ZZ
                                         360        152,314.56          1
                                       8.500          1,172.60         75
                                       8.250          1,172.60      206,000.00
    PORTLAND         OR   97217          5            11/20/00         00
    0432482214                           05           01/01/01          0
    0021435342                           O            12/01/30
    0

    3972048          P34/G02             F           71,500.00         ZZ
                                         360         71,429.38          1
                                       9.500            601.21         65
                                       9.250            601.21      110,000.00
    OROVILLE         CA   95965          5            11/22/00         00
    0432456705                           05           01/01/01          0
    14174                                O            12/01/30
    0

    3978866          U05/G02             F          100,000.00         ZZ
                                         360         99,940.96          1
1

                                       8.625            777.79         40
                                       8.375            777.79      250,000.00
    BURNET           TX   78611          5            12/08/00         00
    0432527208                           05           02/01/01          0
    3083946                              O            01/01/31
    0

    3980009          B57/G02             F          108,000.00         ZZ
                                         360        107,939.45          4
                                       8.875            859.30         90
                                       8.625            859.30      120,000.00
    APPLE VALLEY     CA   92307          1            12/05/00         11
    0432499648                           05           02/01/01         25
    2015347                              N            01/01/31
    0

    3981536          992/G02             F           40,500.00         ZZ
                                         360         40,368.15          1
                                       9.125            329.53         90
                                       8.875            329.53       45,000.00
    MIDDLETOWN       NY   10940          1            07/26/00         14
    0432508505                           05           09/01/00         30
    845439                               N            08/01/30
    0

    3981567          964/G02             F          181,600.00         ZZ
                                         360        181,253.70          1
                                       8.750          1,428.65         79
                                       8.500          1,428.65      230,000.00
    PHOENIX          AZ   85254          5            10/23/00         00
    0432563575                           05           12/01/00          0
    77103                                O            11/01/30
    0

    3982222          962/G02             F           56,000.00         ZZ
                                         360         55,969.41          2
                                       9.000            450.59         80
                                       8.750            450.59       70,000.00
    FARGO            ND   58102          5            12/29/00         00
    0432525376                           05           02/01/01          0
    3982222                              N            01/01/31
    0

    3982466          163/G02             F           72,000.00         ZZ
                                         360         71,918.98          1
                                       8.875            572.86         80
                                       8.625            572.86       90,000.00
    MYRTLE BEACH     SC   29579          5            11/28/00         00
    0432553154                           05           01/01/01          0
1

    917666431                            O            12/01/30
    0

    3983436          637/G02             F          126,000.00         ZZ
                                         360        125,791.95          1
                                       9.000          1,013.83         80
                                       8.750          1,013.83      157,500.00
    ZACHARY          LA   70791          1            10/23/00         00
    0432540243                           05           12/01/00          0
    0017690751                           O            11/01/30
    0

    3984002          U05/G02             F          106,400.00         ZZ
                                         360        106,343.37          4
                                       9.125            865.71         80
                                       8.875            865.71      133,000.00
    HOLLYWOOD        FL   33023          1            12/12/00         00
    0432501526                           05           02/01/01          0
    3083408                              N            01/01/31
    0

    3985866          637/G02             F          104,900.00         T
                                         360        104,839.65          1
                                       8.750            825.25         60
                                       8.500            825.25      176,000.00
    YAKIMA           WA   98901          5            12/13/00         00
    0432548360                           05           02/01/01          0
    0021097308                           O            01/01/31
    0

    3987120          883/G02             F          115,000.00         ZZ
                                         360        114,870.56          1
                                       8.875            915.00         78
                                       8.625            915.00      148,000.00
    AUBURN           GA   30011          2            11/28/00         00
    0432474807                           05           01/01/01          0
    00003386                             O            12/01/30
    0

    3987785          168/168             F          225,000.00         ZZ
                                         360        224,618.78          1
                                       8.875          1,790.20         77
                                       8.625          1,790.20      294,350.00
    HAMBURG TOWNSHI  MI   48116          1            11/01/00         00
    0989949788                           01           12/01/00          0
    0989949788                           O            11/01/30
    0

1

    3989625          637/G02             F           76,500.00         ZZ
                                         360         76,426.39          3
                                       9.625            650.25         79
                                       9.375            650.25       98,000.00
    NEW BEDFORD      MA   02740          1            11/20/00         14
    0432445955                           05           01/01/01         25
    0021759139                           N            12/01/30
    0

    3989875          737/G02             F          101,000.00         ZZ
                                         360        100,902.84          1
                                       9.625            858.49         90
                                       9.375            858.49      113,000.00
    MADISON HEIGHTS  MI   48071          5            11/15/00         12
    0432477966                           05           01/01/01         25
    70001422                             O            12/01/30
    0

    3991229          737/G02             F           58,500.00         ZZ
                                         360         58,428.87          1
                                       8.500            449.81         75
                                       8.250            449.81       78,000.00
    LAKE HAVASU CIT  AZ   86403          1            11/27/00         00
    0432534113                           01           01/01/01          0
    964785                               O            12/01/30
    0

    4002459          664/G02             F          146,250.00         ZZ
                                         360        146,109.31          3
                                       9.625          1,243.11         90
                                       9.375          1,243.11      162,500.00
    ELGIN            IL   60123          1            11/22/00         11
    0432496727                           02           01/01/01         25
    0003716727                           N            12/01/30
    0

    4002925          Q73/G02             F          126,200.00         ZZ
                                         360        126,119.53          1
                                       8.250            948.10         80
                                       8.000            948.10      158,000.00
    HERNANDO         MS   38632          5            12/08/00         00
    0432502326                           05           02/01/01          0
    2768492                              O            01/01/31
    0

    4004061          637/G02             F          137,500.00         ZZ
                                         360        137,341.19          1
                                       8.750          1,081.72         50
                                       8.500          1,081.72      275,000.00
1

    BROOKLYN         NY   11201          5            11/21/00         00
    0432555464                           01           01/01/01          0
    0013335427                           N            12/01/30
    0

    4004993          637/G02             F           46,900.00         ZZ
                                         360         46,857.20          1
                                       9.875            407.26         73
                                       9.625            407.26       64,500.00
    MOLINE           IL   61265          1            11/22/00         00
    0432536985                           05           01/01/01          0
    0018750018                           N            12/01/30
    0

    4005201          U96/G02             F          133,000.00         ZZ
                                         360        132,921.48          1
                                       8.625          1,034.46         95
                                       8.375          1,034.46      141,000.00
    AIEA             HI   96701          2            12/14/00         10
    0432566073                           06           02/01/01         30
    01100012                             O            01/01/31
    0

    4011129          F96/G02             F           80,750.00         ZZ
                                         360         80,661.46          1
                                       9.000            649.73         95
                                       8.750            649.73       85,000.00
    HACKENSACK       NJ   07601          1            11/30/00         12
    0432472181                           04           01/01/01         30
    00000                                O            12/01/30
    0

    4011181          163/G02             F           96,000.00         ZZ
                                         360         95,880.24          1
                                       8.375            729.67         80
                                       8.125            729.67      120,000.00
    CLATSKANIE       OR   97016          1            11/27/00         00
    0432511806                           05           01/01/01          0
    817721517                            O            12/01/30
    0

    4012739          E22/G02             F           80,910.00         ZZ
                                         360         80,742.34          1
                                       8.875            643.76         90
                                       8.625            643.76       89,900.00
    ARLINGTON        TX   76018          1            11/17/00         01
    0412225740                           05           01/01/01         30
    0412225740                           O            12/01/30
    0
1

    4013539          A50/G02             F           81,000.00         ZZ
                                         360         80,949.65          1
                                       8.375            615.66         90
                                       8.125            615.66       90,000.00
    MADISON          AL   35758          1            12/15/00         14
    0432526408                           05           02/01/01         25
    213190                               O            01/01/31
    0

    4013894          637/G02             F          151,250.00         ZZ
                                         360        151,070.76          1
                                       8.625          1,176.41         90
                                       8.375          1,176.41      168,089.00
    LAS VEGAS        NV   89110          1            11/21/00         11
    0432555779                           05           01/01/01         25
    0012944773                           O            12/01/30
    0

    4015114          163/G02             F          264,000.00         ZZ
                                         360        263,848.11          1
                                       8.750          2,076.89         80
                                       8.500          2,076.89      330,000.00
    DALY CITY        CA   94014          5            11/29/00         00
    0432526663                           05           02/01/01          0
    617731334                            O            01/01/31
    0

    4016240          637/G02             F          137,600.00         ZZ
                                         360        137,518.76          1
                                       8.625          1,070.24         80
                                       8.375          1,070.24      172,000.00
    FARMINGVILLE     NY   11738          1            12/28/00         00
    0432548527                           05           02/01/01          0
    0013333653                           O            01/01/31
    0

    4019568          936/G02             F           70,000.00         ZZ
                                         360         69,881.38          1
                                       8.875            556.96         64
                                       8.625            556.96      110,000.00
    PATERSON         NJ   07501          5            10/25/00         00
    0432458180                           05           12/01/00          0
    183838445557                         O            11/01/30
    0

    4019649          J86/G02             F           76,000.00         ZZ
                                         360         75,856.65          1
1

                                       8.875            604.69         80
                                       8.625            604.69       95,500.00
    EAST BRUNSWICK   NJ   08816          1            12/14/00         00
    0432511293                           01           02/01/01          0
    STEPPS                               O            01/01/31
    0

    4020170          A50/G02             F          216,750.00         ZZ
                                         360        216,486.45          1
                                       8.500          1,666.62         85
                                       8.250          1,666.62      255,000.00
    HOOVER           AL   35226          1            12/01/00         01
    0432505121                           05           01/01/01         12
    132508                               O            12/01/30
    0

    4020314          A50/G02             F          117,800.00         ZZ
                                         360        117,656.75          1
                                       8.500            905.79         76
                                       8.250            905.79      155,000.00
    CHILDERSBURG     AL   35044          5            11/27/00         00
    0432508034                           05           01/01/01          0
    132509                               O            12/01/30
    0

    4020465          664/G02             F           64,000.00         T
                                         360         63,863.88          1
                                       8.500            492.10         80
                                       8.250            492.10       80,000.00
    GREENSBORO       NC   27406          5            11/28/00         00
    0432503498                           05           01/01/01          0
    0003715596                           O            12/01/30
    0

    4021801          168/168             F           76,400.00         ZZ
                                         360         76,322.53          3
                                       9.375            635.46         90
                                       9.125            635.46       84,900.00
    ROCHESTER        NY   14620          1            11/09/00         14
    0189637099                           05           01/01/01         25
    0189637099                           N            12/01/30
    0

    4023482          S18/G02             F          125,100.00         ZZ
                                         360        125,100.00          4
                                       9.375          1,040.52         90
                                       9.125          1,040.52      139,000.00
    MIAMI            FL   33130          1            01/08/01         12
    0432570828                           05           03/01/01         25
1

    40050                                N            02/01/31
    0

    4024408          526/526             F          216,000.00         ZZ
                                         360        215,484.38          1
                                       8.625          1,680.03         80
                                       8.375          1,680.03      270,000.00
    GILBERT          AZ   85234          1            09/18/00         00
    0372919                              03           11/01/00          0
    0372919                              O            10/01/30
    0

    4024427          526/526             F          174,500.00         ZZ
                                         360        174,094.01          1
                                       8.750          1,372.79         94
                                       8.500          1,372.79      186,000.00
    THE DALLES       OR   97058          2            09/07/00         12
    0414859                              05           11/01/00         30
    0414859                              O            10/01/30
    0

    4024437          526/526             F          162,100.00         ZZ
                                         360        161,810.81          1
                                       8.625          1,260.80         63
                                       8.375          1,260.80      259,000.00
    PORTLAND         OR   97236          1            10/13/00         00
    0417520                              05           12/01/00          0
    0417520                              O            11/01/30
    0

    4024606          526/526             F          211,500.00         ZZ
                                         360        211,150.80          1
                                       9.000          1,701.78         90
                                       8.750          1,701.78      235,000.00
    BRONX            NY   10453          1            10/17/00         12
    0423355                              05           12/01/00         25
    0423355                              O            11/01/30
    0

    4024616          526/526             F          162,450.00         ZZ
                                         360        162,072.05          4
                                       8.750          1,277.99         90
                                       8.500          1,277.99      180,500.00
    MESA             AZ   85201          1            09/28/00         12
    0423494                              05           11/01/00         25
    0423494                              N            10/01/30
    0

1

    4024657          526/526             F          174,150.00         ZZ
                                         360        173,712.46          1
                                       8.375          1,323.67         90
                                       8.125          1,323.67      193,500.00
    AVON             CO   81620          1            09/28/00         12
    0423956                              01           11/01/00         25
    0423956                              O            10/01/30
    0

    4024693          526/526             F          176,000.00         ZZ
                                         360        175,590.52          4
                                       8.750          1,384.59         80
                                       8.500          1,384.59      220,000.00
    CHICO            CA   95928          1            09/28/00         00
    0424323                              05           11/01/00          0
    0424323                              N            10/01/30
    0

    4024694          526/526             F          178,200.00         ZZ
                                         360        177,873.86          4
                                       8.500          1,370.20         90
                                       8.250          1,370.20      198,000.00
    EAGLE POINT      OR   97524          1            10/04/00         12
    0424324                              05           12/01/00         25
    0424324                              N            11/01/30
    0

    4024747          526/526             F          140,400.00         ZZ
                                         360        140,155.89          2
                                       8.750          1,104.53         90
                                       8.500          1,104.53      156,000.00
    FRANKLIN         IN   46131          1            10/17/00         12
    0424957                              05           12/01/00         25
    0424957                              N            11/01/30
    0

    4024753          526/526             F          110,700.00         ZZ
                                         360        110,455.39          1
                                       9.000            890.72         90
                                       8.750            890.72      123,000.00
    MESA             AZ   85201          1            09/28/00         01
    0425010                              05           11/01/00         25
    0425010                              N            10/01/30
    0

    4024779          526/526             F          149,400.00         ZZ
                                         360        149,165.84          1
                                       9.250          1,229.08         90
                                       9.000          1,229.08      166,000.00
1

    PHOENIX          AZ   85018          1            10/20/00         12
    0425340                              05           12/01/00         25
    0425340                              N            11/01/30
    0

    4024803          526/526             F          148,000.00         ZZ
                                         360        147,658.97          2
                                       8.250          1,111.87         80
                                       8.000          1,111.87      185,000.00
    FORT LAUDERDALE  FL   33304          1            10/27/00         00
    0425664                              05           12/01/00          0
    0425664                              O            11/01/30
    0

    4024811          526/526             F          306,000.00         ZZ
                                         360        305,454.11          4
                                       8.625          2,380.04         90
                                       8.375          2,380.04      340,000.00
    ANAHEIM          CA   92804          1            10/09/00         12
    0425800                              05           12/01/00         25
    0425800                              N            11/01/30
    0

    4024856          526/526             F          148,400.00         ZZ
                                         360        148,148.56          1
                                       8.875          1,180.74         90
                                       8.625          1,180.74      164,900.00
    GILBERT          AZ   85296          1            10/11/00         12
    0426351                              03           12/01/00         25
    0426351                              O            11/01/30
    0

    4024859          526/526             F          127,400.00         ZZ
                                         360        127,112.68          2
                                       8.750          1,002.26         65
                                       8.500          1,002.26      196,000.00
    LOMITA           CA   90717          1            10/20/00         00
    0426393                              05           12/01/00          0
    0426393                              N            11/01/30
    0

    4024860          526/526             F          127,400.00         ZZ
                                         360        127,098.61          1
                                       8.625            990.90         65
                                       8.375            990.90      196,000.00
    LOMITA           CA   90717          1            10/18/00         00
    0426405                              05           12/01/00          0
    0426405                              N            11/01/30
    0
1

    4024863          526/526             F          161,228.00         T
                                         360        160,975.32          1
                                       9.250          1,326.38         75
                                       9.000          1,326.38      215,000.00
    LINCOLN CITY     OR   97367          1            10/24/00         00
    0426458                              01           12/01/00          0
    0426458                              O            11/01/30
    0

    4024868          526/526             F          128,000.00         ZZ
                                         360        127,742.33          3
                                       8.875          1,018.43         80
                                       8.625          1,018.43      160,000.00
    PHOENIX          AZ   85015          1            10/19/00         00
    0426540                              05           12/01/00          0
    0426540                              N            11/01/30
    0

    4024886          526/526             F          207,000.00         ZZ
                                         360        206,209.77          4
                                       9.250          1,702.94         90
                                       9.000          1,702.94      230,000.00
    TEMPE            AZ   85281          1            10/18/00         12
    0426849                              05           12/01/00         25
    0426849                              N            11/01/30
    0

    4024898          526/526             F          175,500.00         ZZ
                                         360        175,224.92          4
                                       9.250          1,443.80         90
                                       9.000          1,443.80      195,000.00
    SAN DIEGO        CA   92105          1            10/17/00         12
    0427056                              05           12/01/00         25
    0427056                              N            11/01/30
    0

    4024931          526/526             F          119,700.00         ZZ
                                         360        119,491.88          1
                                       8.750            941.68         90
                                       8.500            941.68      133,000.00
    MESA             AZ   85202          1            10/27/00         01
    0427925                              05           12/01/00         25
    0427925                              N            11/01/30
    0

    4024932          526/526             F          118,350.00         ZZ
                                         360        118,144.23          1
1

                                       8.750            931.06         90
                                       8.500            931.06      131,500.00
    TEMPE            AZ   85282          1            10/27/00         01
    0427926                              05           12/01/00         25
    0427926                              N            11/01/30
    0

    4025247          664/G02             F          150,000.00         ZZ
                                         360        149,825.17          1
                                       9.500          1,261.29         73
                                       9.250          1,261.29      206,000.00
    MARLBOROUGH      MA   01752          2            11/29/00         00
    0432542322                           05           01/01/01          0
    0003654159                           O            12/01/30
    0

    4025355          R17/G02             F           30,100.00         ZZ
                                         360         30,066.12          1
                                       8.875            239.49         37
                                       8.625            239.49       83,500.00
    ST PETERSBURG    FL   33713          1            11/07/00         00
    0432432300                           05           01/01/01          0
    1000012406                           O            12/01/30
    0

    4028062          637/G02             F           90,000.00         ZZ
                                         360         89,955.73          2
                                       9.500            756.77         46
                                       9.250            756.77      198,000.00
    SPRINGFIELD GAR  NY   11413          5            12/07/00         00
    0432543627                           05           02/01/01          0
    0013334768                           O            01/01/31
    0

    4028421          H19/G02             F           99,200.00         ZZ
                                         360         99,141.43          1
                                       8.625            771.57         80
                                       8.375            771.57      124,000.00
    GREEN BAY        WI   54302          1            12/15/00         00
    0432511731                           05           02/01/01          0
    0010040061                           O            01/01/31
    0

    4029600          683/G02             F           56,700.00         ZZ
                                         360         56,666.52          1
                                       8.625            441.01         90
                                       8.375            441.01       63,000.00
    HUDSON           NH   03051          1            12/07/00         04
    0432557973                           01           02/01/01         25
1

    018825                               N            01/01/31
    0

    4029924          B57/G02             F           64,000.00         ZZ
                                         360         63,960.22          4
                                       8.375            486.45         77
                                       8.125            486.45       84,000.00
    BAKERSFIELD      CA   93304          1            12/05/00         00
    0432532026                           05           02/01/01          0
    2015500                              O            01/01/31
    0

    4031569          U05/G02             F           64,000.00         ZZ
                                         360         63,964.12          1
                                       8.875            509.21         80
                                       8.625            509.21       80,000.00
    KNOXVILLE        TN   37920          2            11/30/00         00
    0432496156                           05           02/01/01          0
    3086550                              O            01/01/31
    0

    4034231          E22/G02             F          236,000.00         ZZ
                                         360        235,713.04          1
                                       8.500          1,814.64         80
                                       8.250          1,814.64      295,000.00
    HORSESHOE BAY    TX   78657          1            11/27/00         00
    0412254401                           03           01/01/01          0
    0412254401                           O            12/01/30
    0

    4034637          E86/G02             F          225,000.00         ZZ
                                         360        224,480.42          4
                                       9.875          1,953.78         90
                                       9.625          1,953.78      250,000.00
    BRONX            NY   10455          1            08/25/00         12
    0432549491                           05           10/01/00         30
    131468810                            N            09/01/30
    0

    4036212          S27/G02             F           40,500.00         ZZ
                                         360         40,479.55          3
                                       9.375            336.86         90
                                       9.125            336.86       45,000.00
    SAINT PETERSBUR  FL   33701          1            12/22/00         10
    0432517019                           05           02/01/01         25
    1010005979                           N            01/01/31
    0

1

    4036992          664/G02             F           71,900.00         ZZ
                                         360         71,819.08          2
                                       8.875            572.07         90
                                       8.625            572.07       79,900.00
    HAMDEN           CT   06514          1            12/01/00         11
    0432543346                           05           01/01/01         25
    0003650793                           N            12/01/30
    0

    4037613          P06/G02             F          196,000.00         ZZ
                                         360        195,767.73          1
                                       8.625          1,524.47         80
                                       8.375          1,524.47      245,000.00
    SANTEE           CA   92071          1            11/30/00         00
    0432474898                           05           01/01/01          0
    4300764                              O            12/01/30
    0

    4038091          168/168             F          100,000.00         ZZ
                                         360         99,243.03          1
                                       9.375            831.75         33
                                       9.125            831.75      310,000.00
    LAKEVILLE        MA   02347          5            09/20/00         00
    247804SI                             05           11/01/00          0
    247804SI                             O            10/01/30
    0

    4038841          G52/G02             F           65,000.00         ZZ
                                         360         64,920.98          1
                                       8.500            499.79         76
                                       8.250            499.79       86,000.00
    TUCSON           AZ   85730          5            11/17/00         00
    0432475861                           05           01/01/01          0
    99006282                             O            12/01/30
    0

    4039205          637/G02             F          206,800.00         ZZ
                                         360        206,674.71          1
                                       8.500          1,590.12         90
                                       8.250          1,590.12      229,800.00
    SANTA CLARITA    CA   91350          1            12/01/00         11
    0432546083                           03           02/01/01         25
    0019320050                           O            01/01/31
    0

    4039639          E22/G02             F           95,450.00         T
                                         360         95,355.72          1
                                       9.500            802.60         75
                                       9.250            802.60      127,300.00
1

    MABANK           TX   75147          5            11/28/00         00
    0412152498                           03           01/01/01          0
    0412152498                           O            12/01/30
    0

    4039653          E22/G02             F          163,200.00         ZZ
                                         360        163,016.34          1
                                       8.875          1,298.49         80
                                       8.625          1,298.49      204,000.00
    ENGLEWOOD        CO   80110          5            11/28/00         00
    0412203598                           05           01/01/01          0
    0412203598                           N            12/01/30
    0

    4039665          E22/G02             F          140,000.00         ZZ
                                         360        139,829.78          1
                                       8.500          1,076.48         80
                                       8.250          1,076.48      175,000.00
    ALVIN            TX   77511          5            11/22/00         00
    0412227159                           05           01/01/01          0
    0412227159                           O            12/01/30
    0

    4039685          E22/G02             F           72,000.00         ZZ
                                         360         71,932.55          1
                                       9.750            618.59         90
                                       9.500            618.59       80,000.00
    BAY CITY         MI   48706          5            11/22/00         04
    0412243024                           05           01/01/01         25
    0412243024                           O            12/01/30
    0

    4039710          E22/G02             F          135,000.00         ZZ
                                         360        134,848.08          1
                                       8.875          1,074.12         73
                                       8.625          1,074.12      185,000.00
    ALLENSTOWN       NH   03275          5            11/22/00         00
    0412251431                           05           01/01/01          0
    0412251431                           O            12/01/30
    0

    4039715          E22/G02             F           55,250.00         ZZ
                                         360         55,184.79          1
                                       9.625            469.62         85
                                       9.375            469.62       65,000.00
    GULFPORT         MS   39501          2            11/22/00         01
    0412253445                           05           01/01/01         12
    0412253445                           O            12/01/30
    0
1

    4040496          637/G02             F          125,900.00         ZZ
                                         360        125,829.42          1
                                       8.875          1,001.72         90
                                       8.625          1,001.72      139,900.00
    HUMBLE           TX   77369          1            12/15/00         11
    0432563385                           05           02/01/01         25
    0021721576                           O            01/01/31
    0

    4041689          637/G02             F           96,000.00         ZZ
                                         360         95,935.58          1
                                       8.000            704.42         80
                                       7.750            704.42      120,000.00
    CLAYTON          NM   88415          5            12/05/00         00
    0432539179                           05           02/01/01          0
    0017392440                           O            01/01/31
    0

    4041714          637/G02             F          107,800.00         ZZ
                                         360        107,739.56          1
                                       8.875            857.71         95
                                       8.625            857.71      113,500.00
    MARSHALL         NC   28753          5            12/07/00         04
    0432541175                           05           02/01/01         30
    0013125091                           O            01/01/31
    0

    4041986          637/G02             F          206,250.00         ZZ
                                         360        206,131.34          1
                                       8.750          1,622.57         75
                                       8.500          1,622.57      275,000.00
    GOLD HILL        OR   97525          5            12/01/00         00
    0432545259                           05           02/01/01          0
    0021435409                           O            01/01/31
    0

    4043195          J40/G02             F          144,500.00         ZZ
                                         360        144,414.68          1
                                       8.625          1,123.91         85
                                       8.375          1,123.91      170,000.00
    VICKSBURG        MS   39180          5            12/05/00         11
    0432499002                           05           02/01/01         12
    7685317                              O            01/01/31
    0

    4043544          H37/G02             F           43,500.00         T
                                         360         43,450.20          1
1

                                       8.750            342.00         75
                                       8.500            342.00       58,000.00
    NORTH WILDWOOD   NJ   08260          1            11/17/00         00
    0432438885                           08           01/01/01          0
    00246885                             O            12/01/30
    0

    4044801          E22/G02             F          137,600.00         ZZ
                                         360        137,432.71          1
                                       8.500          1,058.02         80
                                       8.250          1,058.02      172,000.00
    BAY CITY         MI   48708          5            11/24/00         00
    0412200941                           05           01/01/01          0
    0412200941                           O            12/01/30
    0

    4044803          E22/G02             F           72,400.00         ZZ
                                         360         72,333.95          2
                                       9.875            628.68         90
                                       9.625            628.68       80,450.00
    GALLUP           NM   87301          1            11/29/00         01
    0412203796                           05           01/01/01         25
    0412203796                           N            12/01/30
    0

    4045316          737/G02             F          133,350.00         ZZ
                                         360        133,275.23          1
                                       8.875          1,061.00         90
                                       8.625          1,061.00      148,200.00
    TYLER            TX   75701          1            12/06/00         01
    0432548535                           05           02/01/01         25
    2011358                              O            01/01/31
    0

    4045335          A33/A33             F          102,500.00         ZZ
                                         360        102,442.53          1
                                       8.875            815.54         70
                                       8.625            815.54      147,500.00
    NOVI             MI   48375          1            12/12/00         00
    007094943                            01           02/01/01          0
    007094943                            O            01/01/31
    0

    4045815          737/G02             F          121,500.00         ZZ
                                         360        121,380.00          4
                                       9.500          1,021.64         90
                                       9.250          1,021.64      135,000.00
    MILWAUKEE        WI   53218          1            12/01/00         10
    0432543536                           05           01/01/01         25
1

    965376                               N            12/01/30
    0

    4047679          T44/G02             F           93,750.00         ZZ
                                         360         93,691.73          1
                                       8.375            712.57         75
                                       8.125            712.57      125,000.00
    LAS VEGAS        NV   89102          5            12/08/00         00
    0432498160                           01           02/01/01          0
    9116940                              O            01/01/31
    0

    4049384          M66/G02             F           67,500.00         ZZ
                                         360         67,463.12          1
                                       9.000            543.13         63
                                       8.750            543.13      107,500.00
    ATCO             NJ   08004          1            12/18/00         00
    0432556140                           05           02/01/01          0
    210431                               O            01/01/31
    0

    4052838          637/G02             F          272,000.00         ZZ
                                         360        271,839.41          3
                                       8.625          2,115.59         80
                                       8.375          2,115.59      340,000.00
    LOS ANGELES      CA   90732          1            12/04/00         00
    0432550614                           05           02/01/01          0
    0019322635                           O            01/01/31
    0

    4053113          E22/G02             F          144,000.00         ZZ
                                         360        143,853.99          1
                                       9.375          1,197.72         90
                                       9.125          1,197.72      160,000.00
    BROWNSTOWN TWP   MI   48173          5            11/03/00         10
    0412205338                           05           01/01/01         25
    0412205338                           O            12/01/30
    0

    4056162          637/G02             F          121,600.00         ZZ
                                         360        121,522.45          1
                                       8.250            913.55         80
                                       8.000            913.55      152,000.00
    EL PASO          TX   79936          1            12/08/00         00
    0432516193                           05           02/01/01          0
    0021878293                           O            01/01/31
    0

1

    4056890          883/G02             F          108,000.00         ZZ
                                         360        107,939.45          1
                                       8.875            859.30         71
                                       8.625            859.30      153,000.00
    TOMAHAWK         WI   54487          5            12/22/00         00
    0432513414                           05           02/01/01          0
    00003496                             O            01/01/31
    0

    4058376          E22/G02             F          100,800.00         ZZ
                                         360         99,183.57          1
                                       8.750            792.99         80
                                       8.500            792.99      126,000.00
    BURNET           TX   78611          5            11/27/00         00
    0412231763                           03           01/01/01          0
    0412231763                           O            12/01/30
    0

    4060315          G52/G02             F          139,500.00         ZZ
                                         360        139,343.02          2
                                       8.875          1,109.92         89
                                       8.625          1,109.92      157,000.00
    AUSTIN           TX   78745          1            11/20/00         10
    0432550812                           05           01/01/01         25
    74502501                             N            12/01/30
    0

    4060850          637/G02             F          138,000.00         ZZ
                                         360        137,912.00          1
                                       8.250          1,036.75         69
                                       8.000          1,036.75      200,000.00
    HENDERSON        NV   89015          5            12/06/00         00
    0432519247                           05           02/01/01          0
    0012946943                           O            01/01/31
    0

    4061163          225/225             F          105,000.00         ZZ
                                         360        104,802.83          1
                                       8.375            798.08         75
                                       8.125            798.08      140,000.00
    NEWLAND          NC   28657          5            10/16/00         00
    6512241                              05           12/01/00          0
    6512241                              O            11/01/30
    0

    4061407          B57/G02             F          144,000.00         ZZ
                                         360        143,910.50          1
                                       8.375          1,094.50         74
                                       8.125          1,094.50      196,500.00
1

    VENTURA          CA   93001          5            12/13/00         00
    0432534501                           05           02/01/01          0
    2015117                              O            01/01/31
    0

    4061615          G52/G02             F          139,500.00         ZZ
                                         360        139,343.02          2
                                       8.875          1,109.92         90
                                       8.625          1,109.92      155,000.00
    AUSTIN           TX   78745          1            11/20/00         10
    0432443307                           05           01/01/01         25
    74502500                             N            12/01/30
    0

    4062951          U28/G02             F          112,261.00         ZZ
                                         360        112,192.99          1
                                       8.500            863.19         90
                                       8.250            863.19      124,735.00
    HOLLY SPRINGS    NC   27540          1            12/15/00         04
    0432534022                           03           02/01/01         25
    00000                                O            01/01/31
    0

    4063271          A50/G02             F           60,800.00         ZZ
                                         360         60,764.10          1
                                       8.625            472.90         66
                                       8.375            472.90       93,300.00
    ALBERTIVLLE      AL   35950          1            12/11/00         00
    0432504207                           05           02/01/01          0
    132550                               O            01/01/31
    0

    4063399          U59/G02             F          179,900.00         ZZ
                                         360        179,692.23          1
                                       8.750          1,415.28         79
                                       8.500          1,415.28      229,900.00
    YORKTOWN HEIGHT  NY   10598          1            12/08/00         00
    0432476737                           05           01/08/01          0
    800687915                            O            12/08/30
    0

    4063884          742/G02             F          148,000.00         ZZ
                                         360        147,910.34          1
                                       8.500          1,137.99         80
                                       8.250          1,137.99      185,000.00
    SAUGERTIES       NY   12477          5            12/15/00         00
    0432534121                           05           02/01/01          0
    6174262                              O            01/01/31
    0
1

    4064107          664/G02             F           58,800.00         ZZ
                                         360         58,769.51          1
                                       9.250            483.74         60
                                       9.000            483.74       98,000.00
    CARY             IL   60013          5            12/14/00         00
    0432505535                           03           02/01/01          0
    0003627114                           N            01/01/31
    0

    4066472          637/G02             F          135,000.00         ZZ
                                         360        134,920.29          1
                                       8.625          1,050.02         90
                                       8.375          1,050.02      150,000.00
    JONAS            PA   18058          2            12/08/00         10
    0432517589                           05           02/01/01         25
    0021918644                           O            01/01/31
    0

    4067274          A50/G02             F          110,000.00         ZZ
                                         360        109,931.63          1
                                       8.375            836.08         71
                                       8.125            836.08      155,000.00
    ATHENS           GA   30605          1            12/07/00         00
    0432531309                           03           02/01/01          0
    207192                               O            01/01/31
    0

    4067704          664/G02             F           58,500.00         ZZ
                                         360         58,471.97          2
                                       9.625            497.25         90
                                       9.375            497.25       65,000.00
    NEW BEDFORD      MA   02740          1            01/02/01         11
    0432546992                           05           02/01/01         25
    003654175                            N            01/01/31
    0

    4067945          E22/G02             F           80,000.00         ZZ
                                         360         77,941.42          1
                                       9.500            672.68         80
                                       9.250            672.68      100,000.00
    ST PETERSBURG    FL   33710          2            11/30/00         00
    0412185308                           05           01/01/01          0
    0412185308                           O            12/01/30
    0

    4067986          E22/G02             F          157,600.00         ZZ
                                         360        157,273.37          1
1

                                       8.125          1,170.18         80
                                       7.875          1,170.18      197,000.00
    CHINO HILLS      CA   91709          1            11/30/00         00
    0412257347                           05           01/01/01          0
    0412257347                           N            12/01/30
    0

    4069229          H22/G02             F          247,700.00         ZZ
                                         240        247,700.00          2
                                       8.250          2,110.57         80
                                       8.000          2,110.57      309,722.00
    JACKSON HEIGHTS  NY   11370          1            01/25/01         00
    0432569937                           07           03/01/01          0
    0011023                              O            02/01/21
    0

    4069382          163/G02             F           39,900.00         ZZ
                                         360         39,878.21          1
                                       9.000            321.04         70
                                       8.750            321.04       57,000.00
    AKRON            OH   44307          2            12/15/00         00
    0432559706                           05           02/01/01          0
    3910732902                           N            01/01/31
    0

    4070393          E86/G02             F           68,000.00         ZZ
                                         360         67,934.60          1
                                       9.625            577.99         80
                                       9.375            577.99       85,000.00
    FORT LEE         NJ   07024          1            11/21/00         00
    0432548501                           08           01/01/01          0
    970101                               N            12/01/30
    0

    4071031          637/G02             F          232,000.00         ZZ
                                         360        231,855.80          1
                                       8.375          1,763.37         80
                                       8.125          1,763.37      290,000.00
    HANOVER          MA   02339          1            12/19/00         00
    0432562262                           05           02/01/01          0
    0021763917                           O            01/01/31
    0

    4071301          G52/G02             F           90,800.00         ZZ
                                         360         90,750.40          2
                                       9.000            730.60         90
                                       8.750            730.60      100,900.00
    TUCSON           AZ   85719          1            12/12/00         10
    0432573764                           05           02/01/01         25
1

    99006440                             N            01/01/31
    0

    4072282          F61/G02             F          148,500.00         ZZ
                                         360        148,407.70          1
                                       8.375          1,128.71         90
                                       8.125          1,128.71      165,000.00
    SELAH            WA   98942          1            12/21/00         11
    0432567550                           05           02/01/01         25
    001278CU                             O            01/01/31
    0

    4072297          637/G02             F          224,000.00         ZZ
                                         360        223,864.30          1
                                       8.500          1,722.37         80
                                       8.250          1,722.37      280,000.00
    SCOTTSDALE       AZ   85254          1            12/12/00         00
    0432548261                           05           02/01/01          0
    0017394644                           O            01/01/31
    0

    4072379          T44/G02             F          225,000.00         ZZ
                                         360        224,863.69          1
                                       8.500          1,730.06         70
                                       8.250          1,730.06      325,000.00
    SHINGLE SPRINGS  CA   95682          5            12/08/00         00
    0432515252                           03           02/01/01          0
    9120173                              O            01/01/31
    0

    4072436          637/G02             F          182,400.00         ZZ
                                         360        182,295.05          1
                                       8.750          1,434.95         80
                                       8.500          1,434.95      228,000.00
    LITTLETON        CO   80129          1            12/12/00         00
    0432540375                           03           02/01/01          0
    0015020076                           O            01/01/31
    0

    4072803          E22/G02             F           79,050.00         ZZ
                                         360         78,948.83          1
                                       8.250            593.88         85
                                       8.000            593.88       94,000.00
    MONTGOMERY       AL   36116          2            12/01/00         04
    0412262123                           05           01/01/01         12
    0412262123                           O            12/01/30
    0

1

    4073012          B65/G02             F          116,200.00         ZZ
                                         360        116,129.60          1
                                       8.500            893.48         70
                                       8.250            893.48      166,000.00
    COLUMBUS         OH   43221          5            12/22/00         00
    0432513554                           05           02/01/01          0
    011100936                            O            01/01/31
    0

    4073114          637/G02             F          101,500.00         ZZ
                                         360        101,441.59          1
                                       8.750            798.51         74
                                       8.500            798.51      138,000.00
    RUIDOSO          NM   88345          2            12/21/00         00
    0432536332                           05           02/01/01          0
    0021853262                           O            01/01/31
    0

    4073224          806/G02             F          142,700.00         ZZ
                                         360        142,526.49          1
                                       8.500          1,097.24         80
                                       8.250          1,097.24      178,481.00
    RANCHO CUCAMONG  CA   91730          1            11/14/00         00
    0432448959                           03           01/01/01          0
    1540085131                           O            12/01/30
    0

    4074116          575/G02             F          274,000.00         BB
                                         360        273,861.64          1
                                       9.375          2,278.99         67
                                       9.125          2,278.99      412,000.00
    FAIRFAX STATION  VA   22039          2            12/12/00         00
    0432503415                           03           02/01/01          0
    9441460                              O            01/01/31
    0

    4074317          637/G02             F           42,642.00         ZZ
                                         360         42,619.31          3
                                       9.125            346.95         90
                                       8.875            346.95       47,380.00
    TROY             NY   12180          1            12/27/00         14
    0432546737                           05           02/01/01         25
    0018779496                           N            01/01/31
    0

    4074438          K15/G02             F          135,800.00         ZZ
                                         360        135,731.42          1
                                       9.375          1,129.52         95
                                       9.125          1,129.52      144,000.00
1

    VERNON           NJ   07422          5            12/13/00         11
    0432513844                           05           02/01/01         30
    20350301612                          O            01/01/31
    0

    4076196          313/G02             F          106,800.00         ZZ
                                         360        106,748.83          3
                                       9.625            907.79         90
                                       9.375            907.79      118,700.00
    MILLWAUKEE       WI   53218          1            12/18/00         10
    0432525095                           05           02/01/01         25
    0007045511                           N            01/01/31
    0

    4076428          964/G02             F          150,000.00         ZZ
                                         360        149,904.35          1
                                       8.250          1,126.90         75
                                       8.000          1,126.90      200,000.00
    PHOENIX          AZ   85032          5            12/14/00         00
    0432499838                           05           02/01/01          0
    4076428                              O            01/01/31
    0

    4077281          E22/G02             F          140,000.00         ZZ
                                         360        139,695.22          1
                                       8.875          1,113.91         80
                                       8.625          1,113.91      175,000.00
    EL CAJON         CA   92020          5            11/06/00         00
    0412144511                           05           01/01/01          0
    0412144511                           O            12/01/30
    0

    4077296          E22/G02             F          108,000.00         ZZ
                                         360        107,858.22          1
                                       8.125            801.90         80
                                       7.875            801.90      135,000.00
    AUSTIN           TX   78745          5            12/01/00         00
    0412254641                           05           01/01/01          0
    0412254641                           O            12/01/30
    0

    4079906          M66/G02             F           80,000.00         ZZ
                                         360         79,912.27          1
                                       9.000            643.70         51
                                       8.750            643.70      159,900.00
    HELMETTA         NJ   08828          1            11/15/00         00
    0432454999                           09           01/01/01          0
    141844                               O            12/01/30
    0
1

    4081562          700/G02             F           39,750.00         ZZ
                                         360         39,729.93          1
                                       9.375            330.62         75
                                       9.125            330.62       53,000.00
    INDIANAPOLIS     IN   46222          5            01/02/01         00
    0432563070                           05           02/01/01          0
    00254447                             N            01/01/31
    0

    4081756          E22/G02             F           81,000.00         ZZ
                                         360         80,954.59          1
                                       8.875            644.47         90
                                       8.625            644.47       90,000.00
    MADISON HEIGHTS  MI   48071          1            12/08/00         04
    0412255051                           05           02/01/01         25
    0412255051                           O            01/01/31
    0

    4082090          956/G02             F           71,200.00         ZZ
                                         360         71,082.45          1
                                       9.000            572.89         80
                                       8.750            572.89       89,000.00
    COMMERCE CITY    CO   80022          5            10/23/00         00
    0432455004                           05           12/01/00          0
    2410100107                           O            11/01/30
    0

    4082272          286/286             F           69,750.00         ZZ
                                         360         69,681.11          3
                                       9.500            586.50         90
                                       9.250            586.50       77,500.00
    EAST HARTFORD    CT   06108          1            11/20/00         14
    9782062                              05           01/01/01         25
    9782062                              N            12/01/30
    0

    4082280          286/286             F           78,850.00         ZZ
                                         360         78,772.13          2
                                       9.500            663.01         90
                                       9.250            663.01       87,655.00
    SANFORD          ME   04073          1            11/21/00         14
    9779233                              05           01/01/01         25
    9779233                              N            12/01/30
    0

    4082282          286/286             F           89,600.00         T
                                         360         89,511.49          1
1

                                       9.500            753.41         75
                                       9.250            753.41      119,500.00
    ISLE             MN   56342          2            11/16/00         00
    9771926                              05           01/01/01          0
    9771926                              O            12/01/30
    0

    4082322          286/286             F          215,900.00         ZZ
                                         360        215,543.55          4
                                       9.000          1,737.18         80
                                       8.750          1,737.18      269,900.00
    PORTLAND         OR   97214          1            10/27/00         00
    9770677                              05           12/01/00          0
    9770677                              N            11/01/30
    0

    4082326          286/286             F          103,200.00         ZZ
                                         360        103,089.74          4
                                       9.125            839.67         80
                                       8.875            839.67      129,000.00
    REDDING          CA   96003          1            11/03/00         00
    9732779                              05           01/01/01          0
    9732779                              N            12/01/30
    0

    4082327          286/286             F          103,200.00         ZZ
                                         360        103,089.74          4
                                       9.125            839.67         80
                                       8.875            839.67      129,000.00
    REDDING          CA   96003          1            11/03/00         00
    9732797                              05           01/01/01          0
    9732797                              N            12/01/30
    0

    4085378          P09/G02             F          157,250.00         ZZ
                                         360        157,178.56          1
                                       9.875          1,365.48         85
                                       9.625          1,365.48      185,000.00
    NW WASHINGTON    DC   20001          1            12/26/00         04
    0432541019                           03           02/01/01         12
    WILLIAM2                             N            01/01/31
    0

    4085451          S11/G02             F          208,000.00         ZZ
                                         360        207,883.39          1
                                       8.875          1,654.94         80
                                       8.625          1,654.94      260,000.00
    NEWPORT BEACH    CA   91307          5            12/12/00         00
    0432519924                           05           02/01/01          0
1

    10201524                             O            01/01/31
    0

    4085493          168/168             F           50,150.00         ZZ
                                         360         50,095.01          1
                                       9.000            403.52         75
                                       8.750            403.52       66,900.00
    AMHERST          NY   14051          1            11/17/00         00
    0249648334                           05           01/01/01          0
    0249648334                           O            12/01/30
    0

    4086631          E22/G02             F          144,000.00         ZZ
                                         360        143,910.50          1
                                       8.375          1,094.50         80
                                       8.125          1,094.50      180,000.00
    SAN MARCOS       TX   78666          5            12/04/00         00
    0412243479                           03           02/01/01          0
    0412243479                           O            01/01/31
    0

    4086638          E22/G02             F          183,350.00         ZZ
                                         360        183,244.51          1
                                       8.750          1,442.42         95
                                       8.500          1,442.42      193,000.00
    ROHNERT PARK     CA   94928          1            12/06/00         01
    0412250003                           01           02/01/01         30
    0412250003                           O            01/01/31
    0

    4086655          E22/G02             F           71,000.00         ZZ
                                         360         70,960.19          1
                                       8.875            564.91         80
                                       8.625            564.91       89,000.00
    GLADWIN          MI   48624          5            12/05/00         00
    0412262867                           05           02/01/01          0
    0412262867                           O            01/01/31
    0

    4086667          E22/G02             F          131,200.00         ZZ
                                         360        131,124.52          1
                                       8.750          1,032.15         80
                                       8.500          1,032.15      164,000.00
    CEDAR PARK       TX   78613          5            12/05/00         00
    0412268666                           05           02/01/01          0
    0412268666                           O            01/01/31
    0

1

    4089321          U62/G02             F          130,000.00         ZZ
                                         360        129,917.10          1
                                       8.250            976.65         76
                                       8.000            976.65      172,000.00
    LITTLE RIVER     SC   29566          5            12/02/00         00
    0432478170                           05           02/01/01          0
    2001212447                           O            01/01/31
    0

    4089455          E86/G02             F          360,000.00         ZZ
                                         360        359,653.70          4
                                       9.625          3,059.96         90
                                       9.375          3,059.96      400,000.00
    BROOKLYN         NY   11212          1            11/20/00         12
    0432572089                           05           01/01/01         30
    0000085939                           O            12/01/30
    0

    4089933          A19/G02             F          132,750.00         ZZ
                                         360        132,682.96          2
                                       9.375          1,104.15         90
                                       9.125          1,104.15      147,500.00
    LYNN             MA   01904          1            12/28/00         10
    0432502474                           05           02/01/01         25
    009601                               N            01/01/31
    0

    4090470          E22/G02             F           76,850.00         ZZ
                                         360         76,803.44          1
                                       8.500            590.91         84
                                       8.250            590.91       91,500.00
    SHREVEPORT       LA   71119          2            12/07/00         01
    0412175457                           05           02/01/01         12
    0412175457                           O            01/01/31
    0

    4090473          E22/G02             F          126,000.00         ZZ
                                         360        125,915.46          1
                                       8.000            924.54         90
                                       7.750            924.54      140,000.00
    WAYNESVILLE      OH   45068          5            12/07/00         04
    0412203200                           05           02/01/01         25
    0412203200                           O            01/01/31
    0

    4091221          A36/A36             F          120,000.00         ZZ
                                         360        119,932.73          1
                                       8.875            954.77         75
                                       8.625            954.77      160,000.00
1

    BETHLEHEM        PA   18015          5            12/15/00         00
    0355867                              05           02/01/01          0
    0355867                              O            01/01/31
    0

    4091447          944/G02             F           45,000.00         ZZ
                                         360         44,977.86          3
                                       9.500            378.39         90
                                       9.250            378.39       50,000.00
    FORT WORTH       TX   76103          1            12/19/00         01
    0432507887                           05           02/01/01         25
    W88007945                            N            01/01/31
    0

    4092116          K83/G02             F           49,000.00         ZZ
                                         360         48,880.91          1
                                       9.250            403.11         90
                                       9.000            403.11       54,500.00
    AIKEN            SC   29801          1            09/29/00         12
    0432472892                           05           11/01/00         25
    0023005499                           O            10/01/30
    0

    4094158          E22/G02             F           64,000.00         ZZ
                                         360         63,967.68          1
                                       9.375            532.32         80
                                       9.125            532.32       80,000.00
    TIOGA            TX   76271          5            12/08/00         00
    0412233751                           05           02/01/01          0
    0412233751                           O            01/01/31
    0

    4094160          E22/G02             F           68,000.00         ZZ
                                         360         67,958.81          1
                                       8.500            522.86         85
                                       8.250            522.86       80,000.00
    FRESNO           CA   93728          5            12/04/00         01
    0412237232                           05           02/01/01         12
    0412237232                           O            01/01/31
    0

    4094925          526/526             F          154,800.00         ZZ
                                         360        152,411.89          1
                                       8.875          1,231.66         90
                                       8.625          1,231.66      172,000.00
    LONGMONT         CO   80501          1            11/01/00         12
    0423918                              05           12/01/00         25
    0423918                              O            11/01/30
    0
1

    4094960          526/526             F           66,500.00         ZZ
                                         360         66,283.65          1
                                       8.750            523.16         49
                                       8.500            523.16      136,000.00
    TEMPE            AZ   85281          5            10/30/00         00
    0426178                              05           12/01/00          0
    0426178                              O            11/01/30
    0

    4094969          526/526             F          156,800.00         ZZ
                                         360        156,520.28          1
                                       8.625          1,219.57         80
                                       8.375          1,219.57      196,000.00
    HOSCHTON         GA   30548          1            10/31/00         00
    0426358                              05           12/01/00          0
    0426358                              O            11/01/30
    0

    4094999          526/526             F          153,750.00         ZZ
                                         360        153,563.06          1
                                       8.500          1,182.20         75
                                       8.250          1,182.20      205,000.00
    MIDDLETOWN       CT   06457          5            11/08/00         00
    0426976                              05           01/01/01          0
    0426976                              O            12/01/30
    0

    4095020          526/526             F          274,400.00         ZZ
                                         360        274,048.84          4
                                       8.250          2,061.48         80
                                       8.000          2,061.48      343,000.00
    ALHAMBRA         CA   91801          1            11/06/00         00
    0427340                              05           01/01/01          0
    0427340                              O            12/01/30
    0

    4095034          526/526             F           72,000.00         ZZ
                                         360         71,905.48          1
                                       8.125            534.60         60
                                       7.875            534.60      120,000.00
    MT LAUREL        NJ   08054          5            11/22/00         00
    0427488                              09           01/01/01          0
    0427488                              O            12/01/30
    0

    4095058          526/526             F           66,400.00         ZZ
                                         360         66,264.10          1
1

                                       8.875            528.31         80
                                       8.625            528.31       83,000.00
    PHILADELPHIA     PA   19154          5            10/30/00         00
    0427837                              05           12/01/00          0
    0427837                              O            11/01/30
    0

    4095126          526/526             F           72,000.00         ZZ
                                         360         71,907.77          1
                                       8.250            540.91         80
                                       8.000            540.91       90,500.00
    MARION           IL   62959          5            11/21/00         00
    0428778                              05           01/01/01          0
    0428778                              O            12/01/30
    0

    4095161          526/526             F          102,000.00         ZZ
                                         360        101,879.12          1
                                       8.625            793.35         75
                                       8.375            793.35      136,000.00
    BEND             OR   97701          5            11/24/00         00
    0429298                              05           01/01/01          0
    0429298                              O            12/01/30
    0

    4095197          526/526             F          164,000.00         ZZ
                                         360        163,800.59          1
                                       8.500          1,261.02         80
                                       8.250          1,261.02      205,000.00
    NAPLES           FL   34108          1            11/08/00         00
    0429708                              05           01/01/01          0
    0429708                              O            12/01/30
    0

    4095214          526/526             F          153,600.00         ZZ
                                         360        153,413.24          1
                                       8.500          1,181.05         80
                                       8.250          1,181.05      192,000.00
    PLACERVILLE      CO   81435          1            11/27/00         00
    0429925                              05           01/01/01          0
    0429925                              O            12/01/30
    0

    4095258          526/526             F          159,000.00         ZZ
                                         360        158,811.57          1
                                       8.625          1,236.69         75
                                       8.375          1,236.69      212,000.00
    BOULDER          CO   80301          5            11/28/00         00
    0430626                              09           01/01/01          0
1

    0430626                              O            12/01/30
    0

    4095267          526/526             F          138,750.00         ZZ
                                         360        138,605.59          1
                                       9.250          1,141.46         75
                                       9.000          1,141.46      185,000.00
    LAKE VILLA       IL   60046          5            11/22/00         00
    0430888                              05           01/01/01          0
    0430888                              O            12/01/30
    0

    4096964          U62/G02             F          108,000.00         ZZ
                                         360        107,939.45          1
                                       8.875            859.30         90
                                       8.625            859.30      120,000.00
    MECHANICSVILLE   VA   23111          2            12/06/00         04
    0432575744                           05           02/01/01         25
    2001223175                           O            01/01/31
    0

    4096979          196/G02             F          146,900.00         ZZ
                                         360        146,716.74          1
                                       8.375          1,116.55         87
                                       8.125          1,116.55      168,980.00
    TALLMADGE        OH   44278          1            11/20/00         10
    0432464741                           29           01/01/01         25
    1386748                              O            12/01/30
    0

    4097101          964/G02             F          156,000.00         ZZ
                                         360        155,912.54          1
                                       8.875          1,241.21         80
                                       8.625          1,241.21      195,000.00
    PORTLAND         OR   97219          2            12/19/00         00
    0432514172                           05           02/01/01          0
    61094978                             O            01/01/31
    0

    4097264          196/G02             F          121,750.00         ZZ
                                         360        121,626.56          1
                                       9.375          1,012.65         84
                                       9.125          1,012.65      145,000.00
    GRETNA           LA   70056          5            11/20/00         10
    0432464386                           05           01/01/01         12
    1390072                              O            12/01/30
    0

1

    4097331          196/G02             F          140,000.00         ZZ
                                         360        139,829.78          1
                                       8.500          1,076.48         84
                                       8.250          1,076.48      168,000.00
    LOS ANGELES      CA   90744          5            11/14/00         01
    0432468494                           05           01/01/01         17
    1389898                              O            12/01/30
    0

    4097525          196/G02             F           68,400.00         ZZ
                                         360         68,281.05          1
                                       8.750            538.11         90
                                       8.500            538.11       76,000.00
    KILLEEN          TX   76542          1            11/10/00         10
    0432464469                           05           01/01/01         25
    1388089                              N            12/01/30
    0

    4097575          196/G02             F          210,000.00         ZZ
                                         360        209,751.14          1
                                       8.625          1,633.36         76
                                       8.375          1,633.36      279,888.00
    SANDIEGO         CA   92117          1            11/16/00         00
    0432464550                           05           01/01/01          0
    1391105                              O            12/01/30
    0

    4098733          P44/G02             F          178,000.00         ZZ
                                         360        177,910.12          2
                                       9.375          1,480.51         65
                                       9.125          1,480.51      275,000.00
    ROXBURY          MA   02119          5            12/20/00         00
    0432505089                           05           02/01/01          0
    6799248520                           N            01/01/31
    0

    4099886          637/G02             F          137,500.00         ZZ
                                         360         76,097.52          1
                                       8.750          1,081.72         50
                                       8.500          1,081.72      275,000.00
    BROOKLYN         NY   11201          1            11/21/00         00
    0432566149                           01           01/01/01          0
    0013335500                           N            12/01/30
    0

    4099929          A48/G02             F          250,000.00         ZZ
                                         360        249,840.58          1
                                       8.250          1,878.17         63
                                       8.000          1,878.17      402,000.00
1

    SAN JOSE         CA   95121          5            12/28/00         00
    0432545135                           05           02/01/01          0
    8111004040                           O            01/01/31
    0

    4099935          562/G02             F          156,368.47         ZZ
                                         355        156,285.48          2
                                       9.375          1,304.62         95
                                       9.125          1,304.62      165,000.00
    BRONX            NY   10473          1            01/01/01         12
    0432548824                           05           02/01/01         30
    632046                               O            08/01/30
    0

    4100178          P06/G02             F          154,800.00         ZZ
                                         360        154,721.83          4
                                       9.375          1,287.55         90
                                       9.125          1,287.55      172,000.00
    PHOENIX          AZ   85029          1            12/18/00         04
    0432527836                           03           02/01/01         30
    1401660                              N            01/01/31
    0

    4101189          637/G02             F          121,000.00         ZZ
                                         360        120,928.56          1
                                       8.625            941.13         90
                                       8.375            941.13      135,000.00
    ROME             GA   30161          2            12/18/00         10
    0432536373                           05           02/01/01         25
    0021928353                           O            01/01/31
    0

    4101383          700/G02             F           46,500.00         ZZ
                                         360         46,473.24          1
                                       8.750            365.82         35
                                       8.500            365.82      135,000.00
    MIDDLETOWN       CA   95461          2            12/18/00         00
    0432523959                           03           02/02/01          0
    0000156951                           N            01/02/31
    0

    4101715          U05/G02             F          122,400.00         ZZ
                                         360        122,323.92          1
                                       8.375            930.33         90
                                       8.125            930.33      136,000.00
    FORT COLLINS     CO   80524          5            12/14/00         01
    0432557882                           03           02/01/01         25
    3086734                              O            01/01/31
    0
1

    4102764          P06/G02             F          154,800.00         ZZ
                                         360        154,721.83          4
                                       9.375          1,287.55         90
                                       9.125          1,287.55      172,000.00
    PHOENIX          AZ   85029          1            12/18/00         04
    0432511897                           05           02/01/01         30
    1401663                              N            01/01/31
    0

    4104006          E22/G02             F          243,000.00         ZZ
                                         360        242,874.02          4
                                       9.250          1,999.10         90
                                       9.000          1,999.10      270,000.00
    CORAL SPRINGS    FL   33065          1            12/15/00         04
    0412254781                           05           02/01/01         25
    0412254781                           N            01/01/31
    0

    4104524          883/G02             F           43,400.00         ZZ
                                         360         43,373.71          1
                                       8.500            333.71         33
                                       8.250            333.71      135,447.00
    PORT ST. LUCIE   FL   34983          1            12/21/00         00
    0432540862                           05           02/01/01          0
    00003899                             O            01/01/31
    0

    4105426          B57/G02             F           70,000.00         ZZ
                                         360         69,962.75          1
                                       9.125            569.54         80
                                       8.875            569.54       87,500.00
    BAKERSFIELD      CA   93306          5            12/14/00         00
    0432516243                           05           02/01/01          0
    20B0382                              N            01/01/31
    0

    4105488          B57/G02             F           49,600.00         ZZ
                                         360         49,573.61          2
                                       9.125            403.56         80
                                       8.875            403.56       62,000.00
    BAKERSFIELD      CA   93301          5            12/07/00         00
    0432519205                           05           02/01/01          0
    20B0383                              N            01/01/31
    0

    4105638          B57/G02             F           52,800.00         ZZ
                                         360         52,771.90          2
1

                                       9.125            429.60         80
                                       8.875            429.60       66,000.00
    BAKERSFIELD      CA   93305          5            12/07/00         00
    0432518090                           05           02/01/01          0
    20B0385                              N            01/01/31
    0

    4105867          637/G02             F           46,000.00         ZZ
                                         360         45,974.21          1
                                       8.875            366.00         77
                                       8.625            366.00       60,000.00
    ALBUQUERQUE      NM   87106          2            12/21/00         00
    0432551786                           05           02/01/01          0
    0017394404                           N            01/01/31
    0

    4105984          637/G02             F          124,200.00         ZZ
                                         360        124,135.60          1
                                       9.250          1,021.77         90
                                       9.000          1,021.77      138,000.00
    STONE MOUNTAIN   GA   30083          1            12/19/00         10
    0432525079                           05           02/01/01         25
    0021818687                           O            01/01/31
    0

    4106987          737/G02             F           86,450.00         ZZ
                                         360         86,401.53          1
                                       8.875            687.84         65
                                       8.625            687.84      133,000.00
    LAFAYETTE        CO   80026          5            12/28/00         00
    0432516185                           09           02/01/01          0
    00000                                N            01/01/31
    0

    4107077          624/G02             F           52,000.00         ZZ
                                         360         51,973.04          1
                                       9.250            427.79         65
                                       9.000            427.79       80,000.00
    GLENDALE         AZ   85032          5            12/19/00         00
    0432505444                           05           02/01/01          0
    35509700026                          N            01/01/31
    0

    4107371          623/623             F           77,250.00         ZZ
                                         360         77,163.06          1
                                       8.875            614.64         75
                                       8.625            614.64      103,000.00
    APACHE JUNCTION  AZ   85219          5            11/07/00         00
    1950940                              05           01/01/01          0
1

    1950940                              O            12/01/30
    0

    4108312          637/G02             F          192,000.00         ZZ
                                         360        191,897.82          2
                                       9.125          1,562.18         80
                                       8.875          1,562.18      240,000.00
    SOUTH OZONE PAR  NY   11420          1            12/27/00         00
    0432548741                           05           02/01/01          0
    13334537                             N            01/01/31
    0

    4108452          664/G02             F           76,400.00         ZZ
                                         360         76,353.72          1
                                       8.500            587.45         90
                                       8.250            587.45       84,900.00
    PORTLAND         OR   97203          1            12/20/00         01
    0432562221                           05           02/01/01         25
    0003697711                           N            01/01/31
    0

    4110337          E82/G02             F           86,900.00         ZZ
                                         360         86,850.01          1
                                       8.750            683.64         95
                                       8.500            683.64       91,500.00
    ST LOUIS         MO   63118          2            12/11/00         04
    0400339305                           05           02/01/01         30
    0400339305                           O            01/01/31
    0

    4110341          E82/G02             F          173,500.00         ZZ
                                         360        173,392.16          1
                                       8.375          1,318.73         80
                                       8.125          1,318.73      218,000.00
    BELLEVILLE       MI   48111          5            12/12/00         00
    0400341483                           05           02/01/01          0
    0400341483                           O            01/01/31
    0

    4110580          A33/A33             F           83,200.00         ZZ
                                         360         83,150.87          1
                                       8.625            647.13         80
                                       8.375            647.13      104,000.00
    ST JOSEPH        MI   49085          1            12/29/00         00
    0965096322                           05           02/01/01          0
    0965096322                           O            01/01/31
    0

1

    4111218          M66/G02             F          172,000.00         ZZ
                                         360        171,895.79          1
                                       8.500          1,322.54         67
                                       8.250          1,322.54      260,000.00
    PEQUANNOCK TOWN  NJ   07444          5            12/26/00         00
    0432540888                           05           02/01/01          0
    210591                               O            01/01/31
    0

    4112025          950/G02             F          120,750.00         ZZ
                                         360        120,682.31          2
                                       8.875            960.74         75
                                       8.625            960.74      161,000.00
    FEDERAL WAY      WA   98003          5            12/27/00         00
    0432539211                           05           02/01/01          0
    E1012115                             N            01/01/31
    0

    4112329          F62/G02             F           57,600.00         ZZ
                                         360         57,561.35          1
                                       8.000            422.65         90
                                       7.750            422.65       64,000.00
    MIAMI            FL   33157          1            12/29/00         04
    0432554079                           01           02/01/01         25
    184881300                            O            01/01/31
    0

    4113568          560/560             F          135,750.00         ZZ
                                         360        135,571.19          1
                                       9.000          1,092.28         75
                                       8.750          1,092.28      181,000.00
    BARRE            VT   05641          5            11/08/00         00
    507411205                            05           01/01/01          0
    507411205                            O            12/01/30
    0

    4113576          560/560             F           57,000.00         ZZ
                                         360         56,820.25          1
                                       9.125            463.78         75
                                       8.875            463.78       76,000.00
    HUBBARDTON       VT   05732          5            10/23/00         00
    507864601                            05           12/01/00          0
    507864601                            O            11/01/30
    0

    4113577          560/560             F           86,250.00         ZZ
                                         360         86,155.42          1
                                       9.000            693.99         75
                                       8.750            693.99      115,000.00
1

    GRAND LEDGE      MI   48837          5            11/22/00         00
    508001906                            05           01/01/01          0
    508001906                            O            12/01/30
    0

    4113589          560/560             F           93,700.00         ZZ
                                         360         93,498.52          1
                                       9.000            753.94         75
                                       8.750            753.94      125,000.00
    NEW HAVEN        CT   06513          5            10/02/00         00
    652278700                            05           12/01/00          0
    652278700                            O            11/01/30
    0

    4113670          P34/G02             F          227,400.00         ZZ
                                         360        227,258.65          1
                                       8.375          1,728.41         74
                                       8.125          1,728.41      308,000.00
    NORTH SMITHFIEL  RI   02830          2            12/22/00         00
    0432540300                           05           02/01/01          0
    61533                                O            01/01/31
    0

    4114608          E22/G02             F          146,800.00         ZZ
                                         360        146,711.07          1
                                       8.500          1,128.76         80
                                       8.250          1,128.76      183,500.00
    HUNSTVILLE       TX   77320          5            12/13/00         00
    0412199994                           05           02/01/01          0
    0412199994                           O            01/01/31
    0

    4114646          E22/G02             F           68,400.00         ZZ
                                         360         68,366.36          1
                                       9.500            575.14         95
                                       9.250            575.14       72,000.00
    FORT WORTH       TX   76111          2            12/12/00         01
    0412276297                           05           02/01/01         30
    0412276297                           O            01/01/31
    0

    4114651          E22/G02             F          132,800.00         ZZ
                                         360        132,723.59          1
                                       8.750          1,044.74         80
                                       8.500          1,044.74      166,000.00
    WEST LINN        OR   97068          5            12/12/00         00
    0412278236                           05           02/01/01          0
    0412278236                           O            01/01/31
    0
1

    4114658          E22/G02             F           70,000.00         ZZ
                                         360         69,961.76          1
                                       9.000            563.24         74
                                       8.750            563.24       95,000.00
    BEAUFORT         SC   29902          5            12/14/00         00
    0412286189                           05           02/01/01          0
    0412286189                           O            01/01/31
    0

    4114776          T90/G02             F          117,000.00         ZZ
                                         360        116,943.95          4
                                       9.625            994.49         90
                                       9.375            994.49      130,000.00
    GRETNA           LA   70056          1            12/22/00         12
    0432576163                           05           02/01/01         25
    29063                                N            01/01/31
    0

    4115800          J95/J95             F          193,600.00         ZZ
                                         360        192,693.05          1
                                       8.375          1,471.50         80
                                       8.125          1,471.50      242,000.00
    WRENTHAM         MA   02093          1            10/27/00         00
    111505791                            05           12/01/00          0
    111505791                            O            11/01/30
    0

    4116173          U05/G02             F          107,100.00         ZZ
                                         360        107,035.11          2
                                       8.500            823.51         85
                                       8.250            823.51      126,000.00
    HAPEVILLE        GA   30354          1            12/29/00         01
    0432557585                           05           02/01/01         12
    3092601                              N            01/01/31
    0

    4116705          664/G02             F          102,000.00         ZZ
                                         360        102,000.00          2
                                       9.000            820.72         70
                                       8.750            820.72      146,000.00
    CHICAGO          IL   60632          5            12/29/00         00
    0432563047                           05           03/01/01          0
    0003670536                           O            02/01/31
    0

    4116927          P59/G02             F           88,000.00         ZZ
                                         360         87,943.89          1
1

                                       8.250            661.11         80
                                       8.000            661.11      110,000.00
    SANTA MARIA      CA   93454          1            12/21/00         00
    0432556272                           05           02/01/01          0
    AT001138                             N            01/01/31
    0

    4117975          J95/J95             F          130,000.00         ZZ
                                         360        129,755.89          1
                                       8.375            988.10         58
                                       8.125            988.10      228,000.00
    FRAMINGHAM       MA   01701          1            10/25/00         00
    111487818                            05           12/01/00          0
    111487818                            O            11/01/30
    0

    4119260          700/G02             F          130,800.00         ZZ
                                         360        130,716.59          1
                                       8.250            982.66         80
                                       8.000            982.66      163,500.00
    MURRIETA         CA   92562          1            12/27/00         00
    0432563468                           05           02/01/01          0
    0254723                              O            01/01/31
    0

    4119413          E22/G02             F           66,600.00         ZZ
                                         360         66,568.10          1
                                       9.625            566.09         90
                                       9.375            566.09       74,000.00
    JACKSONVILLE     AL   36265          5            12/15/00         01
    0412256141                           05           02/01/01         25
    0412256141                           O            01/01/31
    0

    4119454          E22/G02             F           67,200.00         ZZ
                                         360         67,156.04          1
                                       8.125            498.96         80
                                       7.875            498.96       84,000.00
    DURANT           OK   74701          5            12/14/00         00
    0412282261                           05           02/01/01          0
    0412282261                           O            01/01/31
    0

    4120564          U05/G02             F          166,500.00         ZZ
                                         360        166,388.28          4
                                       8.000          1,221.72         90
                                       7.750          1,221.72      185,000.00
    NORTH LAS VEGAS  NV   89030          1            12/29/00         01
    0432562320                           05           02/01/01         25
1

    3093118                              O            01/01/31
    0

    4120827          227/G02             F           81,250.00         ZZ
                                         360         81,250.00          1
                                       8.250            610.41         65
                                       8.000            610.41      125,000.00
    GERMANTOWN       MD   20876          1            01/05/01         00
    0432574093                           01           03/01/01          0
    1902680                              O            02/01/31
    0

    4120925          944/G02             F          117,000.00         ZZ
                                         360        116,884.44          4
                                       9.500            983.80         90
                                       9.250            983.80      130,000.00
    PHOENIX          AZ   85015          1            11/28/00         01
    0432558104                           05           01/01/01         25
    W88002572                            N            12/01/30
    0

    4121456          964/G02             F          160,000.00         ZZ
                                         360        159,900.55          1
                                       8.375          1,216.12         80
                                       8.125          1,216.12      200,000.00
    OAKLAND          CA   94607          1            01/02/01         00
    0432540532                           05           02/01/01          0
    97683                                O            01/01/31
    0

    4122588          G52/G02             F          120,000.00         ZZ
                                         360        119,930.96          1
                                       8.750            944.04         80
                                       8.500            944.04      150,000.00
    LOS ANGELES      CA   90023          2            12/12/00         00
    0432503720                           05           02/01/01          0
    87004259                             O            01/01/31
    0

    4122829          637/G02             F           33,000.00         ZZ
                                         360         32,981.50          1
                                       8.875            262.56         75
                                       8.625            262.56       44,000.00
    WEBSTER          TX   77598          1            12/22/00         00
    0432563633                           01           02/01/01          0
    0021724356                           N            01/01/31
    0

1

    4122965          588/G02             F          236,000.00         ZZ
                                         360        235,713.04          1
                                       8.500          1,814.64         80
                                       8.250          1,814.64      295,000.00
    RARITAN TOWNSHI  NJ   08822          1            11/28/00         00
    0432551471                           05           01/01/01          0
    1030318                              O            12/01/30
    0

    4122976          455/G02             F           55,800.00         ZZ
                                         360         55,743.42          1
                                       9.375            464.12         90
                                       9.125            464.12       62,000.00
    HOUSTON          TX   77049          1            11/07/00         01
    0432553899                           03           01/01/01         25
    30001323                             O            12/01/30
    0

    4123199          P06/G02             F          279,000.00         ZZ
                                         360        279,000.00          4
                                       8.500          2,145.27         90
                                       8.250          2,145.27      310,000.00
    SIGNAL HILL      CA   90806          1            01/02/01         04
    0432562270                           05           03/01/01         25
    0001561                              O            02/01/31
    0

    4123744          U05/G02             F           44,000.00         ZZ
                                         360         43,974.68          1
                                       8.750            346.15         80
                                       8.500            346.15       55,000.00
    KENNETT SQUARE   PA   19348          1            12/29/00         00
    0432560597                           05           02/01/01          0
    3089402                              N            01/01/31
    0

    4124088          T90/G02             F           60,300.00         ZZ
                                         360         60,269.55          2
                                       9.375            501.54         90
                                       9.125            501.54       67,000.00
    NEW ORLEANS      LA   70114          1            12/29/00         12
    0432559920                           05           02/01/01         25
    30047                                N            01/01/31
    0

    4124294          637/G02             F          150,000.00         ZZ
                                         360        149,906.77          1
                                       8.375          1,140.11         43
                                       8.125          1,140.11      350,000.00
1

    SAN JOSE         CA   95121          5            12/26/00         00
    0432553048                           05           02/01/01          0
    0021480058                           N            01/01/31
    0

    4124434          K15/G02             F           80,100.00         ZZ
                                         360         80,059.55          1
                                       9.375            666.23         89
                                       9.125            666.23       90,000.00
    SPRINGFIELD      MA   01118          5            12/26/00         04
    0432517118                           05           02/01/01         25
    037905302409                         O            01/01/31
    0

    4125174          E44/G02             F          228,300.00         T
                                         360        228,161.69          1
                                       8.500          1,755.43         57
                                       8.250          1,755.43      405,000.00
    PARK CITY        UT   84060          5            12/22/00         00
    0432504504                           05           02/01/01          0
    53000116                             O            01/01/31
    0

    4125246          637/G02             F          122,988.00         ZZ
                                         360        122,917.24          1
                                       8.750            967.55         80
                                       8.500            967.55      153,735.00
    MINDEN           NV   89423          1            12/22/00         00
    0432551760                           03           02/01/01          0
    0021361662                           N            01/01/31
    0

    4125423          964/G02             F          253,500.00         ZZ
                                         360        253,357.88          1
                                       8.875          2,016.96         81
                                       8.625          2,016.96      313,000.00
    SCOTTSDALE       AZ   85262          2            12/29/00         01
    0432539971                           03           02/01/01         25
    97942                                O            01/01/31
    0

    4125619          E22/G02             F           67,450.00         ZZ
                                         360         67,416.82          1
                                       9.500            567.16         95
                                       9.250            567.16       71,000.00
    LEITCHFIELD      KY   42754          5            12/18/00         04
    0412229361                           05           02/01/01         30
    0412229361                           O            01/01/31
    0
1

    4126289          G81/G02             F           54,700.00         ZZ
                                         360         54,671.64          1
                                       9.250            450.01         75
                                       9.000            450.01       73,000.00
    MIAMI            FL   33156          1            12/28/00         00
    0432506152                           08           02/01/01          0
    200010011                            N            01/01/31
    0

    4127277          Q17/G02             F           38,400.00         T
                                         360         38,361.05          1
                                       9.375            319.40         80
                                       9.125            319.40       48,000.00
    RENO             NV   89509          1            11/15/00         00
    0432501542                           01           01/01/01          0
    200010917                            O            12/01/30
    0

    4127354          Q41/G02             F          267,300.00         ZZ
                                         360        267,300.00          4
                                       9.375          2,223.27         90
                                       9.125          2,223.27      297,000.00
    COLORADO SPRING  CO   80917          1            01/05/01         04
    0432539401                           05           03/01/01         25
    31027                                N            02/01/31
    0

    4128208          637/G02             F          112,500.00         ZZ
                                         360        112,388.90          4
                                       9.500            945.96         90
                                       9.250            945.96      125,000.00
    PHOENIX          AZ   85017          1            11/22/00         04
    0432553626                           05           01/01/01         25
    0017392309                           N            12/01/30
    0

    4128891          T90/G02             F          191,200.00         ZZ
                                         360        191,074.93          1
                                       8.125          1,419.65         80
                                       7.875          1,419.65      239,000.00
    PFLUGERVILLE     TX   78660          1            12/29/00         00
    0432557510                           03           02/01/01          0
    29779                                O            01/01/31
    0

    4131034          E22/G02             F           97,500.00         ZZ
                                         360         97,440.93          1
1

                                       8.500            749.69         75
                                       8.250            749.69      130,000.00
    MESQUITE         NV   89027          2            12/14/00         00
    0412238503                           09           02/01/01          0
    0412238503                           O            01/01/31
    0

    4131037          E22/G02             F          154,000.00         ZZ
                                         360        153,901.80          1
                                       8.250          1,156.95         80
                                       8.000          1,156.95      194,000.00
    CORONA           CA   92883          2            12/14/00         00
    0412253619                           03           02/01/01          0
    0412253619                           O            01/01/31
    0

    4131120          883/G02             F           84,000.00         ZZ
                                         360         84,000.00          4
                                       8.875            668.35         80
                                       8.625            668.35      105,000.00
    LAKELAND         FL   33810          1            01/08/01         00
    0432559722                           05           03/01/01          0
    210151160                            N            02/01/31
    0

    4131517          T90/G02             F           60,300.00         ZZ
                                         360         60,269.55          2
                                       9.375            501.54         90
                                       9.125            501.54       67,000.00
    NEW ORLEANS      LA   70114          1            12/29/00         12
    0432564052                           05           02/01/01         25
    30048                                N            01/01/31
    0

    4131752          637/G02             F           62,400.00         ZZ
                                         360         62,361.21          1
                                       8.375            474.29         80
                                       8.125            474.29       78,000.00
    DENHAM SPRINGS   LA   70706          1            12/08/00         00
    0432511467                           05           02/01/01          0
    0017692468                           O            01/01/31
    0

    4131936          637/G02             F           47,700.00         ZZ
                                         360         47,652.89          4
                                       9.500            401.09         90
                                       9.250            401.09       53,000.00
    BATON ROUGE      LA   70807          1            12/04/00         01
    0432517357                           05           01/01/01         25
1

    0017692948                           N            12/01/30
    0

    4132004          E45/G02             F          100,000.00         ZZ
                                         360         99,942.47          1
                                       8.750            786.70         80
                                       8.500            786.70      125,000.00
    MARGATE          FL   33063          1            12/29/00         00
    0432566883                           05           02/01/01          0
    106890                               O            01/01/31
    0

    4132615          N94/G02             F          152,000.00         ZZ
                                         360        151,912.55          3
                                       8.750          1,195.78         95
                                       8.500          1,195.78      160,000.00
    LEOMINSTER       MA   01453          1            12/29/00         14
    0432557890                           05           02/01/01         30
    4131069                              O            01/01/31
    0

    4132797          T86/G02             F           94,700.00         ZZ
                                         360         94,645.51          1
                                       8.750            745.01         76
                                       8.500            745.01      125,000.00
    BENNINGTON       VT   05201          5            12/20/00         00
    0432517456                           05           02/01/01          0
    0348                                 O            01/01/31
    0

    4133055          950/G02             F          109,700.00         ZZ
                                         360        109,633.54          1
                                       8.500            843.50         90
                                       8.250            843.50      121,900.00
    BEAVERTON        OR   97007          1            12/05/00         11
    0432511392                           05           02/01/01         25
    E9009031                             O            01/01/31
    0

    4133060          536/536             F          130,000.00         ZZ
                                         360        128,686.96          1
                                       9.250          1,069.48         55
                                       9.000          1,069.48      237,000.00
    WAIPAHU          HI   96797          1            09/25/00         00
    1267624                              05           11/01/00          0
    1267624                              O            10/01/30
    0

1

    4133161          455/G02             F           81,900.00         ZZ
                                         360         77,537.59          1
                                       8.750            644.31         90
                                       8.500            644.31       91,000.00
    HOUSTON          TX   77084          1            11/27/00         01
    0432498921                           03           01/01/01         25
    30001476                             O            12/01/30
    0

    4133436          940/G02             F          139,000.00         ZZ
                                         360        139,000.00          1
                                       8.500          1,068.79         70
                                       8.250          1,068.79      200,000.00
    RESEDA           CA   91335          2            01/02/01         00
    0432530434                           05           03/01/01          0
    3388                                 O            02/01/31
    0

    4133633          L55/G02             F          112,500.00         ZZ
                                         360        112,500.00          2
                                       8.625            875.02         75
                                       8.375            875.02      150,000.00
    CARTERET         NJ   07008          1            01/18/01         00
    0432566669                           05           03/01/01          0
    429851                               O            02/01/31
    0

    4133832          624/G02             F          111,000.00         ZZ
                                         360        111,000.00          1
                                       8.125            824.17         77
                                       7.875            824.17      145,000.00
    HESPERIA         CA   92345          1            12/29/00         00
    0432520708                           05           03/01/01          0
    46300200093F                         O            02/01/31
    0

    4134172          E47/G02             F          171,600.00         ZZ
                                         360        171,513.35          4
                                       9.375          1,427.28         65
                                       9.125          1,427.28      264,000.00
    DENVER           CO   80223          5            12/29/00         00
    0432543932                           05           02/01/01          0
    7332015440                           N            01/01/31
    0

    4134793          E22/G02             F          136,500.00         ZZ
                                         360        136,412.96          1
                                       8.250          1,025.48         65
                                       8.000          1,025.48      210,000.00
1

    LAWNDALE         CA   90260          5            12/19/00         00
    0412208415                           01           02/01/01          0
    0412208415                           O            01/01/31
    0

    4134799          E22/G02             F          187,000.00         ZZ
                                         360        186,883.76          1
                                       8.375          1,421.34         85
                                       8.125          1,421.34      220,000.00
    STEVENSVILLE     MI   49127          5            12/21/00         04
    0412250144                           05           02/01/01         12
    0412250144                           O            01/01/31
    0

    4134806          E22/G02             F          138,000.00         ZZ
                                         360        137,916.40          1
                                       8.500          1,061.10         80
                                       8.250          1,061.10      172,501.00
    COLORADO SPRING  CO   80907          1            12/27/00         00
    0412255986                           05           02/01/01          0
    0412255986                           O            01/01/31
    0

    4134807          E22/G02             F           98,000.00         ZZ
                                         360         97,942.15          1
                                       8.625            762.23         86
                                       8.375            762.23      115,000.00
    GRAND JUNCTION   CO   81501          2            12/21/00         01
    0412257818                           05           02/01/01         25
    0412257818                           O            01/01/31
    0

    4134810          E22/G02             F          221,000.00         ZZ
                                         360        220,872.85          1
                                       8.750          1,738.61         79
                                       8.500          1,738.61      280,000.00
    FORT WORTH       TX   76140          5            12/19/00         00
    0412261034                           05           02/01/01          0
    0412261034                           O            01/01/31
    0

    4134831          E22/G02             F          196,000.00         ZZ
                                         360        195,887.24          1
                                       8.750          1,541.93         80
                                       8.500          1,541.93      245,000.00
    IRMO             SC   29063          5            12/21/00         00
    0412280372                           05           02/01/01          0
    0412280372                           O            01/01/31
    0
1

    4134832          E22/G02             F           55,125.00         T
                                         360         55,093.28          1
                                       8.750            433.67         75
                                       8.500            433.67       73,500.00
    ROSLYN           WA   98941          1            12/12/00         00
    0412280679                           05           02/01/01          0
    0412280679                           O            01/01/31
    0

    4134834          E22/G02             F           83,700.00         ZZ
                                         360         83,646.63          1
                                       8.250            628.81         73
                                       8.000            628.81      115,000.00
    MOORESVILLE      NC   28115          2            12/21/00         00
    0412282329                           05           02/01/01          0
    0412282329                           O            01/01/31
    0

    4134839          E22/G02             F           65,600.00         ZZ
                                         360         65,558.17          1
                                       8.250            492.83         80
                                       8.000            492.83       82,000.00
    LAUDERHILL       FL   33319          1            12/27/00         00
    0412285140                           06           02/01/01          0
    0412285140                           O            01/01/31
    0

    4134846          E22/G02             F           85,000.00         ZZ
                                         360         84,945.80          1
                                       8.250            638.58         50
                                       8.000            638.58      170,000.00
    STANFIELD        NC   28163          5            12/21/00         00
    0412287963                           05           02/01/01          0
    0412287963                           O            01/01/31
    0

    4134853          E22/G02             F          120,000.00         ZZ
                                         360        119,932.73          1
                                       8.875            954.77         75
                                       8.625            954.77      161,000.00
    ISANTI           MN   55040          5            12/21/00         00
    0412290348                           05           02/01/01          0
    0412290348                           O            01/01/31
    0

    4134856          E22/G02             F          200,000.00         ZZ
                                         360        199,875.69          1
1

                                       8.375          1,520.14         80
                                       8.125          1,520.14      250,000.00
    BRIGHTON         CO   80603          5            12/21/00         00
    0412291445                           05           02/01/01          0
    0412291445                           O            01/01/31
    0

    4134862          E22/G02             F          100,000.00         ZZ
                                         360         99,942.47          1
                                       8.750            786.70         80
                                       8.500            786.70      125,000.00
    RICHARDSON       TX   75080          1            12/27/00         00
    0412294282                           05           02/01/01          0
    0412294282                           O            01/01/31
    0

    4134865          E22/G02             F           72,000.00         T
                                         360         71,962.67          1
                                       9.250            592.33         80
                                       9.000            592.33       90,000.00
    LONG BRANCH      NJ   07740          1            12/27/00         00
    0412294902                           01           02/01/01          0
    0412294902                           O            01/01/31
    0

    4134871          E22/G02             F          108,800.00         ZZ
                                         360        108,737.40          1
                                       8.750            855.93         80
                                       8.500            855.93      136,000.00
    BOCA RATON       FL   33431          1            12/27/00         00
    0412298994                           05           02/01/01          0
    0412298994                           O            01/01/31
    0

    4135036          T90/G02             F          135,000.00         ZZ
                                         360        135,000.00          4
                                       9.125          1,098.40         90
                                       8.875          1,098.40      150,000.00
    HOUSTON          TX   77091          1            01/23/01         12
    0432577443                           03           03/01/01         25
    30961                                N            02/01/31
    0

    4135349          964/G02             F          252,000.00         ZZ
                                         360        252,000.00          1
                                       8.875          2,005.03         80
                                       8.625          2,005.03      315,000.00
    PHOENIX          AZ   85050          1            01/08/01         00
    0432558450                           03           03/01/01          0
1

    94976                                N            02/01/31
    0

    4135643          E82/G02             F           70,000.00         ZZ
                                         360         69,957.59          1
                                       8.500            538.24         27
                                       8.250            538.24      260,500.00
    EAST STROUDSBUR  PA   18301          5            12/22/00         00
    0400351953                           05           02/01/01          0
    0400351953                           O            01/01/31
    0

    4135656          T35/G02             F           66,400.00         ZZ
                                         360         66,362.77          1
                                       8.875            528.31         80
                                       8.625            528.31       83,000.00
    EATON            OH   45320          5            12/21/00         00
    0400342879                           05           02/01/01          0
    0400342879                           O            01/01/31
    0

    4135779          U99/G02             F          174,150.00         ZZ
                                         360        174,150.00          3
                                       8.750          1,370.04         90
                                       8.500          1,370.04      193,500.00
    WEST CHESTER     PA   19382          1            01/12/01         01
    0432555159                           05           03/01/01         25
    30000365                             N            02/01/31
    0

    4136269          T90/G02             F          135,000.00         ZZ
                                         360        135,000.00          4
                                       9.125          1,098.40         90
                                       8.875          1,098.40      150,000.00
    HOUSTON          TX   77489          1            01/23/01         12
    0432577641                           03           03/01/01         25
    30958                                N            02/01/31
    0

    4136376          B60/G02             F          110,500.00         ZZ
                                         360        110,425.86          1
                                       8.000            810.81         85
                                       7.750            810.81      130,000.00
    LAS VEGAS        NV   89102          5            12/13/00         01
    0432525574                           05           02/01/01         12
    303495                               O            01/01/31
    0

1

    4136417          168/168             F          224,000.00         ZZ
                                         360        223,864.30          1
                                       8.500          1,722.37         71
                                       8.250          1,722.37      316,000.00
    DAVIDSON         NC   28036          5            11/30/00         00
    0869327399                           05           02/01/01          0
    0869327399                           O            01/01/31
    0

    4136538          964/G02             F           72,000.00         ZZ
                                         360         71,954.09          1
                                       8.250            540.91         60
                                       8.000            540.91      122,000.00
    YUCCA VALLEY     CA   92284          1            12/20/00         00
    0432557270                           05           02/01/01          0
    95384                                O            01/01/31
    0

    4136658          J83/G02             F           93,600.00         ZZ
                                         360         93,541.82          1
                                       8.375            711.43         80
                                       8.125            711.43      117,000.00
    VIRGINIA BEACH   VA   23456          1            12/06/00         00
    0432566172                           05           02/01/01          0
    282923                               N            01/01/31
    0

    4136955          E45/G02             F          137,600.00         ZZ
                                         360        137,518.76          1
                                       8.625          1,070.24         80
                                       8.375          1,070.24      172,000.00
    ATLANTA          GA   30319          5            01/04/01         00
    0432553311                           01           02/01/01          0
    107842                               O            01/01/31
    0

    4137887          P44/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       9.125          1,236.72         80
                                       8.875          1,236.72      190,000.00
    HOLDEN           MA   01520          1            01/11/01         00
    0432552685                           05           03/01/01          0
    000554                               N            02/01/31
    0

    4138144          E47/G02             F           79,200.00         ZZ
                                         360         79,158.94          1
                                       9.250            651.56         90
                                       9.000            651.56       88,000.00
1

    PUEBLO           CO   81004          5            12/14/00         01
    0432518306                           05           02/01/01         25
    7332015223                           O            01/01/31
    0

    4138277          E22/G02             F          224,000.00         ZZ
                                         360        223,867.75          1
                                       8.625          1,742.25         75
                                       8.375          1,742.25      300,000.00
    CONCORD          CA   94521          5            12/18/00         00
    0412261679                           05           02/01/01          0
    0412261679                           O            01/01/31
    0

    4138280          E22/G02             F           94,800.00         ZZ
                                         360         94,750.85          4
                                       9.250            779.90         75
                                       9.000            779.90      127,000.00
    AUSTIN           TX   78744          2            12/21/00         00
    0412264707                           05           02/01/01          0
    0412264707                           O            01/01/31
    0

    4138285          E22/G02             F           73,500.00         ZZ
                                         360         73,464.79          1
                                       9.625            624.74         81
                                       9.375            624.74       91,500.00
    OSMUND           NE   68765          5            12/22/00         04
    0412269193                           05           02/01/01         12
    0412269193                           O            01/01/31
    0

    4138286          E22/G02             F           59,400.00         ZZ
                                         360         59,367.55          3
                                       9.000            477.95         90
                                       8.750            477.95       66,000.00
    NEWBURGH         NY   12550          1            12/28/00         04
    0412269573                           05           02/01/01         25
    0412269573                           N            01/01/31
    0

    4138289          E22/G02             F           89,600.00         ZZ
                                         360         89,542.87          1
                                       8.250            673.13         80
                                       8.000            673.13      112,000.00
    WALNUT CREEK     CA   94595          1            12/26/00         00
    0412274482                           01           02/01/01          0
    0412274482                           O            01/01/31
    0
1

    4138308          E22/G02             F          136,650.00         ZZ
                                         360        136,558.31          1
                                       8.000          1,002.69         80
                                       7.750          1,002.69      171,960.00
    SAN ANTONIO      TX   78258          1            12/22/00         00
    0412285686                           03           02/01/01          0
    0412285686                           O            01/01/31
    0

    4138336          E22/G02             F           78,000.00         ZZ
                                         360         77,908.50          1
                                       9.125            634.63         65
                                       8.875            634.63      121,000.00
    SMITHFIELD       RI   02917          5            12/22/00         00
    0412294167                           05           02/01/01          0
    0412294167                           O            01/01/31
    0

    4138348          E22/G02             F           91,500.00         ZZ
                                         360         91,430.93          1
                                       9.000            736.23         90
                                       8.750            736.23      102,000.00
    CARENCRO         LA   70520          2            12/22/00         04
    0412297954                           05           02/01/01         25
    0412297954                           O            01/01/31
    0

    4138556          163/G02             F          115,000.00         ZZ
                                         360        114,877.13          1
                                       9.125            935.68         31
                                       8.875            935.68      378,500.00
    SHREWSBURY       MA   01545          1            11/30/00         00
    0432512796                           05           01/01/01          0
    3217592124                           O            12/01/30
    0

    4138678          P44/G02             F          121,600.00         ZZ
                                         360        121,600.00          1
                                       9.375          1,011.41         80
                                       9.125          1,011.41      152,000.00
    SOUTHBOROUGH     MA   01745          1            01/05/01         00
    0432518686                           05           03/01/01          0
    000554                               N            02/01/31
    0

    4138785          637/G02             F          100,000.00         ZZ
                                         360         99,865.35          4
1

                                       8.000            733.77         80
                                       7.750            733.77      125,000.00
    MARYSVILLE       CA   95901          1            11/30/00         00
    0432572667                           05           01/01/01          0
    0021352778                           N            12/01/30
    0

    4139038          E82/G02             F          200,000.00         ZZ
                                         360        199,875.69          1
                                       8.375          1,520.14         60
                                       8.125          1,520.14      335,000.00
    FERNADINA BEACH  FL   32034          5            12/22/00         00
    0400351300                           03           02/01/01          0
    0400351300                           O            01/01/31
    0

    4139041          E82/G02             F          100,800.00         ZZ
                                         360        100,746.36          1
                                       9.125            820.14         80
                                       8.875            820.14      126,000.00
    LANCASTER        PA   17601          2            12/22/00         00
    0400352688                           05           02/01/01          0
    0400352688                           O            01/01/31
    0

    4139090          U62/G02             F           50,000.00         ZZ
                                         360         49,975.40          1
                                       9.500            420.43         75
                                       9.250            420.43       67,000.00
    SAN ANTONIO      TX   78201          5            12/06/00         00
    0432562759                           05           02/01/01          0
    2001223094                           N            01/01/31
    0

    4139718          624/G02             F          101,700.00         ZZ
                                         360        101,638.38          1
                                       8.500            781.99         90
                                       8.250            781.99      113,000.00
    OCEANSIDE        CA   92057          1            12/28/00         01
    0432525483                           05           02/01/01         25
    37000400073F                         N            01/01/31
    0

    4139996          F96/G02             F          180,000.00         ZZ
                                         360        179,904.21          3
                                       9.125          1,464.54         80
                                       8.875          1,464.54      225,000.00
    ORANGE           NJ   07050          1            12/20/00         00
    0432502052                           05           02/01/01          0
1

    0003884                              N            01/01/31
    0

    4141409          A48/G02             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       8.625          2,138.92         72
                                       8.375          2,138.92      386,500.00
    SAN JOSE         CA   95127          1            01/11/01         00
    0432567733                           05           03/01/01          0
    8511004059                           N            02/01/31
    0

    4141577          964/G02             F           94,400.00         ZZ
                                         360         94,400.00          1
                                       9.000            759.56         90
                                       8.750            759.56      104,900.00
    LAKE ARROWHEAD   CA   92352          1            01/09/01         14
    0432559474                           01           03/01/01         25
    97058                                N            02/01/31
    0

    4142013          E22/G02             F           45,000.00         ZZ
                                         360         44,977.87          1
                                       9.500            378.38         90
                                       9.250            378.38       50,000.00
    HOUSTON          TX   77047          1            12/20/00         04
    0412210114                           05           02/01/01         25
    0412210114                           N            01/01/31
    0

    4142023          E22/G02             F          116,900.00         ZZ
                                         360        116,778.32          1
                                       9.250            961.71         90
                                       9.000            961.71      129,900.00
    BROOKLYN         MI   49234          1            11/30/00         04
    0412263550                           05           01/01/01         25
    0412263550                           O            12/01/30
    0

    4142028          E22/G02             F           71,550.00         ZZ
                                         360         71,514.81          1
                                       9.500            601.63         90
                                       9.250            601.63       79,500.00
    TAMARAC          FL   33319          1            12/29/00         10
    0412271512                           03           02/01/01         25
    0412271512                           O            01/01/31
    0

1

    4142032          E22/G02             F           98,100.00         ZZ
                                         360         98,050.46          4
                                       9.375            815.95         90
                                       9.125            815.95      109,000.00
    RACINE           WI   53403          1            12/29/00         04
    0412276396                           05           02/01/01         25
    0412276396                           N            01/01/31
    0

    4142044          E22/G02             F          126,800.00         ZZ
                                         360        126,735.97          1
                                       9.375          1,054.66         80
                                       9.125          1,054.66      158,500.00
    NASHVILLE        TN   37204          1            12/29/00         00
    0412284291                           05           02/01/01          0
    0412284291                           N            01/01/31
    0

    4142046          E22/G02             F           83,700.00         ZZ
                                         360         83,655.46          3
                                       9.125            681.01         90
                                       8.875            681.01       93,000.00
    RIVIERA BEACH    FL   33404          1            12/29/00         04
    0412284879                           05           02/01/01         25
    0412284879                           N            01/01/31
    0

    4142065          E22/G02             F           74,700.00         ZZ
                                         360         74,659.20          1
                                       9.000            601.05         90
                                       8.750            601.05       83,000.00
    PORT ST LUCIE    FL   34953          1            12/29/00         10
    0412293276                           05           02/01/01         25
    0412293276                           O            01/01/31
    0

    4142070          E22/G02             F           99,250.00         T
                                         360         99,191.40          1
                                       8.625            771.96         80
                                       8.375            771.96      124,100.00
    TAMPA            FL   33647          1            12/27/00         00
    0412295941                           03           02/01/01          0
    0412295941                           O            01/01/31
    0

    4142072          E22/G02             F           84,150.00         ZZ
                                         360         84,109.68          2
                                       9.625            715.27         85
                                       9.375            715.27       99,000.00
1

    CINCINNATI       OH   45214          1            12/29/00         04
    0412296139                           05           02/01/01         12
    0412296139                           N            01/01/31
    0

    4142079          E22/G02             F          152,100.00         ZZ
                                         360        152,019.05          1
                                       9.125          1,237.54         90
                                       8.875          1,237.54      169,050.00
    RALEIGH          NC   27604          1            12/29/00         04
    0412298341                           05           02/01/01         25
    0412298341                           O            01/01/31
    0

    4142080          E22/G02             F          209,000.00         ZZ
                                         360        208,879.76          1
                                       8.750          1,644.20         95
                                       8.500          1,644.20      220,000.00
    CHEYENNE         WY   82009          5            12/22/00         04
    0412298358                           05           02/01/01         30
    0412298358                           O            01/01/31
    0

    4142098          E22/G02             F          232,000.00         ZZ
                                         360        231,876.54          1
                                       9.125          1,887.63         80
                                       8.875          1,887.63      290,000.00
    FLOSSMOOR        IL   60422          2            12/29/00         00
    0412303588                           05           02/01/01          0
    0412303588                           N            01/01/31
    0

    4142107          E22/G02             F          119,700.00         ZZ
                                         360        119,632.89          1
                                       8.875            952.39         90
                                       8.625            952.39      133,000.00
    BOYNTON BEACH    FL   33435          1            12/29/00         10
    0412307589                           05           02/01/01         25
    0412307589                           O            01/01/31
    0

    4142506          E45/G02             F          181,200.00         ZZ
                                         360        181,200.00          1
                                       8.250          1,361.30         60
                                       8.000          1,361.30      302,000.00
    TOCCOA           GA   30577          2            01/05/01         00
    0432559458                           05           03/01/01          0
    99243                                O            02/01/31
    0
1

    4142935          E47/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
                                       8.375            383.08         80
                                       8.125            383.08       63,000.00
    CONWAY           AR   72032          2            01/08/01         00
    0432552651                           05           03/01/01          0
    7332015147                           O            02/01/31
    0

    4142953          737/G02             F          117,600.00         ZZ
                                         360        117,528.75          1
                                       8.500            904.25         80
                                       8.250            904.25      147,000.00
    PLANO            TX   75025          1            12/21/00         00
    0432502482                           05           02/01/01          0
    2011991                              O            01/01/31
    0

    4143018          737/G02             F           72,000.00         ZZ
                                         360         71,957.49          1
                                       8.625            560.01         75
                                       8.375            560.01       96,000.00
    EAST PEORIA      IL   61611          1            12/22/00         00
    0432546778                           05           02/01/01          0
    2011827                              O            01/01/31
    0

    4143220          F96/G02             F          256,500.00         ZZ
                                         360        256,118.51          2
                                       9.500          2,156.79         95
                                       9.250          2,156.79      270,000.00
    CITY OF ELIZABE  NJ   07206          1            10/13/00         12
    0432563005                           05           12/01/00         30
    0003053                              O            11/01/30
    0

    4143755          L16/G02             F           53,000.00         ZZ
                                         360         52,971.05          1
                                       9.000            426.45         38
                                       8.750            426.45      140,000.00
    FRUIT HEIGHTS    UT   84037          5            01/05/01         00
    0432556652                           05           02/01/01          0
    MP0011099                            N            01/01/31
    0

    4145122          737/G02             F           85,500.00         ZZ
                                         360         85,500.00          3
1

                                       9.375            711.15         90
                                       9.125            711.15       95,000.00
    APPLEGATE        MI   48401          1            01/04/01         10
    0432566263                           05           03/01/01         25
    2012092                              N            02/01/31
    0

    4146653          E22/G02             F          225,000.00         ZZ
                                         360        224,886.37          3
                                       9.375          1,871.44         90
                                       9.125          1,871.44      250,000.00
    QUINCY           MA   02169          1            01/02/01         04
    0412238354                           05           02/01/01         25
    0412238354                           N            01/01/31
    0

    4146658          E22/G02             F           68,000.00         ZZ
                                         360         67,961.88          4
                                       8.875            541.04         80
                                       8.625            541.04       85,000.00
    ROSEBURG         OR   97470          1            12/27/00         00
    0412267643                           05           02/01/01          0
    0412267643                           N            01/01/31
    0

    4146659          E22/G02             F          104,500.00         ZZ
                                         360        104,436.70          2
                                       8.500            803.51         70
                                       8.250            803.51      149,350.00
    LOS ANGELES      CA   90041          1            12/15/00         00
    0412271942                           05           02/01/01          0
    0412271942                           O            01/01/31
    0

    4146660          E22/G02             F           70,000.00         ZZ
                                         360         69,959.73          1
                                       8.750            550.69         56
                                       8.500            550.69      125,000.00
    GREENWOOD        CA   95635          5            12/27/00         00
    0412273815                           05           02/01/01          0
    0412273815                           N            01/01/31
    0

    4146673          E22/G02             F          193,500.00         ZZ
                                         360        193,379.73          1
                                       8.375          1,470.74         90
                                       8.125          1,470.74      215,000.00
    WINDER           GA   30680          2            12/26/00         04
    0412291387                           05           02/01/01         25
1

    0412291387                           O            01/01/31
    0

    4146674          E22/G02             F           81,000.00         ZZ
                                         360         80,953.40          1
                                       8.750            637.23         90
                                       8.500            637.23       90,000.00
    BALTIMORE        MD   21215          2            12/27/00         04
    0412292641                           05           02/01/01         25
    0412292641                           O            01/01/31
    0

    4146687          E22/G02             F           62,000.00         ZZ
                                         360         61,964.33          1
                                       8.750            487.75         87
                                       8.500            487.75       72,000.00
    SEBRING          FL   33872          1            01/02/01         01
    0412299190                           05           02/01/01         30
    0412299190                           O            01/01/31
    0

    4146691          E22/G02             F           58,000.00         ZZ
                                         360         57,965.76          1
                                       8.625            451.12         40
                                       8.375            451.12      147,772.00
    TINLEY PARK      IL   60477          1            01/02/01         00
    0412304693                           01           02/01/01          0
    0412304693                           O            01/01/31
    0

    4147037          U59/G02             F          164,000.00         ZZ
                                         360        163,892.72          1
                                       8.125          1,217.70         71
                                       7.875          1,217.70      234,000.00
    BETHPAGE         NY   11771          1            01/11/01         00
    0432561140                           05           02/11/01          0
    800713501                            O            01/11/31
    0

    4147858          822/G02             F          116,400.00         ZZ
                                         360        115,364.11          1
                                       8.500            895.02         72
                                       8.250            895.02      162,000.00
    EAST WINDSOR     CT   06016          5            12/04/00         00
    0432504587                           05           02/01/01          0
    3806009562                           O            01/01/31
    0

1

    4147880          964/G02             F          103,000.00         ZZ
                                         360        103,000.00          1
                                       8.375            782.87         79
                                       8.125            782.87      131,000.00
    BEND             OR   97701          2            01/04/01         00
    0432559649                           05           03/01/01          0
    98065                                O            02/01/31
    0

    4148126          742/G02             F          260,000.00         ZZ
                                         360        260,000.00          3
                                       8.500          1,999.18         80
                                       8.250          1,999.18      325,000.00
    BROOKLYN         NY   11215          1            01/04/01         00
    0432534568                           05           03/01/01          0
    6127765                              N            02/01/31
    0

    4148142          Q41/G02             F          265,500.00         ZZ
                                         360        265,500.00          4
                                       9.375          2,208.29         90
                                       9.125          2,208.29      295,000.00
    COLORADO SPRING  CO   80917          1            01/05/01         04
    0432560076                           05           03/01/01         25
    31026                                N            02/01/31
    0

    4149216          N74/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       8.750            708.03         60
                                       8.500            708.03      152,000.00
    AUSTIN           TX   78757          5            01/12/01         00
    0432566057                           05           03/01/01          0
    0027957010                           N            02/01/31
    0

    4150243          950/G02             F          254,000.00         ZZ
                                         360        254,000.00          1
                                       8.875          2,020.94         79
                                       8.625          2,020.94      323,000.00
    REDMOND          WA   98052          5            01/08/01         00
    0432559516                           05           03/01/01          0
    1012150                              O            02/01/31
    0

    4150535          E22/G02             F          103,550.00         ZZ
                                         360        103,499.07          1
                                       9.500            870.70         85
                                       9.250            870.70      122,000.00
1

    DALE             TX   78616          2            12/28/00         01
    0412238172                           27           02/01/01         12
    0412238172                           O            01/01/31
    0

    4150537          E22/G02             F          190,000.00         ZZ
                                         360        189,875.72          3
                                       8.125          1,410.74         95
                                       7.875          1,410.74      200,000.00
    LOS ANGELES      CA   90031          1            12/27/00         04
    0412246761                           05           02/01/01         30
    0412246761                           O            01/01/31
    0

    4150551          E22/G02             F           94,150.00         ZZ
                                         360         94,102.46          1
                                       9.375            783.09         80
                                       9.125            783.09      117,700.00
    ROCKVILLE        MD   20855          1            01/03/01         00
    0412276479                           05           02/01/01          0
    0412276479                           N            01/01/31
    0

    4150552          E22/G02             F          159,300.00         ZZ
                                         360        159,300.00          1
                                       8.500          1,224.88         90
                                       8.250          1,224.88      177,000.00
    POULSBO          WA   98370          1            12/29/00         11
    0412278384                           03           03/01/01         25
    0412278384                           O            02/01/31
    0

    4150565          E22/G02             F           55,100.00         ZZ
                                         360         55,069.11          1
                                       8.875            438.40         71
                                       8.625            438.40       78,000.00
    HOUSTON          TX   77009          2            12/28/00         00
    0412297053                           05           02/01/01          0
    0412297053                           O            01/01/31
    0

    4150570          E22/G02             F          151,200.00         ZZ
                                         360        151,200.00          1
                                       8.750          1,189.49         90
                                       8.500          1,189.49      168,000.00
    RIVERSIDE        CA   92503          5            12/26/00         04
    0412303786                           05           03/01/01         25
    0412303786                           O            02/01/31
    0
1

    4150571          E22/G02             F          106,300.00         ZZ
                                         360        106,233.93          1
                                       8.375            807.96         80
                                       8.125            807.96      132,900.00
    WINDER           GA   30680          1            01/03/01         00
    0412304008                           03           02/01/01          0
    0412304008                           O            01/01/31
    0

    4152484          S48/S48             F          257,000.00         ZZ
                                         360        256,541.53          1
                                       8.625          1,998.92         74
                                       8.375          1,998.92      350,000.00
    CORCORAN         MN   55340          1            10/12/00         00
    29068483                             05           12/01/00          0
    29068483                             O            11/01/30
    0

    4152499          S48/S48             F          300,000.00         ZZ
                                         360        299,354.08          4
                                       9.125          2,440.90         77
                                       8.875          2,440.90      390,000.00
    BROOKLYN         NY   11230          1            09/11/00         00
    29106697                             05           11/01/00          0
    29106697                             O            10/01/30
    0

    4152831          967/G02             F           99,600.00         ZZ
                                         360         99,600.00          1
                                       8.500            765.84         80
                                       8.250            765.84      124,500.00
    PRESCOTT         AZ   86301          1            01/05/01         00
    0432553394                           05           03/01/01          0
    6214472                              O            02/01/31
    0

    4153696          624/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       9.000            901.18         80
                                       8.750            901.18      140,000.00
    FRIANT           CA   93626          1            01/10/01         00
    0432576197                           05           03/01/01          0
    33500100823F                         O            02/01/31
    0

    4154352          G52/G02             F           40,500.00         T
                                         360         40,477.29          1
1

                                       8.875            322.24         90
                                       8.625            322.24       45,000.00
    SAN ANTONIO      TX   78229          1            12/21/00         10
    0432530491                           01           02/01/01         25
    74502672                             O            01/01/31
    0

    4155660          E22/G02             F          128,250.00         ZZ
                                         360        128,178.11          4
                                       8.875          1,020.41         95
                                       8.625          1,020.41      135,000.00
    FT WAYNE         IN   46835          1            01/04/01         04
    0412259301                           05           02/01/01         30
    0412259301                           O            01/01/31
    0

    4155662          E22/G02             F          212,000.00         ZZ
                                         360        211,864.81          1
                                       8.250          1,592.69         80
                                       8.000          1,592.69      265,000.00
    WEST HILLS       CA   91307          5            12/21/00         00
    0412260853                           05           02/01/01          0
    0412260853                           O            01/01/31
    0

    4155671          E22/G02             F           75,000.00         ZZ
                                         360         74,956.85          1
                                       8.750            590.03         64
                                       8.500            590.03      118,000.00
    WASILLA          AK   99654          5            12/22/00         00
    0412283509                           05           02/01/01          0
    0412283509                           O            01/01/31
    0

    4155673          E22/G02             F          374,000.00         ZZ
                                         360        373,816.04          3
                                       9.500          3,144.79         75
                                       9.250          3,144.79      499,000.00
    BROOKLYN         NY   11205          1            01/04/01         00
    0412286130                           05           02/01/01          0
    0412286130                           N            01/01/31
    0

    4155677          E22/G02             F          193,600.00         ZZ
                                         360        193,600.00          1
                                       8.250          1,454.45         80
                                       8.000          1,454.45      242,000.00
    LAKE OSWEGO      OR   97035          2            12/28/00         00
    0412294241                           05           03/01/01          0
1

    0412294241                           O            02/01/31
    0

    4155678          E22/G02             F          142,100.00         ZZ
                                         360        142,020.34          1
                                       8.875          1,130.61         90
                                       8.625          1,130.61      157,900.00
    EMMET            MI   48022          1            12/22/00         04
    0412294407                           05           02/01/01         25
    0412294407                           O            01/01/31
    0

    4155681          E22/G02             F          117,000.00         ZZ
                                         360        116,937.74          1
                                       9.125            951.95         90
                                       8.875            951.95      130,000.00
    FERN PARK        FL   32730          5            12/29/00         10
    0412296477                           05           02/01/01         25
    0412296477                           O            01/01/31
    0

    4155689          E22/G02             F          112,000.00         ZZ
                                         360        111,937.21          1
                                       8.875            891.12         80
                                       8.625            891.12      140,000.00
    AUSTIN           TX   78734          5            12/26/00         00
    0412301046                           03           02/01/01          0
    0412301046                           O            01/01/31
    0

    4155698          E22/G02             F           59,500.00         ZZ
                                         360         59,500.00          1
                                       9.500            500.31         85
                                       9.250            500.31       70,000.00
    CHICAGO          IL   60613          1            01/04/01         04
    0412303836                           06           03/01/01         25
    0412303836                           N            02/01/31
    0

    4155700          E22/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
                                       9.625          1,121.99         80
                                       9.375          1,121.99      165,000.00
    WEST HARTFORD    CT   06107          5            12/27/00         00
    0412304164                           05           03/01/01          0
    0412304164                           N            02/01/31
    0

1

    4155705          E22/G02             F           90,900.00         ZZ
                                         360         90,852.88          1
                                       9.250            747.81         90
                                       9.000            747.81      101,000.00
    KATY             TX   77449          1            12/29/00         01
    0412307035                           03           02/01/01         25
    0412307035                           N            01/01/31
    0

    4155706          E22/G02             F          130,500.00         ZZ
                                         360        130,416.79          1
                                       8.250            980.40         90
                                       8.000            980.40      145,000.00
    BATON ROUGE      LA   70816          5            12/29/00         01
    0412307092                           05           02/01/01         25
    0412307092                           O            01/01/31
    0

    4155708          E22/G02             F          114,400.00         ZZ
                                         360        114,400.00          1
                                       9.250            941.14         80
                                       9.000            941.14      143,000.00
    GRESHAM          OR   97030          1            12/28/00         00
    0412308421                           05           03/01/01          0
    0412308421                           N            02/01/31
    0

    4155711          E22/G02             F           80,900.00         ZZ
                                         360         80,900.00          1
                                       9.125            658.23         90
                                       8.875            658.23       89,900.00
    HOUSTON          TX   77043          1            01/04/01         01
    0412312589                           03           03/01/01         25
    0412312589                           O            02/01/31
    0

    4155865          964/G02             F          183,500.00         ZZ
                                         360        183,388.83          1
                                       8.500          1,410.96         75
                                       8.250          1,410.96      245,000.00
    DENVER           CO   80205          5            12/13/00         00
    0432508042                           05           02/01/01          0
    95263                                N            01/01/31
    0

    4155875          025/025             F           85,000.00         ZZ
                                         360         84,188.05          1
                                       8.500            653.58         77
                                       8.250            653.58      111,500.00
1

    NORTH FORT MYER  FL   33917          1            10/15/99         00
    0021919907                           03           12/01/99          0
    0021919907                           O            11/01/29
    0

    4155884          700/G02             F           75,900.00         ZZ
                                         360         75,856.33          1
                                       8.750            597.11         95
                                       8.500            597.11       79,900.00
    LONG BEACH       CA   90802          1            12/11/00         10
    0432511772                           01           02/01/01         30
    00253432                             O            01/01/31
    0

    4156102          025/025             F           55,100.00         ZZ
                                         360         54,603.16          1
                                       9.125            448.31         75
                                       8.875            448.31       73,500.00
    MACON            GA   31211          2            10/01/99         00
    0020970190                           05           11/01/99          0
    0020970190                           O            10/01/29
    0

    4156191          E77/G02             F           75,000.00         ZZ
                                         360         74,954.56          1
                                       8.500            576.69         68
                                       8.250            576.69      111,000.00
    GLEN BURNIE      MD   21060          5            12/29/00         00
    0432510949                           05           02/01/01          0
    1010000621                           N            01/01/31
    0

    4156335          A33/G02             F          140,400.00         ZZ
                                         360        140,400.00          2
                                       8.250          1,054.78         90
                                       8.000          1,054.78      156,000.00
    WACO             TX   76705          1            01/15/01         11
    0432559862                           05           03/01/01         25
    92374688                             N            02/01/31
    0

    4157015          Q73/G02             F           83,700.00         ZZ
                                         360         83,700.00          1
                                       8.000            614.16         90
                                       7.750            614.16       93,000.00
    SOUTHAVEN        MS   38671          1            01/16/01         01
    0432565935                           05           03/01/01         17
    2761648                              O            02/01/31
    0
1

    4157526          E76/G02             F           88,000.00         ZZ
                                         360         87,948.05          1
                                       8.625            684.45         80
                                       8.375            684.45      110,000.00
    ARLINGTON        TX   76006          1            12/21/00         00
    0432510725                           05           02/01/01          0
    10002480                             O            01/01/31
    0

    4157700          U62/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       8.875            954.77         80
                                       8.625            954.77      150,000.00
    BAY SHORE        NY   11706          5            12/28/00         00
    0432514651                           05           03/01/01          0
    2001227940                           O            02/01/31
    0

    4158742          642/G02             F           76,450.00         ZZ
                                         360         76,399.99          1
                                       8.125            567.64         85
                                       7.875            567.64       90,000.00
    COLORADO SPRING  CO   80918          5            12/15/00         10
    0432529931                           09           02/01/01         12
    12107300                             O            01/01/31
    0

    4159301          168/168             F          132,000.00         ZZ
                                         240        131,782.77          1
                                       8.250          1,124.73         80
                                       8.000          1,124.73      165,000.00
    LEWISTON         NY   14092          1            12/21/00         00
    0249667797                           05           02/01/01          0
    0249667797                           O            01/01/21
    0

    4160025          F89/G02             F          103,520.00         ZZ
                                         360        103,453.99          1
                                       8.250            777.71         80
                                       8.000            777.71      129,400.00
    LAS VEGAS        NV   89128          1            12/21/00         00
    0432545507                           01           02/01/01          0
    5330                                 O            01/01/31
    0

    4160539          E22/G02             F          260,000.00         ZZ
                                         360        259,613.28          1
1

                                       9.500          2,186.23         80
                                       9.250          2,186.23      325,000.00
    ATLANTA          GA   30906          1            10/30/00         00
    0412215758                           05           12/01/00          0
    0412215758                           N            11/01/30
    0

    4160540          E22/G02             F           36,950.00         ZZ
                                         360         36,933.22          1
                                       9.875            320.85         90
                                       9.625            320.85       41,107.00
    AUBURN           IN   46706          1            01/05/01         04
    0412233728                           05           02/01/01         25
    0412233728                           N            01/01/31
    0

    4160542          E22/G02             F           61,200.00         ZZ
                                         360         61,167.44          1
                                       9.125            497.94         90
                                       8.875            497.94       68,009.00
    DELRAY BEACH     FL   33444          1            01/05/01         04
    0412249476                           05           02/01/01         25
    0412249476                           N            01/01/31
    0

    4160549          E22/G02             F          155,700.00         ZZ
                                         360        155,614.95          1
                                       9.000          1,252.80         90
                                       8.750          1,252.80      173,000.00
    DAVENPORT        FL   33837          1            12/29/00         04
    0412274680                           03           02/01/01         25
    0412274680                           N            01/01/31
    0

    4160556          E22/G02             F          131,600.00         ZZ
                                         360        131,531.78          4
                                       9.250          1,082.64         90
                                       9.000          1,082.64      146,300.00
    KENOSHA          WI   53144          1            01/05/01         04
    0412286395                           05           02/01/01         25
    0412286395                           N            01/01/31
    0

    4160559          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       9.250          1,053.02         80
                                       9.000          1,053.02      160,000.00
    DERRY            NH   03038          5            12/27/00         00
    0412291759                           05           03/01/01          0
1

    0412291759                           O            02/01/31
    0

    4160564          E22/G02             F           96,400.00         ZZ
                                         360         96,345.96          1
                                       8.875            767.00         74
                                       8.625            767.00      132,000.00
    HUMBLE           TX   77338          1            01/04/01         00
    0412300600                           27           02/01/01          0
    0412300600                           O            01/01/31
    0

    4160571          E22/G02             F          216,000.00         ZZ
                                         360        215,875.73          1
                                       8.750          1,699.27         80
                                       8.500          1,699.27      270,000.00
    DALLAS           TX   75214          5            12/28/00         00
    0412304297                           05           02/01/01          0
    0412304297                           O            01/01/31
    0

    4160576          E22/G02             F          118,250.00         ZZ
                                         360        118,250.00          1
                                       9.125            962.13         90
                                       8.875            962.13      131,400.00
    CHESTERFIELD TW  MI   48047          1            01/05/01         04
    0412306573                           05           03/01/01         30
    0412306573                           O            02/01/31
    0

    4160577          E22/G02             F           73,800.00         ZZ
                                         360         73,762.73          1
                                       9.375            613.83         90
                                       9.125            613.83       82,000.00
    YUKON            OK   73099          1            01/05/01         01
    0412307712                           05           02/01/01         30
    0412307712                           O            01/01/31
    0

    4162604          637/G02             F          117,900.00         ZZ
                                         360        117,833.90          1
                                       8.875            938.07         90
                                       8.625            938.07      131,000.00
    HOLLISTER        MO   65672          1            12/15/00         10
    0432513406                           05           02/01/01         25
    0018757179                           O            01/01/31
    0

1

    4162631          E40/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       8.125          1,670.62         77
                                       7.875          1,670.62      292,500.00
    WOBURN           MA   01801          1            01/11/01         00
    0432548857                           05           03/01/01          0
    545000107                            O            02/01/31
    0

    4162711          624/G02             F          101,250.00         ZZ
                                         360        101,250.00          1
                                       9.250            832.96         75
                                       9.000            832.96      136,000.00
    SALT LAKE CITY   UT   84105          5            01/09/01         00
    0432550671                           05           03/01/01          0
    81700103303F                         N            02/01/31
    0

    4163250          455/G02             F          147,900.00         ZZ
                                         360        147,900.00          1
                                       9.250          1,216.74         80
                                       9.000          1,216.74      184,900.00
    ATLANTA          GA   30319          1            01/12/01         00
    0432559417                           05           03/01/01          0
    09001021                             N            02/01/31
    0

    4163393          025/025             F           80,000.00         ZZ
                                         360         79,544.23          1
                                       9.750            687.32         64
                                       9.500            687.32      125,000.00
    CANON CITY       CO   81212          5            05/09/00         00
    0137620027                           05           07/01/00          0
    0137620027                           O            06/01/30
    0

    4163643          E44/G02             F          190,000.00         ZZ
                                         360        190,000.00          4
                                       9.125          1,545.90         89
                                       8.875          1,545.90      215,000.00
    TREMONTON        UT   84337          2            01/10/01         12
    0432559599                           05           03/01/01         25
    58000018                             N            02/01/31
    0

    4164691          N34/G02             F          147,250.00         ZZ
                                         360        147,250.00          2
                                       9.375          1,224.75         95
                                       9.125          1,224.75      155,000.00
1

    CHICAGO          IL   60647          1            01/16/01         11
    0432559565                           05           03/01/01         30
    DOMENECH                             O            02/01/31
    0

    4165746          E22/G02             F           79,000.00         ZZ
                                         360         79,000.00          1
                                       8.875            628.56         90
                                       8.625            628.56       88,000.00
    JACKSON          MI   49201          2            01/02/01         04
    0412277907                           05           03/01/01         25
    0412277907                           O            02/01/31
    0

    4165749          E22/G02             F           72,000.00         ZZ
                                         360         72,000.00          3
                                       8.625            560.01         80
                                       8.375            560.01       90,000.00
    SAN JACINTO      CA   92583          1            12/28/00         00
    0412287898                           05           03/01/01          0
    0412287898                           O            02/01/31
    0

    4165752          E22/G02             F           45,000.00         ZZ
                                         360         45,000.00          3
                                       9.625            382.50         90
                                       9.375            382.50       50,000.00
    NEW BRITAIN      CT   06051          1            01/08/01         04
    0412290827                           05           03/01/01         25
    0412290827                           N            02/01/31
    0

    4165753          E22/G02             F          204,200.00         ZZ
                                         360        204,088.46          1
                                       9.000          1,643.04         87
                                       8.750          1,643.04      235,000.00
    QUEEN CREEK      AZ   85242          5            12/22/00         04
    0412290918                           05           02/01/01         25
    0412290918                           O            01/01/31
    0

    4165755          E22/G02             F          125,100.00         ZZ
                                         360        125,100.00          4
                                       8.500            961.91         90
                                       8.250            961.91      139,000.00
    FREMONT          NE   68025          1            01/08/01         04
    0412292088                           05           03/01/01         25
    0412292088                           N            02/01/31
    0
1

    4165756          E22/G02             F          195,300.00         ZZ
                                         360        195,300.00          1
                                       8.875          1,553.89         90
                                       8.625          1,553.89      217,000.00
    QUINCY           MA   02170          1            01/08/01         04
    0412292542                           05           03/01/01         25
    0412292542                           N            02/01/31
    0

    4165759          E22/G02             F           25,650.00         ZZ
                                         360         25,650.00          1
                                       9.375            213.34         95
                                       9.125            213.34       27,000.00
    NORMAN           OK   73071          1            01/08/01         04
    0412295503                           01           03/01/01         30
    0412295503                           O            02/01/31
    0

    4165775          E22/G02             F          108,450.00         ZZ
                                         360        108,450.00          4
                                       8.500            833.89         90
                                       8.250            833.89      120,500.00
    FREMONT          NE   68025          1            01/08/01         04
    0412305963                           05           03/01/01         25
    0412305963                           N            02/01/31
    0

    4165776          E22/G02             F          206,250.00         ZZ
                                         360        206,250.00          1
                                       9.250          1,696.77         74
                                       9.000          1,696.77      279,000.00
    NORRIDGE         IL   60634          5            01/03/01         00
    0412307225                           05           03/01/01          0
    0412307225                           O            02/01/31
    0

    4165783          E22/G02             F          142,800.00         ZZ
                                         360        142,800.00          1
                                       8.500          1,098.01         75
                                       8.250          1,098.01      192,000.00
    WYLIE            TX   75098          1            01/05/01         00
    0412315277                           05           03/01/01          0
    0412315277                           O            02/01/31
    0

    4167043          U62/G02             F          100,800.00         ZZ
                                         360        100,674.26          1
1

                                       8.375            766.15         80
                                       8.125            766.15      126,000.00
    SPRING           TX   77388          2            11/02/00         00
    0432553717                           05           01/01/01          0
    2001219785                           O            12/01/30
    0

    4167120          253/253             F          106,600.00         ZZ
                                         360        106,540.24          1
                                       8.875            848.16         65
                                       8.625            848.16      164,000.00
    BOULDER          CO   80301          5            12/28/00         00
    959865                               01           02/01/01          0
    959865                               N            01/01/31
    0

    4167860          G92/G02             F          238,000.00         ZZ
                                         240        237,602.18          1
                                       8.125          2,009.28         56
                                       7.875          2,009.28      430,000.00
    JAMUL            CA   91935          5            12/21/00         00
    0432540359                           05           02/01/01          0
    WASECKO                              O            01/01/21
    0

    4167982          168/168             F          185,000.00         ZZ
                                         360        184,896.29          4
                                       8.875          1,471.94         56
                                       8.625          1,471.94      335,000.00
    CHICAGO          IL   60651          5            12/22/00         00
    0189688505                           05           02/01/01          0
    0189688505                           O            01/01/31
    0

    4168232          U59/G02             F           17,600.00         ZZ
                                         360         17,589.87          1
                                       8.750            138.46         80
                                       8.500            138.46       22,000.00
    COFFEEN          IL   62017          1            01/19/01         00
    0432563898                           05           02/19/01          0
    800738402                            N            01/19/31
    0

    4168911          E86/G02             F          103,500.00         ZZ
                                         360        103,443.47          1
                                       9.000            832.78         90
                                       8.750            832.78      115,000.00
    NORTH BERGEN     NJ   07047          1            12/21/00         11
    0432570745                           08           02/01/01         25
1

    0000088593                           O            01/01/31
    0

    4169013          480/G02             F          152,000.00         ZZ
                                         360        151,912.55          1
                                       8.750          1,195.78         80
                                       8.500          1,195.78      190,000.00
    WETUMPKA         AL   36093          5            12/15/00         00
    0432527224                           05           02/01/01          0
    3469160                              O            01/01/31
    0

    4169224          E82/G02             F          111,200.00         ZZ
                                         360        111,200.00          2
                                       8.625            864.90         80
                                       8.375            864.90      139,000.00
    BELLINGHAM       WA   98226          1            01/08/01         00
    0400347746                           05           03/01/01          0
    0400347746                           O            02/01/31
    0

    4169226          E82/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       8.875          1,591.29         75
                                       8.625          1,591.29      268,000.00
    MOUNTAIN TOP     PA   18707          1            01/08/01         00
    0400349411                           05           03/01/01          0
    0400349411                           O            02/01/31
    0

    4169227          E82/G02             F           72,050.00         ZZ
                                         360         72,050.00          1
                                       9.000            579.73         90
                                       8.750            579.73       80,100.00
    HILLSIDE         IL   60162          1            01/05/01         04
    0400365144                           05           03/01/01         25
    0400365144                           N            02/01/31
    0

    4169462          U62/G02             F          110,950.00         ZZ
                                         360        110,882.79          1
                                       8.500            853.11         95
                                       8.250            853.11      117,000.00
    BALTIMORE        MD   21215          5            12/23/00         04
    0432530632                           05           02/01/01         25
    2001226750                           O            01/01/31
    0

1

    4170655          B65/G02             F          124,560.00         ZZ
                                         360        124,560.00          1
                                       8.125            924.85         90
                                       7.875            924.85      138,400.00
    WORTHINGTON      OH   43085          1            01/15/01         04
    0432544799                           05           03/01/01         25
    213882710                            N            02/01/31
    0

    4171263          E22/G02             F           84,550.00         ZZ
                                         360         84,550.00          1
                                       9.250            695.57         90
                                       9.000            695.57       94,000.00
    OAK POINT        TX   75068          2            01/09/01         01
    0412277790                           03           03/01/01         25
    0412277790                           N            02/01/31
    0

    4171264          E22/G02             F           87,900.00         ZZ
                                         360         87,900.00          1
                                       8.250            660.36         71
                                       8.000            660.36      124,900.00
    BOZEMAN          MT   59718          1            01/08/01         00
    0412282584                           09           03/01/01          0
    0412282584                           O            02/01/31
    0

    4171265          E22/G02             F          145,000.00         ZZ
                                         360        145,000.00          1
                                       8.250          1,089.34         58
                                       8.000          1,089.34      251,000.00
    RALEIGH          NC   27609          5            01/04/01         00
    0412282881                           05           03/01/01          0
    0412282881                           O            02/01/31
    0

    4171273          E22/G02             F           66,400.00         ZZ
                                         360         66,400.00          1
                                       8.000            487.22         80
                                       7.750            487.22       83,000.00
    BETHANY          OK   73008          2            01/04/01         00
    0412291700                           05           03/01/01          0
    0412291700                           O            02/01/31
    0

    4171277          E22/G02             F          137,700.00         ZZ
                                         360        137,700.00          1
                                       8.500          1,058.79         91
                                       8.250          1,058.79      152,000.00
1

    COLUMBUS         OH   43229          5            01/04/01         04
    0412300345                           05           03/01/01         30
    0412300345                           O            02/01/31
    0

    4171278          E22/G02             F          120,000.00         ZZ
                                         360        119,927.30          1
                                       8.500            922.70         80
                                       8.250            922.70      150,000.00
    SAN DIEGO        CA   92109          1            12/21/00         00
    0412301103                           01           02/01/01          0
    0412301103                           O            01/01/31
    0

    4171279          E22/G02             F           91,500.00         ZZ
                                         360         91,500.00          1
                                       8.125            679.38         75
                                       7.875            679.38      122,000.00
    HAMMOND          LA   70401          5            01/04/01         00
    0412301822                           05           03/01/01          0
    0412301822                           O            02/01/31
    0

    4171282          E22/G02             F          162,400.00         ZZ
                                         360        162,400.00          1
                                       9.250          1,336.02         80
                                       9.000          1,336.02      203,000.00
    ROSEVILLE        CA   95747          1            01/04/01         00
    0412306060                           05           03/01/01          0
    0412306060                           N            02/01/31
    0

    4171285          E22/G02             F           49,500.00         ZZ
                                         360         49,500.00          2
                                       9.500            416.22         90
                                       9.250            416.22       55,000.00
    KANSAS CITY      MO   64131          1            01/09/01         04
    0412308280                           05           03/01/01         25
    0412308280                           N            02/01/31
    0

    4171289          E22/G02             F          211,150.00         ZZ
                                         360        211,150.00          1
                                       8.625          1,642.30         90
                                       8.375          1,642.30      234,621.00
    NORTH AURORA     IL   60542          1            01/09/01         04
    0412310864                           05           03/01/01         25
    0412310864                           O            02/01/31
    0
1

    4171290          E22/G02             F           34,800.00         ZZ
                                         240         34,800.00          1
                                       8.750            307.53         80
                                       8.500            307.53       43,500.00
    GRANBURY         TX   76048          1            01/05/01         00
    0412311003                           03           03/01/01          0
    0412311003                           O            02/01/21
    0

    4171586          E22/G02             F           82,000.00         ZZ
                                         360         82,000.00          1
                                       8.625            637.79         54
                                       8.375            637.79      152,000.00
    LOUISVILLE       CO   80027          2            01/09/01         00
    0412292872                           05           03/01/01          0
    0412292872                           N            02/01/31
    0

    4171792          E40/G02             F          138,700.00         ZZ
                                         360        138,700.00          1
                                       9.375          1,153.64         95
                                       9.125          1,153.64      146,000.00
    FRANKLIN         MA   02038          1            01/12/01         12
    0432558310                           01           03/01/01         30
    545000108                            O            02/01/31
    0

    4173185          168/168             F          210,000.00         ZZ
                                         360        209,872.78          1
                                       8.500          1,614.72         79
                                       8.250          1,614.72      268,310.00
    AMHERST          NY   14051          1            12/29/00         00
    0189598298                           05           02/01/01          0
    0189598298                           O            01/01/31
    0

    4173283          U05/G02             F          198,900.00         ZZ
                                         360        198,900.00          2
                                       9.125          1,618.32         90
                                       8.875          1,618.32      221,000.00
    CHICAGO          IL   60622          1            01/12/01         11
    0432564284                           05           03/01/01         25
    3095962                              N            02/01/31
    0

    4174982          G52/G02             F          243,000.00         ZZ
                                         360        242,877.29          4
1

                                       9.375          2,021.15         90
                                       9.125          2,021.15      270,000.00
    LOS ANGELES      CA   90063          1            12/20/00         10
    0432520468                           05           02/01/01         25
    83503911                             N            01/01/31
    0

    4176006          964/G02             F          111,200.00         ZZ
                                         360        111,200.00          3
                                       8.750            874.81         90
                                       8.500            874.81      123,600.00
    LAS VEGAS        NV   89030          1            01/12/01         10
    0432564532                           05           03/01/01         25
    97812                                N            02/01/31
    0

    4176501          E22/G02             F          104,000.00         ZZ
                                         360        103,938.60          2
                                       8.625            808.90         78
                                       8.375            808.90      135,000.00
    RAYTOWN          MO   64138          2            12/29/00         00
    0412224313                           05           02/01/01          0
    0412224313                           N            01/01/31
    0

    4176505          E22/G02             F          116,700.00         ZZ
                                         360        116,700.00          1
                                       8.875            928.52         80
                                       8.625            928.52      145,900.00
    BURKE            VA   22015          1            01/09/01         00
    0412245375                           09           03/01/01          0
    0412245375                           N            02/01/31
    0

    4176521          E22/G02             F           82,800.00         ZZ
                                         360         82,800.00          1
                                       8.750            651.39         90
                                       8.500            651.39       92,000.00
    WINTON           CA   95388          1            01/03/01         01
    0412308405                           05           03/01/01         25
    0412308405                           O            02/01/31
    0

    4176526          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       8.375          1,976.19         80
                                       8.125          1,976.19      325,000.00
    FAIRFIELD        CT   06437          2            01/05/01         00
    0412309817                           05           03/01/01          0
1

    0412309817                           O            02/01/31
    0

    4176532          E22/G02             F          179,500.00         ZZ
                                         360        179,500.00          1
                                       8.625          1,396.13         90
                                       8.375          1,396.13      199,500.00
    CHICO            CA   95926          1            01/08/01         01
    0412315038                           05           03/01/01         25
    0412315038                           O            02/01/31
    0

    4176536          E22/G02             F          157,500.00         ZZ
                                         360        157,500.00          4
                                       9.375          1,310.01         90
                                       9.125          1,310.01      175,000.00
    AUSTIN           TX   78724          1            01/09/01         01
    0412318156                           05           03/01/01         25
    0412318156                           N            02/01/31
    0

    4176549          956/G02             F          123,750.00         T
                                         360        122,869.23          1
                                       9.500          1,040.56         75
                                       9.250          1,040.56      165,000.00
    BLOOMINGTON      MN   55438          1            12/01/00         00
    0432569010                           05           01/01/01          0
    3510110131                           O            12/01/30
    0

    4176940          637/G02             F          252,700.00         ZZ
                                         360        252,436.99          1
                                       9.250          2,078.90         78
                                       9.000          2,078.90      325,000.00
    UNION CITY       CA   94587          1            11/28/00         00
    0432575439                           09           01/01/01          0
    0015460546                           N            12/01/30
    0

    4178511          R19/G02             F          238,500.00         ZZ
                                         360        238,500.00          4
                                       9.000          1,919.03         90
                                       8.750          1,919.03      265,000.00
    HAMPTON          NH   03842          1            01/19/01         23
    0432579019                           05           03/01/01          0
    4178511                              O            02/01/31
    0

1

    4179120          637/G02             F           72,000.00         ZZ
                                         360         71,965.50          4
                                       9.625            612.00         90
                                       9.375            612.00       80,000.00
    DUSON            LA   70529          1            12/15/00         01
    0432548626                           05           02/01/01         25
    0017692724                           N            01/01/31
    0

    4181653          665/G02             F          195,000.00         ZZ
                                         360        194,881.87          1
                                       8.500          1,499.38         65
                                       8.250          1,499.38      303,500.00
    SALINAS          CA   93906          5            12/22/00         00
    0432533354                           05           02/01/01          0
    88004485                             O            01/01/31
    0

    4181702          637/G02             F           72,000.00         ZZ
                                         360         71,965.50          4
                                       9.625            612.00         90
                                       9.375            612.00       80,000.00
    DUSON            LA   70529          1            12/15/00         01
    0432526150                           05           02/01/01         25
    0017692799                           N            01/01/31
    0

    4181917          E22/G02             F          113,000.00         ZZ
                                         360        113,000.00          1
                                       9.500            950.17         90
                                       9.250            950.17      125,660.00
    WEST NEW YORK    NJ   07093          1            01/11/01         04
    0412215741                           05           03/01/01         25
    0412215741                           N            02/01/31
    0

    4181924          E22/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
                                       8.875            413.74         65
                                       8.625            413.74       80,000.00
    MT CLEMENS       MI   48043          1            01/11/01         00
    0412278434                           05           03/01/01          0
    0412278434                           N            02/01/31
    0

    4181926          E22/G02             F           82,800.00         ZZ
                                         360         82,800.00          1
                                       8.750            651.39         90
                                       8.500            651.39       92,000.00
1

    DALLAS           TX   75214          1            01/08/01         01
    0412298523                           05           03/01/01         25
    0412298523                           O            02/01/31
    0

    4181928          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          2
                                       9.000          1,673.62         80
                                       8.750          1,673.62      260,000.00
    WEST AMWELL      NJ   08551          1            01/11/01         00
    0412307902                           05           03/01/01          0
    0412307902                           N            02/01/31
    0

    4181934          E22/G02             F           63,600.00         ZZ
                                         360         63,600.00          1
                                       8.750            500.34         80
                                       8.500            500.34       79,500.00
    WEST CHESTER     OH   45069          1            01/11/01         00
    0412311433                           01           03/01/01          0
    0412311433                           O            02/01/31
    0

    4181937          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       8.375          1,976.19         80
                                       8.125          1,976.19      325,000.00
    SALINAS          CA   93901          1            01/10/01         00
    0412313918                           05           03/01/01          0
    0412313918                           O            02/01/31
    0

    4181940          E22/G02             F          151,650.00         ZZ
                                         360        151,650.00          1
                                       8.625          1,179.52         80
                                       8.375          1,179.52      189,619.00
    VANCOUVER        WA   98686          1            01/08/01         00
    0412317976                           05           03/01/01          0
    0412317976                           O            02/01/31
    0

    4181942          E22/G02             F          105,550.00         ZZ
                                         360        105,550.00          1
                                       9.375            877.91         70
                                       9.125            877.91      152,000.00
    TROY             MI   48098          5            01/11/01         00
    0412318594                           05           03/01/01          0
    0412318594                           N            02/01/31
    0
1

    4182434          A33/G02             F           59,400.00         ZZ
                                         360         59,400.00          1
                                       9.250            488.67         90
                                       9.000            488.67       66,000.00
    TAYLOR           MI   48180          1            01/19/01         11
    0432568509                           05           03/01/01         25
    038096243                            N            02/01/31
    0

    4184999          G52/G02             F           97,600.00         ZZ
                                         360         97,600.00          1
                                       8.375            741.83         80
                                       8.125            741.83      122,000.00
    TUCSON           AZ   85741          1            01/23/01         00
    0432574887                           05           03/01/01          0
    97003680                             O            02/01/31
    0

    4185183          G52/G02             F          128,700.00         ZZ
                                         360        128,700.00          1
                                       8.250            966.88         90
                                       8.000            966.88      143,000.00
    TUCSON           AZ   85715          1            01/22/01         10
    0432577542                           05           03/01/01         25
    99006808                             O            02/01/31
    0

    4187435          168/168             F          148,700.00         ZZ
                                         360        148,609.92          3
                                       8.500          1,143.37         80
                                       8.250          1,143.37      185,900.00
    BREWSTER         NY   10509          1            12/29/00         00
    0189667516                           05           02/01/01          0
    0189667516                           O            01/01/31
    0

    4187845          696/G02             F          174,250.00         ZZ
                                         360        174,250.00          1
                                       8.125          1,293.80         80
                                       7.875          1,293.80      217,840.00
    ELKRIDGE         MD   21075          1            01/12/01         00
    0432529733                           03           03/01/01          0
    30101003                             O            02/01/31
    0

    4188704          253/253             F          210,320.00         ZZ
                                         360        210,192.59          1
1

                                       8.500          1,617.18         80
                                       8.250          1,617.18      262,900.00
    LITTLETON        CO   80127          1            12/29/00         00
    959411                               05           02/01/01          0
    959411                               O            01/01/31
    0

    4190049          E82/G02             F           30,000.00         ZZ
                                         360         30,000.00          1
                                       9.125            244.09         30
                                       8.875            244.09      102,000.00
    EMINENCE         KY   40019          2            01/16/01         00
    0400289716                           05           03/01/01          0
    0400289716                           N            02/01/31
    0

    4190050          E82/G02             F           53,300.00         ZZ
                                         360         53,300.00          1
                                       8.625            414.56         55
                                       8.375            414.56       98,000.00
    MARYDEL          MD   21649          2            01/09/01         00
    0400345088                           05           03/01/01          0
    0400345088                           O            02/01/31
    0

    4190619          E22/G02             F           58,500.00         ZZ
                                         360         58,500.00          1
                                       8.750            460.22         90
                                       8.500            460.22       65,000.00
    CHICAGO          IL   60617          1            01/12/01         04
    0412260903                           05           03/01/01         25
    0412260903                           O            02/01/31
    0

    4190621          E22/G02             F          112,500.00         ZZ
                                         360        112,500.00          4
                                       9.500            945.96         90
                                       9.250            945.96      125,000.00
    HARVEY           LA   70058          1            01/12/01         04
    0412273369                           05           03/01/01         25
    0412273369                           N            02/01/31
    0

    4190626          E22/G02             F           55,250.00         ZZ
                                         360         55,250.00          1
                                       9.125            449.53         85
                                       8.875            449.53       65,000.00
    GOLDEN           CO   80401          5            01/08/01         04
    0412289316                           01           03/01/01         12
1

    0412289316                           O            02/01/31
    0

    4190635          E22/G02             F           74,450.00         ZZ
                                         360         74,450.00          2
                                       9.500            626.02         90
                                       9.250            626.02       82,758.00
    NAPLES           FL   34113          1            01/12/01         10
    0412295693                           05           03/01/01         25
    0412295693                           N            02/01/31
    0

    4190646          E22/G02             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       8.500            861.18         80
                                       8.250            861.18      140,000.00
    CONROE           TX   77302          5            01/08/01         00
    0412308215                           03           03/01/01          0
    0412308215                           O            02/01/31
    0

    4190647          E22/G02             F           39,150.00         ZZ
                                         360         39,150.00          1
                                       8.375            297.57         90
                                       8.125            297.57       43,500.00
    KILLINGLY        CT   06239          1            01/12/01         01
    0412309346                           01           03/01/01         25
    0412309346                           O            02/01/31
    0

    4190656          E22/G02             F          100,800.00         ZZ
                                         360        100,800.00          1
                                       9.000            811.06         80
                                       8.750            811.06      126,000.00
    WOODBURY         MN   55125          1            01/15/01         00
    0412316283                           03           03/01/01          0
    0412316283                           O            02/01/31
    0

    4190657          E22/G02             F          166,250.00         ZZ
                                         360        166,250.00          4
                                       8.625          1,293.08         95
                                       8.375          1,293.08      175,000.00
    HOUSTON          TX   77004          1            01/12/01         04
    0412316770                           05           03/01/01         30
    0412316770                           O            02/01/31
    0

1

    4190663          E22/G02             F           87,200.00         ZZ
                                         360         87,200.00          1
                                       9.000            701.63         90
                                       8.750            701.63       96,900.00
    GROVE CITY       OH   43123          1            01/12/01         04
    0412320376                           05           03/01/01         25
    0412320376                           N            02/01/31
    0

    4190669          E22/G02             F          102,150.00         ZZ
                                         360        102,150.00          1
                                       9.000            821.92         90
                                       8.750            821.92      113,500.00
    MIDLOTHIAN       TX   76065          4            01/12/01         01
    0412325102                           05           03/01/01         25
    0412325102                           O            02/01/31
    0

    4190804          M66/G02             F          225,000.00         ZZ
                                         360        224,886.37          3
                                       9.375          1,871.44         90
                                       9.125          1,871.44      250,000.00
    NEWARK           NJ   07107          1            12/29/00         01
    0432532455                           05           02/01/01         25
    210336                               O            01/01/31
    0

    4190976          168/168             F           67,500.00         ZZ
                                         360         67,462.16          2
                                       8.875            537.07         90
                                       8.625            537.07       75,000.00
    FORT WORTH       TX   76140          1            12/18/00         14
    0189651601                           05           02/01/01         25
    0189651601                           N            01/01/31
    0

    4190987          964/G02             F          369,000.00         ZZ
                                         360        368,793.13          4
                                       8.875          2,935.93         90
                                       8.625          2,935.93      410,000.00
    KENMORE          WA   98028          1            12/21/00         11
    0432566362                           05           02/01/01         25
    96745                                N            01/01/31
    0

    4191249          B60/G02             F          250,000.00         ZZ
                                         360        250,000.00          4
                                       8.500          1,922.28         88
                                       8.250          1,922.28      285,000.00
1

    LONG BEACH       CA   90805          1            01/05/01         01
    0432576221                           05           03/01/01         25
    308218                               N            02/01/31
    0

    4191357          624/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       8.375          1,398.53         80
                                       8.125          1,398.53      230,000.00
    INDIO            CA   92201          1            01/10/01         00
    0432567741                           03           03/01/01          0
    85600510023F                         O            02/01/31
    0

    4192138          K30/G02             F          139,050.00         ZZ
                                         360        138,972.05          1
                                       8.875          1,106.34         90
                                       8.625          1,106.34      155,000.00
    SACRAMENTO       CA   95833          5            12/14/00         14
    0432538841                           05           02/01/01         25
    0075488                              O            01/01/31
    0

    4193600          950/G02             F          140,000.00         ZZ
                                         360        139,917.34          1
                                       8.625          1,088.91         59
                                       8.375          1,088.91      240,000.00
    SEATTLE          WA   98136          5            12/18/00         00
    0432556173                           05           02/01/01          0
    E4011058                             O            01/01/31
    0

    4194028          964/G02             F          131,750.00         ZZ
                                         360        131,665.99          1
                                       8.250            989.79         85
                                       8.000            989.79      155,000.00
    AURORA           CO   80010          5            12/29/00         10
    0432558385                           05           02/01/01         12
    95608                                O            01/01/31
    0

    4195042          E22/G02             F          154,350.00         ZZ
                                         360        154,350.00          1
                                       8.750          1,214.27         90
                                       8.500          1,214.27      171,500.00
    DAVENPORT        FL   33837          1            01/10/01         10
    0412269201                           03           03/01/01         25
    0412269201                           N            02/01/31
    0
1

    4195049          E22/G02             F           41,400.00         ZZ
                                         360         41,400.00          1
                                       8.875            329.40         90
                                       8.625            329.40       46,000.00
    PORT ST LUCIE    FL   34983          1            01/16/01         10
    0412286833                           05           03/01/01         25
    0412286833                           N            02/01/31
    0

    4195059          E22/G02             F           99,750.00         ZZ
                                         360         99,750.00          3
                                       8.500            766.99         95
                                       8.250            766.99      105,000.00
    LAKE CHARLES     LA   70605          1            01/12/01         04
    0412298168                           05           03/01/01         30
    0412298168                           O            02/01/31
    0

    4195061          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       8.750            629.36         80
                                       8.500            629.36      100,000.00
    INDEPENDENCE     MO   64057          5            01/10/01         00
    0412299208                           27           03/01/01          0
    0412299208                           O            02/01/31
    0

    4195073          E22/G02             F          199,200.00         ZZ
                                         360        199,200.00          1
                                       8.875          1,584.92         80
                                       8.625          1,584.92      249,000.00
    CARROLLTON       TX   75007          5            01/10/01         00
    0412311706                           05           03/01/01          0
    0412311706                           O            02/01/31
    0

    4195075          E22/G02             F          156,750.00         ZZ
                                         360        156,750.00          4
                                       8.125          1,163.86         95
                                       7.875          1,163.86      165,000.00
    NEW HAVEN        CT   06515          1            01/16/01         04
    0412312324                           05           03/01/01         30
    0412312324                           O            02/01/31
    0

    4195085          E22/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
1

                                       9.125            406.82         59
                                       8.875            406.82       86,000.00
    WAYNE            MI   48184          5            01/16/01         00
    0412319469                           05           03/01/01          0
    0412319469                           N            02/01/31
    0

    4195088          E22/G02             F           63,200.00         ZZ
                                         360         63,200.00          1
                                       9.000            508.52         80
                                       8.750            508.52       79,000.00
    FOREST PARK      GA   30050          1            01/16/01         00
    0412320533                           05           03/01/01          0
    0412320533                           N            02/01/31
    0

    4195091          E22/G02             F           74,250.00         ZZ
                                         360         74,250.00          4
                                       9.375            617.57         75
                                       9.125            617.57       99,000.00
    OMAHA            NE   68131          1            01/15/01         00
    0412324725                           05           03/01/01          0
    0412324725                           N            02/01/31
    0

    4195092          E22/G02             F          111,950.00         ZZ
                                         360        111,950.00          1
                                       8.750            880.71         80
                                       8.500            880.71      139,995.00
    NORTHGLEN        CO   80233          1            01/16/01         00
    0412325078                           09           03/01/01          0
    0412325078                           N            02/01/31
    0

    4195837          637/G02             F          118,800.00         ZZ
                                         360        118,736.78          1
                                       9.125            966.60         90
                                       8.875            966.60      132,000.00
    FARMERVILLE      LA   71241          1            12/22/00         01
    0432557296                           05           02/01/01         25
    0017693946                           O            01/01/31
    0

    4198631          742/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       8.375            581.46         90
                                       8.125            581.46       85,000.00
    CHESTER          NY   10918          1            01/23/01         04
    0432577179                           05           03/01/01         25
1

    6183412                              O            02/01/31
    0

    4198682          A52/G02             F          179,000.00         ZZ
                                         360        179,000.00          1
                                       8.500          1,376.36         69
                                       8.250          1,376.36      260,000.00
    ATLANTA          GA   30315          5            01/19/01         00
    0432578912                           05           03/01/01          0
    13452                                N            02/01/31
    0

    4200006          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       9.500            756.77         90
                                       9.250            756.77      100,000.00
    DEARBORN HEIGHT  MI   48127          1            01/17/01         04
    0412256752                           05           03/01/01         25
    0412256752                           N            02/01/31
    0

    4200007          E22/G02             F          193,000.00         ZZ
                                         360        193,000.00          1
                                       9.000          1,552.92         82
                                       8.750          1,552.92      236,000.00
    WYOMING          MI   49509          2            01/11/01         04
    0412260267                           05           03/01/01         12
    0412260267                           O            02/01/31
    0

    4200013          E22/G02             F           84,600.00         ZZ
                                         360         84,600.00          4
                                       9.000            680.71         90
                                       8.750            680.71       94,000.00
    ABERDEEN         WA   98520          1            01/09/01         11
    0412292104                           05           03/01/01         25
    0412292104                           N            02/01/31
    0

    4200018          E22/G02             F          166,500.00         ZZ
                                         360        166,500.00          1
                                       8.125          1,236.26         76
                                       7.875          1,236.26      220,000.00
    WINDER           GA   30680          2            01/11/01         00
    0412300410                           05           03/01/01          0
    0412300410                           O            02/01/31
    0

1

    4200023          E22/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
                                       8.375          1,702.56         80
                                       8.125          1,702.56      280,000.00
    CHICAGO          IL   60656          5            01/11/01         00
    0412308702                           05           03/01/01          0
    0412308702                           O            02/01/31
    0

    4200026          E22/G02             F           65,500.00         ZZ
                                         360         65,500.00          1
                                       8.750            515.29         90
                                       8.500            515.29       73,000.00
    NILES            MI   49120          5            01/11/01         04
    0412310682                           05           03/01/01         25
    0412310682                           O            02/01/31
    0

    4200028          E22/G02             F           73,000.00         ZZ
                                         360         73,000.00          1
                                       8.125            542.02         80
                                       7.875            542.02       92,000.00
    PUEBLO           CO   81005          2            01/12/01         00
    0412315368                           05           03/01/01          0
    0412315368                           O            02/01/31
    0

    4200035          E22/G02             F           80,150.00         ZZ
                                         360         80,150.00          1
                                       9.500            673.94         80
                                       9.250            673.94      100,206.00
    LEXINGTON        KY   40509          1            01/17/01         00
    0412323347                           05           03/01/01          0
    0412323347                           N            02/01/31
    0

    4200037          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          2
                                       9.500          1,135.15         90
                                       9.250          1,135.15      150,000.00
    OXFORD           OH   45056          2            01/17/01         04
    0412325524                           05           03/01/01         25
    0412325524                           N            02/01/31
    0

    4200038          E22/G02             F          240,250.00         ZZ
                                         360        240,250.00          1
                                       8.875          1,911.54         90
                                       8.625          1,911.54      266,988.00
1

    MIRAMAR          FL   33027          1            01/17/01         10
    0412325557                           03           03/01/01         25
    0412325557                           O            02/01/31
    0

    4200382          E82/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       8.875            954.77         80
                                       8.625            954.77      150,900.00
    NORTH BRUNSWICK  NJ   08902          1            01/17/01         00
    0400339248                           01           03/01/01          0
    0400339248                           O            02/01/31
    0

    4201252          637/G02             F          157,250.00         ZZ
                                         360        157,157.15          1
                                       8.625          1,223.08         80
                                       8.375          1,223.08      196,600.00
    CAMERON PARK     CA   95682          1            12/07/00         00
    0432558401                           05           02/01/01          0
    0021477567                           N            01/01/31
    0

    4202472          M66/G02             F          122,400.00         ZZ
                                         360        122,338.18          2
                                       9.375          1,018.07         90
                                       9.125          1,018.07      136,000.00
    NORTH BERGEN     NJ   07047          1            12/21/00         11
    0432565257                           05           02/01/01         25
    210563                               N            01/01/31
    0

    4202779          K30/G02             F          116,100.00         ZZ
                                         360        116,100.00          4
                                       8.875            923.74         90
                                       8.625            923.74      129,000.00
    EL PASO          TX   79936          1            01/05/01         11
    0432562700                           05           03/01/01         25
    0076013                              N            02/01/31
    0

    4204124          526/526             F          246,750.00         T
                                         360        245,614.30          1
                                       8.875          1,963.25         76
                                       8.625          1,963.25      325,500.00
    HENDERSON        NV   89015          1            05/11/00         00
    0408123                              05           07/01/00          0
    0408123                              O            06/01/30
    0
1

    4204125          526/526             F          253,600.00         ZZ
                                         360        253,299.48          1
                                       8.625          1,972.47         75
                                       8.375          1,972.47      338,155.00
    AURORA           CO   80016          1            11/21/00         00
    0410014                              05           01/01/01          0
    0410014                              O            12/01/30
    0

    4204130          526/526             F           80,883.00         ZZ
                                         360         80,832.73          1
                                       8.375            614.77         90
                                       8.125            614.77       89,870.00
    HOUSTON          TX   77056          1            12/12/00         11
    0416675                              01           02/01/01         25
    0416675                              O            01/01/31
    0

    4204131          526/526             F          139,180.00         ZZ
                                         360        139,099.92          1
                                       8.750          1,094.93         90
                                       8.500          1,094.93      154,644.00
    ANTHEM           AZ   85086          1            12/13/00         12
    0416794                              03           02/01/01         25
    0416794                              O            01/01/31
    0

    4204148          526/526             F          122,350.00         ZZ
                                         360        122,065.33          1
                                       8.750            962.53         89
                                       8.500            962.53      138,500.00
    MESA             AZ   85206          1            09/20/00         01
    0422083                              05           11/01/00         25
    0422083                              O            10/01/30
    0

    4204154          526/526             F          252,000.00         ZZ
                                         360        251,413.67          1
                                       8.750          1,982.49         90
                                       8.500          1,982.49      280,000.00
    MESA             AZ   85213          1            09/25/00         12
    0423762                              05           11/01/00         25
    0423762                              N            10/01/30
    0

    4204159          526/526             F          177,300.00         ZZ
                                         360        177,200.60          3
1

                                       8.875          1,410.68         90
                                       8.625          1,410.68      197,000.00
    BROCKTON         MA   02301          1            12/21/00         01
    0424478                              05           02/01/01         25
    0424478                              N            01/01/31
    0

    4204163          526/526             F          139,500.00         T
                                         360        139,415.49          1
                                       8.500          1,072.63         70
                                       8.250          1,072.63      199,344.00
    DAVENPORT        FL   33837          1            12/13/00         00
    0425030                              03           02/01/01          0
    0425030                              O            01/01/31
    0

    4204167          526/526             F          171,750.00         ZZ
                                         360        171,551.64          1
                                       8.750          1,351.16         75
                                       8.500          1,351.16      229,000.00
    TAUNTON          MA   02780          1            11/30/00         00
    0425578                              05           01/01/01          0
    0425578                              O            12/01/30
    0

    4204170          526/526             F          132,400.00         ZZ
                                         360        132,209.51          1
                                       8.750          1,041.59         80
                                       8.500          1,041.59      165,605.00
    PRESCOTT         AZ   86305          1            12/22/00         00
    0426061                              05           02/01/01          0
    0426061                              O            01/01/31
    0

    4204173          526/526             F          126,000.00         ZZ
                                         360        125,842.83          1
                                       8.375            957.69         90
                                       8.125            957.69      140,000.00
    PORTLAND         OR   97206          1            11/21/00         12
    0426275                              05           01/01/01         25
    0426275                              N            12/01/30
    0

    4204176          526/526             F          171,600.00         ZZ
                                         360        171,285.90          1
                                       8.500          1,319.46         90
                                       8.250          1,319.46      190,725.00
    PARK CITY        UT   84098          1            10/30/00         12
    0426530                              05           12/01/00         25
1

    0426530                              N            11/01/30
    0

    4204181          526/526             F          121,812.00         ZZ
                                         360        121,738.20          1
                                       8.500            936.63         80
                                       8.250            936.63      152,265.00
    BONITA SPRINGS   FL   34134          1            12/12/00         00
    0427071                              01           02/01/01          0
    0427071                              O            01/01/31
    0

    4204184          526/526             F           75,350.00         ZZ
                                         360         75,305.52          1
                                       8.625            586.06         50
                                       8.375            586.06      150,790.00
    LAS VEGAS        NV   89147          1            12/13/00         00
    0427301                              09           02/01/01          0
    0427301                              O            01/01/31
    0

    4204196          526/526             F          143,900.00         ZZ
                                         360        143,817.21          1
                                       8.750          1,132.06         90
                                       8.500          1,132.06      160,479.00
    SCHERERVILLE     IN   46375          1            12/13/00         11
    0428090                              05           02/01/01         25
    0428090                              O            01/01/31
    0

    4204200          526/526             F          204,592.00         ZZ
                                         360        204,330.18          1
                                       8.250          1,537.03         80
                                       8.000          1,537.03      255,740.00
    CHULA VISTA      CA   91915          1            11/06/00         00
    0428207                              03           01/01/01          0
    0428207                              N            12/01/30
    0

    4204201          526/526             F          152,000.00         T
                                         360        151,824.47          1
                                       8.750          1,195.78         80
                                       8.500          1,195.78      190,000.00
    SANTA ROSA BEAC  FL   32459          1            11/06/00         00
    0428254                              05           01/01/01          0
    0428254                              O            12/01/30
    0

1

    4204204          526/526             F           49,900.00         ZZ
                                         360         49,843.84          1
                                       8.875            397.03         82
                                       8.625            397.03       61,000.00
    STREAMWOOD       IL   60107          2            12/04/00         12
    0428335                              01           01/01/01         12
    0428335                              O            12/01/30
    0

    4204206          526/526             F           94,500.00         ZZ
                                         360         94,382.11          1
                                       8.375            718.27         70
                                       8.125            718.27      135,000.00
    ROWLETT          TX   75089          1            11/29/00         00
    0428564                              05           01/01/01          0
    0428564                              O            12/01/30
    0

    4204208          526/526             F           75,000.00         ZZ
                                         360         74,869.59          1
                                       8.750            590.03         75
                                       8.500            590.03      100,000.00
    BRECKENRIDGE     CO   80424          1            11/01/00         00
    0428594                              01           12/01/00          0
    0428594                              N            11/01/30
    0

    4204210          526/526             F          139,365.00         ZZ
                                         360        139,286.87          4
                                       8.875          1,108.85         95
                                       8.625          1,108.85      146,700.00
    VICTORVILLE      CA   92376          1            12/19/00         12
    0428628                              05           02/01/01         30
    0428628                              O            01/01/31
    0

    4204213          526/526             F          180,700.00         ZZ
                                         360        180,491.31          2
                                       8.750          1,421.57         65
                                       8.500          1,421.57      278,000.00
    DENVER           CO   80211          5            11/16/00         00
    0428728                              05           01/01/01          0
    0428728                              N            12/01/30
    0

    4204218          526/526             F          162,000.00         ZZ
                                         360        161,909.18          1
                                       8.875          1,288.94         83
                                       8.625          1,288.94      197,000.00
1

    INDIANAPOLI      IN   46236          5            12/13/00         11
    0429064                              03           02/01/01         12
    0429064                              O            01/01/31
    0

    4204225          526/526             F          125,350.00         ZZ
                                         360        125,159.36          1
                                       8.125            930.72         66
                                       7.875            930.72      190,000.00
    PLAINFIELD       IL   60544          5            11/27/00         00
    0429466                              05           01/01/01          0
    0429466                              O            12/01/30
    0

    4204231          526/526             F           33,600.00         ZZ
                                         360         33,558.09          1
                                       8.375            255.38         80
                                       8.125            255.38       42,000.00
    LAKE HAVASU CIT  AZ   86403          1            11/15/00         00
    0429725                              01           01/01/01          0
    0429725                              N            12/01/30
    0

    4204233          526/526             F          190,800.00         ZZ
                                         360        190,690.23          1
                                       8.750          1,501.02         90
                                       8.500          1,501.02      212,000.00
    OLATHE           CO   81425          2            12/18/00         12
    0429772                              05           02/01/01         25
    0429772                              O            01/01/31
    0

    4204236          526/526             F          229,000.00         ZZ
                                         360        228,857.66          1
                                       8.375          1,740.57         79
                                       8.125          1,740.57      290,000.00
    LEAWOOD          KS   66224          5            12/20/00         00
    0429818                              03           02/01/01          0
    0429818                              O            01/01/31
    0

    4204237          526/526             F          139,500.00         ZZ
                                         360        139,347.03          1
                                       9.000          1,122.45         90
                                       8.750          1,122.45      155,000.00
    PHOENIX          AZ   85032          1            11/15/00         12
    0429832                              05           01/01/01         25
    0429832                              N            12/01/30
    0
1

    4204238          526/526             F          139,500.00         ZZ
                                         360        139,347.03          1
                                       9.000          1,122.45         90
                                       8.750          1,122.45      155,000.00
    PHOENIX          AZ   85032          1            11/15/00         12
    0429834                              05           01/01/01         25
    0429834                              N            12/01/30
    0

    4204241          526/526             F          139,500.00         ZZ
                                         360        139,347.03          1
                                       9.000          1,122.45         90
                                       8.750          1,122.45      155,000.00
    PHOENIX          AZ   85032          1            11/15/00         12
    0429854                              05           01/01/01         25
    0429854                              N            12/01/30
    0

    4204242          526/526             F          139,500.00         ZZ
                                         360        139,347.03          4
                                       9.000          1,122.45         90
                                       8.750          1,122.45      155,000.00
    PHOENIX          AZ   85032          1            11/15/00         12
    0429856                              05           01/01/01         25
    0429856                              N            12/01/30
    0

    4204246          526/526             F          240,000.00         ZZ
                                         360        239,861.92          1
                                       8.750          1,888.08         55
                                       8.500          1,888.08      440,000.00
    BOSTON           MA   02116          5            12/08/00         00
    0429966                              01           02/01/01          0
    0429966                              N            01/01/31
    0

    4204247          526/526             F          135,750.00         ZZ
                                         360        135,675.85          3
                                       9.000          1,092.28         75
                                       8.750          1,092.28      181,000.00
    TAUNTON          MA   02780          1            12/20/00         00
    0430073                              05           02/01/01          0
    0430073                              O            01/01/31
    0

    4204252          526/526             F           82,500.00         ZZ
                                         360         82,453.75          1
1

                                       8.875            656.41         75
                                       8.625            656.41      110,000.00
    ANDALUSIA        AL   36420          2            12/22/00         00
    0430118                              05           02/01/01          0
    0430118                              O            01/01/31
    0

    4204254          526/526             F          239,200.00         ZZ
                                         360        239,062.38          1
                                       8.750          1,881.79         80
                                       8.500          1,881.79      299,000.00
    SCOTTSDALE       AZ   85255          1            12/11/00         00
    0430139                              03           02/01/01          0
    0430139                              O            01/01/31
    0

    4204256          526/526             F           78,300.00         ZZ
                                         360         78,256.10          1
                                       8.875            622.99         90
                                       8.625            622.99       87,000.00
    GLENDALE         AZ   85304          1            12/01/00         12
    0430160                              05           02/01/01         25
    0430160                              N            01/01/31
    0

    4204257          526/526             F          187,000.00         ZZ
                                         360        186,880.76          1
                                       8.250          1,404.87         74
                                       8.000          1,404.87      255,000.00
    CATHEDRAL CITY   CA   92234          2            11/28/00         00
    0430177                              05           02/01/01          0
    0430177                              O            01/01/31
    0

    4204259          526/526             F          267,750.00         ZZ
                                         360        267,416.00          1
                                       8.375          2,035.09         60
                                       8.125          2,035.09      450,000.00
    FLAGSTAFF        AZ   86001          5            11/10/00         00
    0430230                              05           01/01/01          0
    0430230                              O            12/01/30
    0

    4204263          526/526             F          113,950.00         ZZ
                                         360        113,886.12          4
                                       8.875            906.64         95
                                       8.625            906.64      119,988.00
    LOCKPORT         IL   60441          1            12/07/00         12
    0430303                              05           02/01/01         30
1

    0430303                              O            01/01/31
    0

    4204265          526/526             F          171,000.00         ZZ
                                         360        170,896.41          1
                                       8.500          1,314.84         90
                                       8.250          1,314.84      190,000.00
    TEMPE            AZ   85284          1            12/06/00         12
    0430346                              03           02/01/01         25
    0430346                              N            01/01/31
    0

    4204276          526/526             F           93,600.00         ZZ
                                         360         93,486.20          1
                                       8.500            719.70         90
                                       8.250            719.70      104,000.00
    MESA             AZ   85203          1            11/22/00         12
    0430671                              05           01/01/01         25
    0430671                              N            12/01/30
    0

    4204278          526/526             F           80,000.00         ZZ
                                         360         79,907.61          3
                                       8.750            629.36         80
                                       8.500            629.36      100,000.00
    CHICAGO          IL   60651          1            11/30/00         00
    0430674                              05           01/01/01          0
    0430674                              N            12/01/30
    0

    4204279          526/526             F          165,750.00         ZZ
                                         360        165,652.14          1
                                       8.625          1,289.19         80
                                       8.375          1,289.19      207,200.00
    TELLURIDE        CO   81435          1            12/05/00         00
    0430677                              01           02/01/01          0
    0430677                              O            01/01/31
    0

    4204283          526/526             F          155,800.00         ZZ
                                         360        155,708.01          4
                                       8.625          1,211.80         85
                                       8.375          1,211.80      185,000.00
    PHOENIX          AZ   85029          2            12/11/00         12
    0430764                              05           02/01/01         12
    0430764                              N            01/01/31
    0

1

    4204286          526/526             F          125,600.00         ZZ
                                         360        125,458.66          1
                                       8.875            999.33         75
                                       8.625            999.33      167,500.00
    KISSIMMEE        FL   34747          1            11/28/00         00
    0430867                              05           01/01/01          0
    0430867                              O            12/01/30
    0

    4204288          526/526             F          156,000.00         ZZ
                                         360        155,907.90          4
                                       8.625          1,213.35         85
                                       8.375          1,213.35      185,000.00
    PHOENIX          AZ   85029          2            12/11/00         12
    0430915                              09           02/01/01         12
    0430915                              N            01/01/31
    0

    4204289          526/526             F           50,000.00         ZZ
                                         360         49,942.25          1
                                       8.750            393.35         33
                                       8.500            393.35      152,400.00
    PHOENIX          AZ   85050          1            11/27/00         00
    0430947                              05           01/01/01          0
    0430947                              O            12/01/30
    0

    4204291          526/526             F          135,000.00         ZZ
                                         360        134,840.01          1
                                       8.625          1,050.02         90
                                       8.375          1,050.02      150,000.00
    TEMPE            AZ   85282          1            11/28/00         12
    0430961                              05           01/01/01         25
    0430961                              N            12/01/30
    0

    4204292          526/526             F           94,500.00         ZZ
                                         360         94,451.01          4
                                       9.250            777.43         90
                                       9.000            777.43      105,000.00
    PHOENIX          AZ   85003          1            12/12/00         12
    0430973                              05           02/01/01         25
    0430973                              N            01/01/31
    0

    4204293          526/526             F          228,750.00         ZZ
                                         360        228,614.95          1
                                       8.625          1,779.19         75
                                       8.375          1,779.19      305,000.00
1

    SEATTLE          WA   98103          2            12/18/00         00
    0430996                              05           02/01/01          0
    0430996                              N            01/01/31
    0

    4204294          526/526             F          228,750.00         ZZ
                                         360        228,614.95          1
                                       8.625          1,779.19         75
                                       8.375          1,779.19      305,000.00
    SEATTLE          WA   98103          2            12/18/00         00
    0431006                              05           02/01/01          0
    0431006                              N            01/01/31
    0

    4204296          526/526             F          228,750.00         ZZ
                                         360        228,614.95          1
                                       8.625          1,779.19         75
                                       8.375          1,779.19      305,000.00
    SEATTLE          WA   98103          2            12/18/00         00
    0431013                              05           02/01/01          0
    0431013                              N            01/01/31
    0

    4204297          526/526             F          228,750.00         ZZ
                                         360        228,614.95          1
                                       8.625          1,779.19         75
                                       8.375          1,779.19      305,000.00
    SEATTLE          WA   98103          2            12/18/00         00
    0431017                              05           02/01/01          0
    0431017                              N            01/01/31
    0

    4204298          526/526             F          146,800.00         ZZ
                                         360        146,616.86          1
                                       8.375          1,115.79         80
                                       8.125          1,115.79      183,562.00
    CHANDLER         AZ   85225          1            11/15/00         00
    0431041                              03           01/01/01          0
    0431041                              O            12/01/30
    0

    4204300          526/526             F          269,100.00         ZZ
                                         360        268,764.31          1
                                       8.375          2,045.35         90
                                       8.125          2,045.35      299,000.00
    MIAMI            FL   33178          1            11/30/00         21
    0431073                              03           01/01/01         25
    0431073                              O            12/01/30
    0
1

    4204303          526/526             F           88,000.00         ZZ
                                         360         87,948.05          1
                                       8.625            684.45         79
                                       8.375            684.45      111,500.00
    CENTRAL POINT    OR   97502          1            12/01/00         00
    0431141                              05           02/01/01          0
    0431141                              O            01/01/31
    0

    4204306          526/526             F          200,000.00         ZZ
                                         360        199,744.04          1
                                       8.250          1,502.54         80
                                       8.000          1,502.54      250,000.00
    LONGWOOD         FL   32750          1            11/30/00         00
    0431182                              03           01/01/01          0
    0431182                              O            12/01/30
    0

    4204310          526/526             F          126,000.00         ZZ
                                         360        125,925.61          3
                                       8.625            980.02         90
                                       8.375            980.02      140,000.00
    MESA             AZ   85205          1            12/20/00         10
    0431211                              05           02/01/01         25
    0431211                              N            01/01/31
    0

    4204312          526/526             F          126,000.00         ZZ
                                         360        125,925.61          3
                                       8.625            980.02         90
                                       8.375            980.02      140,000.00
    MESA             AZ   85205          1            12/20/00         14
    0431220                              05           02/01/01         30
    0431220                              N            01/01/31
    0

    4204314          526/526             F           99,200.00         ZZ
                                         360         99,079.39          1
                                       8.500            762.76         80
                                       8.250            762.76      124,000.00
    CICERO           IL   60804          1            11/30/00         00
    0431289                              05           01/01/01          0
    0431289                              O            12/01/30
    0

    4204315          526/526             F          113,500.00         ZZ
                                         360        113,368.93          4
1

                                       8.750            892.90         56
                                       8.500            892.90      205,000.00
    ENGLEWOOD        CO   80110          1            11/30/00         00
    0431378                              05           01/01/01          0
    0431378                              N            12/01/30
    0

    4204320          526/526             F           99,000.00         ZZ
                                         360         98,943.05          1
                                       8.750            778.83         90
                                       8.500            778.83      110,000.00
    WICKLIFFE        OH   44092          1            12/11/00         12
    0431430                              05           02/01/01         25
    0431430                              O            01/01/31
    0

    4204324          526/526             F          207,000.00         ZZ
                                         360        206,883.96          3
                                       8.875          1,646.98         90
                                       8.625          1,646.98      230,000.00
    CHICAGO          IL   60653          1            12/22/00         11
    0431461                              05           02/01/01         25
    0431461                              N            01/01/31
    0

    4204335          526/526             F          151,900.00         ZZ
                                         360        151,807.98          1
                                       8.500          1,167.98         80
                                       8.250          1,167.98      189,900.00
    KALISPELL        MT   59901          1            12/04/00         00
    0431651                              05           02/01/01          0
    0431651                              O            01/01/31
    0

    4204336          526/526             F          153,000.00         ZZ
                                         360        152,909.67          1
                                       8.625          1,190.02         90
                                       8.375          1,190.02      170,000.00
    MESA             AZ   85205          1            12/22/00         12
    0431667                              05           02/01/01         25
    0431667                              N            01/01/31
    0

    4204337          526/526             F          157,500.00         ZZ
                                         360        157,407.01          4
                                       8.625          1,225.02         90
                                       8.375          1,225.02      175,000.00
    MESA             AZ   85203          1            12/14/00         12
    0431671                              05           02/01/01         25
1

    0431671                              N            01/01/31
    0

    4204340          526/526             F          207,200.00         ZZ
                                         360        206,948.07          1
                                       8.500          1,593.19         70
                                       8.250          1,593.19      296,000.00
    NAPLES           FL   34108          1            11/30/00         00
    0431690                              05           01/01/01          0
    0431690                              O            12/01/30
    0

    4204344          526/526             F           75,000.00         ZZ
                                         360         74,956.85          1
                                       8.750            590.03         52
                                       8.500            590.03      145,000.00
    GLOCESTER        RI   02814          1            12/22/00         00
    0431774                              05           02/01/01          0
    0431774                              O            01/01/31
    0

    4204346          526/526             F           69,300.00         ZZ
                                         360         69,219.97          1
                                       8.750            545.18         90
                                       8.500            545.18       77,000.00
    GLENDALE         AZ   85308          1            11/29/00         12
    0431819                              05           01/01/01         25
    0431819                              N            12/01/30
    0

    4204347          526/526             F          165,750.00         ZZ
                                         360        165,638.79          1
                                       8.000          1,216.21         85
                                       7.750          1,216.21      195,000.00
    SANTA CLARA      CA   91321          5            12/19/00         12
    0431829                              01           02/01/01         12
    0431829                              O            01/01/31
    0

    4204348          526/526             F           51,765.00         ZZ
                                         360         51,735.98          3
                                       8.875            411.87         85
                                       8.625            411.87       60,900.00
    ANDERSON         IN   46013          1            12/27/00         11
    0431849                              05           02/01/01         12
    0431849                              N            01/01/31
    0

1

    4204350          526/526             F          130,500.00         ZZ
                                         360        130,416.40          1
                                       8.250            980.40         90
                                       8.000            980.40      145,000.00
    BLOOMFIELD TOWN  MI   48302          1            12/05/00         11
    0431886                              01           02/01/01         25
    0431886                              O            01/01/31
    0

    4204352          526/526             F          110,000.00         ZZ
                                         360        109,929.86          1
                                       8.250            826.39         60
                                       8.000            826.39      185,000.00
    RIVER FOREST     IL   60305          5            12/15/00         00
    0431893                              01           02/01/01          0
    0431893                              O            01/01/31
    0

    4204354          526/526             F          118,400.00         ZZ
                                         360        118,333.63          4
                                       8.875            942.04         80
                                       8.625            942.04      148,000.00
    PALISADE         CO   81526          1            12/11/00         00
    0431895                              05           02/01/01          0
    0431895                              N            01/01/31
    0

    4204355          526/526             F          239,400.00         ZZ
                                         360        239,123.53          1
                                       8.750          1,883.36         95
                                       8.500          1,883.36      252,000.00
    WEST BEND        WI   53095          1            12/01/00         10
    0431914                              05           01/01/01         30
    0431914                              O            12/01/30
    0

    4204357          526/526             F          252,500.00         ZZ
                                         360        252,192.98          1
                                       8.500          1,941.51         40
                                       8.250          1,941.51      635,000.00
    LA JOLLA         CA   92037          5            11/27/00         00
    0431922                              01           01/01/01          0
    0431922                              O            12/01/30
    0

    4204358          526/526             F           88,850.00         ZZ
                                         360         88,793.34          1
                                       8.250            667.50         80
                                       8.000            667.50      111,122.00
1

    FORT WORTH       TX   76135          1            12/01/00         00
    0431925                              05           02/01/01          0
    0431925                              O            01/01/31
    0

    4204361          526/526             F          142,500.00         ZZ
                                         360        142,272.06          1
                                       8.875          1,133.79         95
                                       8.625          1,133.79      150,000.00
    PHILADELPHIA     PA   19131          1            11/30/00         01
    0431949                              05           01/01/01         30
    0431949                              O            12/01/30
    0

    4204363          526/526             F          237,600.00         ZZ
                                         360        237,470.22          4
                                       9.000          1,911.78         80
                                       8.750          1,911.78      297,000.00
    CHICAGO          IL   60618          1            12/08/00         00
    0431971                              05           02/01/01          0
    0431971                              O            01/01/31
    0

    4204364          526/526             F           97,800.00         ZZ
                                         360         97,695.52          1
                                       9.125            795.73         90
                                       8.875            795.73      108,720.00
    CLEVELAND        TX   77327          1            12/05/00         12
    0431987                              05           01/01/01         25
    0431987                              N            12/01/30
    0

    4204366          526/526             F          105,300.00         ZZ
                                         360        105,240.97          1
                                       8.875            837.81         90
                                       8.625            837.81      117,000.00
    SCOTTSDALE       AZ   85257          1            12/06/00         12
    0432019                              01           02/01/01         25
    0432019                              N            01/01/31
    0

    4204371          526/526             F           83,768.00         ZZ
                                         360         83,717.26          1
                                       8.500            644.10         71
                                       8.250            644.10      118,000.00
    CARROLLTON       GA   30116          5            12/18/00         00
    0432115                              05           02/01/01          0
    0432115                              O            01/01/31
    0
1

    4204372          526/526             F          228,000.00         ZZ
                                         360        227,736.68          3
                                       8.750          1,793.68         80
                                       8.500          1,793.68      285,000.00
    SEATTLE          WA   98115          1            11/28/00         00
    0432124                              05           01/01/01          0
    0432124                              N            12/01/30
    0

    4204373          526/526             F          173,200.00         ZZ
                                         360        172,983.93          1
                                       8.375          1,316.45         80
                                       8.125          1,316.45      216,500.00
    PHOENIX          AZ   85023          1            11/28/00         00
    0432128                              03           01/01/01          0
    0432128                              O            12/01/30
    0

    4204374          526/526             F          103,900.00         ZZ
                                         360        103,773.67          1
                                       8.500            798.90         80
                                       8.250            798.90      129,900.00
    TEMPE            AZ   85283          1            11/27/00         00
    0432131                              05           01/01/01          0
    0432131                              O            12/01/30
    0

    4204377          526/526             F          119,000.00         ZZ
                                         360        118,929.74          1
                                       8.625            925.57         48
                                       8.375            925.57      250,000.00
    DES PLAINES      IL   60018          5            12/07/00         00
    0432149                              05           02/01/01          0
    0432149                              O            01/01/31
    0

    4204379          526/526             F           61,200.00         ZZ
                                         360         61,162.92          1
                                       8.500            470.58         90
                                       8.250            470.58       68,000.00
    MIAMI            FL   33183          1            12/06/00         01
    0432162                              08           02/01/01         25
    0432162                              O            01/01/31
    0

    4204385          526/526             F           95,000.00         ZZ
                                         360         94,942.45          1
1

                                       8.500            730.47         68
                                       8.250            730.47      140,955.00
    MESA             AZ   85208          1            12/19/00         00
    0432251                              03           02/01/01          0
    0432251                              O            01/01/31
    0

    4204386          526/526             F           67,200.00         ZZ
                                         360         67,156.04          1
                                       8.125            498.96         60
                                       7.875            498.96      112,000.00
    SOUTHFIELD       MI   48076          5            12/22/00         00
    0432283                              05           02/01/01          0
    0432283                              O            01/01/31
    0

    4204389          526/526             F          120,000.00         ZZ
                                         360        119,929.15          1
                                       8.625            933.35         58
                                       8.375            933.35      210,000.00
    FT LAUDERDALE    FL   33312          1            12/01/00         00
    0432306                              03           02/01/01          0
    0432306                              O            01/01/31
    0

    4204390          526/526             F          156,000.00         ZZ
                                         360        155,824.43          1
                                       8.875          1,241.21         80
                                       8.625          1,241.21      195,000.00
    DENVER           CO   80218          1            12/01/00         00
    0432321                              06           01/01/01          0
    0432321                              O            12/01/30
    0

    4204394          526/526             F          129,000.00         ZZ
                                         360        128,919.82          1
                                       8.375            980.49         88
                                       8.125            980.49      147,000.00
    NAPLES           FL   34103          2            12/15/00         12
    0432346                              01           02/01/01         25
    0432346                              O            01/01/31
    0

    4204395          526/526             F          210,400.00         ZZ
                                         360        210,278.95          1
                                       8.750          1,655.22         80
                                       8.500          1,655.22      263,000.00
    PLATTEVILLE      CO   80651          1            12/04/00         00
    0432353                              05           02/01/01          0
1

    0432353                              O            01/01/31
    0

    4204397          526/526             F          175,500.00         ZZ
                                         360        175,281.06          1
                                       8.375          1,333.93         90
                                       8.125          1,333.93      195,000.00
    QUEEN CREEK      AZ   85242          2            11/27/00         12
    0432372                              05           01/01/01         25
    0432372                              O            12/01/30
    0

    4204401          526/526             F          112,000.00         ZZ
                                         360        111,932.15          1
                                       8.500            861.18         74
                                       8.250            861.18      153,000.00
    PHOENIX          AZ   85020          5            12/12/00         00
    0432383                              05           02/01/01          0
    0432383                              O            01/01/31
    0

    4204403          526/526             F          200,000.00         ZZ
                                         360        199,884.93          1
                                       8.750          1,573.40         80
                                       8.500          1,573.40      250,000.00
    VANCOUVER        WA   98661          1            12/01/00         00
    0432479                              05           02/01/01          0
    0432479                              N            01/01/31
    0

    4204406          526/526             F          103,500.00         ZZ
                                         360        103,440.46          3
                                       8.750            814.23         90
                                       8.500            814.23      115,000.00
    LOWELL           MA   01852          1            12/08/00         11
    0432539                              05           02/01/01         25
    0432539                              N            01/01/31
    0

    4204409          526/526             F          208,125.00         ZZ
                                         360        207,890.77          1
                                       8.875          1,655.94         75
                                       8.625          1,655.94      277,500.00
    PHOENIX          AZ   85018          1            11/28/00         00
    0432568                              03           01/01/01          0
    0432568                              N            12/01/30
    0

1

    4204410          526/526             F          166,500.00         ZZ
                                         360        166,404.20          1
                                       8.750          1,309.86         90
                                       8.500          1,309.86      185,000.00
    WESTON           FL   33327          1            12/20/00         01
    0432621                              03           02/01/01         20
    0432621                              O            01/01/31
    0

    4204413          526/526             F           61,200.00         ZZ
                                         360         61,132.89          2
                                       9.000            492.43         90
                                       8.750            492.43       68,000.00
    ATHENS           GA   30601          1            12/01/00         12
    0432636                              05           01/01/01         25
    0432636                              N            12/01/30
    0

    4204414          526/526             F           85,500.00         ZZ
                                         360         85,339.80          1
                                       8.500            657.42         90
                                       8.250            657.42       95,000.00
    EAST PROVIDENCE  RI   02915          1            12/07/00         10
    0432638                              05           02/01/01         25
    0432638                              O            01/01/31
    0

    4204416          526/526             F          144,300.00         ZZ
                                         360        144,205.61          1
                                       8.125          1,071.42         73
                                       7.875          1,071.42      200,000.00
    LAKEWOOD         CO   80228          5            12/14/00         00
    0432662                              01           02/01/01          0
    0432662                              O            01/01/31
    0

    4204417          526/526             F           90,000.00         ZZ
                                         360         89,890.57          1
                                       8.500            692.02         90
                                       8.250            692.02      100,000.00
    GILBERT          AZ   85234          1            11/30/00         12
    0432664                              05           01/01/01         25
    0432664                              N            12/01/30
    0

    4204420          526/526             F          122,400.00         ZZ
                                         360        122,254.96          1
                                       8.625            952.01         90
                                       8.375            952.01      136,000.00
1

    CHESTNUT HILL    MA   02467          1            11/30/00         11
    0432675                              01           01/01/01         25
    0432675                              N            12/01/30
    0

    4204421          526/526             F          157,500.00         ZZ
                                         360        157,404.58          1
                                       8.500          1,211.04         90
                                       8.250          1,211.04      175,000.00
    PHOENIX          AZ   85014          1            12/18/00         12
    0432683                              09           02/01/01         25
    0432683                              N            01/01/31
    0

    4204422          526/526             F          161,000.00         ZZ
                                         360        160,902.47          1
                                       8.500          1,237.95         90
                                       8.250          1,237.95      179,000.00
    PHOENIX          AZ   85014          1            12/18/00         12
    0432687                              09           02/01/01         25
    0432687                              N            01/01/31
    0

    4204424          526/526             F          132,750.00         ZZ
                                         360        132,677.49          1
                                       9.000          1,068.14         90
                                       8.750          1,068.14      147,500.00
    EATONVILLE       FL   32751          1            12/28/00         12
    0432728                              05           02/01/01         25
    0432728                              N            01/01/31
    0

    4204426          526/526             F          104,046.00         ZZ
                                         360        103,982.97          1
                                       8.500            800.02         90
                                       8.250            800.02      115,607.00
    TEMPE            AZ   85282          1            12/19/00         12
    0432746                              05           02/01/01         25
    0432746                              N            01/01/31
    0

    4204427          526/526             F          118,400.00         ZZ
                                         360        118,256.05          1
                                       8.500            910.39         80
                                       8.250            910.39      148,000.00
    CHANDLER         AZ   85225          1            11/29/00         00
    0432758                              05           01/01/01          0
    0432758                              N            12/01/30
    0
1

    4204431          526/526             F          103,500.00         ZZ
                                         360        103,443.47          1
                                       9.000            832.78         90
                                       8.750            832.78      115,000.00
    TUCSON           AZ   85714          1            12/01/00         12
    0432772                              05           02/01/01         25
    0432772                              N            01/01/31
    0

    4204432          526/526             F          171,000.00         ZZ
                                         360        170,893.72          1
                                       8.375          1,299.72         90
                                       8.125          1,299.72      190,000.00
    PHOENIX          AZ   85029          1            12/05/00         12
    0432806                              03           02/01/01         25
    0432806                              O            01/01/31
    0

    4204434          526/526             F          237,500.00         ZZ
                                         360        237,366.85          4
                                       8.875          1,889.66         90
                                       8.625          1,889.66      263,900.00
    LANSING          IL   60438          1            12/19/00         12
    0432824                              05           02/01/01         25
    0432824                              N            01/01/31
    0

    4204443          526/526             F          126,000.00         ZZ
                                         360        125,865.39          1
                                       9.125          1,025.18         70
                                       8.875          1,025.18      180,000.00
    UXBRIDGE         MA   01569          1            12/07/00         00
    0432911                              05           01/01/01          0
    0432911                              O            12/01/30
    0

    4204444          526/526             F          189,600.00         ZZ
                                         360        189,479.10          1
                                       8.250          1,424.40         80
                                       8.000          1,424.40      237,000.00
    FRAMINGHAM       MA   01701          1            12/11/00         00
    0432921                              05           02/01/01          0
    0432921                              O            01/01/31
    0

    4204445          526/526             F          148,150.00         ZZ
                                         360        148,057.91          1
1

                                       8.375          1,126.05         80
                                       8.125          1,126.05      185,240.00
    HENDERSON        NV   89012          1            12/04/00         00
    0432941                              03           02/01/01          0
    0432941                              O            01/01/31
    0

    4204446          526/526             F          139,500.00         ZZ
                                         360        139,419.74          1
                                       8.750          1,097.45         90
                                       8.500          1,097.45      155,000.00
    MESA             AZ   85201          1            12/18/00         12
    0432944                              05           02/01/01         25
    0432944                              N            01/01/31
    0

    4204447          526/526             F           56,000.00         ZZ
                                         360         55,965.19          1
                                       8.375            425.64         80
                                       8.125            425.64       70,000.00
    SALEM            OR   97301          1            12/18/00         00
    0432947                              01           02/01/01          0
    0432947                              N            01/01/31
    0

    4204448          526/526             F           53,000.00         ZZ
                                         360         52,967.06          1
                                       8.375            402.84         80
                                       8.125            402.84       66,250.00
    SALEM            OR   97301          1            12/18/00         00
    0432950                              01           02/01/01          0
    0432950                              N            01/01/31
    0

    4204449          526/526             F           36,350.00         ZZ
                                         360         36,328.54          1
                                       8.625            282.73         75
                                       8.375            282.73       48,500.00
    SALEM            OR   97301          1            12/18/00         00
    0432953                              01           02/01/01          0
    0432953                              N            01/01/31
    0

    4204450          526/526             F          123,626.00         ZZ
                                         360        123,490.45          1
                                       9.000            994.72         90
                                       8.750            994.72      137,363.00
    GILBERT          AZ   85296          1            11/30/00         12
    0432956                              03           01/01/01         25
1

    0432956                              N            12/01/30
    0

    4204452          526/526             F          147,920.00         ZZ
                                         360        147,837.07          1
                                       8.875          1,176.92         80
                                       8.625          1,176.92      184,900.00
    ANTIOCH          CA   94509          1            12/07/00         00
    0432961                              05           02/01/01          0
    0432961                              N            01/01/31
    0

    4204454          526/526             F          140,000.00         ZZ
                                         360        139,917.34          3
                                       8.625          1,088.91         77
                                       8.375          1,088.91      182,000.00
    LYNN             MA   01904          2            12/20/00         00
    0433001                              05           02/01/01          0
    0433001                              O            01/01/31
    0

    4204456          526/526             F           60,000.00         ZZ
                                         360         59,963.65          1
                                       8.500            461.35         80
                                       8.250            461.35       75,000.00
    DALLAS           TX   75206          1            12/13/00         00
    0433049                              01           02/01/01          0
    0433049                              O            01/01/31
    0

    4204461          526/526             F          108,800.00         ZZ
                                         360        108,680.69          1
                                       9.000            875.43         80
                                       8.750            875.43      136,000.00
    DENVER           CO   80207          1            12/04/00         00
    0433099                              05           01/01/01          0
    0433099                              N            12/01/30
    0

    4204463          526/526             F          190,000.00         ZZ
                                         360        189,881.90          1
                                       8.375          1,444.14         72
                                       8.125          1,444.14      265,000.00
    PALM DESERT      CA   92211          1            12/01/00         00
    0433123                              07           02/01/01          0
    0433123                              O            01/01/31
    0

1

    4204464          526/526             F          100,000.00         ZZ
                                         360         99,942.47          1
                                       8.750            786.70         75
                                       8.500            786.70      135,000.00
    WATERTOWN        CT   06795          1            12/20/00         00
    0433138                              05           02/01/01          0
    0433138                              O            01/01/31
    0

    4204465          526/526             F           54,400.00         ZZ
                                         360         54,366.19          1
                                       8.375            413.48         43
                                       8.125            413.48      128,000.00
    CODY             WY   82414          5            12/14/00         00
    0433178                              05           02/01/01          0
    0433178                              N            01/01/31
    0

    4204467          526/526             F          113,500.00         ZZ
                                         360        113,436.37          1
                                       8.875            903.06         74
                                       8.625            903.06      153,500.00
    MESA             AZ   85202          1            12/07/00         00
    0433194                              03           02/01/01          0
    0433194                              N            01/01/31
    0

    4204469          526/526             F           76,000.00         ZZ
                                         360         75,956.28          1
                                       8.750            597.89         80
                                       8.500            597.89       95,000.00
    STOUGHTON        MA   02072          1            12/21/00         00
    0433206                              01           02/01/01          0
    0433206                              O            01/01/31
    0

    4204473          526/526             F          350,000.00         ZZ
                                         360        349,787.97          4
                                       8.500          2,691.20         48
                                       8.250          2,691.20      740,000.00
    CHICAGO          IL   60647          5            12/21/00         00
    0433245                              05           02/01/01          0
    0433245                              O            01/01/31
    0

    4204474          526/526             F          178,200.00         ZZ
                                         360        178,097.48          4
                                       8.750          1,401.90         90
                                       8.500          1,401.90      198,000.00
1

    BOISE            ID   83705          1            12/08/00         14
    0433251                              05           02/01/01         25
    0433251                              N            01/01/31
    0

    4204475          526/526             F           98,000.00         T
                                         360         97,943.61          1
                                       8.750            770.97         70
                                       8.500            770.97      140,000.00
    MONTGOMERY       TX   77356          1            12/08/00         00
    0433252                              01           02/01/01          0
    0433252                              O            01/01/31
    0

    4204480          526/526             F          135,000.00         ZZ
                                         360        134,924.32          1
                                       8.875          1,074.12         75
                                       8.625          1,074.12      180,000.00
    ATTLEBORO        MA   02703          5            12/12/00         00
    0433327                              05           02/01/01          0
    0433327                              O            01/01/31
    0

    4204484          526/526             F           64,950.00         ZZ
                                         360         64,912.63          2
                                       8.750            510.96         95
                                       8.500            510.96       69,000.00
    CHICAGO          IL   60636          2            12/18/00         11
    0433374                              05           02/01/01         30
    0433374                              O            01/01/31
    0

    4204489          526/526             F          216,000.00         ZZ
                                         360        215,872.47          4
                                       8.625          1,680.03         90
                                       8.375          1,680.03      240,000.00
    SAN DIEGO        CA   92104          1            12/14/00         12
    0433430                              05           02/01/01         25
    0433430                              N            01/01/31
    0

    4204491          526/526             F          147,250.00         ZZ
                                         360        147,156.10          1
                                       8.250          1,106.24         90
                                       8.000          1,106.24      163,625.00
    MESA             AZ   85212          1            12/08/00         12
    0433434                              03           02/01/01         25
    0433434                              N            01/01/31
    0
1

    4204493          526/526             F          178,750.00         ZZ
                                         360        178,638.90          1
                                       8.375          1,358.63         65
                                       8.125          1,358.63      275,000.00
    PHOENIX          AZ   85018          1            12/08/00         00
    0433438                              05           02/01/01          0
    0433438                              O            01/01/31
    0

    4204495          526/526             F           50,680.00         ZZ
                                         360         50,650.08          1
                                       8.625            394.18         59
                                       8.375            394.18       86,000.00
    CASTLEROCK       CO   80104          1            12/20/00         00
    0433514                              01           02/01/01          0
    0433514                              N            01/01/31
    0

    4204499          526/526             F          140,000.00         ZZ
                                         360        139,921.52          2
                                       8.875          1,113.90         80
                                       8.625          1,113.90      175,000.00
    CHICAGO          IL   60612          5            12/19/00         00
    0433584                              05           02/01/01          0
    0433584                              O            01/01/31
    0

    4204500          526/526             F          136,750.00         ZZ
                                         360        136,671.33          1
                                       8.750          1,075.81         67
                                       8.500          1,075.81      206,000.00
    TEMPE            AZ   85282          2            12/01/00         00
    0433591                              03           02/01/01          0
    0433591                              N            01/01/31
    0

    4204501          526/526             F          136,750.00         ZZ
                                         360        136,671.33          1
                                       8.750          1,075.81         67
                                       8.500          1,075.81      206,000.00
    TEMPE            AZ   85282          2            12/01/00         00
    0433592                              07           02/01/01          0
    0433592                              N            01/01/31
    0

    4204503          526/526             F          224,100.00         ZZ
                                         360        223,964.23          1
1

                                       8.500          1,723.14         90
                                       8.250          1,723.14      249,000.00
    CHICAGO          IL   60630          1            12/12/00         11
    0433605                              05           02/01/01         30
    0433605                              O            01/01/31
    0

    4204507          526/526             F          102,000.00         ZZ
                                         360        101,934.96          1
                                       8.250            766.29         64
                                       8.000            766.29      160,540.00
    SCOTTSDALE       AZ   85259          1            12/05/00         00
    0433629                              01           02/01/01          0
    0433629                              O            01/01/31
    0

    4204508          526/526             F          101,300.00         ZZ
                                         360        101,233.74          1
                                       8.125            752.15         84
                                       7.875            752.15      122,000.00
    CHANDLER         AZ   85224          5            12/07/00         12
    0433630                              03           02/01/01         12
    0433630                              O            01/01/31
    0

    4204509          526/526             F           90,000.00         ZZ
                                         360         89,942.61          1
                                       8.250            676.14         80
                                       8.000            676.14      112,500.00
    BILLINGS         MT   59105          1            12/27/00         00
    0433637                              05           02/01/01          0
    0433637                              O            01/01/31
    0

    4204511          526/526             F          113,000.00         ZZ
                                         360        112,934.99          1
                                       8.750            888.97         95
                                       8.500            888.97      118,990.00
    MIAMI            FL   33186          1            12/13/00         01
    0433661                              01           02/01/01         25
    0433661                              O            01/01/31
    0

    4204512          526/526             F           69,200.00         ZZ
                                         360         69,160.18          1
                                       8.750            544.40         90
                                       8.500            544.40       76,900.00
    MIAMI            FL   33179          1            12/15/00         01
    0433666                              01           02/01/01         30
1

    0433666                              O            01/01/31
    0

    4204513          526/526             F          212,850.00         ZZ
                                         360        212,727.54          3
                                       8.750          1,674.49         90
                                       8.500          1,674.49      236,500.00
    CHICAGO          IL   60629          1            12/20/00         11
    0433683                              05           02/01/01         25
    0433683                              O            01/01/31
    0

    4204517          526/526             F          204,800.00         ZZ
                                         360        204,672.70          1
                                       8.375          1,556.63         80
                                       8.125          1,556.63      256,000.00
    SCOTTSDALE       AZ   85255          1            12/07/00         00
    0433754                              03           02/01/01          0
    0433754                              O            01/01/31
    0

    4204520          526/526             F          100,000.00         ZZ
                                         360         99,714.20          1
                                       8.125            742.50         80
                                       7.875            742.50      125,000.00
    SOMERS POINT     NJ   08244          1            12/15/00         00
    0433804                              05           02/01/01          0
    0433804                              O            01/01/31
    0

    4204522          526/526             F          128,000.00         ZZ
                                         240        127,792.62          1
                                       8.375          1,100.71         74
                                       8.125          1,100.71      175,000.00
    LAKEWOOD         CO   80226          2            12/20/00         00
    0433807                              05           02/01/01          0
    0433807                              N            01/01/21
    0

    4204523          526/526             F           47,300.00         ZZ
                                         360         47,271.34          1
                                       8.500            363.70         60
                                       8.250            363.70       78,900.00
    HOUSTON          TX   77063          1            12/13/00         00
    0433846                              02           02/01/01          0
    0433846                              O            01/01/31
    0

1

    4204528          526/526             F          161,100.00         ZZ
                                         360        160,974.32          1
                                       7.250          1,098.99         90
                                       7.000          1,098.99      180,000.00
    GILBERT          AZ   85296          2            12/15/00         12
    0433903                              03           02/01/01         25
    0433903                              O            01/01/31
    0

    4204529          526/526             F          130,500.00         ZZ
                                         360        130,420.94          1
                                       8.500          1,003.43         90
                                       8.250          1,003.43      145,000.00
    ATLANTA          GA   30317          1            12/21/00         12
    0433908                              05           02/01/01         25
    0433908                              N            01/01/31
    0

    4204531          526/526             F          100,000.00         ZZ
                                         360         99,943.94          1
                                       8.875            795.64         75
                                       8.625            795.64      135,000.00
    KAYSVILLE        UT   84037          2            12/11/00         00
    0433923                              05           02/01/01          0
    0433923                              N            01/01/31
    0

    4204532          526/526             F          163,800.00         ZZ
                                         360        163,703.29          4
                                       8.625          1,274.02         90
                                       8.375          1,274.02      182,000.00
    SALT LAKE CITY   UT   84104          1            12/11/00         12
    0433933                              05           02/01/01         25
    0433933                              N            01/01/31
    0

    4204535          526/526             F          109,600.00         T
                                         360        109,533.60          1
                                       8.500            842.73         80
                                       8.250            842.73      137,000.00
    VAIL             CO   81657          1            12/18/00         00
    0434000                              01           02/01/01          0
    0434000                              O            01/01/31
    0

    4204538          526/526             F          244,500.00         ZZ
                                         360        244,351.88          4
                                       8.500          1,879.99         75
                                       8.250          1,879.99      326,000.00
1

    LA MESA          CA   91942          1            12/20/00         00
    0434057                              05           02/01/01          0
    0434057                              N            01/01/31
    0

    4204540          526/526             F           61,500.00         ZZ
                                         360         61,464.62          1
                                       8.750            483.82         75
                                       8.500            483.82       82,000.00
    PHOENIX          AZ   85022          1            12/14/00         00
    0434066                              03           02/01/01          0
    0434066                              O            01/01/31
    0

    4204548          526/526             F          250,200.00         ZZ
                                         360        250,056.06          1
                                       8.750          1,968.32         90
                                       8.500          1,968.32      278,000.00
    GOLD CANYON      AZ   85219          1            12/11/00         12
    0434145                              03           02/01/01         25
    0434145                              N            01/01/31
    0

    4204551          526/526             F          198,400.00         ZZ
                                         360        198,273.49          2
                                       8.250          1,490.51         80
                                       8.000          1,490.51      248,000.00
    SAN DIEGO        CA   92117          1            12/19/00         00
    0434174                              05           02/01/01          0
    0434174                              O            01/01/31
    0

    4204566          526/526             F          130,950.00         ZZ
                                         360        130,878.48          3
                                       9.000          1,053.65         90
                                       8.750          1,053.65      145,500.00
    PHOENIX          AZ   85020          1            12/15/00         12
    0434386                              05           02/01/01         25
    0434386                              N            01/01/31
    0

    4204568          526/526             F          159,750.00         ZZ
                                         360        159,658.09          1
                                       8.750          1,256.75         90
                                       8.500          1,256.75      177,500.00
    PHOENIX          OR   97535          1            12/19/00         14
    0434396                              05           02/01/01         25
    0434396                              N            01/01/31
    0
1

    4204569          526/526             F          159,750.00         ZZ
                                         360        159,658.09          1
                                       8.750          1,256.75         90
                                       8.500          1,256.75      177,500.00
    PHOENIX          OR   97535          1            12/19/00         12
    0434398                              05           02/01/01         25
    0434398                              N            01/01/31
    0

    4204573          526/526             F          176,000.00         ZZ
                                         360        175,893.38          1
                                       8.500          1,353.29         80
                                       8.250          1,353.29      220,000.00
    MEDFORD          OR   97504          2            12/21/00         00
    0434459                              05           02/01/01          0
    0434459                              O            01/01/31
    0

    4204576          526/526             F          112,000.00         ZZ
                                         360        111,937.21          1
                                       8.875            891.12         80
                                       8.625            891.12      140,000.00
    DENVER           CO   80207          1            12/28/00         00
    0434473                              05           02/01/01          0
    0434473                              N            01/01/31
    0

    4204577          526/526             F          180,000.00         ZZ
                                         360        174,977.00          1
                                       8.625          1,400.02         62
                                       8.375          1,400.02      291,000.00
    BOLINGBROOK      IL   60440          1            12/22/00         00
    0434490                              05           02/01/01          0
    0434490                              N            01/01/31
    0

    4204579          526/526             F          121,500.00         ZZ
                                         360        121,426.39          1
                                       8.500            934.23         90
                                       8.250            934.23      135,000.00
    DALLAS           TX   75228          1            12/21/00         11
    0434508                              05           02/01/01         25
    0434508                              O            01/01/31
    0

    4204580          526/526             F          144,000.00         ZZ
                                         360        143,912.76          4
1

                                       8.500          1,107.24         90
                                       8.250          1,107.24      160,000.00
    TEMPE            AZ   85281          1            12/26/00         12
    0434526                              05           02/01/01         25
    0434526                              N            01/01/31
    0

    4204581          526/526             F          202,000.00         ZZ
                                         360        201,883.79          1
                                       8.750          1,589.13         80
                                       8.500          1,589.13      252,500.00
    LITTLETON        CO   80124          1            12/27/00         00
    0434529                              03           02/01/01          0
    0434529                              O            01/01/31
    0

    4204583          526/526             F          144,000.00         ZZ
                                         360        143,912.76          4
                                       8.500          1,107.24         90
                                       8.250          1,107.24      160,000.00
    TEMPE            AZ   85281          1            12/26/00         12
    0434535                              05           02/01/01         25
    0434535                              N            01/01/31
    0

    4204584          526/526             F          124,000.00         ZZ
                                         360        123,932.27          3
                                       9.000            997.73         80
                                       8.750            997.73      155,000.00
    PHOENIX          AZ   85016          1            12/14/00         00
    0434540                              05           02/01/01          0
    0434540                              N            01/01/31
    0

    4204585          526/526             F          250,000.00         ZZ
                                         360        249,852.41          1
                                       8.625          1,944.47         46
                                       8.375          1,944.47      550,000.00
    PHOENIX          AZ   85007          5            12/15/00         00
    0434545                              05           02/01/01          0
    0434545                              O            01/01/31
    0

    4204587          526/526             F          122,000.00         ZZ
                                         360        121,920.19          1
                                       8.125            905.85         80
                                       7.875            905.85      152,500.00
    SCOTTSDALE       AZ   85253          1            12/14/00         00
    0434568                              01           02/01/01          0
1

    0434568                              O            01/01/31
    0

    4204588          526/526             F          180,000.00         ZZ
                                         360        179,888.12          1
                                       8.375          1,368.13         60
                                       8.125          1,368.13      300,000.00
    PARK CITY        UT   84098          5            12/15/00         00
    0434588                              05           02/01/01          0
    0434588                              O            01/01/31
    0

    4204590          526/526             F           82,350.00         ZZ
                                         360         82,303.84          1
                                       8.875            655.21         90
                                       8.625            655.21       91,500.00
    GLENDALE         AZ   85303          1            12/15/00         12
    0434626                              05           02/01/01         25
    0434626                              N            01/01/31
    0

    4204595          526/526             F           80,550.00         ZZ
                                         360         80,504.84          1
                                       8.875            640.89         90
                                       8.625            640.89       89,500.00
    SUPRISE          AZ   85374          1            12/18/00         12
    0434708                              03           02/01/01         25
    0434708                              N            01/01/31
    0

    4204596          526/526             F          229,000.00         ZZ
                                         360        228,850.20          1
                                       8.125          1,700.32         61
                                       7.875          1,700.32      380,000.00
    BOULDER          CO   80304          5            12/22/00         00
    0434718                              05           02/01/01          0
    0434718                              O            01/01/31
    0

    4204599          526/526             F           67,500.00         ZZ
                                         360         67,459.10          1
                                       8.500            519.02         90
                                       8.250            519.02       75,000.00
    POMPANO BEACH    FL   33062          1            12/22/00         01
    0434755                              08           02/01/01         25
    0434755                              O            01/01/31
    0

1

    4204601          526/526             F           95,200.00         ZZ
                                         360         95,142.32          1
                                       8.500            732.01         80
                                       8.250            732.01      119,000.00
    SCOTTSDALE       AZ   85258          1            12/21/00         00
    0434804                              05           02/01/01          0
    0434804                              O            01/01/31
    0

    4204603          526/526             F          188,350.00         ZZ
                                         360        188,232.93          1
                                       8.375          1,431.60         80
                                       8.125          1,431.60      235,450.00
    AURORA           CO   80016          1            12/21/00         00
    0434913                              05           02/01/01          0
    0434913                              O            01/01/31
    0

    4204604          526/526             F           39,000.00         ZZ
                                         360         38,975.14          1
                                       8.250            292.99         75
                                       8.000            292.99       52,000.00
    FOX LAKE         IL   60020          1            12/28/00         00
    0434918                              01           02/01/01          0
    0434918                              O            01/01/31
    0

    4204605          526/526             F          198,000.00         ZZ
                                         360        197,873.74          1
                                       8.250          1,487.51         80
                                       8.000          1,487.51      247,500.00
    ESCONDIDO        CA   92026          1            12/19/00         00
    0434945                              03           02/01/01          0
    0434945                              O            01/01/31
    0

    4204607          526/526             F          119,900.00         ZZ
                                         360        119,823.54          1
                                       8.250            900.77         80
                                       8.000            900.77      149,900.00
    MIAMI            FL   33177          1            12/28/00         00
    0435021                              05           02/01/01          0
    0435021                              O            01/01/31
    0

    4204608          526/526             F           90,000.00         ZZ
                                         360         89,939.61          1
                                       8.000            660.39         90
                                       7.750            660.39      100,000.00
1

    CROWLEY          TX   76036          1            12/29/00         12
    0435086                              05           02/01/01         25
    0435086                              O            01/01/31
    0

    4204610          526/526             F          144,500.00         ZZ
                                         360        144,500.00          1
                                       8.375          1,098.30         79
                                       8.125          1,098.30      185,000.00
    LAKE HAVASU CIT  AZ   86406          2            12/21/00         00
    0435119                              05           03/01/01          0
    0435119                              O            02/01/31
    0

    4204611          526/526             F          185,500.00         ZZ
                                         360        185,387.63          1
                                       8.500          1,426.33         70
                                       8.250          1,426.33      265,000.00
    BORING           OR   97009          5            12/21/00         00
    0435151                              05           02/01/01          0
    0435151                              O            01/01/31
    0

    4204615          526/526             F          192,000.00         ZZ
                                         360        191,886.64          1
                                       8.625          1,493.36         75
                                       8.375          1,493.36      256,000.00
    GLENDALE         AZ   85304          5            12/20/00         00
    0435213                              03           02/01/01          0
    0435213                              O            01/01/31
    0

    4204620          526/526             F          256,500.00         ZZ
                                         360        256,340.57          1
                                       8.375          1,949.59         90
                                       8.125          1,949.59      285,000.00
    UNIVERSITY CITY  MO   63130          1            12/29/00         12
    0435348                              05           02/01/01         25
    0435348                              O            01/01/31
    0

    4204621          526/526             F          179,200.00         ZZ
                                         360        179,082.78          1
                                       8.125          1,330.55         80
                                       7.875          1,330.55      224,000.00
    PHOENIX          AZ   85013          1            12/28/00         00
    0435352                              05           02/01/01          0
    0435352                              O            01/01/31
    0
1

    4204622          526/526             F           51,200.00         ZZ
                                         360         51,171.30          3
                                       8.875            407.37         80
                                       8.625            407.37       64,000.00
    TIPTON           IN   46072          1            12/29/00         00
    0435355                              05           02/01/01          0
    0435355                              N            01/01/31
    0

    4204634          526/526             F          102,600.00         ZZ
                                         360        102,539.43          2
                                       8.625            798.01         90
                                       8.375            798.01      114,000.00
    MESA             AZ   85210          1            12/28/00         12
    0436001                              05           02/01/01         25
    0436001                              N            01/01/31
    0

    4205793          168/168             F           78,650.00         ZZ
                                         360         78,602.35          1
                                       8.500            604.75         65
                                       8.250            604.75      121,000.00
    CHAMBLEE         GA   30341          5            12/27/00         00
    169627560                            05           02/01/01          0
    169627560                            N            01/01/31
    0

    4206030          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       8.375          1,520.14         80
                                       8.125          1,520.14      250,000.00
    CONCORD          CA   94520          5            01/10/01         00
    0412253395                           05           03/01/01          0
    0412253395                           O            02/01/31
    0

    4206035          E22/G02             F           61,600.00         ZZ
                                         360         61,600.00          1
                                       9.375            512.36         80
                                       9.125            512.36       77,000.00
    YULEE            FL   32097          1            01/18/01         00
    0412290389                           05           03/01/01          0
    0412290389                           N            02/01/31
    0

    4206045          E22/G02             F          135,450.00         ZZ
                                         360        135,450.00          2
1

                                       8.875          1,077.70         90
                                       8.625          1,077.70      150,507.00
    EAST NEWARK      NJ   07029          1            01/18/01         04
    0412304461                           05           03/01/01         25
    0412304461                           O            02/01/31
    0

    4206049          E22/G02             F           80,750.00         ZZ
                                         360         80,750.00          1
                                       9.625            686.37         95
                                       9.375            686.37       85,000.00
    DEARBORN HEIGHT  MI   48125          5            01/12/01         04
    0412310070                           05           03/01/01         30
    0412310070                           O            02/01/31
    0

    4206052          E22/G02             F           71,200.00         ZZ
                                         360         71,200.00          1
                                       8.250            534.90         80
                                       8.000            534.90       89,000.00
    SEBRING          FL   33870          1            01/12/01         00
    0412311409                           05           03/01/01          0
    0412311409                           O            02/01/31
    0

    4206053          E22/G02             F          102,600.00         ZZ
                                         360        102,600.00          4
                                       9.500            862.72         90
                                       9.250            862.72      114,000.00
    ELKHART          IN   46514          1            01/18/01         04
    0412312290                           05           03/01/01         25
    0412312290                           N            02/01/31
    0

    4206060          E22/G02             F          274,950.00         ZZ
                                         360        274,950.00          1
                                       8.750          2,163.03         88
                                       8.500          2,163.03      313,500.00
    MOORPARK         CA   93021          1            01/09/01         04
    0412315137                           03           03/01/01         25
    0412315137                           O            02/01/31
    0

    4206061          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          2
                                       9.000          1,086.24         90
                                       8.750          1,086.24      150,000.00
    VACAVILLE        CA   95688          1            01/11/01         04
    0412315186                           05           03/01/01         25
1

    0412315186                           N            02/01/31
    0

    4206068          E22/G02             F          149,000.00         ZZ
                                         360        149,000.00          1
                                       8.500          1,145.68         95
                                       8.250          1,145.68      157,000.00
    COMPTON          CA   90221          5            01/10/01         04
    0412319527                           05           03/01/01         30
    0412319527                           O            02/01/31
    0

    4206074          E22/G02             F          134,000.00         ZZ
                                         360        134,000.00          2
                                       8.875          1,066.16         66
                                       8.625          1,066.16      205,000.00
    NEW ORLEANS      LA   70118          2            01/18/01         00
    0412326308                           05           03/01/01          0
    0412326308                           N            02/01/31
    0

    4206077          E22/G02             F          208,250.00         ZZ
                                         360        208,250.00          1
                                       8.250          1,564.51         85
                                       8.000          1,564.51      245,000.00
    LITHOPOLIS       OH   43136          5            01/12/01         04
    0412327959                           05           03/01/01         12
    0412327959                           O            02/01/31
    0

    4207043          664/G02             F          180,000.00         ZZ
                                         360        179,911.46          2
                                       9.500          1,513.54         80
                                       9.250          1,513.54      227,500.00
    CHICAGO          IL   60647          5            12/20/00         00
    0432562635                           05           02/01/01          0
    0003730454                           N            01/01/31
    0

    4209471          822/G02             F          106,200.00         ZZ
                                         360        106,128.74          3
                                       8.000            779.26         90
                                       7.750            779.26      118,000.00
    PHILADELPHIA     PA   19111          1            12/22/00         04
    0432554921                           05           02/01/01         25
    3636042009                           O            01/01/31
    0

1

    4211547          E22/G02             F           64,000.00         ZZ
                                         360         64,000.00          3
                                       9.500            538.15         80
                                       9.250            538.15       80,000.00
    TRENTON          NJ   08611          1            01/19/01         00
    0412214751                           05           03/01/01          0
    0412214751                           N            02/01/31
    0

    4211552          E22/G02             F          155,700.00         ZZ
                                         360        155,700.00          1
                                       8.750          1,224.89         90
                                       8.500          1,224.89      173,000.00
    DAVENPORT        FL   33837          1            01/19/01         04
    0412282238                           03           03/01/01         25
    0412282238                           N            02/01/31
    0

    4211554          E22/G02             F           73,700.00         ZZ
                                         360         73,700.00          2
                                       8.750            579.80         90
                                       8.500            579.80       81,900.00
    LARGO            FL   33772          1            01/19/01         04
    0412283731                           05           03/01/01         25
    0412283731                           N            02/01/31
    0

    4211555          E22/G02             F          228,000.00         ZZ
                                         360        227,881.80          2
                                       9.250          1,875.70         95
                                       9.000          1,875.70      240,000.00
    LYNDHURST        NJ   07071          1            12/22/00         04
    0412286635                           05           02/01/01         30
    0412286635                           O            01/01/31
    0

    4211572          E22/G02             F          323,000.00         ZZ
                                         360        323,000.00          4
                                       9.250          2,657.24         95
                                       9.000          2,657.24      340,000.00
    LOS ANGELES      CA   90037          1            01/11/01         04
    0412320657                           05           03/01/01         30
    0412320657                           O            02/01/31
    0

    4211573          E22/G02             F           92,700.00         ZZ
                                         360         92,700.00          1
                                       9.250            762.62         90
                                       9.000            762.62      103,000.00
1

    CARMEL           IN   46033          1            01/19/01         04
    0412321416                           05           03/01/01         25
    0412321416                           N            02/01/31
    0

    4211574          E22/G02             F           94,850.00         ZZ
                                         360         94,850.00          4
                                       8.750            746.19         85
                                       8.500            746.19      111,590.00
    TULARE           CA   93274          1            01/16/01         01
    0412322513                           05           03/01/01         20
    0412322513                           N            02/01/31
    0

    4211581          E22/G02             F           36,000.00         ZZ
                                         360         36,000.00          2
                                       9.500            302.71         90
                                       9.250            302.71       40,000.00
    HUDSON           NY   12534          1            01/19/01         04
    0412327157                           05           03/01/01         25
    0412327157                           N            02/01/31
    0

    4211582          E22/G02             F           34,650.00         ZZ
                                         360         34,650.00          2
                                       9.500            291.36         90
                                       9.250            291.36       38,500.00
    HUDSON           NY   12534          1            01/19/01         04
    0412327231                           05           03/01/01         25
    0412327231                           N            02/01/31
    0

    4212542          P06/G02             F           55,800.00         ZZ
                                         360         55,800.00          1
                                       8.000            409.44         90
                                       7.750            409.44       62,000.00
    BAKERSFIELD      CA   93301          5            01/08/01         01
    0432561678                           05           03/01/01         25
    1000216                              O            02/01/31
    0

    4212620          721/G02             F           49,250.00         ZZ
                                         360         49,220.91          1
                                       8.625            383.07         80
                                       8.375            383.07       61,900.00
    HOPKINS          MN   55343          1            12/18/00         00
    0432558815                           01           02/01/01          0
    7890825027                           O            01/01/31
    0
1

    4215055          168/168             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       8.500          1,691.61         54
                                       8.250          1,691.61      413,000.00
    EAST HAMPTON     NY   11937          5            01/05/01         00
    0189663413                           05           03/01/01          0
    0189663413                           O            02/01/31
    0

    4215298          721/G02             F          265,000.00         ZZ
                                         360        264,851.44          1
                                       8.875          2,108.46         74
                                       8.625          2,108.46      360,000.00
    ST LOUIS         MO   63132          1            12/14/00         00
    0432557544                           03           02/01/01          0
    7500010028                           O            01/01/31
    0

    4215516          E82/G02             F          121,500.00         ZZ
                                         360        121,500.00          1
                                       8.750            955.84         90
                                       8.500            955.84      135,000.00
    HAMILTON         NJ   08619          1            01/19/01         04
    0400334769                           05           03/01/01         25
    0400334769                           O            02/01/31
    0

    4217128          E22/G02             F          160,800.00         ZZ
                                         360        160,800.00          2
                                       9.125          1,308.32         80
                                       8.875          1,308.32      201,000.00
    DALLAS           TX   75204          2            01/19/01         00
    0412232514                           05           03/01/01          0
    0412232514                           N            02/01/31
    0

    4217131          E22/G02             F          131,000.00         ZZ
                                         360        131,000.00          2
                                       9.000          1,054.06         88
                                       8.750          1,054.06      150,000.00
    WEST VALLEY CIT  UT   84119          2            01/03/01         04
    0412252538                           05           03/01/01         25
    0412252538                           N            02/01/31
    0

    4217132          E22/G02             F          193,700.00         ZZ
                                         360        193,700.00          1
1

                                       8.375          1,472.26         75
                                       8.125          1,472.26      259,000.00
    FRENCHTOWN       MT   59834          2            01/16/01         00
    0412280513                           05           03/01/01          0
    0412280513                           O            02/01/31
    0

    4217134          E22/G02             F          118,750.00         ZZ
                                         360        118,750.00          1
                                       9.375            987.70         95
                                       9.125            987.70      125,000.00
    FAIRBANKS        AK   99701          5            01/11/01         01
    0412290512                           05           03/01/01         30
    0412290512                           O            02/01/31
    0

    4217138          E22/G02             F          130,500.00         ZZ
                                         360        130,500.00          2
                                       8.250            980.40         90
                                       8.000            980.40      145,000.00
    ELIZABETH        NJ   07202          5            01/17/01         04
    0412301913                           05           03/01/01         25
    0412301913                           O            02/01/31
    0

    4217155          E22/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       8.875            608.67         90
                                       8.625            608.67       85,000.00
    TAMPA            FL   33611          1            01/22/01         10
    0412323800                           05           03/01/01         25
    0412323800                           O            02/01/31
    0

    4217158          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
                                       8.750            629.36         80
                                       8.500            629.36      100,000.00
    HOUSTON          TX   77074          1            01/22/01         00
    0412324998                           05           03/01/01          0
    0412324998                           N            02/01/31
    0

    4217282          168/168             F           95,400.00         ZZ
                                         360         95,351.82          1
                                       9.375            793.49         90
                                       9.125            793.49      106,000.00
    ROCHESTER        NY   14586          1            12/28/00         10
    0189634529                           05           02/01/01         25
1

    0189634529                           N            01/01/31
    0

    4220925          L99/G02             F          117,000.00         ZZ
                                         360        116,940.91          4
                                       9.375            973.15         90
                                       9.125            973.15      130,000.00
    GRETNA           LA   70056          1            12/27/00         04
    0432566313                           05           02/01/01         25
    202966                               N            01/01/31
    0

    4221003          L99/G02             F          117,000.00         ZZ
                                         360        116,940.91          4
                                       9.375            973.15         90
                                       9.125            973.15      130,000.00
    GRETNA           LA   70056          1            12/27/00         04
    0432566321                           05           02/01/01         25
    202965                               N            01/01/31
    0

    4222567          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       9.000          1,158.66         90
                                       8.750          1,158.66      160,000.00
    ALMONT           MI   48003          5            01/18/01         04
    0412238826                           05           03/01/01         25
    0412238826                           O            02/01/31
    0

    4222583          E22/G02             F           85,400.00         ZZ
                                         360         85,400.00          1
                                       8.625            664.23         70
                                       8.375            664.23      122,000.00
    VAN NUYS         CA   91401          5            01/16/01         00
    0412310419                           01           03/01/01          0
    0412310419                           N            02/01/31
    0

    4222584          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       8.625          1,400.02         84
                                       8.375          1,400.02      216,000.00
    SANTA ANA        CA   92706          5            01/12/01         04
    0412311417                           05           03/01/01         12
    0412311417                           O            02/01/31
    0

1

    4222601          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       8.500            922.70         78
                                       8.250            922.70      155,000.00
    WATERFORD        MI   48328          5            01/18/01         00
    0412325748                           05           03/01/01          0
    0412325748                           O            02/01/31
    0

    4222606          E22/G02             F           80,500.00         ZZ
                                         360         80,500.00          1
                                       8.500            618.98         85
                                       8.250            618.98       95,000.00
    LIVINGSTON       CA   95334          5            01/17/01         01
    0412333650                           05           03/01/01         12
    0412333650                           O            02/01/31
    0

    4222609          E22/G02             F          171,200.00         ZZ
                                         360        171,200.00          1
                                       8.500          1,316.38         80
                                       8.250          1,316.38      214,000.00
    SAGINAW          MI   48603          1            01/23/01         00
    0412338006                           05           03/01/01          0
    0412338006                           O            02/01/31
    0

    4224538          163/163             F          113,000.00         ZZ
                                         360        112,668.60          4
                                       9.625            960.49         95
                                       9.375            960.49      118,975.00
    ST LOUIS         MO   63110          1            07/28/00         04
    093009734                            05           09/01/00         30
    093009734                            N            08/01/30
    0

    4224876          964/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
                                       8.875          1,973.20         73
                                       8.625          1,973.20      340,000.00
    BOULDER          CO   80301          2            01/10/01         00
    0432562981                           03           03/01/01          0
    97909                                N            02/01/31
    0

    4224901          K31/G02             F          144,000.00         ZZ
                                         360        144,000.00          3
                                       8.875          1,145.73         90
                                       8.625          1,145.73      160,000.00
1

    COLLEGE PARK     GA   30349          1            01/05/01         01
    0432572683                           05           03/01/01         25
    2024010503                           N            02/01/31
    0

    4227371          E22/G02             F          114,400.00         ZZ
                                         360        114,400.00          1
                                       8.875            910.22         80
                                       8.625            910.22      143,000.00
    ROUND ROCK       TX   78664          1            01/24/01         00
    0412299281                           05           03/01/01          0
    0412299281                           O            02/01/31
    0

    4227372          E22/G02             F           76,000.00         ZZ
                                         360         76,000.00          1
                                       8.500            584.37         80
                                       8.250            584.37       95,000.00
    WESLACO          TX   78596          5            01/19/01         00
    0412299323                           05           03/01/01          0
    0412299323                           O            02/01/31
    0

    4227376          E22/G02             F          190,000.00         ZZ
                                         360        190,000.00          3
                                       9.125          1,545.90         95
                                       8.875          1,545.90      200,000.00
    NEW ORLEANS      LA   70124          5            01/19/01         04
    0412305765                           05           03/01/01         30
    0412305765                           O            02/01/31
    0

    4227386          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       8.500            922.70         80
                                       8.250            922.70      150,000.00
    METAIRIE         LA   70001          5            01/19/01         00
    0412317588                           05           03/01/01          0
    0412317588                           O            02/01/31
    0

    4227389          E22/G02             F          142,200.00         ZZ
                                         360        142,200.00          1
                                       8.625          1,106.02         90
                                       8.375          1,106.02      158,000.00
    OROVILLE         CA   95966          5            01/16/01         04
    0412322463                           05           03/01/01         25
    0412322463                           O            02/01/31
    0
1

    4227399          E22/G02             F          151,550.00         ZZ
                                         360        151,550.00          4
                                       9.250          1,246.76         90
                                       9.000          1,246.76      168,400.00
    FORT LAUDERDALE  FL   33312          1            01/24/01         01
    0412330565                           05           03/01/01         25
    0412330565                           N            02/01/31
    0

    4227402          E22/G02             F          214,200.00         ZZ
                                         360        214,200.00          4
                                       8.750          1,685.11         90
                                       8.500          1,685.11      238,000.00
    DELRAY BEACH     FL   33444          1            01/24/01         10
    0412336620                           05           03/01/01         25
    0412336620                           N            02/01/31
    0

    4227403          E22/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
                                       9.375          1,696.77         80
                                       9.125          1,696.77      255,000.00
    AUSTIN           TX   78704          5            01/24/01         00
    0412336687                           05           03/01/01          0
    0412336687                           N            02/01/31
    0

    4227406          E22/G02             F          169,650.00         ZZ
                                         360        169,650.00          2
                                       8.750          1,334.64         90
                                       8.500          1,334.64      188,500.00
    SALEM            MA   01970          1            01/26/01         04
    0412337537                           05           03/01/01         25
    0412337537                           N            02/01/31
    0

    4227409          E22/G02             F          143,500.00         ZZ
                                         360        143,500.00          4
                                       9.250          1,180.54         90
                                       9.000          1,180.54      159,500.00
    SACRAMENTO       CA   95818          1            01/18/01         01
    0412339327                           05           03/01/01         25
    0412339327                           O            02/01/31
    0

    4228911          F60/G02             F          195,000.00         ZZ
                                         360        195,000.00          1
1

                                       8.500          1,499.38         78
                                       8.250          1,499.38      250,000.00
    METAIRIE         LA   70002          1            01/15/01         00
    0432563799                           05           03/01/01          0
    445843                               O            02/01/31
    0

    4229850          168/168             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       8.375          1,140.11         51
                                       8.125          1,140.11      295,000.00
    YONKERS          NY   10703          1            01/16/01         00
    0189668806                           05           03/01/01          0
    0189668806                           O            02/01/31
    0

    4230457          E82/G02             F          119,600.00         T
                                         360        119,600.00          1
                                       8.625            930.24         75
                                       8.375            930.24      159,500.00
    REDLANDS         CA   92373          1            01/19/01         00
    0400368544                           05           03/01/01          0
    0400368544                           O            02/01/31
    0

    4232058          E22/G02             F          100,800.00         ZZ
                                         360        100,800.00          1
                                       8.750            792.99         90
                                       8.500            792.99      112,000.00
    HOMEWOOD         IL   60430          1            01/25/01         04
    0412259871                           05           03/01/01         25
    0412259871                           N            02/01/31
    0

    4232064          E22/G02             F           33,600.00         ZZ
                                         360         33,600.00          1
                                       8.750            264.33         80
                                       8.500            264.33       42,000.00
    AMARILLO         TX   79106          5            01/25/01         00
    0412305419                           05           03/01/01          0
    0412305419                           N            02/01/31
    0

    4232074          E22/G02             F          188,950.00         ZZ
                                         360        188,950.00          1
                                       8.000          1,386.45         90
                                       7.750          1,386.45      210,000.00
    CHINO            CA   91710          5            01/16/01         04
    0412323917                           05           03/01/01         25
1

    0412323917                           O            02/01/31
    0

    4232079          E22/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
                                       9.000            418.40         80
                                       8.750            418.40       65,000.00
    CHICAGO          IL   60643          1            01/25/01         00
    0412328056                           05           03/01/01          0
    0412328056                           N            02/01/31
    0

    4233438          U05/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       8.250            939.08         74
                                       8.000            939.08      171,001.00
    FAIRFIELD        CA   94533          1            01/11/01         00
    0432570760                           05           03/01/01          0
    3095008                              N            02/01/31
    0

    4237098          E22/G02             F          131,000.00         ZZ
                                         360        131,000.00          1
                                       8.875          1,042.29         80
                                       8.625          1,042.29      164,170.00
    UTICA            MI   48315          1            01/26/01         00
    0412170730                           01           03/01/01          0
    0412170730                           O            02/01/31
    0

    4237105          E22/G02             F           44,100.00         ZZ
                                         360         44,100.00          1
                                       9.000            354.84         90
                                       8.750            354.84       49,000.00
    FORT WORTH       TX   76112          1            01/26/01         04
    0412302572                           05           03/01/01         25
    0412302572                           O            02/01/31
    0

    4237108          E22/G02             F          151,550.00         ZZ
                                         360        151,550.00          4
                                       8.875          1,205.80         90
                                       8.625          1,205.80      168,400.00
    FT. LAUDERDALE   FL   33312          1            01/26/01         01
    0412310203                           05           03/01/01         25
    0412310203                           N            02/01/31
    0

1

    4237109          E22/G02             F          151,550.00         ZZ
                                         360        151,550.00          4
                                       8.875          1,205.80         90
                                       8.625          1,205.80      168,400.00
    FORT LAUDERDALE  FL   33312          1            01/26/01         01
    0412311482                           05           03/01/01         25
    0412311482                           N            02/01/31
    0

    4237111          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       8.625          1,368.91         80
                                       8.375          1,368.91      220,000.00
    DENVER           CO   80231          1            01/26/01         00
    0412311979                           05           03/01/01          0
    0412311979                           N            02/01/31
    0

    4237130          E22/G02             F          193,800.00         ZZ
                                         360        193,800.00          1
                                       8.875          1,541.96         85
                                       8.625          1,541.96      228,000.00
    FRESNO           CA   93704          5            01/19/01         01
    0412330938                           05           03/01/01         12
    0412330938                           O            02/01/31
    0

    4237138          E22/G02             F           20,350.00         ZZ
                                         360         20,350.00          1
                                       9.375            169.26         90
                                       9.125            169.26       22,660.00
    BURTON           MI   48529          1            01/26/01         04
    0412337685                           05           03/01/01         25
    0412337685                           N            02/01/31
    0

    4237141          E22/G02             F          218,250.00         ZZ
                                         360        218,250.00          2
                                       8.875          1,736.49         95
                                       8.625          1,736.49      230,000.00
    LOS ANGELES      CA   90011          1            01/22/01         04
    0412338279                           05           03/01/01         30
    0412338279                           O            02/01/31
    0

    4237142          E22/G02             F          159,950.00         ZZ
                                         360        159,950.00          4
                                       8.500          1,229.88         95
                                       8.250          1,229.88      168,400.00
1

    FT LAUDERDALE    FL   33315          1            01/26/01         10
    0412340671                           05           03/01/01         30
    0412340671                           O            02/01/31
    0

    4237144          E22/G02             F          146,800.00         ZZ
                                         360        146,800.00          1
                                       7.500          1,026.45         90
                                       7.250          1,026.45      163,163.00
    CHEYENNE         WY   82009          1            01/26/01         04
    0412343006                           05           03/01/01         25
    0412343006                           O            02/01/31
    0

    4237151          E22/G02             F           61,200.00         ZZ
                                         360         61,200.00          1
                                       8.375            465.16         80
                                       8.125            465.16       76,500.00
    CEDARTOWN        GA   30125          1            01/26/01         00
    0412348435                           05           03/01/01          0
    0412348435                           O            02/01/31
    0

    4237906          225/225             F           26,300.00         ZZ
                                         360         26,253.08          1
                                       8.625            204.56         53
                                       8.375            204.56       50,000.00
    FORT MYERS       FL   33901          2            10/26/00         00
    6514111                              05           12/01/00          0
    6514111                              O            11/01/30
    0

    4238014          225/225             F          242,000.00         ZZ
                                         360        241,526.16          1
                                       8.875          1,925.47         49
                                       8.625          1,925.47      498,000.00
    NEWTONVILLE      MA   02460          2            11/14/00         00
    7218069                              01           01/01/01          0
    7218069                              N            12/01/30
    0

    4238059          225/225             F          143,100.00         ZZ
                                         360        142,916.88          1
                                       8.250          1,075.06         87
                                       8.000          1,075.06      165,000.00
    CHARLOTTE        NC   28210          1            11/08/00         10
    6514903                              05           01/01/01         25
    6514903                              O            12/01/30
    0
1

    4238236          225/225             F           87,210.00         ZZ
                                         360         87,106.63          1
                                       8.625            678.32         90
                                       8.375            678.32       97,000.00
    MESA             AZ   85210          1            11/27/00         11
    7218905                              01           01/01/01         25
    7218905                              O            12/01/30
    0

    4238290          225/225             F           88,000.00         ZZ
                                         360         87,889.04          3
                                       8.750            692.30         80
                                       8.500            692.30      110,000.00
    JERSEY CITY      NJ   07306          1            11/06/00         00
    7207262                              05           01/01/01          0
    7207262                              N            12/01/30
    0

    4239303          225/225             F          364,800.00         ZZ
                                         360        364,367.69          3
                                       8.625          2,837.38         80
                                       8.375          2,837.38      456,000.00
    SAN PEDRO AREA   CA   90731          1            11/01/00         00
    7214169                              05           01/01/01          0
    7214169                              O            12/01/30
    0

    4239342          225/225             F          136,000.00         ZZ
                                         360        135,777.54          4
                                       9.500          1,143.57         76
                                       9.250          1,143.57      180,000.00
    NORTH CHICAGO    IL   60064          5            10/31/00         00
    7216529                              05           12/01/00          0
    7216529                              N            11/01/30
    0

    4239819          225/225             F           83,400.00         ZZ
                                         360         83,265.84          3
                                       9.125            678.57         90
                                       8.875            678.57       92,700.00
    PITTSFIELD       MA   01201          1            11/01/00         11
    7213388                              05           12/01/00         25
    7213388                              N            11/01/30
    0

    4239905          225/225             F           76,000.00         T
                                         360         75,871.20          1
1

                                       8.875            604.70         80
                                       8.625            604.70       95,000.00
    WINHALL          VT   05340          1            11/17/00         00
    7218933                              05           01/01/01          0
    7218933                              O            12/01/30
    0

    4240319          225/225             F          117,000.00         ZZ
                                         360        116,797.42          1
                                       8.750            920.44         90
                                       8.500            920.44      130,000.00
    SARASOTA         FL   34231          1            11/29/00         11
    7220198                              05           01/01/01         25
    7220198                              O            12/01/30
    0

    4240328          225/225             F           81,900.00         ZZ
                                         360         81,805.41          2
                                       8.750            644.31         90
                                       8.500            644.31       91,000.00
    TOLEDO           OH   43607          2            11/21/00         10
    7219394                              05           01/01/01         25
    7219394                              N            12/01/30
    0

    4240344          225/225             F          218,450.00         ZZ
                                         360        218,197.71          3
                                       8.750          1,718.55         95
                                       8.500          1,718.55      229,950.00
    CITRUS HEIGHTS   CA   95610          1            11/15/00         10
    7222129                              05           01/01/01         30
    7222129                              O            12/01/30
    0

    4240399          225/225             F          106,000.00         ZZ
                                         360        105,871.03          1
                                       8.500            815.05         85
                                       8.250            815.05      125,000.00
    COLUMBIA         SC   29205          2            11/17/00         10
    7221985                              05           01/01/01         25
    7221985                              O            12/01/30
    0

    4240815          225/225             F          110,000.00         ZZ
                                         360        109,862.78          1
                                       8.375            836.08         74
                                       8.125            836.08      150,000.00
    JUPITER          FL   33478          2            11/13/00         00
    7216306                              05           01/01/01          0
1

    7216306                              O            12/01/30
    0

    4240978          225/225             F           47,600.00         ZZ
                                         360         47,545.02          1
                                       8.750            374.47         70
                                       8.500            374.47       68,000.00
    SUNNY ISLES      FL   33160          1            11/21/00         00
    6514998                              06           01/01/01          0
    6514998                              N            12/01/30
    0

    4241008          E82/G02             F           48,300.00         ZZ
                                         360         48,300.00          2
                                       9.625            410.54         70
                                       9.375            410.54       69,000.00
    WILKES BARRE     PA   18702          1            01/24/01         00
    0400348470                           05           03/01/01          0
    0400348470                           N            02/01/31
    0

    4241373          225/225             F          252,700.00         ZZ
                                         360        252,359.75          1
                                       8.000          1,854.23         80
                                       7.750          1,854.23      318,000.00
    DANA POINT       CA   92629          1            11/03/00         00
    7220377                              05           01/01/01          0
    7220377                              O            12/01/30
    0

    4241860          225/225             F          192,600.00         ZZ
                                         360        191,969.19          4
                                       8.875          1,532.42         90
                                       8.625          1,532.42      214,000.00
    STOCKBRIDGE      GA   30281          1            11/01/00         11
    7213387                              05           12/01/00         25
    7213387                              N            11/01/30
    0

    4241924          225/225             F          283,500.00         ZZ
                                         360        283,172.59          4
                                       8.750          2,230.30         90
                                       8.500          2,230.30      315,000.00
    SAN DIEGO        CA   92104          1            11/10/00         10
    7214709                              05           01/01/01         25
    7214709                              O            12/01/30
    0

1

    4243381          E22/G02             F           54,900.00         ZZ
                                         360         54,900.00          2
                                       9.375            456.63         90
                                       9.125            456.63       61,000.00
    NEW ORLEANS      LA   70113          1            01/26/01         04
    0412236119                           05           03/01/01         25
    0412236119                           N            02/01/31
    0

    4243383          E22/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
                                       8.250            691.17         84
                                       8.000            691.17      110,000.00
    SACRAMENTO       CA   95822          2            01/22/01         01
    0412258097                           05           03/01/01         12
    0412258097                           O            02/01/31
    0

    4243399          E22/G02             F          128,000.00         T
                                         360        128,000.00          1
                                       8.000            939.22         80
                                       7.750            939.22      160,000.00
    LAKE ARROWHEAD   CA   92352          1            01/18/01         00
    0412301590                           05           03/01/01          0
    0412301590                           O            02/01/31
    0

    4243411          E22/G02             F          131,250.00         ZZ
                                         360        131,250.00          1
                                       8.250            986.04         66
                                       8.000            986.04      200,000.00
    CLARKSTON        MI   48348          2            01/23/01         00
    0412318917                           05           03/01/01          0
    0412318917                           O            02/01/31
    0

    4243414          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
                                       8.750            472.02         80
                                       8.500            472.02       75,000.00
    GREAT FALLS      MT   59404          1            01/26/01         00
    0412321515                           05           03/01/01          0
    0412321515                           N            02/01/31
    0

    4243423          E22/G02             F           32,300.00         ZZ
                                         360         32,300.00          1
                                       9.375            268.66         85
                                       9.125            268.66       38,000.00
1

    ROANOKE          VA   24013          1            01/26/01         11
    0412328940                           05           03/01/01         20
    0412328940                           N            02/01/31
    0

    4243440          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       9.000          1,094.29         80
                                       8.750          1,094.29      170,000.00
    SACRAMENTO       CA   95819          1            01/23/01         00
    0412338105                           05           03/01/01          0
    0412338105                           N            02/01/31
    0

    4243448          E22/G02             F           51,750.00         ZZ
                                         360         51,750.00          1
                                       8.375            393.34         90
                                       8.125            393.34       57,500.00
    TOWN CREEK       AL   35672          1            01/29/01         11
    0412343345                           05           03/01/01         25
    0412343345                           O            02/01/31
    0

    4245672          168/168             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       8.750            786.70         67
                                       8.500            786.70      150,000.00
    LIVINGSTON       NY   12541          1            01/23/01         00
    0189673249                           05           03/01/01          0
    0189673249                           O            02/01/31
    0

    4248979          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          2
                                       8.875            795.64         80
                                       8.625            795.64      125,000.00
    CHICO            CA   95926          1            01/22/01         00
    0412337875                           05           03/01/01          0
    0412337875                           N            02/01/31
    0
1

   TOTAL NUMBER OF LOANS   :        856

   TOTAL ORIGINAL BALANCE  :   111,704,503.48

   TOTAL PRINCIPAL BALANCE :   111,535,438.71

   TOTAL ORIGINAL P+I      :       881,212.19

   TOTAL CURRENT P+I       :       881,212.19

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

<PAGE>

1

  RUN ON     : 02/27/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 10.00.17           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2001-QS2  NON-CONFORM                     CUTOFF : 02/01/01
  POOL       : 0004487
             :
             :
  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
  ---------------------------------------------------------------------
      2001073                              .2500
      351,995.76                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3561688                              .2500
      497,698.58                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      3666660                              .2500
      296,662.63                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      3901068                              .2500
      713,348.82                           .0800
            9.8750                         .0000
            9.6250                         .0000
            9.5450                         .0000
             .0000                        9.5450

      3902607                              .2500
      291,978.20                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      3917411                              .2500
      292,119.12                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450
1

      3927517                              .2500
      598,068.19                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      3967379                              .2500
      131,911.43                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      3987833                              .2500
      295,814.39                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      3993473                              .2500
      334,000.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4010652                              .2500
      299,813.53                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4014555                              .2500
      389,549.60                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4015609                              .2500
      128,361.60                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4020324                              .2500
      337,295.54                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700
1

      4021436                              .2500
      315,635.07                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4023793                              .2500
      387,792.35                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4024407                              .2500
      498,743.81                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4024574                              .2500
      648,398.48                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4024894                              .2500
      648,710.48                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4031704                              .5000
      439,407.56                           .0800
            8.0000                         .0000
            7.5000                         .0000
            7.4200                         .0000
             .0000                        7.4200

      4031940                              .2500
      450,197.43                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4032807                              .2500
      119,819.54                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700
1

      4036254                              .2500
      409,764.10                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4039698                              .2500
      419,595.97                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      4044186                              .2500
      323,823.77                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4044540                              .2500
      307,798.52                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      4046427                              .2500
      326,850.42                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      4047674                              .2500
      359,758.45                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4049450                              .2500
      138,563.18                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4053144                              .2500
      294,892.74                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
             .0000                        8.9200
1

      4055280                              .2500
      347,778.09                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4063151                              .2500
      367,777.06                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4063338                              .2500
      311,795.90                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      4064042                              .2500
      103,926.60                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
             .0000                        7.4200

      4065084                              .2500
      331,788.29                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4070171                              .2500
      111,809.86                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4070456                              .2500
      389,775.62                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4071310                              .2500
      583,646.22                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700
1

      4072058                              .2500
      459,069.21                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4072644                              .2500
      378,082.35                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4073220                              .2500
      320,446.41                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
             .0000                        9.2950

      4074177                              .2500
      294,816.64                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4074543                              .2500
      296,163.99                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4074549                              .2500
      441,304.52                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
             .0000                        8.7950

      4074553                              .2500
      370,371.39                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4074557                              .2500
      307,713.10                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450
1

      4074618                              .2500
      325,530.78                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4074648                              .2500
      358,979.96                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4075472                              .2500
       82,343.29                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4075758                              .2500
      494,667.86                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4075825                              .2500
      358,782.52                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4077845                              .2500
      410,000.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4080012                              .2500
      737,358.92                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4082285                              .2500
      303,610.97                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200
1

      4085291                              .2500
      494,382.51                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4094311                              .2500
      374,495.08                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4095061                              .2500
      307,605.85                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4098408                              .2500
      252,526.09                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4099786                              .2500
      129,912.78                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4102686                              .2500
      363,767.89                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4104007                              .2500
      104,927.74                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4104438                              .2500
      675,000.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200
1

      4106439                              .2500
       82,942.88                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4106781                              .2500
       93,537.20                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4107014                              .2500
      279,258.62                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4107496                              .2500
      299,827.40                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4109302                              .2500
      399,763.84                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4109536                              .2500
      397,219.45                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
             .0000                        7.4200

      4111401                              .2500
      359,764.51                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      4114090                              .2500
      480,685.36                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950
1

      4115499                              .2500
      483,675.25                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4116588                              .2500
      343,200.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4120376                              .2500
      145,500.00                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
             .0000                        7.2950

      4120437                              .2500
      345,761.89                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4121429                              .2500
      103,428.77                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4122321                              .2500
      526,500.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4122553                              .2500
      374,941.79                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4122646                              .2500
      307,585.29                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700
1

      4122764                              .2500
      399,751.38                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4123130                              .2500
      298,827.98                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4123925                              .2500
      146,896.24                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
             .0000                        7.4200

      4124172                              .2500
      306,000.00                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      4124421                              .2500
      348,523.91                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
             .0000                        9.0450

      4125202                              .2500
      535,112.59                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      4128926                              .2500
      299,793.54                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4131815                              .2500
      373,795.71                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700
1

      4132204                              .2500
      154,890.60                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
             .0000                        7.4200

      4134825                              .2500
      318,561.82                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4134826                              .2500
      108,690.60                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      4135129                              .2500
      359,813.36                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
             .0000                        8.9200

      4138270                              .2500
      392,043.38                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      4138307                              .2500
      568,646.34                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4138334                              .2500
      349,782.46                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4138465                              .2500
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            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4204558                              .2500
       82,344.71                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4204561                              .2500
      329,778.58                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4204564                              .2500
      379,238.83                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4204572                              .2500
      449,734.33                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4204591                              .2500
      307,808.56                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4204597                              .2500
      356,010.96                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700
1

      4204613                              .2500
       96,233.73                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4204614                              .2500
      639,292.09                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4204616                              .2500
      119,117.97                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4204618                              .2500
      377,776.83                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4204626                              .2500
      379,745.02                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4204629                              .2500
      663,565.65                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      4204635                              .2500
      399,738.34                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      4206046                              .2500
      451,550.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200
1

      4206048                              .2500
      420,000.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4206066                              .2500
      358,700.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4209166                              .2500
      360,000.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4210340                              .2500
      312,000.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4211927                              .2500
      366,000.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4217763                              .2500
      460,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4222573                              .2500
      331,350.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450

      4222577                              .2500
      297,975.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450
1

      4222592                              .2500
      439,600.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      4222706                              .2500
      400,000.00                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      4227377                              .2500
      163,000.00                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
             .0000                        7.4200

      4227400                              .2500
      160,000.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4227401                              .2500
      280,000.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4232069                              .2500
       82,600.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4232076                              .2500
       82,500.00                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
             .0000                        7.2950

      4235067                              .2500
      375,000.00                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950
1

      4235172                              .2500
      549,300.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4237127                              .2500
      350,000.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4237155                              .2500
      152,000.00                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
             .0000                        7.4200

      4238111                              .2500
      364,520.85                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      4238159                              .2500
       99,865.35                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4238239                              .2500
      591,721.51                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      4238291                              .2500
      499,084.84                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4238517                              .2500
      329,455.81                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700
1

      4239238                              .2500
      436,179.43                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4239244                              .2500
      335,260.32                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      4239248                              .2500
      326,003.14                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4239331                              .2500
      423,736.46                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4239345                              .2500
      288,389.79                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4239849                              .2500
      427,452.26                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4239902                              .2500
      305,637.38                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4239907                              .2500
      499,422.55                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200
1

      4240257                              .2500
      360,799.34                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4240291                              .2500
      567,254.37                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      4240424                              .2500
      303,476.09                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
             .0000                        7.7950

      4240436                              .2500
      409,433.82                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
             .0000                        7.5450

      4240438                              .2500
      326,489.14                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4240718                              .2500
      495,396.89                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4240748                              .2500
      390,548.44                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4240775                              .2500
      424,521.70                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
             .0000                        8.5450
1

      4240780                              .2500
      419,502.28                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4240813                              .2500
      399,488.11                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4241075                              .2500
      299,616.08                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4241274                              .2500
      516,576.78                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950

      4241714                              .2500
      299,625.76                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4243419                              .2500
      372,000.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4243545                              .2500
      339,575.86                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4243546                              .2500
      302,041.64                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
             .0000                        8.2950
1

      4243547                              .2500
      384,228.22                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
             .0000                        8.6700

      4243548                              .2500
      367,360.17                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
             .0000                        8.4200

      4243549                              .2500
      295,807.54                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

      4243550                              .2500
      299,625.76                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
             .0000                        8.0450

      4243551                              .2500
      335,785.74                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
             .0000                        7.9200

      4248996                              .2500
      197,600.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
             .0000                        7.6700

      4250896                              .2500
      300,000.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
             .0000                        8.1700

  TOTAL NUMBER OF LOANS:      293
  TOTAL BALANCE........:        103,824,865.08

1

  RUN ON     : 02/27/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 10.00.17            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS2  NON   FIXED SUMMARY REPORT      CUTOFF : 02/01/01
  POOL       : 0004487
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        8.4015            7.3750      9.8750
  RFC NET RATE                          8.1505            7.1250      9.6250
  NET MTG RATE(INVSTR RATE)             8.0705            7.0450      9.5450
  POST STRIP RATE                        .0000             .0000       .0000
  SUB SERV FEE                           .2511             .2500       .5000
  MSTR SERV FEE                          .0800             .0800       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                 8.0705            7.0450      9.5450

  TOTAL NUMBER OF LOANS:   293
  TOTAL BALANCE........:     103,824,865.08

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

  RUN ON     : 02/27/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 10.00.17          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS2                                  CUTOFF : 02/01/01
  POOL       : 0004487
             :
             :
  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      VALUE
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________

    2001073          U05/G02             F          353,000.00         ZZ
                                         360        351,995.76          1
                                       8.875          2,808.63         93
                                       8.625          2,808.63      380,000.00
    TACOMA           WA   98465          2            08/25/00         14
    0432329886                           05           10/01/00         30
    3066429                              O            09/01/30
    0

    3561688          S48/S48             F          500,000.00         ZZ
                                         360        497,698.58          3
                                       8.875          3,978.23         69
                                       8.625          3,978.23      725,000.00
    SAN MATEO        CA   94401          1            05/02/00         00
    6039304172                           05           07/01/00          0
    6039304172                           O            06/01/30
    0

    3666660          A50/G02             F          300,000.00         T
                                         360        296,662.63          1
                                       8.375          2,280.22         80
                                       8.125          2,280.22      375,000.00
    CALABASH         NC   28467          4            02/15/00         00
    0432554640                           03           04/01/00          0
    7505287650                           O            03/01/30
    0

    3901068          J95/J95             F          715,000.00         ZZ
                                         360        713,348.82          1
                                       9.875          6,208.70         62
                                       9.625          6,208.70    1,170,000.00
    TOWN AND COUNTR  MO   63131          1            09/01/00         00
    0017520313                           05           10/01/00          0
1

    0017520313                           O            09/01/30
    0

    3902607          U05/G02             F          292,500.00         ZZ
                                         360        291,978.20          1
                                       8.625          2,275.03         90
                                       8.375          2,275.03      325,000.00
    NAPA             CA   94558          1            10/24/00         01
    0432431849                           05           12/01/00         25
    3078316                              O            11/01/30
    0

    3917411          637/G02             F          293,000.00         ZZ
                                         360        292,119.12          1
                                       8.875          2,331.24         80
                                       8.625          2,331.24      367,000.00
    WATSONVILLE      CA   95076          2            09/29/00         00
    0432377810                           03           11/01/00          0
    0021472204                           O            10/01/30
    0

    3927517          253/253             F          600,000.00         ZZ
                                         360        598,068.19          1
                                       9.375          4,990.50         81
                                       9.125          4,990.50      749,000.00
    GRANBURY         TX   76048          1            10/30/00         00
    957588                               05           12/01/00          0
    957588                               O            11/01/30
    0

    3967379          637/G02             F          132,000.00         ZZ
                                         360        131,911.43          3
                                       8.000            968.57         80
                                       7.750            968.57      165,000.00
    EDGEWOOD         PA   15218          2            12/19/00         00
    0432554814                           05           02/01/01          0
    0014573646                           O            01/01/31
    0

    3987833          168/168             F          296,400.00         ZZ
                                         360        295,814.39          1
                                       8.125          2,200.76         80
                                       7.875          2,200.76      370,500.00
    STONE RIDGE      NY   12484          1            10/31/00         00
    0189675284                           05           12/01/00          0
    0189675284                           O            11/01/30
    0

1

    3993473          U05/G02             F          334,000.00         ZZ
                                         360        334,000.00          1
                                       8.000          2,450.77         70
                                       7.750          2,450.77      480,000.00
    SOUTH SAN FRANC  CA   94080          5            01/09/01         00
    0432578987                           01           03/01/01          0
    3085098                              O            02/01/31
    0

    4010652          163/G02             F          300,000.00         ZZ
                                         360        299,813.53          1
                                       8.375          2,280.22         57
                                       8.125          2,280.22      534,000.00
    MELROSE          MA   02176          5            12/23/00         00
    0432549210                           05           02/01/01          0
    1000260805                           O            01/01/31
    0

    4014555          U05/G02             F          390,000.00         ZZ
                                         360        389,549.60          1
                                       8.750          3,068.13         75
                                       8.500          3,068.13      520,000.00
    CAMPBELL         CA   95008          5            11/27/00         00
    0432508422                           05           01/01/01          0
    3082943                              O            12/01/30
    0

    4015609          E23/G02             F          128,450.00         ZZ
                                         360        128,361.60          1
                                       7.875            931.35         80
                                       7.625            931.35      160,575.00
    CHULA VISTA      CA   91913          1            12/26/00         00
    0432523892                           01           02/01/01          0
    10511962                             O            01/01/31
    0

    4020324          U05/G02             F          337,500.00         ZZ
                                         360        337,295.54          1
                                       8.500          2,595.08         75
                                       8.250          2,595.08      455,000.00
    SAN FRANCISCO    CA   94112          5            12/14/00         00
    0432553303                           05           02/01/01          0
    3086296                              O            01/01/31
    0

    4021436          168/168             F          316,000.00         ZZ
                                         360        315,635.07          1
                                       8.750          2,485.97         80
                                       8.500          2,485.97      395,000.00
1

    RYE              NY   10580          1            11/10/00         00
    1866650                              05           01/01/01          0
    1866650                              O            12/01/30
    0

    4023793          369/G02             F          391,500.00         ZZ
                                         360        387,792.35          1
                                       8.250          2,941.21         90
                                       8.000          2,941.21      435,000.00
    ALPHARETTA       GA   30022          1            11/30/00         10
    0432563625                           03           01/01/01         25
    0072609779                           O            12/01/30
    0

    4024407          526/526             F          500,000.00         ZZ
                                         360        498,743.81          1
                                       8.375          3,800.36         80
                                       8.125          3,800.36      625,000.00
    VANCOUVER        WA   98664          1            09/09/00         00
    0357808                              05           11/01/00          0
    0357808                              O            10/01/30
    0

    4024574          526/526             F          649,950.00         ZZ
                                         360        648,398.48          2
                                       8.625          5,055.24         75
                                       8.375          5,055.24      870,000.00
    SAN DIEGO        CA   92109          1            10/02/00         00
    0422960                              05           11/01/00          0
    0422960                              O            10/01/30
    0

    4024894          526/526             F          649,900.00         ZZ
                                         360        648,710.48          4
                                       8.500          4,997.17         69
                                       8.250          4,997.17      950,000.00
    SANTA MONICA     CA   90403          2            10/20/00         00
    0426949                              05           12/01/00          0
    0426949                              O            11/01/30
    0

    4031704          405/405             F          440,000.00         ZZ
                                         360        439,407.56          1
                                       8.000          3,228.57         80
                                       7.500          3,228.57      550,000.00
    LOS ANGELES      CA   90025          1            11/08/00         00
    16954935                             05           01/01/01          0
    16954935                             O            12/01/30
    0
1

    4031940          Q59/G02             F          452,000.00         ZZ
                                         360        450,197.43          1
                                       8.250          3,395.73         81
                                       8.000          3,395.73      563,120.00
    BEVERLY HILLS    CA   90210          1            11/29/00         95
    0432495588                           08           02/01/01          0
    00202177                             O            01/01/31
    0

    4032807          637/G02             F          119,900.00         ZZ
                                         360        119,819.54          1
                                       8.000            879.79         75
                                       7.750            879.79      159,900.00
    WILSONVILLE      OR   97070          1            12/14/00         00
    0432524189                           03           02/01/01          0
    0016192965                           O            01/01/31
    0

    4036254          637/G02             F          410,000.00         ZZ
                                         360        409,764.10          1
                                       8.750          3,225.48         73
                                       8.500          3,225.48      565,000.00
    SEATTLE          WA   98177          5            12/06/00         00
    0432545531                           03           02/01/01          0
    0021098835                           O            01/01/31
    0

    4039698          E22/G02             F          420,000.00         ZZ
                                         360        419,595.97          1
                                       9.625          3,569.96         80
                                       9.375          3,569.96      525,000.00
    WEST BLOOMFIELD  MI   48323          5            11/22/00         00
    0412247892                           05           01/01/01          0
    0412247892                           O            12/01/30
    0

    4044186          163/G02             F          324,218.00         ZZ
                                         360        323,823.77          1
                                       8.500          2,492.96         89
                                       8.250          2,492.96      365,000.00
    ALBUQUERQUE      NM   87104          1            11/30/00         11
    0432514990                           05           01/01/01         25
    1817740665                           O            12/01/30
    0

    4044540          637/G02             F          308,000.00         ZZ
                                         360        307,798.52          1
1

                                       8.125          2,286.90         80
                                       7.875          2,286.90      385,000.00
    JEFFERSON        OR   97352          5            12/08/00         00
    0432512721                           05           02/01/01          0
    0021437231                           O            01/01/31
    0

    4046427          637/G02             F          327,200.00         ZZ
                                         360        326,850.42          1
                                       9.125          2,662.21         70
                                       8.875          2,662.21      467,500.00
    ATLANTA          GA   30324          1            12/01/00         00
    0432566305                           05           01/01/01          0
    0021928163                           N            12/01/30
    0

    4047674          163/G02             F          360,000.00         ZZ
                                         360        359,758.45          1
                                       8.000          2,641.55         80
                                       7.750          2,641.55      450,000.00
    SANTA ANA        CA   92705          5            12/05/00         00
    0432515997                           05           02/01/01          0
    617741879                            O            01/01/31
    0

    4049450          168/168             F          138,750.00         ZZ
                                         360        138,563.18          1
                                       8.000          1,018.10         75
                                       7.750          1,018.10      185,000.00
    SPRING VALLEY    NY   10977          1            11/15/00         00
    187815                               02           01/01/01          0
    187815                               O            12/01/30
    0

    4053144          E22/G02             F          295,200.00         ZZ
                                         360        294,892.74          1
                                       9.250          2,428.54         90
                                       9.000          2,428.54      328,000.00
    PALM CITY        FL   34990          1            11/30/00         04
    0412242604                           03           01/01/01         30
    0412242604                           O            12/01/30
    0

    4055280          E23/G02             F          348,000.00         ZZ
                                         360        347,778.09          1
                                       8.250          2,614.41         80
                                       8.000          2,614.41      435,000.00
    SAN JOSE         CA   95139          5            12/14/00         00
    0432511699                           05           02/01/01          0
1

    51000798                             O            01/01/31
    0

    4063151          163/G02             F          368,000.00         ZZ
                                         360        367,777.06          1
                                       8.500          2,829.61         80
                                       8.250          2,829.61      460,000.00
    NORTH KINGSTOWN  RI   02852          1            12/29/00         00
    0432549244                           05           02/01/01          0
    1000251550                           O            01/01/31
    0

    4063338          637/G02             F          312,000.00         ZZ
                                         360        311,795.90          1
                                       8.125          2,316.60         80
                                       7.875          2,316.60      390,000.00
    WALDORF          MD   20603          5            12/06/00         00
    0432545572                           05           02/01/01          0
    0019195825                           O            01/01/31
    0

    4064042          F36/G02             F          104,000.00         ZZ
                                         360        103,926.60          1
                                       7.750            745.07         80
                                       7.500            745.07      130,000.00
    TACOMA           WA   98406          1            12/12/00         00
    0432516177                           05           02/01/01          0
    06401506                             O            01/01/31
    0

    4065084          U28/G02             F          332,000.00         ZZ
                                         360        331,788.29          1
                                       8.250          2,494.21         80
                                       8.000          2,494.21      415,000.00
    ATLANTA          GA   30305          1            12/29/00         00
    0432560118                           05           02/01/01          0
    108039                               N            01/01/31
    0

    4070171          F96/G02             F          112,000.00         ZZ
                                         240        111,809.86          1
                                       8.000            936.81         78
                                       7.750            936.81      145,000.00
    JEFFERSON        NJ   07849          5            12/08/00         00
    0432517571                           05           02/01/01          0
    0003856                              O            01/01/21
    0

1

    4070456          163/G02             F          390,000.00         ZZ
                                         360        389,775.62          1
                                       8.750          3,068.13         65
                                       8.500          3,068.13      600,000.00
    SANTA CLARITA    CA   91350          5            12/07/00         00
    0432513901                           05           02/01/01          0
    617736598                            O            01/01/31
    0

    4071310          163/G02             F          584,000.00         ZZ
                                         360        583,646.22          1
                                       8.500          4,490.45         56
                                       8.250          4,490.45    1,050,000.00
    BORING           OR   97009          2            12/11/00         00
    0432562957                           05           02/01/01          0
    817742901                            O            01/01/31
    0

    4072058          U05/G02             F          459,600.00         ZZ
                                         360        459,069.21          1
                                       8.750          3,615.68         80
                                       8.500          3,615.68      574,500.00
    CARMEL           CA   93921          1            11/14/00         00
    0432566115                           05           01/01/01          0
    3082805                              N            12/01/30
    0

    4072644          637/G02             F          378,300.00         ZZ
                                         360        378,082.35          1
                                       8.750          2,976.09         89
                                       8.500          2,976.09      426,713.00
    MILPITAS         CA   95035          1            12/01/00         12
    0432545010                           01           02/01/01         25
    0021470919                           O            01/01/31
    0

    4073220          664/G02             F          320,600.00         ZZ
                                         360        320,446.41          1
                                       9.625          2,725.07         75
                                       9.375          2,725.07      427,500.00
    NEWTONVILLE      MA   02460          1            12/14/00         00
    0432538809                           05           02/01/01          0
    0003653326                           N            01/01/31
    0

    4074177          163/G02             F          295,000.00         ZZ
                                         360        294,816.64          1
                                       8.375          2,242.21         71
                                       8.125          2,242.21      417,000.00
1

    KEY WEST         FL   33040          5            12/18/00         00
    0432553980                           05           02/01/01          0
    7717750706                           O            01/01/31
    0

    4074543          F28/G02             F          300,000.00         ZZ
                                         360        296,163.99          1
                                       8.000          2,201.29         75
                                       7.750          2,201.29      400,000.00
    KETCHUM          ID   83340          5            07/14/99         00
    0432506707                           05           09/01/99          0
    4674927                              O            08/01/29
    0

    4074549          F28/G02             F          442,500.00         ZZ
                                         360        441,304.52          1
                                       9.125          3,600.33         75
                                       8.875          3,600.33      590,000.00
    ST PAUL          MN   55105          5            09/01/00         00
    0432507853                           05           10/01/00          0
    6074597                              O            09/01/30
    0

    4074553          F28/G02             F          371,000.00         ZZ
                                         360        370,371.39          1
                                       8.875          2,951.85         70
                                       8.625          2,951.85      530,000.00
    NORTHVILLE       MI   48167          5            10/04/00         00
    0432506558                           05           12/01/00          0
    6142469                              O            11/01/30
    0

    4074557          F28/G02             F          309,000.00         ZZ
                                         360        307,713.10          1
                                       8.375          2,348.62         48
                                       8.125          2,348.62      650,000.00
    WATERFORD        MI   48329          5            10/02/00         00
    0432506509                           29           11/01/00          0
    6189298                              O            10/01/30
    0

    4074618          F28/G02             F          330,000.00         ZZ
                                         360        325,530.78          1
                                       8.000          2,421.42         43
                                       7.750          2,421.42      780,000.00
    PARADISE VALLEY  AZ   85253          5            07/02/99         00
    0432506483                           05           08/01/99          0
    4840726                              O            07/01/29
    0
1

    4074648          F28/G02             F          360,000.00         ZZ
                                         360        358,979.96          1
                                       8.875          2,864.33         75
                                       8.625          2,864.33      485,000.00
    NORTH KINGSTOWN  RI   02852          5            09/20/00         00
    0432507838                           05           11/01/00          0
    6122883                              O            10/01/30
    0

    4075472          964/G02             F           82,400.00         ZZ
                                         360         82,343.29          1
                                       7.875            597.46         80
                                       7.625            597.46      103,000.00
    EUGENE           OR   97405          1            12/11/00         00
    0432503217                           05           02/01/01          0
    95417                                O            01/01/31
    0

    4075758          163/G02             F          495,000.00         T
                                         360        494,667.86          1
                                       8.000          3,632.14         75
                                       7.750          3,632.14      660,000.00
    BURLINGAME       CA   94401          1            12/22/00         00
    0432550929                           01           02/01/01          0
    1000265188                           O            01/01/31
    0

    4075825          624/G02             F          359,000.00         ZZ
                                         360        358,782.52          1
                                       8.500          2,760.40         66
                                       8.250          2,760.40      545,000.00
    SAN JOSE         CA   95124          5            12/13/00         00
    0432506160                           05           02/01/01          0
    35300102196                          O            01/01/31
    0

    4077845          144/144             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       8.625          3,188.94         61
                                       8.375          3,188.94      682,000.00
    SOUTHAMPTON      NY   11968          5            01/18/01         00
    00AIMONE                             05           03/01/01          0
    00AIMONE                             O            02/01/31
    0

    4080012          676/G02             F          742,000.00         T
                                         360        737,358.92          1
1

                                       8.500          5,705.34         70
                                       8.250          5,705.34    1,060,000.00
    LAHAINA          HI   96761          1            03/20/00         00
    0432553972                           05           05/01/00          0
    0018703608                           O            04/01/30
    0

    4082285          286/286             F          304,000.00         ZZ
                                         360        303,610.97          1
                                       8.250          2,283.85         80
                                       8.000          2,283.85      380,000.00
    SAN FRANCISCO    CA   94134          2            11/09/00         00
    9775717                              05           01/01/01          0
    9775717                              O            12/01/30
    0

    4085291          196/G02             F          495,000.00         ZZ
                                         360        494,382.51          1
                                       8.375          3,762.36         75
                                       8.125          3,762.36      660,000.00
    VALENCIA         CA   91355          1            11/20/00         00
    0432457687                           03           01/01/01          0
    1390608                              O            12/01/30
    0

    4094311          253/253             F          375,000.00         ZZ
                                         360        374,495.08          1
                                       8.000          2,751.62         67
                                       7.750          2,751.62      560,000.00
    WHEAT RIDGE      CO   80033          1            12/01/00         00
    959511                               05           01/01/01          0
    959511                               O            12/01/30
    0

    4095061          526/526             F          308,000.00         ZZ
                                         360        307,605.85          1
                                       8.250          2,313.90         80
                                       8.000          2,313.90      385,000.00
    BIGFORK          MT   59911          1            11/07/00         00
    0427887                              05           01/01/01          0
    0427887                              O            12/01/30
    0

    4098408          E22/G02             F          252,700.00         ZZ
                                         360        252,526.09          1
                                       7.875          1,832.25         47
                                       7.625          1,832.25      538,000.00
    GREELEY          CO   80631          4            12/13/00         00
    0412274706                           05           02/01/01          0
1

    0412274706                           O            01/01/31
    0

    4099786          950/G02             F          130,000.00         ZZ
                                         360        129,912.78          1
                                       8.000            953.89         69
                                       7.750            953.89      189,000.00
    SEATTLE          WA   98108          5            12/20/00         00
    0432553428                           05           02/01/01          0
    E2012176                             O            01/01/31
    0

    4102686          637/G02             F          364,000.00         ZZ
                                         360        363,767.89          1
                                       8.250          2,734.61         80
                                       8.000          2,734.61      455,000.00
    WASHINGTON       DC   20016          1            12/20/00         00
    0432547313                           05           02/01/01          0
    0019198746                           O            01/01/31
    0

    4104007          E22/G02             F          105,000.00         ZZ
                                         360        104,927.74          1
                                       7.875            761.32         87
                                       7.625            761.32      122,000.00
    KEARNEY          MO   64060          5            12/04/00         04
    0412256299                           05           02/01/01         25
    0412256299                           O            01/01/31
    0

    4104438          A35/G02             F          675,000.00         ZZ
                                         360        675,000.00          1
                                       8.250          5,071.04         75
                                       8.000          5,071.04      900,000.00
    EAST HILLS       NY   11576          2            01/12/01         00
    0432566347                           05           03/01/01          0
    PFW511                               O            02/01/31
    0

    4106439          637/G02             F           83,000.00         ZZ
                                         360         82,942.88          1
                                       7.875            601.81         83
                                       7.625            601.81      100,000.00
    ROME             GA   30165          2            12/21/00         14
    0432557429                           05           02/01/01         12
    0021817192                           O            01/01/31
    0

1

    4106781          E47/G02             F           93,600.00         ZZ
                                         360         93,537.20          1
                                       8.000            686.80         80
                                       7.750            686.80      117,000.00
    HOUSTON          TX   77084          1            12/20/00         00
    0432525160                           03           02/01/01          0
    7323011171                           O            01/01/31
    0

    4107014          E84/G02             F          280,000.00         ZZ
                                         360        279,258.62          1
                                       8.250          2,103.55         88
                                       8.000          2,103.55      320,000.00
    SAN DIEGO        CA   92126          5            10/17/00         11
    0432528677                           05           12/01/00         25
    16001358                             O            11/01/30
    0

    4107496          624/G02             F          300,000.00         ZZ
                                         360        299,827.40          1
                                       8.750          2,360.10         79
                                       8.500          2,360.10      380,750.00
    SALINAS          CA   93901          1            12/21/00         00
    0432549574                           05           02/01/01          0
    88612000116F                         N            01/01/31
    0

    4109302          U05/G02             F          400,000.00         ZZ
                                         360        399,763.84          1
                                       8.625          3,111.16         73
                                       8.375          3,111.16      550,000.00
    SAN BRUNO        CA   94066          5            12/22/00         00
    0432578946                           05           02/01/01          0
    3089770                              O            01/01/31
    0

    4109536          758/G02             F          397,500.00         ZZ
                                         360        397,219.45          1
                                       7.750          2,847.74         75
                                       7.500          2,847.74      530,000.00
    HOUSTON          TX   77098          5            12/22/00         00
    0432526531                           05           02/01/01          0
    10641                                O            01/01/31
    0

    4111401          U59/G02             F          360,000.00         ZZ
                                         360        359,764.51          1
                                       8.125          2,672.99         80
                                       7.875          2,672.99      450,000.00
1

    BROOKFIELD       CT   06804          1            01/12/01         00
    0432561843                           05           02/12/01          0
    800709171                            O            01/12/31
    0

    4114090          830/G02             F          481,000.00         ZZ
                                         360        480,685.36          1
                                       8.125          3,571.41         80
                                       7.875          3,571.41      602,000.00
    DAPHNE           AL   36526          5            12/21/00         00
    0432514909                           05           02/01/01          0
    545149                               O            01/01/31
    0

    4115499          637/G02             F          484,000.00         ZZ
                                         360        483,675.25          1
                                       8.000          3,551.42         80
                                       7.750          3,551.42      605,000.00
    SEATTLE          WA   98115          5            12/21/00         00
    0432562296                           05           02/01/01          0
    15469729                             O            01/01/31
    0

    4116588          B49/G02             F          343,200.00         ZZ
                                         360        343,200.00          1
                                       8.250          2,578.35         80
                                       8.000          2,578.35      429,000.00
    EVERGREEN        CO   80439          1            01/05/01         00
    0432563609                           05           03/01/01          0
    154800550                            O            02/01/31
    0

    4120376          964/G02             F          145,500.00         ZZ
                                         360        145,500.00          1
                                       7.625          1,029.84         62
                                       7.375          1,029.84      235,000.00
    PORTLAND         OR   97212          5            12/28/00         00
    0432548147                           03           03/01/01          0
    96664                                O            02/01/31
    0

    4120437          U28/G02             F          346,000.00         ZZ
                                         360        345,761.89          1
                                       7.875          2,508.74         74
                                       7.625          2,508.74      470,000.00
    DECATUR          GA   30030          5            12/04/00         00
    0432512754                           05           02/01/01          0
    047036                               O            01/01/31
    0
1

    4121429          624/G02             F          103,500.00         ZZ
                                         360        103,428.77          1
                                       7.875            750.45         75
                                       7.625            750.45      138,000.00
    LOVELAND         CO   80537          5            12/22/00         00
    0432505378                           05           02/01/01          0
    7301440013                           O            01/01/31
    0

    4122321          U05/G02             F          526,500.00         ZZ
                                         360        526,500.00          1
                                       8.750          4,141.98         66
                                       8.500          4,141.98      800,000.00
    DALLAS           TX   75209          5            01/05/01         00
    0432563062                           05           03/01/01          0
    3093497                              O            02/01/31
    0

    4122553          F96/G02             F          375,200.00         T
                                         360        374,941.79          1
                                       7.875          2,720.46         80
                                       7.625          2,720.46      469,000.00
    LONG BEACH TOWN  NJ   08008          1            12/27/00         00
    0432548600                           05           02/01/01          0
    0004126                              O            01/01/31
    0

    4122646          944/G02             F          308,000.00         ZZ
                                         360        307,585.29          1
                                       8.000          2,260.00         72
                                       7.750          2,260.00      433,000.00
    SAN JOSE         CA   95139          5            11/14/00         00
    0432517340                           05           01/01/01          0
    W00103013                            O            12/01/30
    0

    4122764          253/253             F          400,000.00         ZZ
                                         360        399,751.38          1
                                       8.375          3,040.29         77
                                       8.125          3,040.29      525,000.00
    SAN JOSE         CA   95112          1            12/11/00         00
    959543                               05           02/01/01          0
    959543                               O            01/01/31
    0

    4123130          168/168             F          299,000.00         ZZ
                                         360        298,827.98          1
1

                                       8.750          2,352.23         74
                                       8.500          2,352.23      407,000.00
    GROSSE POINTE F  MI   48236          5            11/29/00         00
    0209524987                           05           02/01/01          0
    0209524987                           O            01/01/31
    0

    4123925          K15/G02             F          147,000.00         ZZ
                                         360        146,896.24          1
                                       7.750          1,053.13         75
                                       7.500          1,053.13      197,000.00
    RIDGE            NY   11961          5            12/26/00         00
    0432535433                           05           02/01/01          0
    906                                  O            01/01/31
    0

    4124172          964/G02             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       8.125          2,272.04         90
                                       7.875          2,272.04      340,000.00
    WENATCHEE        WA   98801          1            01/08/01         11
    0432556520                           05           03/01/01         25
    92520                                O            02/01/31
    0

    4124421          637/G02             F          348,700.00         ZZ
                                         360        348,523.91          1
                                       9.375          2,900.31         75
                                       9.125          2,900.31      465,000.00
    ATLANTA          GA   30324          1            12/27/00         00
    0432543569                           05           02/01/01          0
    0021930029                           N            01/01/31
    0

    4125202          163/G02             F          535,700.00         ZZ
                                         360        535,112.59          1
                                       9.000          4,310.36         80
                                       8.750          4,310.36      675,000.00
    SPOKANE          WA   99208          5            11/20/00         00
    0432552396                           05           01/01/01          0
    817718844                            O            12/01/30
    0

    4128926          637/G02             F          300,000.00         ZZ
                                         360        299,793.54          1
                                       7.875          2,175.21         69
                                       7.625          2,175.21      437,000.00
    COVINGTON        LA   70433          2            12/29/00         00
    0432571214                           05           02/01/01          0
1

    17692070                             O            01/01/31
    0

    4131815          Q64/G02             F          374,000.00         ZZ
                                         360        373,795.71          1
                                       9.000          3,009.29         75
                                       8.750          3,009.29      499,900.00
    OSPREY           FL   34229          1            12/22/00         00
    0432556116                           01           02/01/01          0
    7201010594                           N            01/01/31
    0

    4132204          Q73/G02             F          155,000.00         ZZ
                                         360        154,890.60          1
                                       7.750          1,110.44         69
                                       7.500          1,110.44      225,000.00
    SENATOBIA        MS   38668          5            12/21/00         00
    0432542074                           05           02/01/01          0
    2770163                              O            01/01/31
    0

    4134825          E22/G02             F          318,750.00         ZZ
                                         360        318,561.82          1
                                       8.625          2,479.20         75
                                       8.375          2,479.20      425,000.00
    LAKE FOREST      CA   92630          5            12/18/00         00
    0412278426                           03           02/01/01          0
    0412278426                           O            01/01/31
    0

    4134826          E22/G02             F          108,750.00         ZZ
                                         360        108,690.60          1
                                       9.000            875.03         95
                                       8.750            875.03      114,500.00
    CHICAGO          IL   60659          1            12/27/00         04
    0412278467                           01           02/01/01         30
    0412278467                           O            01/01/31
    0

    4135129          637/G02             F          360,000.00         ZZ
                                         360        359,813.36          1
                                       9.250          2,961.64         75
                                       9.000          2,961.64      480,000.00
    NE ATLANTA       GA   30324          1            12/29/00         00
    0432557304                           05           02/01/01          0
    0021930292                           N            01/01/31
    0

1

    4138270          E22/G02             F          392,300.00         ZZ
                                         360        392,043.38          1
                                       8.125          2,912.82         80
                                       7.875          2,912.82      490,404.00
    SAN JOSE         CA   95112          1            12/14/00         00
    0412244329                           01           02/01/01          0
    0412244329                           N            01/01/31
    0

    4138307          E22/G02             F          569,000.00         ZZ
                                         360        568,646.34          1
                                       8.375          4,324.81         72
                                       8.125          4,324.81      800,000.00
    SEATTLE          WA   98103          5            12/20/00         00
    0412285660                           05           02/01/01          0
    0412285660                           O            01/01/31
    0

    4138334          E22/G02             F          350,000.00         ZZ
                                         360        349,782.46          1
                                       8.375          2,660.25         48
                                       8.125          2,660.25      744,000.00
    LOS GATOS        CA   95033          5            12/21/00         00
    0412293441                           05           02/01/01          0
    0412293441                           O            01/01/31
    0

    4138465          U62/G02             F          133,000.00         ZZ
                                         360        132,901.05          1
                                       7.875            964.34         95
                                       7.625            964.34      140,000.00
    STERLING HEIGHT  MI   48313          2            12/19/00         04
    0432516086                           05           02/01/01         30
    2001225408                           O            01/01/31
    0

    4139518          E47/G02             F          289,000.00         ZZ
                                         360        288,824.92          1
                                       8.500          2,222.16         79
                                       8.250          2,222.16      368,000.00
    BRIGHTON         CO   80601          2            01/03/01         00
    0432545556                           05           02/01/01          0
    7332015399                           O            01/01/31
    0

    4142062          E22/G02             F          102,050.00         ZZ
                                         360        101,979.77          1
                                       7.875            739.93         80
                                       7.625            739.93      127,590.00
1

    EAST WENATCHEE   WA   98802          1            12/21/00         00
    0412292021                           05           02/01/01          0
    0412292021                           O            01/01/31
    0

    4142242          A50/G02             F          386,880.00         ZZ
                                         360        386,880.00          1
                                       8.125          2,872.57         80
                                       7.875          2,872.57      483,600.00
    ELGIN            SC   29045          1            01/02/01         00
    0432563807                           03           03/01/01          0
    224157                               O            02/01/31
    0

    4143451          624/G02             F           94,000.00         ZZ
                                         360         94,000.00          1
                                       7.750            673.43         80
                                       7.500            673.43      117,500.00
    STOCKTON         CA   95207          1            01/03/01         00
    0432535243                           05           03/01/01          0
    29100110013F                         N            02/01/31
    0

    4144090          T44/G02             F          315,000.00         T
                                         360        315,000.00          1
                                       7.875          2,283.97         89
                                       7.625          2,283.97      354,000.00
    ARROYO GRANDE    CA   93420          1            01/08/01         11
    0432565133                           05           03/01/01         25
    9172356                              O            02/01/31
    0

    4146672          E22/G02             F           95,000.00         ZZ
                                         360         94,932.95          1
                                       7.750            680.59         74
                                       7.500            680.59      130,000.00
    ST CLAIR SHORES  MI   48080          5            12/26/00         00
    0412286775                           05           02/01/01          0
    0412286775                           O            01/01/31
    0

    4147581          E47/G02             F          306,400.00         ZZ
                                         360        306,209.56          1
                                       8.375          2,328.86         80
                                       8.125          2,328.86      383,000.00
    GOLDEN           CO   80403          1            01/05/01         00
    0432541480                           03           02/01/01          0
    7332015486                           O            01/01/31
    0
1

    4148597          P06/G02             F          462,750.00         ZZ
                                         360        462,750.00          1
                                       8.625          3,599.22         75
                                       8.375          3,599.22      617,000.00
    SAN JOSE         CA   95119          1            01/04/01         00
    0432554046                           05           03/01/01          0
    0001601                              N            02/01/31
    0

    4149094          A19/G02             F          286,200.00         ZZ
                                         360        286,200.00          1
                                       9.250          2,354.50         90
                                       9.000          2,354.50      319,000.00
    EVERETT          MA   02149          1            01/02/01         04
    0432519585                           05           03/01/01         25
    000000                               N            02/01/31
    0

    4149462          624/G02             F          512,500.00         ZZ
                                         360        512,500.00          1
                                       7.875          3,715.98         67
                                       7.625          3,715.98      775,000.00
    CASTROVILLE      CA   95012          2            01/04/01         00
    0432563252                           05           03/01/01          0
    88611010016F                         O            02/01/31
    0

    4150550          E22/G02             F          400,000.00         ZZ
                                         360        399,295.35          1
                                       8.125          2,969.99         80
                                       7.875          2,969.99      500,000.00
    CHICO            CA   95973          2            12/22/00         00
    0412272601                           05           02/01/01          0
    0412272601                           O            01/01/31
    0

    4150562          E22/G02             F          592,500.00         ZZ
                                         360        592,159.11          1
                                       8.750          4,661.20         75
                                       8.500          4,661.20      790,000.00
    LUTZ             FL   33549          5            12/28/00         00
    0412294944                           05           02/01/01          0
    0412294944                           O            01/01/31
    0

    4150569          E22/G02             F          513,750.00         ZZ
                                         360        513,750.00          1
1

                                       8.375          3,904.87         69
                                       8.125          3,904.87      750,000.00
    CARLSBAD         CA   92005          5            12/26/00         00
    0412302077                           05           03/01/01          0
    0412302077                           O            02/01/31
    0

    4150578          E22/G02             F          547,950.00         ZZ
                                         360        547,658.40          1
                                       9.125          4,458.30         65
                                       8.875          4,458.30      850,000.00
    AUSTIN           TX   78735          5            12/28/00         00
    0412304982                           03           02/01/01          0
    0412304982                           O            01/01/31
    0

    4152471          S48/S48             F          295,000.00         ZZ
                                         360        294,612.75          1
                                       8.125          2,190.37         75
                                       7.875          2,190.37      395,000.00
    LIVERMORE        CA   94550          5            11/07/00         00
    29026622                             05           01/01/01          0
    29026622                             O            12/01/30
    0

    4152486          S48/S48             F          325,000.00         ZZ
                                         360        324,201.96          1
                                       8.500          2,498.97         55
                                       8.250          2,498.97      600,000.00
    BROOKLYN         NY   11226          5            09/22/00         00
    29068970                             05           11/01/00          0
    29068970                             O            10/01/30
    0

    4152490          S48/S48             F          333,000.00         ZZ
                                         360        332,027.99          1
                                       8.750          2,619.71         73
                                       8.500          2,619.71      462,000.00
    LOS ANGELES      CA   90064          2            08/25/00         00
    29069424                             05           10/01/00          0
    29069424                             O            09/01/30
    0

    4152492          S48/S48             F          292,000.00         ZZ
                                         360        291,185.23          1
                                       8.375          2,219.41         80
                                       8.125          2,219.41      365,000.00
    MENDOCINO        CA   95460          2            09/27/00         00
    29070596                             05           11/01/00          0
1

    29070596                             O            10/01/30
    0

    4152494          S48/S48             F          650,000.00         ZZ
                                         360        649,249.34          1
                                       8.750          5,113.55         60
                                       8.500          5,113.55    1,100,000.00
    NEWPORT BEACH    CA   92660          2            11/08/00         00
    29075694                             03           01/01/01          0
    29075694                             O            12/01/30
    0

    4152519          S48/S48             F          340,000.00         ZZ
                                         360        339,377.67          1
                                       8.500          2,614.31         78
                                       8.250          2,614.31      440,000.00
    SAN MATEO        CA   94401          1            10/20/00         00
    6122775585                           01           12/01/00          0
    6122775585                           O            11/01/30
    0

    4152520          S48/S48             F          600,000.00         ZZ
                                         360        599,251.52          1
                                       8.375          4,560.44         72
                                       8.125          4,560.44      837,000.00
    LOS ANGELES      CA   91403          2            11/20/00         00
    6142028197                           05           01/01/01          0
    6142028197                           O            12/01/30
    0

    4152527          S48/S48             F          364,800.00         ZZ
                                         360        362,387.66          2
                                       8.125          2,708.63         49
                                       7.875          2,708.63      745,000.00
    LAGUNA BEAC      CA   92651          2            11/09/00         00
    6325883293                           05           01/01/01          0
    6325883293                           N            12/01/30
    0

    4152529          S48/S48             F          295,439.00         ZZ
                                         360        294,842.42          1
                                       8.125          2,193.63         80
                                       7.875          2,193.63      369,299.00
    IRVINE           CA   92618          1            10/25/00         00
    6350370018                           01           12/01/00          0
    6350370018                           O            11/01/30
    0

1

    4152530          S48/S48             F          537,000.00         ZZ
                                         360        536,379.82          1
                                       8.750          4,224.59         74
                                       8.500          4,224.59      730,000.00
    GROSSE POINTE F  MI   48236          1            12/01/00         00
    6383799589                           05           01/01/01          0
    6383799589                           O            12/01/30
    0

    4152531          S48/S48             F          430,000.00         ZZ
                                         360        429,187.47          3
                                       8.375          3,268.32         53
                                       8.125          3,268.32      825,000.00
    GILROY           CA   95020          5            10/18/00         00
    6390639893                           05           12/01/00          0
    6390639893                           O            11/01/30
    0

    4152533          S48/S48             F          280,000.00         ZZ
                                         360        278,940.43          1
                                       8.250          2,103.55         80
                                       8.000          2,103.55      350,000.00
    TORRANCE         CA   90501          1            11/06/00         00
    6437419192                           05           01/01/01          0
    6437419192                           O            12/01/30
    0

    4152536          S48/S48             F          347,200.00         ZZ
                                         360        346,580.60          1
                                       8.625          2,700.49         80
                                       8.375          2,700.49      434,000.00
    HUGO             MN   55038          2            10/17/00         00
    6466922512                           05           12/01/00          0
    6466922512                           O            11/01/30
    0

    4152539          S48/S48             F          294,000.00         ZZ
                                         360        293,488.84          1
                                       8.750          2,312.90         69
                                       8.500          2,312.90      430,000.00
    DALY CITY        CA   94014          5            10/16/00         00
    6527317983                           05           12/01/00          0
    6527317983                           O            11/01/30
    0

    4152543          S48/S48             F          333,850.00         ZZ
                                         360        333,254.40          1
                                       8.625          2,596.66         75
                                       8.375          2,596.66      445,185.00
1

    CARLSBAD         CA   92008          1            10/05/00         00
    6550711821                           03           12/01/00          0
    6550711821                           O            11/01/30
    0

    4152544          S48/S48             F          300,000.00         ZZ
                                         360        299,651.73          1
                                       8.750          2,360.11         75
                                       8.500          2,360.11      400,000.00
    OAKLAND          CA   94605          5            11/27/00         00
    6556833306                           05           01/01/01          0
    6556833306                           O            12/01/30
    0

    4152549          S48/S48             F          571,350.00         ZZ
                                         360        570,304.24          1
                                       8.500          4,393.19         65
                                       8.250          4,393.19      879,000.00
    MILLBRAE         CA   94030          1            10/26/00         00
    6673147986                           05           12/01/00          0
    6673147986                           O            11/01/30
    0

    4152553          S48/S48             F          359,250.00         ZZ
                                         360        358,625.37          1
                                       8.750          2,826.23         75
                                       8.500          2,826.23      479,000.00
    ARROYO GRANDE    CA   93420          1            10/24/00         00
    6712387098                           05           12/01/00          0
    6712387098                           O            11/01/30
    0

    4152557          S48/S48             F          397,500.00         ZZ
                                         360        396,772.42          1
                                       8.500          3,056.44         75
                                       8.250          3,056.44      530,000.00
    CREVE COEUR      MO   63141          1            11/01/00         00
    6794449147                           03           12/01/00          0
    6794449147                           O            11/01/30
    0

    4152567          S48/S48             F          298,400.00         ZZ
                                         360        297,795.30          1
                                       8.000          2,189.56         80
                                       7.750          2,189.56      373,000.00
    SAN JOSE         CA   95127          1            10/26/00         00
    6929717251                           05           12/01/00          0
    6929717251                           O            11/01/30
    0
1

    4152568          S48/S48             F          340,000.00         ZZ
                                         360        339,464.20          1
                                       8.250          2,554.31         80
                                       8.000          2,554.31      425,000.00
    LOS ANGELES      CA   91326          1            11/01/00         00
    6933386085                           05           01/01/01          0
    6933386085                           O            12/01/30
    0

    4152570          S48/S48             F          382,500.00         ZZ
                                         360        381,834.97          2
                                       8.750          3,009.13         75
                                       8.500          3,009.13      510,000.00
    BERKELEY         CA   94705          1            10/16/00         00
    6950372406                           05           12/01/00          0
    6950372406                           O            11/01/30
    0

    4152571          S48/S48             F          435,000.00         ZZ
                                         360        434,729.62          1
                                       8.375          3,306.32         62
                                       8.125          3,306.32      710,000.00
    NOVATO           CA   94947          5            12/04/00         00
    6954778624                           05           02/01/01          0
    6954778624                           O            01/01/31
    0

    4152575          S48/S48             F          421,000.00         ZZ
                                         360        420,403.80          1
                                       7.750          3,016.10         59
                                       7.500          3,016.10      721,000.00
    ST LOUIS         MO   63141          1            11/08/00         00
    6963369225                           05           01/01/01          0
    6963369225                           O            12/01/30
    0

    4154563          624/G02             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       8.250          2,328.93         76
                                       8.000          2,328.93      410,000.00
    LOVELAND         CO   80537          5            01/08/01         00
    0432537744                           03           03/01/01          0
    73013900683F                         O            02/01/31
    0

    4155054          964/G02             F           80,500.00         ZZ
                                         360         80,500.00          1
1

                                       7.875            583.68         63
                                       7.625            583.68      129,000.00
    CARMICHAEL       CA   95608          5            01/05/01         00
    0432559342                           05           03/01/01          0
    94581                                O            02/01/31
    0

    4155127          975/G02             F          562,500.00         ZZ
                                         360        562,500.00          1
                                       8.375          4,275.41         75
                                       8.125          4,275.41      750,000.00
    HUNTINGTON BEAC  CA   92646          5            01/02/01         00
    0432554996                           05           03/01/01          0
    2002958                              O            02/01/31
    0

    4156071          964/G02             F          131,000.00         ZZ
                                         360        130,909.85          1
                                       7.875            949.84         69
                                       7.625            949.84      190,000.00
    EDGEWATER        CO   80214          5            12/20/00         00
    0432552750                           05           02/01/01          0
    95097                                O            01/01/31
    0

    4157630          U38/G02             F          444,000.00         ZZ
                                         360        443,731.02          1
                                       8.500          3,413.98         80
                                       8.250          3,413.98      555,000.00
    ORINDA           CA   94563          1            12/18/00         00
    0432553907                           05           02/01/01          0
    60290                                O            01/01/31
    0

    4159388          168/168             F          442,000.00         ZZ
                                         360        441,710.87          1
                                       8.125          3,281.84         80
                                       7.875          3,281.84      553,349.00
    ATLANTA          GA   30319          1            12/20/00         00
    0169626644                           03           02/01/01          0
    0169626644                           O            01/01/31
    0

    4159455          253/253             F          214,400.00         ZZ
                                         360        214,248.68          1
                                       7.750          1,535.99         80
                                       7.500          1,535.99      268,000.00
    BOULDER          CO   80303          1            12/29/00         00
    960111                               05           02/01/01          0
1

    960111                               O            01/01/31
    0

    4162700          S18/G02             F          467,500.00         ZZ
                                         360        467,500.00          1
                                       7.750          3,349.23         85
                                       7.500          3,349.23      550,000.00
    MIAMI            FL   33156          1            01/10/01         10
    0432559573                           05           03/01/01         12
    40082                                O            02/01/31
    0

    4162729          637/G02             F          385,600.00         ZZ
                                         360        385,378.15          1
                                       8.750          3,033.52         80
                                       8.500          3,033.52      482,000.00
    LOS ANGELES      CA   90045          1            12/12/00         00
    0432569465                           05           02/01/01          0
    0019322916                           O            01/01/31
    0

    4163030          163/G02             F          350,000.00         ZZ
                                         360        349,776.81          1
                                       8.250          2,629.44         52
                                       8.000          2,629.44      675,000.00
    WOODMERE         NY   11598          5            12/15/00         00
    0432534436                           05           02/01/01          0
    1000259082                           O            01/01/31
    0

    4163235          637/G02             F          388,000.00         ZZ
                                         360        387,814.12          1
                                       9.625          3,297.96         80
                                       9.375          3,297.96      485,000.00
    WALNUT CREEK     CA   94595          1            11/13/00         00
    0432575918                           05           02/01/01          0
    0019616028                           N            01/01/31
    0

    4163957          E47/G02             F          632,800.00         ZZ
                                         360        632,800.00          1
                                       7.375          4,370.59         80
                                       7.125          4,370.59      792,000.00
    SAN GABRIEL      CA   91775          1            01/11/01         00
    0432569051                           05           03/01/01          0
    7331012537                           O            02/01/31
    0

1

    4164809          964/G02             F          196,000.00         ZZ
                                         360        196,000.00          1
                                       7.875          1,421.14         80
                                       7.625          1,421.14      245,000.00
    COLFAX           CA   95713          2            01/10/01         00
    0432559680                           05           03/01/01          0
    97266                                O            02/01/31
    0

    4165765          E22/G02             F           50,400.00         ZZ
                                         360         49,818.42          1
                                       7.875            365.43         80
                                       7.625            365.43       63,000.00
    SAN ANTONIO      TX   78213          2            12/27/00         00
    0412300089                           05           02/01/01          0
    0412300089                           O            01/01/31
    0

    4165985          U05/G02             F          333,000.00         ZZ
                                         360        333,000.00          1
                                       9.125          2,709.40         90
                                       8.875          2,709.40      370,000.00
    BOCA RATON       FL   33498          5            01/11/01         11
    0432560944                           03           03/01/01         25
    3092265                              O            02/01/31
    0

    4167786          E86/G02             F          382,000.00         ZZ
                                         360        381,785.85          1
                                       8.875          3,039.36         80
                                       8.625          3,039.36      477,500.00
    DANA POINT       CA   92629          1            12/14/00         00
    0432514230                           03           02/01/01          0
    0000089270                           N            01/01/31
    0

    4168844          E23/G02             F          316,800.00         ZZ
                                         360        316,800.00          1
                                       7.875          2,297.02         80
                                       7.625          2,297.02      399,000.00
    GILROY           CA   95020          2            01/11/01         00
    0432567162                           05           03/01/01          0
    61000281                             O            02/01/31
    0

    4169182          480/G02             F          322,500.00         ZZ
                                         360        322,304.62          1
                                       8.500          2,479.75         75
                                       8.250          2,479.75      430,000.00
1

    CLIFTON          VA   20124          1            12/15/00         00
    0432570943                           05           02/01/01          0
    3460136                              O            01/01/31
    0

    4171291          E22/G02             F          301,500.00         ZZ
                                         360        301,500.00          1
                                       8.750          2,371.90         75
                                       8.500          2,371.90      402,000.00
    FREMONT          CA   94538          1            12/29/00         00
    0412311201                           05           03/01/01          0
    0412311201                           N            02/01/31
    0

    4171551          E76/G02             F          336,000.00         ZZ
                                         360        335,816.47          1
                                       9.000          2,703.53         80
                                       8.750          2,703.53      420,000.00
    PARKER           CO   80134          5            12/29/00         00
    0432524064                           05           02/01/01          0
    10001889                             O            01/01/31
    0

    4171811          R21/G02             F          299,673.00         ZZ
                                         360        299,673.00          1
                                       8.625          2,330.83         95
                                       8.375          2,330.83      315,446.00
    GENEVA           IL   60134          1            01/11/01         04
    0432570562                           03           03/01/01         30
    20000069                             O            02/01/31
    0

    4172074          168/168             F          100,000.00         ZZ
                                         360         99,932.91          1
                                       8.000            733.76         72
                                       7.750            733.76      139,000.00
    LAKE PLACID      NY   12946          1            12/29/00         00
    0249669013                           05           02/01/01          0
    0249669013                           O            01/01/31
    0

    4173112          737/G02             F          171,000.00         ZZ
                                         360        170,879.31          1
                                       7.750          1,225.06         80
                                       7.500          1,225.06      213,800.00
    NEWNAN           GA   30263          5            12/27/00         00
    0432519940                           05           02/01/01          0
    2011635                              O            01/01/31
    0
1

    4173621          168/168             F          320,000.00         ZZ
                                         360        319,600.82          1
                                       8.375          2,432.23         80
                                       8.125          2,432.23      400,000.00
    HUNTINGTON BEAC  CA   92646          5            11/21/00         00
    0439579023                           05           01/01/01          0
    0439579023                           O            12/01/30
    0

    4177015          637/G02             F          474,000.00         ZZ
                                         360        473,712.85          1
                                       8.500          3,644.65         77
                                       8.250          3,644.65      620,000.00
    SAN JOSE         CA   95128          5            12/06/00         00
    0432566297                           05           02/01/01          0
    0021478144                           O            01/01/31
    0

    4179554          462/G02             F          354,150.00         ZZ
                                         360        353,696.77          1
                                       8.250          2,660.62         80
                                       8.000          2,660.62      442,743.00
    IRVINE           CA   92602          1            11/15/00         00
    0432550770                           03           01/01/01          0
    M06D300                              O            12/01/30
    0

    4185678          944/G02             F          306,000.00         ZZ
                                         360        306,000.00          1
                                       8.250          2,298.88         75
                                       8.000          2,298.88      408,000.00
    SAN JOSE         CA   95111          1            01/18/01         00
    0432572451                           05           03/01/01          0
    W00121089                            O            02/01/31
    0

    4187434          168/168             F          460,000.00         ZZ
                                         360        459,699.09          1
                                       8.125          3,415.49         80
                                       7.875          3,415.49      575,000.00
    CASTRO VALLEY    CA   94536          5            01/02/01         00
    439572754                            05           02/01/01          0
    439572754                            O            01/01/31
    0

    4189143          964/G02             F          481,000.00         ZZ
                                         360        481,000.00          1
1

                                       7.875          3,487.58         80
                                       7.625          3,487.58      602,000.00
    MISSION VIEJO    CA   92692          5            01/10/01         00
    0432562130                           03           03/01/01          0
    98705                                O            02/01/31
    0

    4190623          E22/G02             F          282,000.00         ZZ
                                         360        282,000.00          1
                                       8.750          2,218.50         32
                                       8.500          2,218.50      885,000.00
    OAKLAND          CA   94610          2            01/04/01         00
    0412279523                           05           03/01/01          0
    0412279523                           N            02/01/31
    0

    4190665          E22/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       7.625          1,217.41         80
                                       7.375          1,217.41      215,000.00
    SAN ANTONIO      TX   78229          1            01/12/01         00
    0412321283                           05           03/01/01          0
    0412321283                           O            02/01/31
    0

    4192139          P44/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       8.875          2,864.32         80
                                       8.625          2,864.32      450,000.00
    ASHLAND          MA   01721          5            01/05/01         00
    0432579613                           05           03/01/01          0
    00000                                O            02/01/31
    0

    4192296          893/G02             F          278,400.00         ZZ
                                         360        278,400.00          1
                                       8.250          2,091.53         80
                                       8.000          2,091.53      348,000.00
    SANTA ROSA       CA   95407          1            01/02/01         00
    0432558039                           05           03/01/01          0
    A01109011                            O            02/01/31
    0

    4192396          685/G02             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       8.500          3,460.11         75
                                       8.250          3,460.11      600,000.00
    WESTLAKE VILLAG  CA   91361          5            01/03/01         00
    0432557312                           05           03/01/01          0
1

    124475                               O            02/01/31
    0

    4192626          K88/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.875          1,450.14         44
                                       7.625          1,450.14      455,000.00
    MIDDLETOWN       NJ   07701          1            01/08/01         00
    0432558682                           05           03/01/01          0
    14164                                O            02/01/31
    0

    4193710          637/G02             F          387,000.00         ZZ
                                         360        386,765.55          1
                                       8.500          2,975.70         79
                                       8.250          2,975.70      490,000.00
    SEATTLE          WA   98126          5            12/20/00         00
    0432536795                           05           02/01/01          0
    0021103213                           O            01/01/31
    0

    4195044          E22/G02             F          698,500.00         ZZ
                                         360        698,500.00          1
                                       8.500          5,370.86         44
                                       8.250          5,370.86    1,600,000.00
    PALO ALTO        CA   94306          5            01/05/01         00
    0412273708                           05           03/01/01          0
    0412273708                           O            02/01/31
    0

    4195045          E22/G02             F          110,600.00         ZZ
                                         240        110,600.00          1
                                       7.750            907.97         90
                                       7.500            907.97      123,000.00
    WEST PALM BEACH  FL   33406          2            01/10/01         01
    0412276743                           05           03/01/01         25
    0412276743                           O            02/01/21
    0

    4195050          E22/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       8.500          3,844.57         80
                                       8.250          3,844.57      625,000.00
    DULUTH           GA   30097          1            01/16/01         00
    0412287351                           03           03/01/01          0
    0412287351                           O            02/01/31
    0

1

    4195087          E22/G02             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       8.875          3,174.62         95
                                       8.625          3,174.62      420,000.00
    DALLAS           TX   75219          1            01/12/01         04
    0412320202                           05           03/01/01         30
    0412320202                           O            02/01/31
    0

    4196232          637/G02             F          287,950.00         ZZ
                                         360        271,901.55          1
                                       8.750          2,265.31         80
                                       8.500          2,265.31      359,950.00
    LIVERMORE        CA   94550          1            12/21/00         00
    0432567105                           05           02/01/01          0
    0019620244                           N            01/01/31
    0

    4197593          637/G02             F          368,000.00         ZZ
                                         360        367,765.33          1
                                       8.250          2,764.67         80
                                       8.000          2,764.67      463,000.00
    DRAPER           UT   84020          1            12/05/00         00
    0432547230                           05           02/01/01          0
    0021348529                           O            01/01/31
    0

    4198239          S11/G02             F          292,000.00         ZZ
                                         360        292,000.00          1
                                       8.375          2,219.41         80
                                       8.125          2,219.41      365,000.00
    SAN CLEMENTE     CA   92672          1            01/02/01         00
    0432548238                           05           03/01/01          0
    10201560                             O            02/01/31
    0

    4200021          E22/G02             F          335,000.00         ZZ
                                         360        334,802.21          1
                                       8.625          2,605.60         71
                                       8.375          2,605.60      475,000.00
    ALLEN            TX   75002          2            01/05/01         00
    0412306516                           05           02/01/01          0
    0412306516                           O            01/01/31
    0

    4200840          Q64/G02             F          405,000.00         ZZ
                                         360        404,748.27          1
                                       8.375          3,078.29         34
                                       8.125          3,078.29    1,200,000.00
1

    LONGBOAT KEY     FL   34228          5            12/18/00         00
    0432564466                           03           02/01/01          0
    7201010610                           O            01/01/31
    0

    4204179          526/526             F          112,000.00         ZZ
                                         300        111,753.93          1
                                       7.750            845.97         80
                                       7.500            845.97      140,000.00
    CATHEDRAL CITY   CA   92234          2            12/01/00         00
    0426970                              05           01/01/01          0
    0426970                              O            12/01/25
    0

    4204191          526/526             F          543,750.00         ZZ
                                         360        543,088.85          1
                                       8.500          4,180.97         75
                                       8.250          4,180.97      725,000.00
    SCOTTSDALE       AZ   85262          1            11/30/00         00
    0427570                              03           01/01/01          0
    0427570                              O            12/01/30
    0

    4204192          526/526             F          480,000.00         ZZ
                                         360        479,686.01          1
                                       8.125          3,563.99         80
                                       7.875          3,563.99      600,000.00
    PORTLAND         OR   97210          1            12/14/00         00
    0427703                              01           02/01/01          0
    0427703                              O            01/01/31
    0

    4204195          526/526             F          340,000.00         ZZ
                                         360        339,564.89          1
                                       8.250          2,554.31         80
                                       8.000          2,554.31      425,000.00
    PETALUMA         CA   94952          1            12/01/00         00
    0428072                              05           01/01/01          0
    0428072                              O            12/01/30
    0

    4204227          526/526             F          339,200.00         ZZ
                                         360        338,776.85          1
                                       8.375          2,578.17         80
                                       8.125          2,578.17      424,000.00
    IRVINE           CA   92620          1            11/10/00         00
    0429551                              03           01/01/01          0
    0429551                              O            12/01/30
    0
1

    4204245          526/526             F          308,800.00         ZZ
                                         360        308,244.33          1
                                       8.500          2,374.40         80
                                       8.250          2,374.40      386,000.00
    SAN CLEMENTE     CA   92673          1            11/27/00         00
    0429912                              03           01/01/01          0
    0429912                              N            12/01/30
    0

    4204249          526/526             F          370,000.00         ZZ
                                         360        369,572.70          1
                                       8.750          2,910.79         80
                                       8.500          2,910.79      462,500.00
    BRECKENRIDGE     CO   80424          2            11/27/00         00
    0430095                              05           01/01/01          0
    0430095                              O            12/01/30
    0

    4204251          526/526             F          352,500.00         ZZ
                                         360        352,071.39          1
                                       8.500          2,710.42         55
                                       8.250          2,710.42      650,000.00
    REDWOOD CITY     CA   94062          2            11/27/00         00
    0430109                              05           01/01/01          0
    0430109                              N            12/01/30
    0

    4204261          526/526             F           86,250.00         ZZ
                                         360         86,133.87          1
                                       8.000            632.87         77
                                       7.750            632.87      113,000.00
    COCOA            FL   32926          1            12/01/00         00
    0430286                              03           01/01/01          0
    0430286                              O            12/01/30
    0

    4204266          526/526             F          479,800.00         ZZ
                                         360        479,245.89          1
                                       8.750          3,774.59         80
                                       8.500          3,774.59      599,800.00
    BELMONT          CA   94002          1            11/28/00         00
    0430440                              05           01/01/01          0
    0430440                              O            12/01/30
    0

    4204281          526/526             F          132,500.00         ZZ
                                         360        132,321.59          1
1

                                       8.000            972.24         47
                                       7.750            972.24      282,500.00
    HOWARD BEACH     NY   11414          1            12/01/00         00
    0430756                              05           01/01/01          0
    0430756                              O            12/01/30
    0

    4204285          526/526             F          283,500.00         ZZ
                                         360        283,341.07          1
                                       8.875          2,255.65         90
                                       8.625          2,255.65      315,000.00
    SAN DIEGO        CA   92102          1            12/05/00         12
    0430842                              05           02/01/01         25
    0430842                              N            01/01/31
    0

    4204301          526/526             F          318,700.00         ZZ
                                         360        318,312.49          1
                                       8.500          2,450.53         75
                                       8.250          2,450.53      425,000.00
    PINCKNEY         MI   48169          5            12/01/00         00
    0431119                              29           01/01/01          0
    0431119                              O            12/01/30
    0

    4204308          526/526             F          500,000.00         T
                                         360        499,326.79          1
                                       8.000          3,668.82         80
                                       7.750          3,668.82      625,000.00
    PARK CITY        UT   84060          1            11/21/00         00
    0431198                              01           01/01/01          0
    0431198                              O            12/01/30
    0

    4204317          526/526             F          400,000.00         ZZ
                                         360        399,501.02          1
                                       8.375          3,040.29         60
                                       8.125          3,040.29      675,000.00
    SANTA FE         NM   87501          5            11/28/00         00
    0431384                              03           01/01/01          0
    0431384                              O            12/01/30
    0

    4204325          526/526             F          637,500.00         ZZ
                                         360        636,684.17          1
                                       8.250          4,789.33         75
                                       8.000          4,789.33      850,000.00
    SCOTTSDALE       AZ   85258          5            11/22/00         00
    0431493                              03           01/01/01          0
1

    0431493                              O            12/01/30
    0

    4204328          526/526             F          108,800.00         ZZ
                                         360        108,558.75          1
                                       7.875            788.88         80
                                       7.625            788.88      136,000.00
    MIAMI            FL   33177          1            12/01/00         00
    0431543                              05           01/01/01          0
    0431543                              O            12/01/30
    0

    4204331          526/526             F          311,250.00         ZZ
                                         360        310,871.56          1
                                       8.500          2,393.24         75
                                       8.250          2,393.24      415,000.00
    HOLLISTER        CA   95023          1            11/29/00         00
    0431584                              05           01/01/01          0
    0431584                              N            12/01/30
    0

    4204362          526/526             F           92,000.00         ZZ
                                         360         91,874.54          1
                                       7.875            667.07         80
                                       7.625            667.07      115,000.00
    ORLANDO          FL   32809          5            12/01/00         00
    0431968                              05           01/01/01          0
    0431968                              O            12/01/30
    0

    4204365          526/526             F          538,400.00         ZZ
                                         360        538,047.82          1
                                       8.125          3,997.60         80
                                       7.875          3,997.60      673,000.00
    SCOTTSDALE       AZ   85260          1            12/12/00         00
    0432010                              05           02/01/01          0
    0432010                              O            01/01/31
    0

    4204380          526/526             F           82,400.00         ZZ
                                         360         82,344.71          1
                                       8.000            604.62         80
                                       7.750            604.62      103,000.00
    HOUSTON          TX   77084          1            12/01/00         00
    0432173                              05           02/01/01          0
    0432173                              O            01/01/31
    0

1

    4204388          526/526             F          348,000.00         ZZ
                                         360        347,754.39          1
                                       7.750          2,493.11         80
                                       7.500          2,493.11      435,000.00
    CEDAR FALLS      IA   50613          5            12/14/00         00
    0432290                              05           02/01/01          0
    0432290                              O            01/01/31
    0

    4204391          526/526             F          380,450.00         ZZ
                                         360        380,225.38          1
                                       8.625          2,959.10         70
                                       8.375          2,959.10      543,500.00
    SUNNY ISLES BEA  FL   33160          1            12/19/00         00
    0432333                              06           02/01/01          0
    0432333                              O            01/01/31
    0

    4204400          526/526             F          560,556.00         ZZ
                                         360        560,233.49          1
                                       8.750          4,409.90         75
                                       8.500          4,409.90      747,408.00
    SIMI VALLEY      CA   93065          1            12/04/00         00
    0432381                              03           02/01/01          0
    0432381                              O            01/01/31
    0

    4204404          526/526             F          378,000.00         ZZ
                                         360        377,563.45          1
                                       8.750          2,973.73         90
                                       8.500          2,973.73      420,000.00
    WASHINGTON       UT   84780          1            11/28/00         12
    0432515                              03           01/01/01         25
    0432515                              O            12/01/30
    0

    4204408          526/526             F          500,000.00         ZZ
                                         360        499,689.22          1
                                       8.375          3,800.36         75
                                       8.125          3,800.36      671,000.00
    DANVILLE         CA   94526          5            12/22/00         00
    0432546                              05           02/01/01          0
    0432546                              O            01/01/31
    0

    4204411          526/526             F           70,000.00         ZZ
                                         360         69,950.59          1
                                       7.750            501.49         61
                                       7.500            501.49      115,000.00
1

    EL PASO          TX   79924          1            12/05/00         00
    0432628                              05           02/01/01          0
    0432628                              O            01/01/31
    0

    4204433          526/526             F          320,000.00         ZZ
                                         360        319,790.68          1
                                       8.125          2,375.99         80
                                       7.875          2,375.99      400,000.00
    WALESKA          GA   30183          5            12/20/00         00
    0432808                              05           02/01/01          0
    0432808                              O            01/01/31
    0

    4204435          526/526             F          320,000.00         ZZ
                                         360        319,795.95          1
                                       8.250          2,404.05         79
                                       8.000          2,404.05      410,000.00
    WOLCOTT          CO   81655          5            12/21/00         00
    0432828                              05           02/01/01          0
    0432828                              O            01/01/31
    0

    4204438          526/526             F          720,000.00         ZZ
                                         360        719,516.90          1
                                       8.000          5,283.10         80
                                       7.750          5,283.10      900,000.00
    BERKELEY         CA   94708          1            12/21/00         00
    0432836                              05           02/01/01          0
    0432836                              O            01/01/31
    0

    4204442          526/526             F          388,000.00         ZZ
                                         360        387,758.84          1
                                       8.375          2,949.08         80
                                       8.125          2,949.08      485,000.00
    MIAMI            FL   33133          1            12/14/00         00
    0432873                              05           02/01/01          0
    0432873                              O            01/01/31
    0

    4204453          526/526             F          280,000.00         ZZ
                                         360        279,825.97          1
                                       8.375          2,128.20         80
                                       8.125          2,128.20      350,000.00
    SUGAR LAND       TX   77479          1            12/20/00         00
    0432964                              03           02/01/01          0
    0432964                              O            01/01/31
    0
1

    4204458          526/526             F          500,000.00         ZZ
                                         360        499,681.17          1
                                       8.250          3,756.33         80
                                       8.000          3,756.33      625,000.00
    SCOTTSDALE       AZ   85255          1            12/12/00         00
    0433068                              03           02/01/01          0
    0433068                              O            01/01/31
    0

    4204462          526/526             F          520,000.00         ZZ
                                         360        519,684.98          1
                                       8.500          3,998.35         37
                                       8.250          3,998.35    1,437,266.00
    CUPERTINO        CA   95014          1            12/11/00         00
    0433106                              03           02/01/01          0
    0433106                              O            01/01/31
    0

    4204466          526/526             F          484,800.00         T
                                         360        484,163.59          1
                                       8.125          3,599.63         80
                                       7.875          3,599.63      606,012.00
    FOUNTAIN HILLS   AZ   85268          1            11/29/00         00
    0433184                              01           01/01/01          0
    0433184                              O            12/01/30
    0

    4204492          526/526             F          557,900.00         ZZ
                                         360        557,570.62          1
                                       8.625          4,339.29         90
                                       8.375          4,339.29      620,000.00
    ENCINO           CA   91316          2            12/07/00         12
    0433436                              05           02/01/01         25
    0433436                              O            01/01/31
    0

    4204510          526/526             F          391,200.00         ZZ
                                         360        390,956.85          1
                                       8.375          2,973.40         80
                                       8.125          2,973.40      489,000.00
    SAN DIEGO        CA   92124          1            12/18/00         00
    0433638                              05           02/01/01          0
    0433638                              O            01/01/31
    0

    4204521          526/526             F          191,000.00         ZZ
                                         360        190,871.84          1
1

                                       8.000          1,401.49         66
                                       7.750          1,401.49      290,000.00
    LAKEWOOD         CO   80226          2            12/20/00         00
    0433806                              05           02/01/01          0
    0433806                              O            01/01/31
    0

    4204524          526/526             F          472,000.00         ZZ
                                         360        471,691.24          1
                                       8.125          3,504.59         80
                                       7.875          3,504.59      590,000.00
    PLANO            TX   75093          1            12/21/00         00
    0433850                              01           02/01/01          0
    0433850                              O            01/01/31
    0

    4204525          526/526             F          411,000.00         ZZ
                                         360        407,040.10          1
                                       8.250          3,087.71         80
                                       8.000          3,087.71      515,000.00
    BOULDER          CO   80303          2            12/18/00         00
    0433878                              05           02/01/01          0
    0433878                              O            01/01/31
    0

    4204526          526/526             F          469,600.00         ZZ
                                         360        469,276.82          1
                                       7.875          3,404.93         80
                                       7.625          3,404.93      587,000.00
    TEMPE            AZ   85284          1            12/07/00         00
    0433884                              03           02/01/01          0
    0433884                              O            01/01/31
    0

    4204533          526/526             F          326,900.00         ZZ
                                         360        326,701.96          1
                                       8.500          2,513.58         70
                                       8.250          2,513.58      467,000.00
    OSTERVILLE       MA   02655          5            12/20/00         00
    0433959                              05           02/01/01          0
    0433959                              O            01/01/31
    0

    4204534          526/526             F          952,500.00         ZZ
                                         360        951,951.99          1
                                       8.750          7,493.32         75
                                       8.500          7,493.32    1,270,000.00
    NEWPORT BEACH    CA   92660          1            12/19/00         00
    0433993                              03           02/01/01          0
1

    0433993                              O            01/01/31
    0

    4204546          526/526             F          508,000.00         ZZ
                                         360        507,707.73          1
                                       8.750          3,996.44         69
                                       8.500          3,996.44      740,000.00
    BRENTWOOD        TN   37027          2            12/14/00         00
    0434123                              03           02/01/01          0
    0434123                              O            01/01/31
    0

    4204553          526/526             F          280,000.00         ZZ
                                         360        279,830.37          1
                                       8.500          2,152.96         80
                                       8.250          2,152.96      350,000.00
    EAST GREENWICH   RI   02818          1            12/27/00         00
    0434208                              05           02/01/01          0
    0434208                              N            01/01/31
    0

    4204555          526/526             F          452,000.00         ZZ
                                         360        451,680.99          1
                                       7.750          3,238.18         78
                                       7.500          3,238.18      585,000.00
    ANNAPOLIS        MD   21401          5            12/22/00         00
    0434232                              03           02/01/01          0
    0434232                              O            01/01/31
    0

    4204557          526/526             F          360,000.00         ZZ
                                         360        359,770.44          1
                                       8.250          2,704.56         80
                                       8.000          2,704.56      450,000.00
    ENCINITAS        CA   92024          5            12/20/00         00
    0434246                              05           02/01/01          0
    0434246                              O            01/01/31
    0

    4204558          526/526             F           82,400.00         ZZ
                                         360         82,344.71          1
                                       8.000            604.62         80
                                       7.750            604.62      103,000.00
    HUNTINGDON VALL  PA   19006          1            12/15/00         00
    0434249                              05           02/01/01          0
    0434249                              O            01/01/31
    0

1

    4204561          526/526             F          330,000.00         ZZ
                                         360        329,778.58          1
                                       8.000          2,421.42         80
                                       7.750          2,421.42      412,500.00
    BENICIA          CA   94510          1            12/13/00         00
    0434268                              05           02/01/01          0
    0434268                              N            01/01/31
    0

    4204564          526/526             F          379,500.00         ZZ
                                         360        379,238.83          1
                                       7.875          2,751.64         95
                                       7.625          2,751.64      399,496.00
    LADERA RANCH     CA   92694          1            12/15/00         12
    0434344                              07           02/01/01         30
    0434344                              O            01/01/31
    0

    4204572          526/526             F          450,000.00         ZZ
                                         360        449,734.33          1
                                       8.625          3,500.05         90
                                       8.375          3,500.05      500,000.00
    CORAL GABLES     FL   33146          1            12/27/00         01
    0434444                              05           02/01/01         25
    0434444                              O            01/01/31
    0

    4204591          526/526             F          308,000.00         ZZ
                                         360        307,808.56          1
                                       8.375          2,341.02         80
                                       8.125          2,341.02      385,000.00
    OAKLEY           UT   84055          1            12/18/00         00
    0434632                              05           02/01/01          0
    0434632                              O            01/01/31
    0

    4204597          526/526             F          356,250.00         ZZ
                                         360        356,010.96          1
                                       8.000          2,614.04         95
                                       7.750          2,614.04      375,000.00
    SANTA ANA        CA   92705          1            12/20/00         12
    0434725                              05           02/01/01         30
    0434725                              O            01/01/31
    0

    4204613          526/526             F           96,300.00         ZZ
                                         360         96,233.73          1
                                       7.875            698.24         80
                                       7.625            698.24      120,400.00
1

    CHARLOTTE        NC   28205          1            12/27/00         00
    0435193                              01           02/01/01          0
    0435193                              O            01/01/31
    0

    4204614          526/526             F          639,700.00         ZZ
                                         360        639,292.09          1
                                       8.250          4,805.85         72
                                       8.000          4,805.85      900,000.00
    PHOENIX          AZ   85012          2            12/21/00         00
    0435203                              05           02/01/01          0
    0435203                              O            01/01/31
    0

    4204616          526/526             F          119,200.00         ZZ
                                         360        119,117.97          1
                                       7.875            864.28         80
                                       7.625            864.28      149,000.00
    PHOENIX          AZ   85050          1            12/27/00         00
    0435226                              03           02/01/01          0
    0435226                              O            01/01/31
    0

    4204618          526/526             F          378,000.00         ZZ
                                         360        377,776.83          1
                                       8.625          2,940.05         70
                                       8.375          2,940.05      540,000.00
    SCOTTSDALE       AZ   85262          5            12/21/00         00
    0435234                              05           02/01/01          0
    0435234                              O            01/01/31
    0

    4204626          526/526             F          380,000.00         ZZ
                                         360        379,745.02          1
                                       8.000          2,788.31         95
                                       7.750          2,788.31      400,000.00
    OCEANSIDE        CA   92057          1            12/21/00         12
    0435421                              05           02/01/01         30
    0435421                              O            01/01/31
    0

    4204629          526/526             F          664,000.00         ZZ
                                         360        663,565.65          1
                                       8.125          4,930.18         80
                                       7.875          4,930.18      830,000.00
    GILBERT          AZ   85234          1            12/26/00         00
    0435452                              03           02/01/01          0
    0435452                              O            01/01/31
    0
1

    4204635          526/526             F          400,000.00         ZZ
                                         360        399,738.34          1
                                       8.125          2,969.99         74
                                       7.875          2,969.99      544,341.00
    SCOTTSDALE       AZ   85255          1            12/27/00         00
    0435760                              03           02/01/01          0
    0435760                              N            01/01/31
    0

    4206046          E22/G02             F          451,550.00         ZZ
                                         360        451,550.00          1
                                       8.250          3,392.34         77
                                       8.000          3,392.34      590,000.00
    ARGYLE           TX   76226          2            01/12/01         00
    0412305930                           05           03/01/01          0
    0412305930                           O            02/01/31
    0

    4206048          E22/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       8.000          3,081.81         80
                                       7.750          3,081.81      530,000.00
    WEST LINN        OR   97068          5            01/09/01         00
    0412308256                           05           03/01/01          0
    0412308256                           O            02/01/31
    0

    4206066          E22/G02             F          358,700.00         ZZ
                                         360        358,700.00          1
                                       8.250          2,694.79         90
                                       8.000          2,694.79      398,574.00
    HOLLISTER        CA   95023          1            01/09/01         01
    0412317489                           05           03/01/01         25
    0412317489                           O            02/01/31
    0

    4209166          562/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       8.625          2,800.05         80
                                       8.375          2,800.05      450,000.00
    EASTCHESTER      NY   10709          5            01/12/01         00
    0432562817                           05           03/01/01          0
    297003866                            O            02/01/31
    0

    4210340          964/G02             F          312,000.00         ZZ
                                         360        312,000.00          1
1

                                       7.875          2,262.22         80
                                       7.625          2,262.22      390,000.00
    TORRANCE         CA   90503          1            01/08/01         00
    0432559375                           01           03/01/01          0
    97814                                O            02/01/31
    0

    4211927          U62/G02             F          366,000.00         ZZ
                                         360        366,000.00          1
                                       7.875          2,653.75         84
                                       7.625          2,653.75      440,000.00
    SHOREHAM         NY   11786          2            01/06/01         04
    0432561165                           05           03/01/01         12
    2001220778                           O            02/01/31
    0

    4217763          E86/G02             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       8.875          3,659.97         80
                                       8.625          3,659.97      575,000.00
    BEACH HAVEN      NJ   08008          1            01/17/01         00
    0432565976                           05           03/01/01          0
    0000089990                           O            02/01/31
    0

    4222573          E22/G02             F          331,350.00         ZZ
                                         360        331,350.00          1
                                       8.875          2,636.37         95
                                       8.625          2,636.37      348,815.00
    CHICAGO          IL   60607          1            01/23/01         04
    0412287534                           01           03/01/01         30
    0412287534                           O            02/01/31
    0

    4222577          E22/G02             F          297,975.00         ZZ
                                         360        297,975.00          1
                                       7.875          2,160.53         65
                                       7.625          2,160.53      465,000.00
    OAK POINT        TX   75068          5            01/18/01         00
    0412306409                           03           03/01/01          0
    0412306409                           O            02/01/31
    0

    4222592          E22/G02             F          439,600.00         ZZ
                                         360        439,600.00          1
                                       9.000          3,537.12         48
                                       8.750          3,537.12      925,000.00
    BURNET           TX   78611          5            01/18/01         00
    0412320558                           05           03/01/01          0
1

    0412320558                           O            02/01/31
    0

    4222706          696/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       8.125          2,969.99         80
                                       7.875          2,969.99      500,000.00
    BETHESDA         MD   20817          1            01/19/01         00
    0432555407                           05           03/01/01          0
    30100224                             O            02/01/31
    0

    4227377          E22/G02             F          163,000.00         ZZ
                                         360        163,000.00          1
                                       7.750          1,167.75         42
                                       7.500          1,167.75      393,000.00
    SAN JOSE         CA   95122          5            01/18/01         00
    0412309155                           05           03/01/01          0
    0412309155                           O            02/01/31
    0

    4227400          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.875          1,160.11         77
                                       7.625          1,160.11      208,000.00
    AURORA           CO   80014          5            01/19/01         00
    0412331001                           05           03/01/01          0
    0412331001                           O            02/01/31
    0

    4227401          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       8.000          2,054.54         80
                                       7.750          2,054.54      350,000.00
    CHICO            CA   95973          5            01/17/01         00
    0412334112                           05           03/01/01          0
    0412334112                           O            02/01/31
    0

    4232069          E22/G02             F           82,600.00         ZZ
                                         360         82,600.00          1
                                       8.000            606.09         74
                                       7.750            606.09      112,000.00
    MONTGOMERY       TX   77356          1            01/25/01         00
    0412315244                           03           03/01/01          0
    0412315244                           N            02/01/31
    0

1

    4232076          E22/G02             F           82,500.00         ZZ
                                         360         82,500.00          1
                                       7.625            583.93         75
                                       7.375            583.93      110,000.00
    CASHMERE         WA   98815          5            01/19/01         00
    0412326506                           05           03/01/01          0
    0412326506                           O            02/01/31
    0

    4235067          696/G02             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       8.125          2,784.36         70
                                       7.875          2,784.36      540,000.00
    DARNESTOWN       MD   20874          2            01/22/01         00
    0432560639                           05           03/01/01          0
    25101004                             N            02/01/31
    0

    4235172          696/G02             F          549,300.00         ZZ
                                         360        549,300.00          1
                                       8.000          4,030.57         75
                                       7.750          4,030.57      732,422.00
    VIENNA           VA   22182          1            01/25/01         00
    0432561249                           03           03/01/01          0
    25500011                             O            02/01/31
    0

    4237127          E22/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       8.750          2,753.45         84
                                       8.500          2,753.45      420,000.00
    NEW ORLEANS      LA   70118          2            01/22/01         04
    0412327330                           05           03/01/01         12
    0412327330                           O            02/01/31
    0

    4237155          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       7.750          1,088.95         80
                                       7.500          1,088.95      190,000.00
    GRAND PRAIRIE    TX   75050          1            01/25/01         00
    0412351900                           05           03/01/01          0
    0412351900                           O            02/01/31
    0

    4238111          225/225             F          365,000.00         ZZ
                                         360        364,520.85          1
                                       8.125          2,710.12         76
                                       7.875          2,710.12      481,000.00
1

    MARLBOROUGH      MA   01752          2            11/21/00         00
    7222741                              05           01/01/01          0
    7222741                              O            12/01/30
    0

    4238159          225/225             F          100,000.00         ZZ
                                         360         99,865.35          1
                                       8.000            733.77         68
                                       7.750            733.77      148,000.00
    MOHNTON          PA   19540          1            11/17/00         00
    7221497                              05           01/01/01          0
    7221497                              O            12/01/30
    0

    4238239          225/225             F          592,500.00         ZZ
                                         360        591,721.51          1
                                       8.125          4,399.30         75
                                       7.875          4,399.30      790,000.00
    EDWARDS          CO   81632          1            11/16/00         00
    7220240                              03           01/01/01          0
    7220240                              O            12/01/30
    0

    4238291          225/225             F          500,000.00         ZZ
                                         360        499,084.84          1
                                       8.500          3,844.57         80
                                       8.250          3,844.57      625,000.00
    EL PASO          TX   79922          1            10/30/00         00
    7216477                              03           12/01/00          0
    7216477                              O            11/01/30
    0

    4238517          225/225             F          329,900.00         ZZ
                                         360        329,455.81          1
                                       8.000          2,420.69         75
                                       7.750          2,420.69      440,000.00
    PLACENTIA        CA   92870          1            11/16/00         00
    7222996                              03           01/01/01          0
    7222996                              O            12/01/30
    0

    4239238          225/225             F          437,000.00         ZZ
                                         360        436,179.43          1
                                       8.375          3,321.52         75
                                       8.125          3,321.52      585,000.00
    RANCHO PALOS VE  CA   90275          2            11/22/00         00
    7223804                              05           01/01/01          0
    7223804                              O            12/01/30
    0
1

    4239244          225/225             F          336,000.00         ZZ
                                         360        335,260.32          1
                                       8.125          2,494.80         80
                                       7.875          2,494.80      420,000.00
    SOUTH SAN FRANC  CA   94080          1            10/25/00         00
    7215026                              05           12/01/00          0
    7215026                              O            11/01/30
    0

    4239248          225/225             F          326,400.00         ZZ
                                         360        326,003.14          1
                                       8.500          2,509.73         80
                                       8.250          2,509.73      408,000.00
    WELLINGTON       FL   33414          1            11/28/00         00
    6518430                              03           01/01/01          0
    6518430                              O            12/01/30
    0

    4239331          225/225             F          424,000.00         ZZ
                                         360        423,736.46          1
                                       8.375          3,222.71         80
                                       8.125          3,222.71      530,000.00
    SANTA CLARA      CA   95051          5            11/30/00         00
    7223484                              05           02/01/01          0
    7223484                              O            01/01/31
    0

    4239345          225/225             F          288,750.00         ZZ
                                         360        288,389.79          1
                                       8.375          2,194.71         70
                                       8.125          2,194.71      412,500.00
    BROOMFIELD       CO   80020          1            11/03/00         00
    7214004                              05           01/01/01          0
    7214004                              O            12/01/30
    0

    4239849          225/225             F          428,000.00         ZZ
                                         360        427,452.26          1
                                       8.250          3,215.43         80
                                       8.000          3,215.43      535,000.00
    OAKLAND          CA   94610          1            11/13/00         00
    7221520                              05           01/01/01          0
    7221520                              O            12/01/30
    0

    4239902          225/225             F          306,000.00         ZZ
                                         360        305,637.38          1
1

                                       8.625          2,380.04         90
                                       8.375          2,380.04      340,000.00
    VIENNA           VA   22180          2            11/22/00         10
    7221252                              05           01/01/01         25
    7221252                              O            12/01/30
    0

    4239907          225/225             F          500,000.00         ZZ
                                         360        499,422.55          1
                                       8.750          3,933.51         78
                                       8.500          3,933.51      647,622.00
    SHARON           MA   02067          1            11/15/00         00
    7193733                              05           01/01/01          0
    7193733                              O            12/01/30
    0

    4240257          225/225             F          361,250.00         ZZ
                                         360        360,799.34          1
                                       8.375          2,745.77         85
                                       8.125          2,745.77      425,000.00
    BLUFFTON         SC   29910          5            11/21/00         10
    7220566                              03           01/01/01         12
    7220566                              O            12/01/30
    0

    4240291          225/225             F          568,000.00         ZZ
                                         360        567,254.37          1
                                       8.125          4,217.39         80
                                       7.875          4,217.39      710,000.00
    ENCINITAS        CA   92024          5            11/15/00         00
    7219501                              05           01/01/01          0
    7219501                              O            12/01/30
    0

    4240424          225/225             F          303,875.00         ZZ
                                         360        303,476.09          1
                                       8.125          2,256.27         85
                                       7.875          2,256.27      357,500.00
    PARKER           CO   80138          1            11/17/00         11
    7220772                              05           01/01/01         12
    7220772                              O            12/01/30
    0

    4240436          225/225             F          410,000.00         ZZ
                                         360        409,433.82          1
                                       7.875          2,972.79         79
                                       7.625          2,972.79      525,000.00
    SANTA ANA AREA   CA   92705          5            11/22/00         00
    7221730                              05           01/01/01          0
1

    7221730                              O            12/01/30
    0

    4240438          225/225             F          328,000.00         ZZ
                                         360        326,489.14          1
                                       8.000          2,406.75         80
                                       7.750          2,406.75      410,000.00
    SUGAR GROVE      IL   60554          5            11/01/00         00
    7218826                              05           12/01/00          0
    7218826                              O            11/01/30
    0

    4240718          225/225             F          496,000.00         ZZ
                                         360        495,396.89          1
                                       8.500          3,813.82         80
                                       8.250          3,813.82      620,000.00
    OXNARD AREA      CA   93035          5            11/22/00         00
    7224110                              05           01/01/01          0
    7224110                              O            12/01/30
    0

    4240748          225/225             F          391,000.00         ZZ
                                         360        390,548.44          1
                                       8.750          3,076.00         79
                                       8.500          3,076.00      500,000.00
    TROY             MI   48098          2            11/02/00         00
    7217764                              05           01/01/01          0
    7217764                              O            12/01/30
    0

    4240775          225/225             F          425,000.00         ZZ
                                         360        424,521.70          1
                                       8.875          3,381.50         60
                                       8.625          3,381.50      711,000.00
    ST PETE BEACH    FL   33706          2            10/31/00         00
    7213368                              05           01/01/01          0
    7213368                              O            12/01/30
    0

    4240780          225/225             F          420,000.00         ZZ
                                         360        419,502.28          2
                                       8.625          3,266.72         58
                                       8.375          3,266.72      730,000.00
    ENCINITAS        CA   92007          2            11/15/00         00
    7219480                              05           01/01/01          0
    7219480                              N            12/01/30
    0

1

    4240813          225/225             F          400,000.00         ZZ
                                         360        399,488.11          1
                                       8.250          3,005.07         58
                                       8.000          3,005.07      700,000.00
    SARATOGA         CA   95070          5            11/03/00         00
    7204778                              05           01/01/01          0
    7204778                              O            12/01/30
    0

    4241075          225/225             F          300,000.00         ZZ
                                         360        299,616.08          1
                                       8.250          2,253.80         30
                                       8.000          2,253.80    1,000,000.00
    NEW SHOREHAM     RI   02807          5            11/02/00         00
    6514996                              05           01/01/01          0
    6514996                              N            12/01/30
    0

    4241274          225/225             F          517,500.00         ZZ
                                         360        516,576.78          1
                                       8.625          4,025.07         75
                                       8.375          4,025.07      690,000.00
    ENGLEWOOD        CO   80111          1            11/03/00         00
    7218877                              05           12/01/00          0
    7218877                              O            11/01/30
    0

    4241714          225/225             F          300,000.00         ZZ
                                         360        299,625.76          1
                                       8.375          2,280.22         68
                                       8.125          2,280.22      442,000.00
    LOUISVILLE       KY   40206          1            11/13/00         00
    7217084                              05           01/01/01          0
    7217084                              O            12/01/30
    0

    4243419          E22/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       8.250          2,794.71         80
                                       8.000          2,794.71      470,000.00
    THOUSAND OAKS    CA   91320          5            01/22/01         00
    0412325896                           05           03/01/01          0
    0412325896                           O            02/01/31
    0

    4243545          S48/S48             F          340,000.00         ZZ
                                         360        339,575.86          1
                                       8.375          2,584.25         80
                                       8.125          2,584.25      425,000.00
1

    KERRVILLE        TX   78028          1            11/14/00         00
    29035870                             05           01/01/01          0
    29035870                             O            12/01/30
    0

    4243546          S48/S48             F          302,400.00         ZZ
                                         360        302,041.64          1
                                       8.625          2,352.04         80
                                       8.375          2,352.04      378,000.00
    ARVADA           CO   80004          2            11/22/00         00
    29071255                             05           01/01/01          0
    29071255                             O            12/01/30
    0

    4243547          S48/S48             F          384,650.00         ZZ
                                         360        384,228.22          1
                                       9.000          3,094.98         70
                                       8.750          3,094.98      549,520.00
    SAINT LOUIS      MO   63105          1            11/30/00         00
    29091956                             08           01/01/01          0
    29091956                             O            12/01/30
    0

    4243548          S48/S48             F          368,000.00         ZZ
                                         360        367,360.17          1
                                       8.750          2,895.06         80
                                       8.500          2,895.06      460,000.00
    SAN FRANCIS      CA   94121          1            10/12/00         00
    29106663                             05           12/01/00          0
    29106663                             O            11/01/30
    0

    4243549          S48/S48             F          296,350.00         ZZ
                                         360        295,807.54          1
                                       8.500          2,278.68         66
                                       8.250          2,278.68      450,000.00
    LAKE FOREST      IL   60045          2            10/23/00         00
    29117892                             03           12/01/00          0
    29117892                             N            11/01/30
    0

    4243550          S48/S48             F          300,000.00         ZZ
                                         360        299,625.76          1
                                       8.375          2,280.22         71
                                       8.125          2,280.22      425,000.00
    BOYNTON BEACH    FL   33436          1            11/06/00         00
    29206026                             03           01/01/01          0
    29206026                             O            12/01/30
    0
1

    4243551          S48/S48             F          336,000.00         ZZ
                                         360        335,785.74          1
                                       8.250          2,524.26         70
                                       8.000          2,524.26      480,000.00
    NAPA             CA   94558          5            11/30/00         00
    6019134250                           05           02/01/01          0
    6019134250                           O            01/01/31
    0

    4248996          E22/G02             F          197,600.00         ZZ
                                         360        197,600.00          1
                                       8.000          1,449.92         80
                                       7.750          1,449.92      247,000.00
    TRACY            CA   95376          1            01/25/01         00
    0412351199                           05           03/01/01          0
    0412351199                           O            02/01/31
    0

    4250896          168/168             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       8.500          2,306.74         80
                                       8.250          2,306.74      375,000.00
    SEAFORD          NY   11783          1            01/16/01         00
    0189558164                           05           03/01/01          0
    0189558164                           O            02/01/31
    0

   TOTAL NUMBER OF LOANS   :        293

   TOTAL ORIGINAL BALANCE  :   103,961,166.00

   TOTAL PRINCIPAL BALANCE :   103,824,865.08

   TOTAL ORIGINAL P+I      :       792,594.13

   TOTAL CURRENT P+I       :       792,594.13

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

<PAGE>

                                   Exhibit TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

Loan Number     Current Balance Net Mortgage Rate Discount Fraction   PO Balance
4204528 "$160,974.32 "  0.0697  0.03862069      "$6,216.94 "
4163957 "$632,800.00 "  0.07095 0.02137931      "$13,528.83 "
4237144 "$146,800.00 "  0.0722  0.004137931     $607.45

<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  related  Class CB  Percentage,  Class NB
        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;

<PAGE>

(xiii)  the  Notional  Amount  with  respect  to each  class  of  Interest  Only
        Certificates and each Subclass Notional Amount;

(xiv)the  occurrence  of the Credit  Support  Depletion  Date and the  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 FEBRUARY 1, 2001

                                 EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                          Dated as of February 1, 2001

                        Residential Accredit Loans, Inc.
                 Mortgage Asset-Backed Pass-Through Certificates

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

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                            Page

Article I         DEFINITIONS...............................................................2

<S>             <C>                                                                            <C>
        Section 1.01 Definitions ...............................................................2

        Section 1.02.Use of Words and Phrases ..................................................30

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES.......... ....31

        Section 2.01.Conveyance of Mortgage Loans ..............................................31

        Section 2.02.Acceptance by Trustee .....................................................37

        Section 2.03.Representations, Warranties and Covenants of the Master Servicer
                         and the Company .......................................................38

        Section 2.04.Representations and Warranties of Sellers .................................40

        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.Negative Covenants of the Trust Fund. .....................................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>

        Section 5.06.Optional Purchase of Certificates .........................................79

Article VI        THE COMPANY AND THE MASTER SERVICER...........................................82

        Section 6.01.Respective Liabilities of the Company and the Master Servicer .............82

        Section 6.02.Merger or Consolidation of the Company or the Master Servicer;
                        Assignment of Rights and Delegation of Duties by Master Servicer........82

        Section 6.03.Limitation on Liability of the Company,  the Master Servicer and Others ...83

        Section 6.04.Company and Master Servicer Not to Resign. ................................84

Article VII       DEFAULT.......................................................................85

        Section 7.01.Events of Default .........................................................85

        Section 7.02.Trustee or Company to Act; Appointment of Successor .......................87

        Section 7.03.Notification to Certificateholders. .......................................88

        Section 7.04.Waiver of Events of Default. ..............................................88

Article VIII      CONCERNING THE TRUSTEE........................................................89

        Section 8.01.Duties of Trustee. ........................................................89

        Section 8.02.Certain Matters Affecting the Trustee .....................................90

        Section 8.03.Trustee Not Liable for Certificates or Mortgage Loans .....................92

        Section 8.04.Trustee May Own Certificates ..............................................92

        Section 8.05.Master Servicer to Pay Trustee's Fees  and Expenses; Indemnification ......92

        Section 8.06.Eligibility Requirements for Trustee ......................................93

        Section 8.07.Resignation and Removal of the Trustee. ...................................93

        Section 8.08.Successor Trustee .........................................................94

        Section 8.09.Merger or Consolidation of Trustee ........................................95

        Section 8.10.Appointment of Co-Trustee or Separate Trustee .............................95

        Section 8.11.Appointment of Custodians .................................................96

        Section 8.12.Appointment of Office or Agency ...........................................96

Article IX        TERMINATION...................................................................98

        Section 9.01.Termination Upon Purchase by the Master Servicer  or the Company or
                Liquidation of All Mortgage Loans...............................................98

                                        iii

<PAGE>

        Section 9.02.Additional Termination Requirements .......................................100

        Section 9.03.Termination of Multiple REMICs ............................................101

Article X         REMIC PROVISIONS      ........................................................102

        Section 10.01.REMIC Administration      ................................................102

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification .........105

        Section 10.03.Designation of REMIC(s)...................................................106

Article XI        MISCELLANEOUS PROVISIONS......................................................107

        Section 11.01.Amendment.................................................................107

        Section 11.02.Recordation of Agreement; Counterparts....................................109

        Section 11.03.Limitation on Rights of Certificateholders................................110

        Section 11.04.Governing Law.............................................................110

        Section 11.05.Notices...................................................................111

        Section 11.06.Required Notices to Rating Agency and Subservicer.........................111

        Section 11.07.Severability of Provisions................................................111

        Section 11.08.Supplemental Provisions for Resecuritization..............................112

        Section 11.09.Allocation of Voting Rights...............................................112

        Section 11.10.No Petition...............................................................112

                                        iv

</TABLE>

<PAGE>

                                    EXHIBITS

Exhibit A:   Form of Class A Certificate
Exhibit B:   Form of Class M Certificate
Exhibit C:   Form of Class B Certificate
Exhibit D:   Form of Class R Certificate
Exhibit E:   Form of Seller/Servicer Contract
Exhibit F:   Forms of Request for Release
Exhibit G-1: Form of Transfer Affidavit and Agreement
Exhibit G-2: Form of Transferor Certificate
Exhibit H:   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

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of February 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:

<PAGE>

                                 Article I......

                                   DEFINITIONS

Section 1.01...Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any  Class  or  Subclass  of  Certificates  (other  than any  Principal  Only
Certificates),  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through Rate on the Certificate  Principal Balance or Notional
Amount thereof  immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class or
Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

         (ii)  the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard  Losses,  Excess Fraud Losses,  Excess  Bankruptcy
               Losses and  Extraordinary  Losses) not allocated solely to one or
               more specific Classes of Certificates pursuant to Section 4.05,

         (iii) the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO  Property or (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

                                        2
<PAGE>

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property  and other  property of whatever  kind or  description  now existing or
hereafter  acquired  which is  pledged as  security  for the  repayment  of such
Mortgage  Loan,  (ii)  third-party  guarantees,  and (A) all money,  securities,
security entitlements,  accounts, general intangibles,  instruments,  documents,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

                                        3

<PAGE>

     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Insurance Proceeds, 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
immediately preceding  Determination Date and amounts deposited in the Custodial

                                        4
<PAGE>

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
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

                                        10
<PAGE>

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates

                                        11
<PAGE>

on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        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

     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

                                        13

<PAGE>

Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

     Insurer:  Any named  insurer  under  any  Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

        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,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property and other property of whatever kind or description  pledged by Combined
Collateral LLC as security in respect of any Realized  Losses in connection with
such Mortgage  Loan up to the Pledged  Amount for such  Mortgage  Loan,  and any
related  collateral,  or such other collateral as may be set forth in the Series
Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

                                        19

<PAGE>

        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.

     Program  Guide:  Collectively,  the Client Guide and the Servicer Guide for
Residential Funding's Expanded Criteria Mortgage Program.

                                        20

<PAGE>

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate
               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

        (v)    comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi)   have a Pool  Strip  Rate  equal to or  greater  than  that of the
               Deleted Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

                                        21

<PAGE>

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

          (a)  as to which a Cash  Liquidation or REO  Disposition has occurred,
               an amount (not less than zero) equal to (i) the Stated  Principal
               Balance of the Mortgage  Loan (or REO Property) as of the date of
               Cash Liquidation or REO Disposition,  plus (ii) interest (and REO
               Imputed  Interest,  if any) at the Net Mortgage Rate from the Due
               Date  as  to  which   interest  was  last  paid  or  advanced  to
               Certificateholders  up to the Due Date in the Due Period  related
               to the  Distribution  Date on which  such  Realized  Loss will be
               allocated  pursuant  to  Section  4.05  on the  Stated  Principal
               Balance  of such  Mortgage  Loan  (or REO  Property)  outstanding
               during  each  Due  Period  that  such  interest  was not  paid or
               advanced,  minus (iii) the proceeds,  if any, received during the
               month  in  which  such  Cash  Liquidation  (or  REO  Disposition)
               occurred,  to the extent applied as recoveries of interest at the
               Net Mortgage Rate and to principal of the Mortgage  Loan,  net of
               the portion  thereof  reimbursable  to the Master Servicer or any
               Subservicer  with  respect to related  Advances or expenses as to
               which  the  Master   Servicer  or   Subservicer  is  entitled  to
               reimbursement  thereunder  but  which  have not  been  previously
               reimbursed,

        (b)    which is the subject of a Servicing Modification,  (i) the amount
               by  which  the  interest  portion  of a  Monthly  Payment  or the
               principal balance of such Mortgage Loan was reduced, and (ii) any
               such amount with  respect to a Monthly  Payment that was or would
               have been due in the  month  immediately  following  the month in
               which  a  Principal  Prepayment  or the  Purchase  Price  of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

                                        22
<PAGE>

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

                                        23
<PAGE>

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

     Security  Agreement:  With respect to a  Cooperative  Loan,  the  agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

     Seller: As to any Mortgage Loan, a Person, including any Subservicer,  that
executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

                                        24
<PAGE>

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

(i)     for any  Distribution  Date after the 60th  Distribution  Date but on or
        prior to the 72nd  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 70% of the related  Subordinate  Percentage
        for such Distribution Date;

(ii)    for any  Distribution  Date after the 72nd  Distribution  Date but on or
        prior to the 84th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 60% of the related  Subordinate  Percentage
        for such Distribution Date;

(iii)   for any  Distribution  Date after the 84th  Distribution  Date but on or
        prior to the 96th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 40% of the related  Subordinate  Percentage
        for such Distribution Date;

(iv)    for any  Distribution  Date after the 96th  Distribution  Date but on or
        prior to the 108th  Distribution Date, the related Senior Percentage for
        such  Distribution Date plus 20% of the related  Subordinate  Percentage
        for such Distribution Date; and

(v)  for any  Distribution  Date  thereafter,  the  Senior  Percentage  for such
     Distribution Date;

provided, however,

        (i) that any scheduled reduction to the Senior Accelerated  Distribution
Percentage  described above shall not occur as of any  Distribution  Date unless
either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% or (Y) the outstanding
        principal  balance of Mortgage Loans delinquent 60 days or more averaged
        over the last six months,  as a percentage of the aggregate  outstanding
        principal  balance  of all  Mortgage  Loans  averaged  over the last six
        months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
        to date  for such  Distribution  Date if  occurring  during  the  sixth,
        seventh,  eighth, ninth or tenth year (or any year thereafter) after the
        Closing Date are less than 30%, 35%, 40%, 45% or 50%,  respectively,  of
        the sum of the Initial Certificate Principal Balances of the Subordinate
        Certificates or

                (b)(1)  the  outstanding  principal  balance of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

                                        25
<PAGE>

        (ii) that for any  Distribution  Date on which the Senior  Percentage is
greater  than  the  Senior  Percentage  as  of  the  Closing  Date,  the  Senior
Accelerated  Distribution  Percentage for such  Distribution Date shall be 100%,
or,  if the  Mortgage  Pool is  comprised  of two or more Loan  Groups,  for any
Distribution  Date on which the weighted  average of the Senior  Percentages for
each Loan Group,  weighted on the basis of the Stated Principal  Balances of the
Mortgage  Loans in the related Loan Group,  exceeds the weighted  average of the
initial Senior Percentages  (calculated on such basis) for each Loan Group, each
of the Senior  Accelerated  Distribution  Percentages for such Distribution Date
will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.

        Senior Percentage: As defined in the Series Supplement.

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

     Series: All of the Certificates  issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

     Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or judicial  proceedings,  including  foreclosures,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

                                        26
<PAGE>

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case which  were  distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss  allocated  to  Certificateholders  with  respect  thereto for any previous
Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

                                        27
<PAGE>

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

                                        28

<PAGE>

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

(i)  the Mortgage Loans and the related  Mortgage Files and collateral  securing
     such Mortgage Loans,

(ii)    all payments on and  collections  in respect of the  Mortgage  Loans due
        after the Cut-off Date as shall be on deposit in the  Custodial  Account
        or in the  Certificate  Account and identified as belonging to the Trust
        Fund,   including  the  proceeds  from  the  liquidation  of  Additional
        Collateral for any Additional  Collateral Loan or Pledged Assets for any
        Pledged Asset Loan, but not including  amounts on deposit in the Initial
        Monthly Payment Fund,

(iii)   property that secured a Mortgage Loan and that has been acquired for the
        benefit  of the  Certificateholders  by  foreclosure  or deed in lieu of
        foreclosure,

(iv)    the hazard insurance  policies and Primary Insurance  Policies,  if any,
        the Pledged  Assets with  respect to each  Pledged  Asset Loan,  and the
        interest  in the Surety  Bond  transferred  to the  Trustee  pursuant to
        Section 2.01, and

(v)     all proceeds of clauses (i) through (iv) above.

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

                                        29
<PAGE>

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States Person 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)     An executed UCC-1  financing  statement  showing the Master  Servicer as
        debtor,  the Company as secured party and the Trustee as assignee and an
        executed UCC-1 financing statement showing the Company as debtor and the
        Trustee  as  secured  party,  each  in a  form  sufficient  for  filing,
        evidencing the interest of such debtors in the Cooperative Loans.

(c) The Company may, in lieu of  delivering  the original of the  documents  set
forth in Section  2.01(b)(I)(ii),  (iii), (iv) and (v) and Section  (b)(II)(ii),
(iv), (vii), (ix) and (x) (or copies thereof as permitted by Section 2.01(b)) to

                                        32
<PAGE>

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
in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

                                        33
<PAGE>

        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. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential  Funding,  or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended  that (a) this  Agreement  shall be a  security  agreement  within  the
meaning of  Articles  8 and 9 of the New York  Uniform  Commercial  Code and the
Uniform Commercial Code of any other applicable jurisdiction; (b) the conveyance
provided  for in Section  2.01 shall be deemed to be, and hereby is, (1) a grant
by the  Company to the Trustee of a security  interest  in all of the  Company's
right (including the power to convey title thereto), title and interest, whether
now owned or  hereafter  acquired,  in and to any and all  general  intangibles,
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

                                        34

<PAGE>

existing or hereafter acquired consisting of, arising from or relating to any of
the  following:  (A) the  Mortgage  Loans,  including  (i) with  respect to each
Cooperative Loan, the related Mortgage Note, Security  Agreement,  Assignment of
Proprietary  Lease,  Cooperative Stock  Certificate and Cooperative  Lease, (ii)
with respect to each Mortgage Loan other than a  Cooperative  Loan,  the related
Mortgage  Note and  Mortgage,  and (iii) any  insurance  policies  and all other
documents in the related  Mortgage File, (B) all amounts payable pursuant to the
Mortgage  Loans in accordance  with the terms  thereof,  (C) any  Uncertificated
REMIC  Regular  Interests and (D) all proceeds of the  conversion,  voluntary or
involuntary,  of the  foregoing  into  cash,  instruments,  securities  or other
property,  including  without  limitation  all amounts from time to time held or
invested in the  Certificate  Account or the Custodial  Account,  whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the  Company  to the  Trustee  of  any  security  interest  in  any  and  all of
Residential Funding's right (including the power to convey title thereto), title
and interest,  whether now owned or hereafter  acquired,  in and to the property
described  in the  foregoing  clauses  (1)(A),  (B),  (C)  and  (D)  granted  by
Residential Funding to the Company pursuant to the Assignment Agreement; (c) the
possession  by the Trustee,  the  Custodian or any other agent of the Trustee of
Mortgage Notes or such other items of property as constitute instruments, money,
negotiable documents,  goods, letters of credit,  advices of credit,  investment
property,  certificated  securities  or  chattel  paper  shall be  deemed  to be
"possession  by the secured  party," or  possession  by a purchaser  or a person
designated  by such  secured  party,  for  purposes of  perfecting  the security
interest  pursuant  to the  Minnesota  Uniform  Commercial  Code and the Uniform
Commercial Code of any other  applicable  jurisdiction as in effect  (including,
without  limitation,   Sections  8-106,  9-305  and  9-115  thereof);   and  (d)
notifications to persons holding such property, and acknowledgments, receipts or
confirmations from persons holding such property,  shall be deemed notifications
to,   or   acknowledgments,   receipts   or   confirmations   from,   securities
intermediaries, bailees or agents of, or persons holding for (as applicable) the
Trustee for the purpose of perfecting  such security  interest under  applicable
law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
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 all money,  securities,  security  entitlements,
accounts, general intangibles,  instruments, documents, certificates of deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever kind or  description  consisting of, arising from or related to (i) the
Assigned Contracts, (ii) all rights, powers and remedies of the Company as owner
of such  Mortgage  Loan  under or in  connection  with the  Assigned  Contracts,
whether arising under the terms of such Assigned  Contracts,  by statute, at law
or in equity,  or otherwise arising out of any default by the Mortgagor under or
in connection with the Assigned Contracts,  including all rights to exercise any
election  or  option  or to make any  decision  or  determination  or to give or
receive any notice, consent,  approval or waiver thereunder,  (iii) all security
interests  in and lien of the  Company  as owner  of such  Mortgage  Loan in the
Pledged  Amounts and all money,  securities,  security  entitlements,  accounts,
general   intangibles,   instruments,   documents,   certificates   of  deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever  kind or  description  and all cash and non-cash  proceeds of the sale,
exchange,  or  redemption  of,  and all stock or  conversion  rights,  rights to
subscribe,  liquidation  dividends or preferences,  stock  dividends,  rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or  other  distributions  of cash or  other  property  that is  credited  to the
Custodial  Account,  (iv)  all  documents,  books  and  records  concerning  the
foregoing  (including  all computer  programs,  tapes,  disks and related  items
containing  any such  information)  and (v) all  insurance  proceeds  (including
proceeds  from the  Federal  Deposit  Insurance  Corporation  or the  Securities
Investor  Protection  Corporation or any other insurance  company) of any of the
foregoing  or  replacements  thereof  or  substitutions  therefor,  proceeds  of
proceeds and the  conversion,  voluntary  or  involuntary,  of any thereof.  The
foregoing transfer,  sale,  assignment and conveyance does not constitute and is
not intended to result in the creation,  or an assumption by the Trustee, of any
obligation of the Company,  or any other person in  connection  with the Pledged
Assets or under any  agreement or  instrument  relating  thereto,  including any
obligation to the Mortgagor, other than as owner of the Mortgage Loan.

                                        36
<PAGE>

Section 2.02.  Acceptance by Trustee.

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i)  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

                                        37

<PAGE>

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
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
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

                                        40

<PAGE>

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.  Negative Covenants of the Trust Fund.

               As provided in Section 2.08 of the Series Supplement.

                                        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
formed under the Series Supplement to fail to qualify as a REMIC under the Code.

                                        43
<PAGE>

The Trustee  shall  furnish the Master  Servicer with any powers of attorney and
other  documents  necessary  or  appropriate  to enable the Master  Servicer  to
service and administer the Mortgage  Loans.  The Trustee shall not be liable for
any action  taken by the Master  Servicer  or any  Subservicer  pursuant to such
powers of attorney.  In servicing and administering any Nonsubserviced  Mortgage
Loan,  the Master  Servicer  shall,  to the extent  not  inconsistent  with this
Agreement,  comply with the Program  Guide as if it were the  originator of such
Mortgage Loan and had retained the servicing  rights and  obligations in respect
thereof.  In connection with servicing and administering the Mortgage Loans, the
Master  Servicer  and any  Affiliate  of the  Master  Servicer  (i) may  perform
services such as  appraisals  and  brokerage  services that are not  customarily
provided by servicers  of mortgage  loans,  and shall be entitled to  reasonable
compensation  therefor in accordance  with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee,  obtain credit  information in the form
of a "credit score" from a credit repository.

(b) All costs incurred by the Master  Servicer or by  Subservicers  in effecting
the timely payment of taxes and  assessments  on the  properties  subject to the
Mortgage Loans shall not, for the purpose of calculating  monthly  distributions
to the  Certificateholders,  be added to the  amount  owing  under  the  related
Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so permit,
and  such  costs  shall  be  recoverable  to the  extent  permitted  by  Section
3.10(a)(ii).

(c) The Master Servicer may enter into one or more agreements in connection with
the offering of pass-through certificates evidencing interests in one or more of
the  Certificates  providing  for the payment by the Master  Servicer of amounts
received by the Master Servicer as servicing compensation hereunder and required
to cover certain  Prepayment  Interest  Shortfalls on the Mortgage Loans,  which
payment  obligation  will  thereafter be an  obligation  of the Master  Servicer
hereunder.

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations.

(a) The Master Servicer may continue in effect  Subservicing  Agreements entered
into by Residential Funding and Subservicers prior to the execution and delivery
of  this  Agreement,  and  may  enter  into  new  Subservicing  Agreements  with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer
may  delegate its  servicing  obligations  to  third-party  servicers,  but such

                                        44

<PAGE>

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,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

                                        45
<PAGE>

Section 3.04.  Liability of the Master Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

Section 3.05.  No Contractual Relationship Between Subservicer and
                      Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

Section 3.06.  Assumption or Termination of Subservicing Agreements by Trustee.

(a) If the Master Servicer shall for any reason no longer be the master servicer
(including by reason of an Event of Default),  the Trustee,  its designee or its
successor shall thereupon assume all of the rights and obligations of the Master
Servicer under each Subservicing  Agreement that may have been entered into. The
Trustee,  its designee or the successor servicer for the Trustee shall be deemed
to have  assumed  all of the  Master  Servicer's  interest  therein  and to have
replaced  the Master  Servicer as a party to the  Subservicing  Agreement to the
same extent as if the  Subservicing  Agreement had been assigned to the assuming
party  except  that the Master  Servicer  shall not  thereby be  relieved of any
liability or obligations under the Subservicing Agreement.

(b) The Master Servicer shall, upon request of the Trustee but at the expense of
the Master  Servicer,  deliver to the assuming  party all  documents and records
relating  to each  Subservicing  Agreement  and the  Mortgage  Loans  then being
serviced and an accounting of amounts collected and held by it and otherwise use
its  best  efforts  to  effect  the  orderly  and  efficient  transfer  of  each
Subservicing Agreement to the assuming party.

                                        46
<PAGE>

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

(a) The Master  Servicer shall make  reasonable  efforts to collect all payments
called for under the terms and provisions of the Mortgage  Loans,  and shall, to
the extent such procedures shall be consistent with this Agreement and the terms
and provisions of any related Primary Insurance  Policy,  follow such collection
procedures as it would employ in its good faith business  judgment and which are
normal and usual in its general mortgage servicing  activities.  Consistent with
the  foregoing,  the Master  Servicer may in its  discretion  (i) waive any late
payment charge or any prepayment  charge or penalty  interest in connection with
the  prepayment of a Mortgage Loan and (ii) extend the Due Date for payments due
on a Mortgage Loan in accordance with the Program Guide; provided, however, that
the Master Servicer shall first determine that any such waiver or extension will
not impair the coverage of any related  Primary  Insurance  Policy or materially
adversely  affect  the lien of the  related  Mortgage.  In the event of any such
arrangement,  the Master  Servicer  shall make  timely  advances  on the related
Mortgage Loan during the scheduled  period in accordance  with the  amortization
schedule of such  Mortgage Loan without  modification  thereof by reason of such
arrangements  unless  otherwise  agreed  to by the  Holders  of the  Classes  of
Certificates affected thereby;  provided,  however, that no such extension shall
be made if any such advance would be a Nonrecoverable  Advance.  Consistent with
the terms of this Agreement,  the Master Servicer may also waive, modify or vary
any  term  of any  Mortgage  Loan  or  consent  to the  postponement  of  strict
compliance with any such term or in any manner grant indulgence to any Mortgagor
if  in  the  Master   Servicer's   determination   such  waiver,   modification,
postponement  or  indulgence is not  materially  adverse to the interests of the
Certificateholders  (taking into account any estimated  Realized Loss that might
result absent such action); provided,  however, that the Master Servicer may not
modify  materially  or permit  any  Subservicer  to modify  any  Mortgage  Loan,
including  without  limitation any  modification  that would change the Mortgage
Rate,  forgive the payment of any  principal or interest  (unless in  connection
with the  liquidation of the related  Mortgage Loan or except in connection with
prepayments to the extent that such  reamortization is not inconsistent with the
terms of the Mortgage  Loan), or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; and provided, further, that no
such  modification  shall reduce the interest  rate on a Mortgage Loan below the
sum of the Pool Strip Rate and the sum of the rates at which the  Servicing  Fee
and the  Subservicing  Fee  with  respect  to such  Mortgage  Loan  accrues.  In
connection with any Curtailment of a Mortgage Loan, the Master Servicer,  to the
extent not  inconsistent  with the terms of the Mortgage  Note and local law and
practice,  may permit the Mortgage Loan to be reamortized  such that the Monthly
Payment is  recalculated  as an amount that will fully  amortize  the  remaining
Stated  Principal  Balance  thereof by the original  Maturity  Date based on the
original  Mortgage  Rate;  provided,  that  such  re-amortization  shall  not be
permitted if it would  constitute a reissuance  of the Mortgage Loan for federal
income  tax  purposes,  except  if such  reissuance  is  described  in  Treasury
Regulation Section 1.860G-2(b)(3).

(b) The Master  Servicer  shall  establish  and maintain a Custodial  Account in
which the Master  Servicer  shall  deposit or cause to be  deposited  on a daily
basis, except as otherwise  specifically provided herein, the following payments
and  collections  remitted by  Subservicers  or received by it in respect of the
Mortgage  Loans  subsequent  to the  Cut-off  Date  (other  than in  respect  of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):

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<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

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<PAGE>

the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

(c) The Master  Servicer  shall use its best  efforts  to cause the  institution
maintaining the Custodial  Account to invest the funds in the Custodial  Account
attributable to the Mortgage Loans in Permitted  Investments  which shall mature
not later than the  Certificate  Account Deposit Date next following the date of
such investment (with the exception of the Amount Held for Future  Distribution)
and which shall not be sold or disposed of prior to their maturities. All income
and gain  realized  from any such  investment  shall be for the  benefit  of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal  or order from time to time.  The amount of any  losses  incurred  in
respect of any such  investments  attributable  to the  investment of amounts in
respect of the Mortgage Loans shall be deposited in the Custodial Account by the
Master Servicer out of its own funds  immediately as realized  without any right
of reimbursement.

(d) The Master  Servicer shall give notice to the Trustee and the Company of any
change  in the  location  of the  Custodial  Account  and  the  location  of the
Certificate Account prior to the use thereof.

Section 3.08.  Subservicing Accounts; Servicing Accounts.

(a) In those cases where a Subservicer  is servicing a Mortgage Loan pursuant to
a  Subservicing  Agreement,  the Master  Servicer  shall cause the  Subservicer,
pursuant to the  Subservicing  Agreement,  to establish and maintain one or more
Subservicing  Accounts which shall be an Eligible Account or, if such account is
not an Eligible Account, shall generally satisfy the requirements of the Program
Guide and be otherwise acceptable to the Master Servicer and each Rating Agency.
The  Subservicer  will be  required  thereby  to deposit  into the  Subservicing
Account  on a daily  basis  all  proceeds  of  Mortgage  Loans  received  by the
Subservicer,  less its Subservicing Fees and unreimbursed advances and expenses,
to the extent  permitted  by the  Subservicing  Agreement.  If the  Subservicing
Account is not an Eligible Account,  the Master Servicer shall be deemed to have
received such monies upon receipt  thereof by the  Subservicer.  The Subservicer
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
request and during normal business hours at the offices designated by the Master

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<PAGE>

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

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<PAGE>

Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

        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
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

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<PAGE>

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
satisfactory to the Trustee and Master  Servicer,  providing the following:  (i)

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<PAGE>

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
loans  held for its own  account,  subject  to the terms and  conditions  of the

                                        57

<PAGE>

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
such  Mortgage  Loan shall not be part of the Trust  Fund.  Notwithstanding  the

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<PAGE>

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  within
three full years after the taxable year of its acquisition by the Trust Fund for
purposes of Section  860G(a)(8)  of the Code (or such  shorter  period as may be
necessary under  applicable state (including any state in which such property is
located) law to maintain the status of any portion of any REMIC formed under the
Series  Supplement  as a  REMIC  under  applicable  state  law and  avoid  taxes
resulting from such property failing to be foreclosure property under applicable
state law) or, at the  expense  of the Trust  Fund,  request,  more than 60 days
before the day on which such grace period would otherwise  expire,  an extension
of such grace period unless the Master  Servicer  (subject to Section  10.01(f))
obtains for the Trustee an Opinion of Counsel,  addressed to the Trustee and the
Master  Servicer,  to the effect  that the holding by the Trust Fund of such REO
Property subsequent to such period will not result in the imposition of taxes on
"prohibited  transactions"  as defined in Section  860F of the Code or cause any
REMIC  formed  under the  Series  Supplement  to fail to qualify as a REMIC (for
federal (or any applicable State or local) income tax purposes) at any time that
any Certificates  are outstanding,  in which case the Trust Fund may continue to
hold such REO Property  (subject to any conditions  contained in such Opinion of
Counsel).  The Master  Servicer  shall be  entitled  to be  reimbursed  from the
Custodial  Account for any costs  incurred in obtaining such Opinion of Counsel,
as  provided  in  Section  3.10.  Notwithstanding  any other  provision  of this
Agreement,  no REO  Property  acquired  by the Trust  Fund  shall be rented  (or

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<PAGE>

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
Master  Servicer  is  authorized  to execute and  deliver to the  Mortgagor  the

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<PAGE>

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
the Buydown Account and remit the same to the Master Servicer in accordance with

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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
shall set forth the Trustee's  internet  website  address  together with a phone

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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
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
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer

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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

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promptly submit such notice to the Surety as a claim for a Required Surety.  The
Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

(b) Upon receipt of a Required  Surety  Payment from the Surety on behalf of the
Holders of Certificates,  the Trustee shall deposit such Required Surety Payment
in the Certificate Account and shall distribute such Required Surety Payment, or
the proceeds thereof, in accordance with the provisions of Section 4.02.

(c) The  Trustee  shall (i)  receive  as  attorney-in-fact  of each  Holder of a
Certificate  any Required  Surety  Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

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                                   Article V

                                THE CERTIFICATES

Section 5.01.  The Certificates.

(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D,  respectively,  and shall,  on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar  for  authentication  and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates  for the respective  Certificate  Owners with  Ownership  Interests
therein. The Holders of the Book-Entry  Certificates shall hold their respective
Ownership  Interests in and to each of such Certificates  through the book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be

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deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

(c) From time to time  Residential  Funding,  as the initial Holder of the Class
A-V  Certificates,  may  exchange  such  Holder's  Class  A-V  Certificates  for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

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Section 5.02.  Registration of Transfer and Exchange of Certificates.

(a) The  Trustee  shall cause to be kept at one of the offices or agencies to be
appointed by the Trustee in  accordance  with the  provisions  of Section 8.12 a
Certificate Register in which, subject to such reasonable  regulations as it may
prescribe, the Trustee shall provide for the registration of Certificates and of
transfers  and  exchanges of  Certificates  as herein  provided.  The Trustee is
initially  appointed  Certificate  Registrar  for  the  purpose  of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

(b) Upon surrender for registration of transfer of any Certificate at any office
or agency of the Trustee  maintained  for such purpose  pursuant to Section 8.12
and,  in the  case  of any  Class  M,  Class  B or  Class  R  Certificate,  upon
satisfaction  of the conditions  set forth below,  the Trustee shall execute and
the Certificate  Registrar shall  authenticate  and deliver,  in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

(c) At the option of the  Certificateholders,  Certificates may be exchanged for
other Certificates of authorized denominations of a like Class (or Subclass) and
aggregate  Percentage  Interest,  upon  surrender  of  the  Certificates  to  be
exchanged  at any such  office  or  agency.  Whenever  any  Certificates  are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

(d) No transfer,  sale,  pledge or other  disposition  of a Class B  Certificate
shall be made unless such transfer,  sale, pledge or other disposition is exempt
from the  registration  requirements  of the Securities Act of 1933, as amended,
and any applicable  state securities laws or is made in accordance with said Act
and laws.  In the event that a transfer of a Class B  Certificate  is to be made
either (i)(A) the Trustee shall require a written Opinion of Counsel  acceptable
to and in form and  substance  satisfactory  to the Trustee and the Company that
such transfer may be made pursuant to an exemption,  describing  the  applicable
exemption  and the  basis  therefor,  from  said Act and  laws or is being  made
pursuant to said Act and laws,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company  or the Master  Servicer  (except  that,  if such
transfer is made by the Company or the Master Servicer or any Affiliate thereof,
the Company or the Master  Servicer  shall  provide  such  Opinion of Counsel at
their own  expense);  provided that such Opinion of Counsel will not be required
in connection with the initial  transfer of any such  Certificate by the Company
or any  Affiliate  thereof to the Company or an Affiliate of the Company and (B)
the Trustee shall require the  transferee  to execute a  representation  letter,
substantially in the form of Exhibit H hereto, and the Trustee shall require the
transferor  to execute a  representation  letter,  substantially  in the form of
Exhibit I hereto,  each acceptable to and in form and substance  satisfactory to
the Company and the Trustee  certifying to the Company and the Trustee the facts
surrounding such transfer,  which representation letters shall not be an expense

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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

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<PAGE>

     account" (as defined in U.S.  Department  of Labor  Prohibited  Transaction
     Class  Exemption  ("PTCE")  95-60,  and (iii) the  conditions  set forth in
     Sections I and III of PTCE  95-60 have been  satisfied  (each  entity  that
     satisfies this clause (b), a "Complying Insurance Company").

               (ii) Any  Transferee of a Class M  Certificate  will be deemed to
               have  represented  by virtue of its  purchase  or holding of such
               Certificate (or interest therein) that either (a) such Transferee
               is not a Plan  Investor,  (b) it has acquired and is holding such
               Certificate  in  reliance  on  Prohibited  Transaction  Exemption
               ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by
               PTE 97-34,  62 Fed. Reg. 39021 (July 21, 1997),  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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<PAGE>

Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

Section 5.04.  Persons Deemed Owners.

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

Section 5.05.  Appointment of Paying Agent.

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

Section 5.06.  Optional Purchase of Certificates.

(a) On any Distribution Date on which the Pool Stated Principal  Balance,  prior
to giving effect to distributions to be made on such Distribution  Date, is less
than ten percent of the Cut-off Date  Principal  Balance of the Mortgage  Loans,
either the Master  Servicer or the Company shall have the right,  at its option,
to purchase the  Certificates in whole, but not in part, at a price equal to the
outstanding  Certificate  Principal Balance of such Certificates plus the sum of
Accrued Certificate Interest thereon for the related Interest Accrual Period and
any previously unpaid Accrued Certificate Interest.

(b) The Master  Servicer or the Company,  as applicable,  shall give the Trustee
not less than 60 days' prior notice of the Distribution Date on which the Master
Servicer or the Company,  as applicable,  anticipates  that it will purchase the
Certificates  pursuant  to  Section  5.06(a).   Notice  of  any  such  purchase,

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<PAGE>

specifying  the  Distribution  Date upon which the Holders may  surrender  their
Certificates  to the Trustee for payment in  accordance  with this Section 5.06,
shall be given promptly by the Master Servicer or the Company, as applicable, by
letter to Certificateholders  (with a copy to the Certificate Registrar and each
Rating  Agency) mailed not earlier than the 15th day and not later than the 25th
day  of  the  month  next  preceding  the  month  of  such  final  distribution,
specifying:

(i)     the  Distribution  Date  upon  which  purchase  of the  Certificates  is
        anticipated  to  be  made  upon   presentation  and  surrender  of  such
        Certificates at the office or agency of the Trustee therein designated,

(ii)    the purchase price therefor, if known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable, payments being made only upon presentation and surrender
        of the  Certificates  at the  office or agency  of the  Trustee  therein
        specified.

If either the Master Servicer or the Company gives the notice  specified  above,
the  Master  Servicer  or the  Company,  as  applicable,  shall  deposit  in the
Certificate  Account before the Distribution Date on which the purchase pursuant
to Section  5.06(a) is to be made, in  immediately  available  funds,  an amount
equal to the purchase price for the Certificates computed as provided above.

(c) Upon presentation and surrender of the Certificates to be purchased pursuant
to Section 5.06(a) by the Holders thereof,  the Trustee shall distribute to such
Holders an amount equal to the outstanding Certificate Principal Balance thereof
plus the sum of Accrued  Certificate  Interest  thereon for the related Interest
Accrual  Period and any  previously  unpaid  Accrued  Certificate  Interest with
respect thereto.

(d) If any  Certificateholders  do not surrender their Certificates on or before
the Distribution Date on which a purchase pursuant to this Section 5.06 is to be
made, the Trustee shall on such date cause all funds in the Certificate  Account
deposited therein by the Master Servicer or the Company, as applicable, pursuant
to Section 5.06(b) to be withdrawn  therefrom and deposited in a separate escrow
account for the benefit of such  Certificateholders,  and the Master Servicer or
the  Company,  as  applicable,  shall  give a  second  written  notice  to  such
Certificateholders  to surrender their  Certificates for payment of the purchase
price  therefor.  If within six months after the second  notice any  Certificate
shall not have  been  surrendered  for  cancellation,  the  Trustee  shall  take
appropriate  steps  as  directed  by the  Master  Servicer  or the  Company,  as
applicable,  to contact the Holders of such Certificates concerning surrender of
their Certificates. The costs and expenses of maintaining the escrow account and
of contacting Certificateholders shall be paid out of the assets which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this Section 5.06, the Trustee shall pay to the Master  Servicer or the Company,
as applicable,  all amounts  distributable to the Holders thereof and the Master
Servicer or the Company, as applicable, shall thereafter hold such amounts until
distributed  to such  Holders.  No  interest  shall  accrue or be payable to any
Certificateholder  on any  amount  held in the  escrow  account or by the Master
Servicer or the Company, as applicable,  as a result of such Certificateholder's
failure to surrender  its  Certificate(s)  for payment in  accordance  with this
Section 5.06. Any Certificate that is not surrendered on the  Distribution  Date
on which a purchase  pursuant to this Section 5.06 occurs as provided above will
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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 or the
Company, as applicable,  shall be for all purposes the Holder thereof as of such
date.

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                                   Article VI

                       THE COMPANY AND THE MASTER SERVICER

Section 6.01.  Respective Liabilities of the Company and the Master Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

     Section  6.02.  Merger  or  Consolidation  of the  Company  or  the  Master
          Servicer;  Assignment  of Rights  and  Delegation  of Duties by Master
          Servicer.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified to service  mortgage loans on behalf of 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
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

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assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

     Section 6.03.  Limitation on Liability of the Company,  the Master Servicer
          and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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Section 6.04.  Company and Master Servicer Not to Resign.

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

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                                  Article VII

                                     DEFAULT

Section 7.01.  Events of Default.

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

     (i)  the  Master   Servicer  shall  fail  to  distribute  or  cause  to  be
          distributed  to  the  Holders  of   Certificates   of  any  Class  any
          distribution  required to be made under the terms of the  Certificates
          of such Class and this  Agreement  and, in either  case,  such failure
          shall  continue  unremedied for a period of 5 days after the date upon
          which  written  notice of such failure,  requiring  such failure to be
          remedied,  shall have been given to the Master Servicer by the Trustee
          or the Company or to the Master Servicer,  the Company and the Trustee
          by the Holders of  Certificates  of such Class  evidencing  Percentage
          Interests aggregating not less than 25%; or

     (ii) the Master  Servicer  shall fail to observe or perform in any material
          respect any other of the  covenants or  agreements  on the part of the
          Master Servicer  contained in the Certificates of any Class or in this
          Agreement and such failure shall  continue  unremedied for a period of
          30 days  (except that such number of days shall be 15 in the case of a
          failure to pay the premium for any Required  Insurance  Policy)  after
          the date on which written  notice of such failure,  requiring the same
          to be  remedied,  shall have been given to the Master  Servicer by the
          Trustee or the Company, or to the Master Servicer, the Company and the
          Trustee by the Holders of Certificates of any Class evidencing, in the
          case of any such Class, Percentage Interests aggregating not less than
          25%; or

(iii)   a decree or order of a court or agency or supervisory  authority  having
        jurisdiction in the premises in an involuntary case under any present or
        future  federal  or  state  bankruptcy,  insolvency  or  similar  law or
        appointing a conservator  or receiver or  liquidator in any  insolvency,
        readjustment  of debt,  marshalling of assets and liabilities or similar
        proceedings,  or for the winding-up or liquidation of its affairs, shall
        have been entered  against the Master  Servicer and such decree or order
        shall have remained in force undischarged or unstayed for a period of 60
        days; or

(iv)    the Master Servicer shall consent to the appointment of a conservator or
        receiver  or  liquidator  in  any  insolvency,   readjustment  of  debt,
        marshalling of assets and  liabilities,  or similar  proceedings  of, or
        relating  to,  the  Master  Servicer  or  of,  or  relating  to,  all or
        substantially all of the property of the Master Servicer; or

(v)     the Master  Servicer  shall  admit in writing its  inability  to pay its
        debts  generally as they become due,  file a petition to take  advantage
        of, or commence a voluntary  case under,  any  applicable  insolvency or
        reorganization  statute,  make  an  assignment  for the  benefit  of its
        creditors, or voluntarily suspend payment of its obligations; or

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(vi)    the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
        that it is unable to deposit in the Certificate  Account an amount equal
        to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

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Section 7.02.  Trustee or Company to Act; Appointment of Successor.

(a) On and after the time the Master  Servicer  receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's  consent  (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the  transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities  relating  thereto  placed on the Master  Servicer  (except  for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding  the duty to notify  related  Subservicers  or Sellers as set forth in
such  Sections,  and its  obligations  to  deposit  amounts in respect of losses
incurred  prior to such notice or  termination on the investment of funds in the
Custodial  Account or the Certificate  Account  pursuant to Sections 3.07(c) and
4.01(b) by the terms and provisions hereof); provided, however, that any failure
to  perform  such  duties or  responsibilities  caused by the  preceding  Master
Servicer's failure to provide information  required by Section 4.04 shall not be
considered a default by the Trustee  hereunder.  As compensation  therefor,  the
Trustee shall be entitled to all funds  relating to the Mortgage Loans which the
Master  Servicer would have been entitled to charge to the Custodial  Account or
the  Certificate  Account if the Master  Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with  amounts  attributable  to the  Mortgage  Loans held in the  Custodial
Account or the Certificate  Account.  If the Trustee has become the successor to
the Master  Servicer in  accordance  with  Section  6.04 or Section  7.01,  then
notwithstanding  the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act,  appoint,  or petition a court of competent
jurisdiction to appoint,  any established housing and home finance  institution,
which  is  also  a  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'

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rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

Section 7.03.  Notification to Certificateholders.

(a) Upon any such  termination  or  appointment  of a  successor  to the  Master
Servicer,   the  Trustee  shall  give  prompt  written  notice  thereof  to  the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

(b) Within 60 days after the  occurrence  of any Event of  Default,  the Trustee
shall transmit by mail to all Holders of Certificates  notice of each such Event
of Default  hereunder  known to the Trustee,  unless such Event of Default shall
have been cured or waived.

Section 7.04.  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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                                  Article VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.

(a) The Trustee,  prior to the  occurrence  of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

(b) The Trustee,  upon  receipt of all  resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Trustee  which  are  specifically  required  to be  furnished  pursuant  to  any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

(c) No  provision  of this  Agreement  shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct; provided, however, that:

(i)  Prior to the  occurrence  of an Event of  Default,  and after the curing or
     waiver of all such Events of Default  which may have  occurred,  the duties
     and  obligations  of the Trustee shall be determined  solely by the express
     provisions  of this  Agreement,  the Trustee shall not be liable except for
     the  performance  of such duties and  obligations as are  specifically  set
     forth in this Agreement,  no implied covenants or obligations shall be read

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     into this Agreement against the Trustee and, in the absence of bad faith on
     the part of the Trustee, the Trustee may conclusively rely, as to the truth
     of the statements and the  correctness of the opinions  expressed  therein,
     upon any  certificates or opinions  furnished to the Trustee by the Company
     or the Master  Servicer  and which on their  face,  do not  contradict  the
     requirements of this Agreement;

(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

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     laws,  provided that the Master  Servicer  shall  indemnify the Trustee for
     signing any such Tax Returns that contain errors or omissions.

(b) Following the issuance of the Certificates, the Trustee shall not accept any
contribution of assets to the Trust Fund unless (subject to Section 10.01(f)) it
shall have obtained or been  furnished  with an Opinion of Counsel to the effect
that such  contribution will not (i) cause any portion of any REMIC formed under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificates  are  outstanding or (ii) cause the Trust Fund to be subject to any
federal tax as a result of such  contribution  (including  the imposition of any
federal tax on "prohibited  transactions"  imposed under Section  860F(a) of the
Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

Section 8.05.  Master Servicer to Pay Trustee's Fees
                      and Expenses; Indemnification.

(a) The  Master  Servicer  covenants  and agrees to pay to the  Trustee  and any
co-trustee  from  time to time,  and the  Trustee  and any  co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse  the  Trustee  and any  co-trustee  upon  request  for all  reasonable
expenses,  disbursements  and  advances  incurred  or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
the reasonable  compensation  and the expenses and  disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any  co-trustee in connection  with the  appointment  of an office or
agency  pursuant  to Section  8.12)  except any such  expense,  disbursement  or
advance as may arise from its negligence or bad faith.

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(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,
duties and obligations of its predecessor hereunder,  with the like effect as if

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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

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

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

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

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

        The right of the Master  Servicer  or the  Company to  purchase  all the
assets of the Trust Fund pursuant to clause (ii) above is  conditioned  upon the
Pool Stated Principal Balance as of the Final Distribution Date, prior to giving
effect to  distributions to be made on such  Distribution  Date, being less than
ten percent of the Cut-off Date Principal Balance of the Mortgage Loans. If such
right is exercised by the Master  Servicer,  the Master Servicer shall be deemed
to have  been  reimbursed  for the  full  amount  of any  unreimbursed  Advances
theretofore  made by it with respect to the  Mortgage  Loans.  In addition,  the
Master Servicer or the Company, as applicable,  shall provide to the Trustee the
certification  required by Section 3.15 and the Trustee and any Custodian shall,
promptly following payment of the purchase price, release to the Master Servicer
or the Company,  as applicable,  the Mortgage  Files  pertaining to the Mortgage
Loans being purchased.

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(b) The Master  Servicer or, in the case of a final  distribution as a result of
the  exercise by the  Company of its right to  purchase  the assets of the Trust
Fund,  the Company shall give the Trustee not less than 60 days' prior notice of
the  Distribution  Date  on  which  the  Master  Servicer  or  the  Company,  as
applicable,   anticipates   that  the  final   distribution   will  be  made  to
Certificateholders  (whether as a result of the exercise by the Master  Servicer
or the  Company  of its  right to  purchase  the  assets  of the  Trust  Fund or
otherwise).  Notice  of  any  termination,   specifying  the  anticipated  Final
Distribution  Date (which shall be a date that would otherwise be a Distribution
Date) upon which the  Certificateholders may surrender their Certificates to the
Trustee  (if  so  required  by the  terms  hereof)  for  payment  of  the  final
distribution and cancellation, shall be given promptly by the Master Servicer or
the Company, as applicable (if it is exercising its right to purchase the assets
of the Trust  Fund),  or by the  Trustee  (in any  other  case) by letter to the
Certificateholders  mailed not earlier  than the 15th day and not later than the
25th day of the  month  next  preceding  the  month of such  final  distribution
specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated,

(ii)    the amount of any such final payment, if known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates and Class M
        Certificates,  that  payment  will be made  only upon  presentation  and
        surrender  of the  Certificates  at the office or agency of the  Trustee
        therein specified.

If the Master  Servicer or the  Company,  as  applicable,  is  obligated to give
notice to  Certificateholders  as  aforesaid,  it shall give such  notice to the
Certificate Registrar at the time such notice is given to Certificateholders. In
the event such notice is given by the Master Servicer or the Company, the Master
Servicer or the Company, as applicable, shall deposit in the Certificate Account
before the Final  Distribution  Date in  immediately  available  funds an amount
equal to the purchase  price for the assets of the Trust Fund  computed as above
provided.

(c)  In  the  case  of  the  Senior,  Class  M or  Class  B  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master Servicer's or the Company's election to repurchase, or (ii) if the Master
Servicer  or the  Company  elected to so  repurchase,  an amount  determined  as
follows:  (A) with  respect  to each  Certificate  the  outstanding  Certificate
Principal  Balance thereof,  plus Accrued  Certificate  Interest for the related
Interest  Accrual Period thereon and any previously  unpaid Accrued  Certificate
Interest,  subject to the  priority set forth in Section  4.02(a),  and (B) with
respect to the Class R  Certificates,  any excess of the amounts  available  for
distribution  (including  the  repurchase  price  specified  in  clause  (ii) of
subsection  (a) of this  Section)  over the total amount  distributed  under the
immediately preceding clause (A).

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining

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Certificateholders by depositing such funds in a separate escrow account for the
benefit of such  Certificateholders,  and the Master Servicer or the Company, as
applicable (if it exercised its right to purchase the assets of the Trust Fund),
or the Trustee (in any other  case)  shall give a second  written  notice to the
remaining  Certificateholders  to surrender their  Certificates for cancellation
and receive the final  distribution  with respect thereto.  If within six months
after the second  notice any  Certificate  shall not have been  surrendered  for
cancellation, the Trustee shall take appropriate steps as directed by the Master
Servicer   or  the   Company,   as   applicable,   to  contact   the   remaining
Certificateholders  concerning  surrender of their  Certificates.  The costs and
expenses of maintaining the escrow account and of contacting  Certificateholders
shall be paid out of the assets  which remain in the escrow  account.  If within
nine  months  after  the  second  notice  any  Certificates  shall not have been
surrendered  for  cancellation,  the Trustee shall pay to the Master Servicer or
the Company, as applicable, all amounts distributable to the holders thereof and
the Master Servicer or the Company,  as applicable,  shall  thereafter hold such
amounts  until  distributed  to such  holders.  No interest  shall  accrue or be
payable to any  Certificateholder on any amount held in the escrow account or by
the  Master  Servicer  or the  Company,  as  applicable,  as a  result  of  such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

Section 9.02.  Additional Termination Requirements.

(a) Each REMIC that  comprises  the Trust Fund shall be terminated in accordance
with the following additional requirements, unless (subject to Section 10.01(f))
the Trustee and the Master  Servicer have received an Opinion of Counsel  (which
Opinion of Counsel  shall not be an expense of the  Trustee)  to the effect that
the failure of each such REMIC to comply with the  requirements  of this Section
9.02 will not (i) result in the  imposition on the Trust of taxes on "prohibited
transactions,"  as described in Section 860F of the Code, or (ii) cause any such
REMIC  to fail to  qualify  as a REMIC  at any  time  that  any  Certificate  is
outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

(ii)    The Master Servicer shall notify the Trustee at the commencement of such
        90-day  liquidation period and, at or prior to the time of making of the
        final payment on the  Certificates,  the Trustee shall sell or otherwise
        dispose of all of the  remaining  assets of the Trust Fund in accordance
        with the terms hereof; and

(iii)   If the  Master  Servicer  or the  Company  is  exercising  its  right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during
        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b) Each Holder of a Certificate and the Trustee hereby irrevocably approves and
appoints the Master Servicer as its attorney-in-fact to adopt a plan of complete
liquidation  for each REMIC at the expense of the Trust Fund in accordance  with
the terms and conditions of this Agreement.

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<PAGE>

Section 9.03.  Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

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                                   Article X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.

(c) The REMIC  Administrator  shall hold a Class R  Certificate  representing  a
0.01%  Percentage  Interest each Class of the Class R Certificates  and shall be
designated as "the tax matters  person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1.  The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section  3.10 unless such legal  expenses  and costs are incurred by
reason  of the REMIC  Administrator's  willful  misfeasance,  bad faith or gross
negligence.  If  the  REMIC  Administrator  is no  longer  the  Master  Servicer
hereunder,  at its option the REMIC  Administrator  may  continue  its duties as
REMIC  Administrator  and shall be paid  reasonable  compensation  not to exceed
$3,000 per year by any successor Master Servicer  hereunder for so acting as the
REMIC Administrator.

(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns  that it  determines  are required  with  respect to each REMIC  created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing  such returns  shall be borne by the REMIC  Administrator  without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability  arising from the
Trustee's  signing of Tax Returns that contain errors or omissions.  The Trustee
and Master  Servicer shall promptly  provide the REMIC  Administrator  with such

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<PAGE>

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
Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action

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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

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     materially  inconsistent  with the provisions of this  Agreement,  provided
     that such  action  shall  not,  as  evidenced  by an  Opinion  of  Counsel,
     adversely   affect  in  any   material   respect  the   interests   of  any
     Certificateholder or

          (vii) to amend any provision herein or therein that is not material to
     any of the Certificateholders.

(b) This  Agreement or any Custodial  Agreement may also be amended from time to
time by the Company, the Master Servicer and the Trustee with the consent of the
Holders of  Certificates  evidencing  in the  aggregate not less than 66% of the
Percentage  Interests  of each Class of  Certificates  affected  thereby for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or such Custodial  Agreement or of modifying
in any manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment shall:

(i)  reduce in any manner the amount of, or delay the timing of,  payments which
     are required to be  distributed on any  Certificate  without the consent of
     the Holder of such Certificate,

(ii)    reduce the aforesaid percentage of Certificates of any Class the Holders
        of which are required to consent to any such amendment, in any such case
        without  the consent of the  Holders of all  Certificates  of such Class
        then outstanding.

(c) Notwithstanding any contrary provision of this Agreement,  the Trustee shall
not  consent  to any  amendment  to this  Agreement  unless it shall  have first
received an Opinion of Counsel  (subject to Section  10.01(f) and at the expense
of the party seeking such  amendment)  to the effect that such  amendment or the
exercise of any power granted to the Master Servicer, the Company or the Trustee
in accordance with such amendment will not result in the imposition of a federal
tax on the Trust Fund or cause any REMIC created under the Series  Supplement to
fail to qualify as a REMIC at any time that any Certificate is outstanding.

(d) Promptly after the execution of any such amendment the Trustee shall furnish
written  notification  of the  substance of such  amendment to the Custodian and
each   Certificateholder.   It  shall  not  be  necessary  for  the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

(e) The Company  shall have the option,  in its sole  discretion,  to obtain and
deliver to the Trustee any corporate guaranty,  payment obligation,  irrevocable
letter of credit,  surety  bond,  insurance  policy or similar  instrument  or a
reserve fund, or any combination of the foregoing, for the purpose of protecting
the Holders of the Class B  Certificates  against any or all Realized  Losses or
other  shortfalls.  Any such instrument or fund shall be held by the Trustee for
the benefit of the Class B Certificateholders, but shall not be and shall not be
deemed to be under any  circumstances  included in the Trust Fund. To the extent
that any such  instrument or fund  constitutes a reserve fund for federal income
tax purposes,  (i) any reserve fund so established  shall be an outside  reserve
fund and not an asset of the Trust  Fund,  (ii) any such  reserve  fund shall be
owned by the Company,  and (iii)  amounts  transferred  by the Trust Fund to any

                                        108

<PAGE>

such reserve fund shall be treated as amounts  distributed  by the Trust Fund to
the Company or any  successor,  all within the  meaning of Treasury  Regulations
Section  1.860G-2(h) as it reads as of the Cut-off Date. In connection  with the
provision of any such  instrument  or fund,  this  Agreement  and any  provision
hereof may be modified,  added to,  deleted or  otherwise  amended in any manner
that is related or incidental to such instrument or fund or the establishment or
administration thereof, such amendment to be made by written instrument executed
or consented to by the Company but without the consent of any  Certificateholder
and  without the consent of the Master  Servicer or the Trustee  being  required
unless  any such  amendment  would  impose  any  additional  obligation  on,  or
otherwise adversely affect the interests of the Senior  Certificateholders,  the
Class M  Certificateholders,  the Master Servicer or the Trustee, as applicable;
provided that the Company  obtains  (subject to Section  10.01(f)) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
any such amendment will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code and (b) any REMIC created
hereunder  to fail to  qualify  as a REMIC at any time that any  Certificate  is
outstanding.  In the event that the Company  elects to provide such  coverage in
the  form  of  a  limited  guaranty   provided  by  General  Motors   Acceptance
Corporation,  the  Company  may elect  that the text of such  amendment  to this
Agreement  shall be  substantially  in the form attached hereto as Exhibit K (in
which case  Residential  Funding's  Subordinate  Certificate  Loss Obligation as
described in such exhibit shall be established by Residential  Funding's consent
to such  amendment) and that the limited  guaranty shall be executed in the form
attached  hereto as Exhibit L, with such changes as the Company shall deem to be
appropriate;  it being understood that the Trustee has reviewed and approved the
content of such forms and that the  Trustee's  consent  or  approval  to the use
thereof is not required.

Section 11.02. Recordation of Agreement; Counterparts.

(a) To the extent  permitted by  applicable  law,  this  Agreement is subject to
recordation in all appropriate  public offices for real property  records in all
the  counties  or other  comparable  jurisdictions  in  which  any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

(b) For the purpose of facilitating  the recordation of this Agreement as herein
provided and for other purposes,  this Agreement may be executed  simultaneously
in any number of counterparts,  each of which counterparts shall be deemed to be
an  original,  and  such  counterparts  shall  constitute  but one and the  same
instrument.

                                        109
<PAGE>

Section 11.03. Limitation on Rights of Certificateholders.

(a) The  death or  incapacity  of any  Certificateholder  shall not  operate  to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal  representatives  or heirs to claim an accounting or to take any action or
proceeding  in any court for a partition  or winding up of the Trust  Fund,  nor
otherwise  affect the rights,  obligations and liabilities of any of the parties
hereto.

(b) No  Certificateholder  shall  have any right to vote  (except  as  expressly
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto,  nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third  person by reason of any action  taken by the  parties  to this  Agreement
pursuant to any provision hereof.

(c) No Certificateholder shall have any right by virtue of any provision of this
Agreement to institute  any suit,  action or proceeding in equity or at law upon
or under or with respect to this Agreement,  unless such Holder previously shall
have given to the  Trustee a written  notice of default  and of the  continuance
thereof, as hereinbefore  provided,  and unless also the Holders of Certificates
of any  Class  evidencing  in the  aggregate  not less  than 25% of the  related
Percentage  Interests of such Class,  shall have made  written  request upon the
Trustee to institute such action,  suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable  indemnity as it
may require against the costs,  expenses and liabilities to be incurred  therein
or  thereby,  and the  Trustee,  for 60 days after its  receipt of such  notice,
request and offer of indemnity, shall have neglected or refused to institute any
such action,  suit or proceeding  it being  understood  and intended,  and being
expressly    covenanted   by   each    Certificateholder    with   every   other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

Section 11.04. Governing Law.

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

                                        110
<PAGE>

Section 11.05. Notices.

        As provided in Section 11.05 of the Series Supplement.

Section 11.06. Required Notices to Rating Agency and Subservicer.

        The Company,  the Master Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

(a)     a material change or amendment to this Agreement,

(b)     the occurrence of an Event of Default,

(c)  the termination or appointment of a successor Master Servicer or Trustee or
     a change in the majority ownership of the Trustee,

(d)  the filing of any claim under the Master  Servicer's  blanket fidelity bond
     and the errors and omissions  insurance  policy required by Section 3.12 or
     the cancellation or modification of coverage under any such instrument,

(e)  the  statement  required  to be  delivered  to the Holders of each Class of
     Certificates pursuant to Section 4.03,

(f)  the statements required to be delivered pursuant to Sections 3.18 and 3.19,

(g)  a change  in the  location  of the  Custodial  Account  or the  Certificate
     Account,

(h)     the  occurrence of any monthly cash flow shortfall to the Holders of any
        Class of Certificates  resulting from the failure by the Master Servicer
        to make an Advance pursuant to Section 4.04,

(i)     the occurrence of the Final Distribution Date, and

(j)     the repurchase of or substitution for any Mortgage Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

Section 11.07. Severability of Provisions.

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the

                                        111

<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.

                                        112

<PAGE>

                                    EXHIBIT A

FORM  OF  CLASS  A  CERTIFICATE,  [PRINCIPAL  ONLY/CLASS  A-P]  CERTIFICATE  AND
[INTEREST ONLY/CLASS A-V] CERTIFICATE

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

        [THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS SUPPLEMENT), [AND ASSUMING A CONSTANT
PASS-THROUGH RATE EQUAL TO THE INITIAL  PASS-THROUGH RATE,] THIS CERTIFICATE HAS
BEEN ISSUED WITH NO MORE THAN $[ ] OF OID PER  [$1,000]  [$100,000]  OF [INITIAL
CERTIFICATE  PRINCIPAL BALANCE] [NOTIONAL AMOUNT], THE YIELD TO MATURITY IS [ ]%
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$[  ]  PER  [$1,000]  [$100,000]  OF  [INITIAL  CERTIFICATE  PRINCIPAL  BALANCE]
[NOTIONAL AMOUNT],  COMPUTED USING THE APPROXIMATE  METHOD. NO REPRESENTATION IS
MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE PREPAYMENT SPEED
ASSUMPTION  OR AT ANY  OTHER  RATE OR AS TO THE  CONSTANCY  OF THE  PASS-THROUGH
RATE.]

                                        113

<PAGE>

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

                                        114

<PAGE>

"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 A-
Certificates on such Distribution Date. [The [Interest  Only/Class A-V] Notional
Amount  of  the  [Interest  Only/Class  A-V]  Certificates  as of  any  date  of
determination is equal to the aggregate Stated Principal Balance of the Mortgage
Loans corresponding to the Uncertificated REMIC Regular Interests represented by
such [Interest  Only/Class A-V]  Certificates.] [The Subclass Notional Amount of
the [Interest  Only/Class A-V]-  Certificates as of any date of determination is
equal  to  the  aggregate  Stated  Principal   Balance  of  the  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
[Interest  Only/Class A-V]-  Certificates  immediately prior to such date.] [The
[Interest  Only/Class  A-V][-  ]  Certificates  have  no  Certificate  Principal
Balance.]

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The [Initial Certificate  Principal Balance] [Initial [Interest Only/Class
A-V] Notional Amount] [initial  Subclass Notional Amount] of this Certificate is
set forth above.] [The Certificate  Principal  Balance hereof will be reduced to
the extent of  distributions  allocable  to principal  and any  Realized  Losses
allocable hereto.]

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is

                                        115
<PAGE>

reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is

                                        116

<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 or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purposes have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        117

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_________________________],
                                              as Trustee

                                            By: ____________________________
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  A-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [---------------------------],
                                                 as Certificate Registrar

                                            By: _____________________________
                                                 Authorized Signatory

                                        118
<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)  unto  ____________________________  (Please print or typewrite name
and  address  including  postal  zip code of  assignee)  a  Percentage  Interest
evidenced  by the within  Mortgage  Asset-Backed  Pass-Through  Certificate  and
hereby  authorizes the transfer of  registration of such interest to assignee on
the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

_____________________________________________________________________________

Dated:                                    Signature by or on behalf of assignor

                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available funds to ____________________________________________________  for the
account         of         ____________________________________          account
number__________________,      or,     if      mailed      by     check,      to
____________________________.   Applicable   statements   should  be  mailed  to
_____________________________________.

     This information is provided by  ___________________________,  the assignee
named above, or ___________________________, as its agent.

<PAGE>

                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY  FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS  CERTIFICATE  HAS
BEEN ISSUED WITH NO MORE THAN $[____] OF OID PER $[1,000] OF INITIAL CERTIFICATE
PRINCIPAL  BALANCE,  THE YIELD TO  MATURITY  IS  [_____]%  AND THE AMOUNT OF OID
ATTRIBUTABLE  TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $[____] PER $[1,000]
OF INITIAL CERTIFICATE PRINCIPAL BALANCE, COMPUTED UNDER THE APPROXIMATE METHOD.
NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT SPEED ASSUMPTION OR AT ANY OTHER RATE.

        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
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

<PAGE>

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 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
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.

                                        B-5

<PAGE>

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.

               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 which is set forth hereafter.  To the extent not defined

                                        C-2

<PAGE>

herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               No transfer of this Class B Certificate  will be made unless such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by the  Agreement.  The Holder hereof  desiring to effect
such  transfer  shall,  and does hereby agree to,  indemnify  the  Trustee,  the
Company,  the Master Servicer and the Certificate  Registrar acting on behalf of
the Trustee  against  any  liability  that may result if the  transfer is not so
exempt  or is not made in  accordance  with such  Federal  and  state  laws.  In
connection  with any such transfer,  the Trustee will also require either (i) an
opinion of counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer with respect to the permissibility
of such transfer under the Employee  Retirement  Income Security Act of 1974, as
amended  ("ERISA"),  and Section 4975 of the Internal  Revenue Code (the "Code")
and stating, among other things, that the transferee's  acquisition of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation

                                        C-3

<PAGE>

letter,  in the form as  described  by the  Agreement,  either  stating that the
transferee  is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of ERISA or Section 4975 of the Code (a "Plan"),  or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan)  acting,  directly  or  indirectly,  on behalf  of or  purchasing  any
Certificate with "plan assets" of any Plan, or stating that the transferee is an
insurance  company,  the  source  of  funds  to be  used by it to  purchase  the
Certificate is an "insurance  company  general  account"  (within the meaning of
Department of Labor Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance  upon the  availability  of the exemptive
relief afforded under Sections I and III of PTCE 95-60.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
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 or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        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

<PAGE>

CERTAIN  ADDITIONAL  CONDITIONS  RELATING  TO  THE  FINANCIAL  CONDITION  OF THE
PROPOSED  TRANSFEREE.   NOTWITHSTANDING  THE  REGISTRATION  IN  THE  CERTIFICATE
REGISTER OR ANY TRANSFER,  SALE OR OTHER  DISPOSITION  OF THIS  CERTIFICATE TO A
DISQUALIFIED  ORGANIZATION  OR AN AGENT  OF A  DISQUALIFIED  ORGANIZATION,  SUCH
REGISTRATION  SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT  WHATSOEVER  AND
SUCH  PERSON  SHALL  NOT BE  DEEMED TO BE A  CERTIFICATEHOLDER  FOR ANY  PURPOSE
HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.  EACH HOLDER OF THIS  CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

Certificate No.                                   [      ]% Pass-Through Rate
                ------                             ------

Class R Senior                                    Aggregate Initial Certificate
                                                  Principal Balance of the
Date of Pooling and Servicing                     Class R Certificates:
Agreement and Cut-off Date:                       $100.00
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  Percentage Interest:
Residential Funding Corporation                                 %
                                                  --------------

Assumed Final Distribution Date:                  CUSIP 76110F-
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class R Certificates with respect to the Trust Fund consisting primarily
        of a pool of conventional  one- to four-family fixed interest rate first
        mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

                                        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
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
Holder hereof may have additional  obligations with respect to this Certificate,

                                        D-3

<PAGE>

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 or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.

                                        D-5

<PAGE>

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        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.

                                        E-2

<PAGE>

7.      Assignment.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      Notices.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

      Attention:________________________________________________________
      Telefacsimile Number:  ( _________)  ___________ - _______________
9.      Jurisdiction and Venue.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner  provided by law. Each of the parties  further agrees not
to institute  any legal  actions or  proceedings  against the other party or any
director,  officer,  employee,  attorney,  agent or property of the other party,
arising  out of or  relating  to  this  Contract  in any  court  other  than  as
hereinabove specified in this paragraph 9.

10.     Miscellaneous.

                                        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

<PAGE>

the Class R Certificates  may be  "noneconomic  residual  interests"  within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes
due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R  Certificates  if either the  pass-through  entity is an electing  large
partnership  under  Section 775 of the if at any time during the taxable year of
the pass-through  entity a disqualified  organization is the record holder of an
interest in such entity.  (For this purpose,  a "pass through entity" includes a
regulated  investment  company,  a real estate  investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)

5. The Owner is a citizen or  resident  of the  United  States,  a  corporation,
partnership  or other entity  created or organized in, or under the laws of, the
United  States or any  political  subdivision  thereof  (except in the case of a
partnership, to the extent provided in Treasury regulations),  or an estate that
is described in Section 7701(a)(30)(D) of the Code, or a trust that is described
in Section 7701(a)(30)(E) of the Code.

6. That the Owner is aware that the Trustee  will not  register  the transfer of
any Class R  Certificates  unless the  transferee,  or the  transferee's  agent,
delivers to it an affidavit and agreement,  among other things, in substantially
the same form as this affidavit and agreement.  The Owner expressly  agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

7. That the Owner has  reviewed  the  restrictions  set forth on the face of the
Class R Certificates  and the  provisions of Section  5.02(f) of the Pooling and
Servicing  Agreement  under  which  the Class R  Certificates  were  issued  (in
particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver  payments  to a person  other than the Owner and  negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

8. That the Owner consents to any additional  restrictions or arrangements  that
shall be deemed  necessary  upon advice of counsel to  constitute  a  reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.

9.      The Owner's Taxpayer Identification Number is _________________ .

10. This affidavit and agreement  relates only to the Class R Certificates  held
by the Owner and not to any other holder of the Class R Certificates.  The Owner
understands  that the  liabilities  described  herein relate only to the Class R
Certificates.

11. That no purpose of the Owner  relating to the transfer of any of the Class R
Certificates  by the Owner is or will be to impede the  assessment or collection
of any tax.

12.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R  Certificate

                                        G-1-2

<PAGE>

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]

                                            By:
                                                [Name of Officer]
                                                 [Title of Officer]
[Corporate Seal]

ATTEST:

[Assistant] Secretary

               Personally  appeared before me the above-named [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

               Subscribed and sworn before me this ____ day of ______, 200__.

                      NOTARY PUBLIC

                     COUNTY OF
                              ---------------------------
                     STATE OF
                             ----------------------------
                      My Commission  expires the___ day of ____,20___.

                                        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:

15. No purpose of the Seller  relating to the transfer of the Certificate by the
Seller to the Purchaser is or will be to impede the  assessment or collection of
any tax.

16. The Seller  understands  that the Purchaser has delivered to the Trustee and
the Master  Servicer a transfer  affidavit and agreement in the form attached to
the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does not know or
believe that any representation contained therein is false.

17.  The  Seller  has at  the  time  of  the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-1(c)(4)(i)  and,  as  a  result  of  that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the  future.  The  Seller  understands  that  the  transfer  of a Class R

<PAGE>

Certificate  may not be respected for United States income tax purposes (and the
Seller may  continue  to be liable for United  States  income  taxes  associated
therewith) unless the Seller has conducted such an investigation.

18. The Seller has no actual knowledge that the proposed  Transferee is not both
a United States Person and a Permitted Transferee.

                                            Very truly yours,

                                    (Seller)

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

                                        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

<PAGE>

     qualification  is  available,  (d)  the  Pooling  and  Servicing  Agreement
     contains  restrictions  regarding the transfer of the  Certificates and (e)
     the Certificates will bear a legend to the foregoing effect.

2.   The  Purchaser  is  acquiring  the  Certificates  for its own  account  for
     investment  only and not with a view to or for sale in connection  with any
     distribution  thereof  in any  manner  that  would  violate  the Act or any
     applicable state securities laws.

3.   The Purchaser is (a) a substantial,  sophisticated  institutional  investor
     having such  knowledge and  experience  in financial and business  matters,
     and, in particular,  in such matters  related to securities  similar to the
     Certificates, such that it is capable of evaluating the merits and risks of
     investment in the Certificates, (b) able to bear the economic risks of such
     an investment and (c) an "accredited  investor"  within the meaning of Rule
     501(a) promulgated pursuant to the Act.

4.   The Purchaser has been furnished with, and has had an opportunity to review
     (a) [a copy of the Private Placement Memorandum, dated __________,  20____,
     relating  to the  Certificates  (b)] a copy of the  Pooling  and  Servicing
     Agreement and [b] [c] such other  information  concerning the Certificates,
     the Mortgage  Loans and the Company as has been  requested by the Purchaser
     from the Company or the Seller and is relevant to the Purchaser's  decision
     to purchase the  Certificates.  The Purchaser has had any questions arising
     from such review answered by the Company or the Seller to the  satisfaction
     of the Purchaser.  [If the Purchaser did not purchase the Certificates from
     the Seller in connection with the initial  distribution of the Certificates
     and was  provided  with a copy of the  Private  Placement  Memorandum  (the
     "Memorandum")  relating to the original sale (the  "Original  Sale") of the
     Certificates  by  the  Company,   the  Purchaser   acknowledges  that  such
     Memorandum  was  provided  to it by the  Seller,  that the  Memorandum  was
     prepared by the Company solely for use in connection with the Original Sale
     and  the  Company  did  not  participate  in or  facilitate  in any way the
     purchase of the  Certificates  by the  Purchaser  from the Seller,  and the
     Purchaser  agrees  that it will look  solely to the  Seller  and not to the
     Company with respect to any damage, liability, claim or expense arising out
     of, resulting from or in connection with (a) error or omission,  or alleged
     error or omission,  contained in the  Memorandum,  or (b) any  information,
     development or event arising after the date of the Memorandum.]

5.   The  Purchaser  has not and  will  not  nor  has it  authorized  or will it
     authorize any person to (a) offer,  pledge,  sell,  dispose of or otherwise
     transfer  any  Certificate,  any interest in any  Certificate  or any other
     similar security to any person in any manner,  (b) solicit any offer to buy
     or to accept a pledge,  disposition of other  transfer of any  Certificate,
     any interest in any  Certificate  or any other  similar  security  from any
     person in any manner,  (c) otherwise  approach or negotiate with respect to
     any  Certificate,  any  interest in any  Certificate  or any other  similar
     security with any person in any manner,  (d) make any general  solicitation
     by means of  general  advertising  or in any  other  manner or (e) take any
     other action,  that (as to any of (a) through (e) above) would constitute a

                                        H-2

<PAGE>

     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  (the  "Code")  (a  "Plan"),  or any other  person
        (including an investment  manager, a named fiduciary or a trustee of any
        Plan) acting,  directly or  indirectly,  on behalf of or purchasing  any
        Certificate  with "plan  assets" of any Plan  within the  meaning of the
        Department of Labor ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; or

(b)     is an  insurance  company,  the  source  of  funds  to be  used by it to
        purchase the  Certificates  is an "insurance  company  general  account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60.]

               4. This document may be executed in one or more  counterparts and
        by the different parties hereto on separate counterparts, each of which,
        when so executed,  shall be deemed to be an original; such counterparts,
        together, shall constitute one and the same document.

                                        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.

                                        J-4

<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-5
<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-6

<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-7

<PAGE>

13. The undersigned will notify each of the parties to which this  certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice,  the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation  of this  certification  by the undersigned as of the date of such
purchase.

                                            Print Name of Buyer

                                            By:
                                                 ----------------------------
                                                 Name:
                                                      -----------------------
                                                 Title:
                                                       ----------------------

                                            IF AN ADVISER:

                                            Print Name of Buyer

                                            Date:
                                                 ----------------------------

                                        J-8
<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

<PAGE>

Available")  shall  be  equal  to the  lesser  of (X)  minus  the sum of (i) all
previous  payments made under  subsections (a) and (b) hereof and (ii) all draws
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

                                        K-2

<PAGE>

agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss
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:

14.  Provision  of Funds.  (a) GMAC  agrees to  contribute  and  deposit  in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related
Distribution  Date,  such moneys as may be required  by  Residential  Funding to

<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.

15.  Waiver.  GMAC hereby waives any failure or delay on the part of Residential
Funding, the Trustee or any other person in asserting or enforcing any rights or
in making any claims or demands hereunder.  Any defective or partial exercise of
any such rights shall not preclude any other or further  exercise of that or any
other such right.  GMAC further waives demand,  presentment,  notice of default,
protest, notice of acceptance and any other notices with respect to this Limited
Guaranty,  including,  without  limitation,  those of action or nonaction on the
part of Residential Funding or the Trustee.

16.  Modification,  Amendment  and  Termination.  This  Limited  Guaranty may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

17.  Successor.  Except as otherwise  expressly  provided herein,  the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

18.  Governing  Law. This Limited  Guaranty shall be governed by the laws of the
State of New York.

19.  Authorization  and Reliance.  GMAC  understands that a copy of this Limited
Guaranty  shall be delivered to the Trustee in connection  with the execution of
Amendment  No. 1 to the  Servicing  Agreement  and GMAC  hereby  authorizes  the
Company  and the  Trustee  to rely on the  covenants  and  agreements  set forth
herein.

20.  Definitions.  Capitalized terms used but not otherwise defined herein shall
have the meaning given them in the Servicing Agreement.

21.  Counterparts.  This  Limited  Guaranty  may be  executed  in any  number of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

                                        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:
                                                  ---------------------------

<PAGE>

                                    EXHIBIT N

                          FORM OF REQUEST FOR EXCHANGE

                                             [DATE]

==================
------------------

               Re:    Residential Accredit Loans, Inc.,
                      Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___

               Residential Funding Corporation,  as the Holder of a % Percentage
Interest of the [Interest Only/Class A-V][-1] Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

1.   [Interest  Only/Class  A-V]-  Certificates,  corresponding to the following
     Uncertificated REMIC Regular Interests:  [List numbers corresponding to the
     related  loans and Pool Strip Rates from the Mortgage Loan  Schedule].  The
     initial Subclass  Notional Amount and the Initial  Pass-Through Rate on the
     [Interest Only/Class A-V]- Certificates will be $ and %, respectively.

2.   [Repeat as appropriate.]

               The  Subclasses  requested  above will represent in the aggregate
all of the Uncertificated  REMIC Regular Interests  represented by the [Interest
Only/Class A-V][-1] Certificates surrendered for exchange.

               All capitalized  terms used but not defined herein shall have the
meanings  set  forth  in  the  Pooling  and  Servicing  Agreement,  dated  as of
___________ 1, ____, among Residential Accredit Loans, Inc., Residential Funding
Corporation and __________________, as trustee.

                                            RESIDENTIAL FUNDING CORPORATION

                                            By:
                                               ------------------------------
                                      Name:
                                     Title:

<PAGE>Exhibit 4.2

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

                      R.J. REYNOLDS TOBACCO HOLDINGS, INC.
                                     Issuer,

                         R. J. REYNOLDS TOBACCO COMPANY,
                                  as Guarantor

                             RJR ACQUISITION CORP.,
                                  as Guarantor

                                       and

                              THE BANK OF NEW YORK,
                                   as Trustee

                                    INDENTURE

                                   dated as of

                                        ,

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

                                                1

<PAGE>

<TABLE>

                                        TABLE OF CONTENTS

                                     ----------------------
<S>     <C>                               <C>                                             <C>

                                                                                             PAGE

                                            ARTICLE 1
DEFINITIONS AND INCORPORATION BY REFERENCE
         SECTION 1.01.  Definitions.............................................................1
         SECTION 1.02.  Incorporation by Reference of TIA.......................................8
         SECTION 1.03.  Rules of Construction...................................................9

                                            ARTICLE 2
SECURITIES
         SECTION 2.01.  Forms Generally........................................................10
         SECTION 2.02.  Form of Trustee's Certification of Authentication......................10
         SECTION 2.03.  Amount Unlimited; Issuable in Series...................................10
         SECTION 2.04.  Execution, Authentication and Denominations............................12
         SECTION 2.05.  Registrar and Paying Agent.............................................13
         SECTION 2.06.  Paying Agent to Hold Money in Trust....................................14
         SECTION 2.07.  Transfer and Exchange..................................................14
         SECTION 2.08.  Mutilated, Defaced, Destroyed, Lost and Stolen Securities..............15
         SECTION 2.09.  Outstanding Securities.................................................16
         SECTION 2.10.  Temporary Securities...................................................16
         SECTION 2.11.  Cancellation...........................................................17
         SECTION 2.12.  Payment of Interest; Defaulted Interest................................17
         SECTION 2.13.  Computation of Interest................................................18
         SECTION 2.14.  CUSIP Numbers..........................................................18

                                            ARTICLE 3
COVENANTS
         SECTION 3.01.  Payment of Securities..................................................19
         SECTION 3.02.  Maintenance of Office or Agency........................................19
         SECTION 3.03.  SEC Reports and Available Information..................................20
         SECTION 3.04.  Certificate to Trustee.................................................20
         SECTION 3.05.  Negative Pledge........................................................21
         SECTION 3.06.  Certain Sale and Lease-back Transactions...............................22
         SECTION 3.07.  Corporate Existence....................................................23
         SECTION 3.08.  Payment of Taxes and Other Claims......................................23
         SECTION 3.09.  Waiver of Stay, Extension or Usury Laws................................24
         SECTION 3.10.  Further Instruments and Acts...........................................24
         SECTION 3.11.  Notice of Defaults.....................................................24

                                                i

<PAGE>

                                                                                             PAGE

                                            ARTICLE 4
CONSOLIDATION, MERGER, SALE OR CONVEYANCE
         SECTION 4.01.  Covenant Not to Merge, Consolidate, Sell or Convey
                  Property Except Under Certain Conditions.....................................24
         SECTION 4.02.  Successor Corporation Substituted......................................25
         SECTION 4.03.  Opinion of Counsel to Trustee..........................................25

                                            ARTICLE 5
REDEMPTION OF SECURITIES
         SECTION 5.01.  Applicability of Article...............................................26
         SECTION 5.02.  Selection of Securities to Be Redeemed.................................26
         SECTION 5.03.  Exclusion of Certain Securities from Eligibility for
                  Selection for Redemption.....................................................26
         SECTION 5.04.  Notice of Redemption...................................................26
         SECTION 5.05.  Effect of Notice of Redemption.........................................27
         SECTION 5.06.  Deposit of Redemption Price............................................27
         SECTION 5.07.  Securities Payable on Redemption Date..................................27
         SECTION 5.08.  Securities Redeemed in Part............................................28
         SECTION 5.09.  Mandatory and Optional Sinking Funds...................................28

                                            ARTICLE 6
DEFAULTS AND REMEDIES
         SECTION 6.01.  Event of Default Defined; Acceleration of Maturity;
                  Waiver of Default............................................................31
         SECTION 6.02.  Collection of Indebtedness by Trustee; Trustee May Prove
                  Debt.........................................................................33
         SECTION 6.03.  Application of Proceeds................................................36
         SECTION 6.04.  Suits for Enforcement..................................................37
         SECTION 6.05.  Restoration of Rights on Abandonment of Proceedings....................37
         SECTION 6.06.  Limitations on Suits by Securityholders................................38
         SECTION 6.07.  Unconditional Right of Securityholders to Institute Certain
                  Suits........................................................................38
         SECTION 6.08.  Powers and Remedies Cumulative; Delay or Omission Not
                  Waiver of Default............................................................38
         SECTION 6.09.  Control by Securityholders.............................................39
         SECTION 6.10.  Waiver of Past Defaults................................................39
         SECTION 6.11.  Trustee to Give Notice of Default, But May Withhold in
                  Certain Circumstances........................................................40
         SECTION 6.12.  Right of Court to Require Filing of Undertaking to Pay
                  Costs........................................................................40

                                               ii

<PAGE>

                                                                                             PAGE

                                            ARTICLE 7
TRUSTEE
         SECTION 7.01.  Duties of Trustee......................................................41
         SECTION 7.02.  Rights of Trustee......................................................43
         SECTION 7.03.  Individual Rights of Trustee...........................................43
         SECTION 7.04.  Trustee's Disclaimer...................................................43
         SECTION 7.05.  Notice of Defaults.....................................................44
         SECTION 7.06.  Reports by Trustee to Holders..........................................44
         SECTION 7.07.  Compensation and Indemnity.............................................44
         SECTION 7.08.  Replacement of Trustee.................................................45
         SECTION 7.09.  Successor Trustee by Merger............................................47
         SECTION 7.10.  Eligibility; Disqualification..........................................47
         SECTION 7.11.  Preferential Collection of Claims Against the Company
                   ............................................................................47

                                            ARTICLE 8
SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS
         SECTION 8.01.  Satisfaction and Discharge of Indenture................................48
         SECTION 8.02.  Application by Trustee of Funds Deposited for Payment of
                  Securities...................................................................52
         SECTION 8.03.  Repayment of Moneys Held by Paying Agent...............................52
         SECTION 8.04.  Return of Moneys Held by Trustee and Paying Agent
                  Unclaimed for Two Years......................................................52

                                            ARTICLE 9
AMENDMENTS
         SECTION 9.01.  Without Consent of Securityholders.....................................53
         SECTION 9.02.  With Consent of Securityholders........................................54
         SECTION 9.03.  Effect of Supplemental Indenture.......................................56
         SECTION 9.04.  Documents to Be Given to Trustee.......................................56
         SECTION 9.05.  Notation on Securities in Respect of Supplemental
                  Indentures...................................................................56
         SECTION 9.06.  Compliance with TIA....................................................56
         SECTION 9.07.  Revocation and Effect of Consents and Waivers..........................56
         SECTION 9.08.  Trustee to Sign Amendments.............................................57

                                           ARTICLE 10
GUARANTEES
         SECTION 10.01.  Guarantees............................................................57
         SECTION 10.02.  Limitation on Liability; Termination, Release and
                  Discharge....................................................................59
         SECTION 10.03.  Right of Contribution.................................................60

                                               iii

<PAGE>

                                                                                             PAGE

         SECTION 10.04.  No Subrogation........................................................60
         SECTION 10.05.  Future Guarantors.....................................................60

                                           ARTICLE 11
MISCELLANEOUS
         SECTION 11.01.  TIA Controls..........................................................61
         SECTION 11.02.  Notices...............................................................61
         SECTION 11.03.  Communication by Holders with Other Holders...........................62
         SECTION 11.04.  Certificate and Opinion as to Conditions Precedent....................62
         SECTION 11.05.  Statements Required in Certificate or Opinion.........................62
         SECTION 11.06.  When Securities Disregarded...........................................63
         SECTION 11.07.  Rules by Trustee, Paying Agent and Registrar..........................63
         SECTION 11.08.  Legal Holidays........................................................63
         SECTION 11.09.  GOVERNING LAW.........................................................63
         SECTION 11.10.  No Recourse Against Others............................................64
         SECTION 11.11.  Successors............................................................64
         SECTION 11.12.  Multiple Originals....................................................64
         SECTION 11.13.  Variable Provisions...................................................64
         SECTION 11.14.  Qualification of Indenture............................................64
         SECTION 11.15.  Incorporators, Stockholders, Officers and Directors of
                  Company Exempt and Individual Liability......................................64
         SECTION 11.16.  Provisions of Indenture for the Sole Benefit of Parties
                  and Securityholders..........................................................65

</TABLE>

                                               iv

<PAGE>

         INDENTURE dated as of          ,     , among R.J. REYNOLDS TOBACCO
HOLDINGS, INC., a Delaware corporation (the "Company"), R. J. REYNOLDS
TOBACCO COMPANY, a New Jersey Corporation, and RJR ACQUISITION
CORP., a Delaware Corporation, as Guarantors (as defined herein) and THE
BANK OF NEW YORK, a New York banking corporation (the "Trustee") as
Trustee.

         WHEREAS, the Company has duly authorized the execution and delivery of
this Indenture to provide for the issuance from time to time of its unsecured
debentures, notes or other evidences of indebtedness to be issued in one or more
series (the "Securities") up to such principal amount or amounts as may from
time to time be authorized in accordance with the terms of this Indenture and to
provide, among other things, for the authentication, delivery and administration
thereof, the Issuer has duly authorized the execution and delivery of this
Indenture; and

         WHEREAS, all things necessary to make this Indenture a valid indenture
and agreement according to its terms have been done and the Company has done all
things necessary to make the Securities (as defined herein), when executed by
the Company and authenticated and delivered by the Trustee hereunder and duly
issued by the Company, valid obligations of the Company as hereinafter provided;

         NOW, THEREFORE:

         In consideration of the premises and the purchases of the Securities by
the holders thereof, the Issuer and the Trustee mutually covenant and agree for
the equal and proportionate benefit of the respective holders from time to time
of the Securities as follows.

                                            ARTICLE 1
                           DEFINITIONS AND INCORPORATION BY REFERENCE

         SECTION 1.01.  Definitions.

         "Affiliate" means, as applied to any Person, any other Person directly
or indirectly controlling, controlled by, or under direct or indirect common
control with, such Person. For purposes of this definition, "control"
(including, with correlative meanings, the terms "controlling", "controlled by"
and "under common control with"), as applied to any Person, is defined to mean
the possession, directly or indirectly, of the power to direct or cause the
direction of

                                                1

<PAGE>

the management and policies of such Person, whether through the ownership of
voting securities, by contract or otherwise.

         "Agent" means any Registrar, Co-Registrar, Paying Agent, Transfer Agent
or authenticating agent.

         "Attributable Debt" means, when used in connection with a sale and
lease-back transaction, at any date as of which the amount thereof is to be
determined, the product of (a) the net proceeds from such sale and lease-back
transaction multiplied by (b) a fraction, the numerator of which is the number
of full years of the term of the lease relating to the property involved in such
sale and lease-back transaction (without regard to any options to renew or
extend such term) remaining at the date of the making of such computation and
the denominator of which is the number of full years of the term of such lease
measured from the first day of such term.

         "Authorized Newspaper" means a newspaper (which, in the case of The
City of New York, will, if practicable, be The Wall Street Journal (Eastern
Edition), and in the case of the United Kingdom, will, if practicable, be the
Financial Times (London Edition) published in an official language of the
country of publication customarily published at least once a day for at least
five days in each calendar week and of general circulation in The City of New
York and the United Kingdom.

         "Bank Credit Agreement" means the Amended and Restated Credit
Agreement, dated as of November 17, 2000, among the Company, The Chase Manhattan
Bank, as Administrative Agent and the various lending institutions named on the
signature pages thereof, as such agreement may be amended, modified, renewed,
refunded, restated, refinanced or replaced from time to time.

         "Bank Credit Agreement Guarantor" means RJRT, RJRA and every Subsidiary
of the Company that is or becomes a guarantor under the Bank Credit Agreement
from time to time; provided that, to the extent that any Subsidiary ceases to be
a guarantor under the Bank Credit Agreement, such Subsidiary shall cease to be
Bank Credit Agreement Guarantor.

         "Bankruptcy Law" means the Bankruptcy Reform Act of 1978, as amended
and as codified in Title 11 of the United States Code, as amended from time to
time hereafter, or any successor federal bankruptcy law.

         "Board of Directors" means, with respect to any Person, the Board of
Directors of such Person or any committee thereof duly authorized to act on
behalf of such Board of Directors.

                                                2

<PAGE>

         "Board Resolution" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted by
the Board of Directors and to be in full force and effect on the date of such
certification, and delivered to the Trustee.

         "Business Day" means a day which is not, in New York City, a Saturday,
Sunday, legal holiday or other day on which banking institutions are authorized
or obligated by law to close.

         "capital stock" of any Person means any and all shares, interests,
rights to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) equity of such Person, including any preferred
stock, partnership interests and limited liability company membership interests,
but excluding any debt securities convertible into such equity.

         "Company Order" means a written request or order signed in the name of
the Company (i) by its Chairman of the Board, its Chief Executive Officer, its
President, an Executive Vice President, a Senior Vice President, a Vice
President or its Chief Financial Officer and (ii) by its Treasurer, an Assistant
Treasurer, its Secretary or an Assistant Secretary and delivered to the Trustee;
provided, however, that such written request or order may be signed by any two
officers or directors listed in clause (i) above in lieu of being signed by one
of such officers or directors listed in such clause (i) and one of the officers
listed in clause (ii) above.

         "Consolidated Net Worth" means, at any date of determination, the
consolidated stockholder's equity of the Company and its consolidated
subsidiaries, as set forth on the then most recently available consolidated
balance sheet of the Company and its consolidated Subsidiaries.

         "Control" means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise. A Person
shall be deemed to Control another Person if such Person (i) is an officer or
director of such other Person or (ii) directly or indirectly owns or controls
10% or more of such other Person's capital stock. "Controlling" and "Controlled"
have meanings correlative thereof.

          "Corporate Trust Office" means the principal office of the Trustee at
which any particular time its corporate trust business shall be administered
which office at the date of the execution of the Indenture is located at 101
Barclay Street, Floor 21 West, New York, New York 10286, Attention: Corporate
Trust Administration or at any other time at such other address as the Trustee
may designate from time to time by notice to the Holders.

                                                3

<PAGE>

         "Covenant Defeasance" has the meaning set forth in Section 8.01.

         "Default" means any event which is, or after notice or passage of time
or both would be, an Event of Default.

         "Defaulted Interest" has the meaning set forth in Section 2.12.

         "Dollar" means the coin or currency of the United States of America as
at the time of payment is legal tender for the payment of public and private
debts.

         "DTC" means The Depository Trust Company, its nominees and their
respective successors and assigns.

         "Event of Default" has the meaning set forth in Section 6.01.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Exempted Debt" means the sum, without duplication, of the following
items outstanding as of the date Exempted Debt is being determined: (i)
indebtedness of the Company and the Restricted Subsidiaries incurred after the
date hereof and secured by liens created, assumed or otherwise incurred or
permitted to exist pursuant to Section 3.05(b); and (ii) Attributable Debt of
the Company and the Restricted Subsidiaries in respect of all sale and
lease-back transactions with regard to any Principal Property entered into
pursuant to Section 3.06(b).

         "Foreign Subsidiary" means any Subsidiary that is organized under the
laws of a jurisdiction other than the United States of America or any state
thereof or the District of Columbia.

         "Funded Debt" means all indebtedness for money borrowed, including
purchase money indebtedness, having a maturity of more than one year from the
date of its creation or having a maturity of less than one year but by its terms
being renewable or extendible, at the option of the obligor in respect thereof,
beyond one year from its creation.

         "GAAP" means generally accepted accounting principles in the United
States of America as in effect as of the date hereof.

         "guarantee" means any obligation, contingent or otherwise, of any
Person directly or indirectly guaranteeing any Indebtedness of any other Person
and any obligation, direct or indirect, contingent or otherwise, of such Person
(i) to purchase or pay (or advance or supply funds for the purchase or payment
of) such

                                                4

<PAGE>

Indebtedness of such other Person (whether arising by virtue of partnership
arrangements, or by agreement to keep-well, to purchase assets, goods,
securities or services, to take-or-pay, or to maintain financial statement
conditions or otherwise) or (ii) entered into for purposes of assuring in any
other manner the obligee of such Indebtedness of the payment thereof or to
protect such obligee against loss in respect thereof (in whole or in part);
provided, however, that the term "guarantee" will not include endorsements for
collection or deposit in the ordinary course of business. The term "guarantee"
used as a verb has a corresponding meaning.

         "Guarantee" means, individually, any guarantee of payment of the
Securities by a Guarantor pursuant to the terms of this Indenture, and,
collectively, all such Guarantees.

         "Guarantor" means RJRT, RJRA and each other Subsidiary of the Company
that is or becomes a Bank Credit Agreement Guarantor and any other Person that
becomes a Bank Credit Agreement Guarantor; provided that, to the extent that
RJRT, RJRA or any or all of such Subsidiaries cease to be Bank Credit Agreement
Guarantors, such Subsidiaries shall cease to be Guarantors.

         "Holder" or "Securityholder" means the Person in whose name a Security
is registered on the Registrar's books.

         "Incur" means issue, assume, guarantee, incur or otherwise become
liable for.

         "Indenture" means this Indenture, as amended or supplemented from time
to time.

         "Legal Holiday" has the meaning set forth in Section 11.08.

         "Lien" means, with respect to any asset, any lien, mortgage, deed of
trust, pledge, security interest, charge or encumbrance of any kind (including
any conditional sale or other title retention agreement, any lease in the nature
thereof and any agreement to give any security interest.)

         "Nonrecourse Obligation" means indebtedness or other obligations
substantially related to (i) the acquisition of assets not previously owned by
the Company, any Guarantor or any of their respective Subsidiaries or (ii) the
financing of a project involving the development or expansion of properties of
the Company, any Guarantor or any of their respective Subsidiaries, as to which
the obligee with respect to such indebtedness or obligation has no recourse to
the Company, any Guarantor or any of their respective Subsidiaries or any assets
of

                                                5

<PAGE>

the Company, any Guarantor or any of their respective Subsidiaries other than
the assets which were acquired with the proceeds of such transaction or the
project financed with the proceeds of such transaction (and the proceeds
thereof).

         "Notice of Default" has the meaning set forth in Section 6.01.

         "Obligations" has the meaning provided in Section 10.01.

         "Officer" means the Chairman of the Board, the Chief Executive Officer,
the President, an Executive Vice President, a Senior Vice President, a Vice
President, the Treasurer, the Chief Financial Officer or the Secretary of the
Company, as applicable.

         "Officers' Certificate" means a certificate signed by any two Officers
of the Company.

         "Opinion of Counsel" means a written opinion from Davis Polk & Wardwell
or any other legal counsel to the Company. The counsel may be an employee of or
counsel to the Company.

         "Paying Agent" has the meaning provided in Section 2.05, except that,
for the purposes of Article Eight, the Paying Agent shall not be the Company or
a Subsidiary of the Company or an Affiliate of any of them. The term "Paying
Agent" includes any additional Paying Agent.

         "Person" means any individual, corporation, partnership, limited
liability company, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

         "Principal" means the principal of the Security plus the premium, if
any, payable on the Security which is due or overdue or is to become due at the
relevant time; provided, however, that for purposes of calculating any such
premium, the term "principal" shall not include the premium with respect to
which such calculation is being made.

         "Principal Property" means land, land improvements, buildings and
associated factory and laboratory equipment owned or leased pursuant to a
capital lease and used by the Company or a Restricted Subsidiary primarily for
processing, producing, packaging or storing its products, raw materials,
inventories, or other materials and supplies and located within the United
States of America and having an acquisition cost plus capitalized improvements
in excess of 2% of Consolidated Net Worth, as of the date of such determination,
but not including any such property financed through the issuance of tax exempt

                                                6

<PAGE>

governmental obligations, or any such property that has been determined by Board
Resolution of the Company not to be of material importance to the respective
businesses conducted by the Company or such Restricted Subsidiary effective as
of the date such resolution is adopted.

         "Registrar" has the meaning set forth in Section 2.05.

         "Responsible Officer" means, when used with respect to the Trustee, any
officer within the corporate trust department of the Trustee, including any vice
president, assistant vice president, assistant secretary, assistant treasurer,
trust officer or any other officer of the Trustee who customarily performs
functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred
because of such person's knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Indenture.

         "Restricted Subsidiary" means any Subsidiary organized and existing
under the laws of the United States of America and the principal business of
which is carried on within the United States of America, which owns or is a
lessee pursuant to a capital lease of any Principal Property, and in which the
investment of the Company and all its Subsidiaries exceeds 5% of Consolidated
Net Worth as of the date of such determination other than (i) each Subsidiary
the major part of whose business consists of finance, banking, credit, leasing,
insurance, financial services or other similar operations, or any combination
thereof; and (ii) each Subsidiary formed or acquired after the date hereof for
the purpose of acquiring the business or assets of another person and which does
not acquire all or any substantial part of the business or assets of the Company
or any Restricted Subsidiary. However, the Board of Directors of the Company may
declare any such Subsidiary to be a Restricted Subsidiary.

         "RJRA" means RJR Acquisition Corp.

         "RJRT" means R. J. Reynolds Tobacco Company.

         "SEC" means the Securities and Exchange Commission, as from time to
time constituted, created under the Exchange Act or, if at any time after the
execution of this instrument such SEC is not existing and performing the duties
now assigned to it under the TIA, then the body performing such duties at such
time.

         "Securities Act" means the Securities Act of 1933, as amended.

                                                7

<PAGE>

         "Security" and "Securities" means any of the securities, as defined in
the first paragraph of the recitals hereof, that are authenticated and delivered
under this Indenture. For purposes of this Indenture, all Securities shall vote
together as one series of Securities under this Indenture.

         "Security Register" has the meaning set forth in Section 2.05.

         "Special Interest Payment Date" has the meaning set forth in Section
2.12.

         "Special Record Date" has the meaning set forth in Section 2.12.

         "Subsidiary" means any corporation of which at least a majority of all
outstanding stock having by the terms thereof ordinary voting power in the
election of directors of such corporation (irrespective of whether or not at the
time stock of any class or classes of such corporation has or might have voting
power by reason of the happening of any contingency) is at the time, directly or
indirectly, owned by the Company, or by one or more Subsidiaries of the Company
or by the Company and one or more Subsidiaries.

         "TIA" means the Trust Indenture Act of 1939 (15 U.S.C. ss.ss.
77aaa-77bbbb) as in effect on the date of this Indenture; provided, however,
that, in the event the Trust Indenture Act of 1939 is amended after such date,
"TIA" means, to the extent required by any such amendments, the TIA as so
amended.

         "Trustee" means the party named as such in this Indenture until a
successor replaces it and, thereafter, means such successor.

         "Uniform Commercial Code" means the New York Uniform Commercial Code as
in effect from time to time.

         "U.S. Government Obligations" means direct obligations (or certificates
representing an ownership interest in such obligations) of the United States of
America (including any agency or instrumentality thereof) for the payment of
which the full faith and credit of the United States of America is pledged and
which are not callable or redeemable at the Company's option.

         SECTION 1.02. Incorporation by Reference of TIA. This Indenture is
subject to the mandatory provisions of the TIA which are incorporated by
reference in and made a part of this Indenture. The following TIA terms have the
following meanings:

                                                8

<PAGE>

         "indenture securities" means the Securities.

         "indenture security holder" means a Holder or Securityholder.

         "indenture to be qualified" means this Indenture.

         "indenture trustee" or "institutional trustee" means the Trustee.

         "obligor" on the indenture securities means the Company and any other
obligor on the indenture securities.

         All other TIA terms used in this Indenture that are defined by the TIA,
defined in the TIA by reference to another statute or defined by SEC rule have
the meanings assigned to them by such definitions.

         SECTION 1.03.  Rules of Construction.  Unless the context otherwise
requires:

         (a) a term has the meaning assigned to it;

         (b) an accounting term not otherwise defined has the meaning assigned
to it in accordance with GAAP;

         (c) "or" is not exclusive;

         (d) "including" means including without limitation;

         (e) words in the singular include the plural and words in the plural
include the singular;

         (f) "herein," "hereof" and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other
subdivision;

         (g) all ratios and computations based on GAAP contained in this
Indenture shall be computed in accordance with the definition of GAAP set forth
in Section 1.01; and

         (h) all references to Sections or Articles refer to Sections or
Articles of this Indenture unless otherwise indicated.

                                                9

<PAGE>

                                            ARTICLE 2
                                           SECURITIES

         SECTION 2.01. Forms Generally. The Securities of each series shall be
substantially in such form (not inconsistent with this Indenture) as shall be
established by or pursuant to a resolution of the Board of Directors or in one
or more indentures supplemental hereto, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture and may have imprinted or otherwise reproduced
thereon such legend or legends, not inconsistent with the provisions of this
Indenture, as may be required to comply with any law or with any rules or
regulations pursuant thereto, or with any rules of any securities exchange or to
conform to general usage, all as may be determined by the officers executing
such Securities, as evidenced by their execution of the Securities.

         The definitive Securities shall be printed, lithographed or engraved on
steel engraved borders or may be produced in any other manner, all as determined
by the officers executing such Securities, as evidenced by their execution of
such Securities.

         SECTION 2.02. Form of Trustee's Certification of Authentication. The
Trustee's certificate of authentication on all Securities shall be in
substantially the following form:

         This is one of the Securities of the series designated herein and
referred to in the within-mentioned Indenture.

Dated:
                                            THE BANK OF NEW YORK,
                                                     as Trustee

                                    By:     ___________________________________
                                            Authorized Signatory

         SECTION 2.03.  Amount Unlimited; Issuable in Series.  The aggregate
principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.

         The Securities may be issued in one or more series. There shall be
established in or pursuant to a resolution of the Board of Directors and set
forth in an Officers' Certificate, or established in one or more indentures
supplemental hereto, prior to the issuance of Securities of any series,

                                               10

<PAGE>

         (a) the title of the Securities of the series (which shall distinguish
the Securities of the series from all other Securities);

         (b) any limit upon the aggregate principal amount of the Securities of
the series that may be authenticated and delivered under this Indenture (except
for Securities authenticated and delivered upon registration of transfer of, or
in exchange for, or in lieu of, other Securities of the series pursuant to
Section 2.07, 2.08, 2.10 or 5.08 );

         (c) the date or dates on which the principal of the Securities of the
series is payable;

         (d) the rate or rates at which the Securities of the series shall bear
interest, if any, or the method by which such rate shall be determined, the date
or dates from which such interest shall accrue, the interest payment dates on
which such interest shall be payable and the record dates for the determination
of Holders to whom interest is payable;

         (e) the place or places where the principal of and any interest on
Securities of the series shall be payable (if other than as provided in Section
3.02);

         (f) the price or prices at which, the period or periods within which
and the terms and conditions upon which Securities of the series may be
redeemed, in whole or in part, at the option of the Company, pursuant to any
sinking fund or otherwise;

         (g) the obligation, if any, of the Company to redeem, purchase or repay
Securities of the series pursuant to any sinking fund or analogous provisions or
at the option of a Holder thereof and the price or prices at which and the
period or periods within which and the terms and conditions upon which
Securities of the series shall be redeemed, purchased or repaid, in whole or in
part, pursuant to such obligation;

         (h) if other than denominations of $1,000 and any multiple thereof, the
denominations in which Securities of the series shall be issuable;

         (i) if other than the principal amount thereof, the portion of the
principal amount of Securities of the series which shall be payable upon
declaration of acceleration of the maturity thereof pursuant to Section 6.01 or
provable in bankruptcy pursuant to Section 6.02;

         (j) whether the Securities will be issued in global form or as
uncertificated securities;

                                               11

<PAGE>

         (k) any other terms of the series (which terms shall not be
inconsistent with the provisions of this Indenture); and

         (l) any trustees, authenticating or paying agents, transfer agents or
registrars or any other agents with respect to the Securities of such series.

         All Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided in or pursuant
to such resolution of the Board of Directors or in any such indenture
supplemental hereto.

         SECTION 2.04. Execution, Authentication and Denominations. The
Securities shall be executed by two Officers of the Company. The signature of
these Officers on the Securities may be by facsimile or manual signature in the
name and on behalf of the Company. If an Officer whose signature is on a
Security no longer holds that office at the time the Trustee or authenticating
agent authenticates the Security, the Security shall be valid nevertheless.

         A Security shall not be valid until the Trustee or authenticating agent
manually signs the certificate of authentication on the Security. The signature
shall be conclusive evidence that the Security has been authenticated under this
Indenture.

         At any time and from time to time after the execution of this
Indenture, the Trustee or an authenticating agent shall upon receipt of a
written order signed by an Officer of the Company authenticate for original
issue Securities in the aggregate principal amount specified in such order;
provided that the Trustee shall be entitled to receive an Officers' Certificate
and an Opinion of Counsel of the Company in connection with such authentication
of Securities. Such order shall specify the amount of Securities to be
authenticated and the date on which the original issue of Securities is to be
authenticated.

         The Trustee may appoint an authenticating agent to authenticate
Securities. An authenticating agent may authenticate Securities whenever the
Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by such authenticating agent. An authenticating
agent has the same rights as an Agent to deal with the Company or an Affiliate
of the Company.

         In case the Company or any Guarantor, pursuant to Articles 4 or 10,
shall be consolidated or merged with or into any other Person or shall convey,
transfer, lease or otherwise dispose of its properties and assets substantially
as an entirety to any Person, and the successor Person resulting from such
consolidation, or

                                               12

<PAGE>

surviving such merger, or into which the Company or any Guarantor shall have
been merged, or the Person which shall have received a conveyance, transfer,
lease or other disposition as aforesaid, shall have executed an indenture
supplemental hereto with the Trustee pursuant to Article 4 or 10, any of the
Securities authenticated or delivered prior to such consolidation, merger,
conveyance, transfer, lease or other disposition may, from time to time, at the
request of the successor Person, be exchanged for other Securities executed in
the name of the successor Person with such changes in phraseology and form as
may be appropriate, but otherwise in substance of like tenor as the Securities
surrendered for such exchange and of like principal amount; and the Trustee,
upon Company Order of the successor Person, shall authenticate and deliver
Securities as specified in such order for the purpose of such exchange. If
Securities shall at any time be authenticated and delivered in any new name of a
successor Person pursuant to this Section 2.04 in exchange or substitution for
or upon registration of transfer of any Securities such successor Person, at the
option of the Holders but without expense to them, shall provide for the
exchange of all Securities at the time outstanding for Securities authenticated
and delivered in such new name.

         SECTION 2.05. Registrar and Paying Agent. The Company shall maintain an
office or agency where Securities may be presented for registration of transfer
or for exchange (the "Registrar") and an office or agency where Securities may
be presented for payment (the "Paying Agent"). The Company shall cause each of
the Registrar and the Paying Agent to maintain an office or agency in the
Borough of Manhattan, The City of New York. The Registrar shall keep a register
of the Securities and of their transfer and exchange (the "Security Register").
The Company may have one or more co-registrars and one or more additional paying
agents. The term "Paying Agent" includes any additional paying agent.

         The Company shall enter into an appropriate agency agreement with any
Registrar, Paying Agent or co-registrar not a party to this Indenture, which
shall incorporate the terms of the TIA. The agreement shall implement the
provisions of this Indenture that relate to such agent. The Company shall notify
the Trustee of the name and address of each such agent. If the Company fails to
maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be
entitled to appropriate compensation therefor pursuant to Section 7.07. The
Company, any Subsidiary or any Affiliate of any of them may act as Paying Agent,
Registrar, co-registrar or transfer agent.

         The Company initially appoints the Trustee as Registrar and Paying
Agent for the Securities. The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of Holders and shall otherwise comply with TIA ss. 312(a). If the
Trustee is not the Registrar, the Company shall furnish to the Trustee as of
each record date and at

                                       13

<PAGE>

such other times as the Trustee may reasonably request the names and addresses
of Holders as they appear in the Security Register, including the aggregate
principal amount of Securities held by each Holder.

         SECTION 2.06. Paying Agent to Hold Money in Trust. By at least 10:00
a.m (New York City time) on the date on which any principal of, premium, if any,
and interest on any Securities is due and payable, the Company shall deposit
with the Paying Agent a sum sufficient to pay such principal, premium, if any,
and interest when due. The Company shall require each Paying Agent (other than
the Trustee) to agree in writing that such Paying Agent shall hold in trust for
the benefit of the Holders or the Trustee all money held by such Paying Agent
for the payment of principal of, premium, if any, and interest on the Securities
and shall notify the Trustee in writing of any default by the Company or any
Guarantor in making any such payment. If the Company or a Subsidiary acts as
Paying Agent, it shall segregate the money held by it as Paying Agent and hold
it as a separate trust fund. The Company at any time may require a Paying Agent
(other than the Trustee) to pay all money held by it to the Trustee and to
account for any funds disbursed by such Paying Agent. Upon complying with this
Section, the Paying Agent (if other than the Company or a Subsidiary) shall have
no further liability for the money delivered to the Trustee. Upon any
bankruptcy, reorganization or similar proceeding with respect to the Company,
the Trustee shall serve as Paying Agent for the Securities.

         SECTION 2.07. Transfer and Exchange. The Securities are issuable only
in registered form. A Holder may transfer a Security only by written application
to the Registrar or another transfer agent stating the name of the proposed
transferee and otherwise complying with the terms of this Indenture. No such
transfer shall be effected until, and such transferee shall succeed to the
rights of a Holder only upon, final acceptance and registration of the transfer
by the Registrar in the Security Register. Prior to the registration of any
transfer by a Holder as provided herein, the Company, the Trustee, and any agent
of the Company shall treat the person in whose name the Security is registered
as the owner thereof for all purposes whether or not the Security shall be
overdue, and neither the Company, the Trustee, nor any such agent shall be
affected by notice to the contrary. When Securities are presented to the
Registrar or another transfer agent with a request to register the transfer or
to exchange them for an equal principal amount of Securities of other authorized
denominations, the Registrar shall register the transfer or make the exchange as
requested if its requirements for such transactions are met (including that such
Securities are duly endorsed or accompanied by a written instrument of transfer
duly executed by the Holder thereof or by an attorney who is authorized in
writing to act on behalf of the Holder). To permit registrations of transfers
and exchanges, the Company shall execute and the Trustee shall authenticate
Securities at the Registrar's request. No

                                       14

<PAGE>

service charge shall be made for any registration of transfer or exchange or
redemption of the Securities, but the Company may require payment of a sum
sufficient to cover any transfer tax or similar governmental charge payable in
connection therewith (other than any such transfer taxes or other similar
governmental charge payable upon exchanges pursuant to Section 2.10, 5.08 or
9.05 ).

         Neither the Registrar nor any other transfer agent shall be required
(i) to issue, register the transfer of or exchange any Security during a period
beginning at the opening of business 15 days before the day of the mailing of a
notice of redemption of Securities selected for redemption under Section 5.02
and ending at the close of business on the day of such mailing, or (ii) to
register the transfer of or exchange any Security so selected for redemption in
whole or in part, except the unredeemed portion of any Security being redeemed
in part.

         SECTION 2.08. Mutilated, Defaced, Destroyed, Lost and Stolen
Securities. In case any temporary or definitive Security shall become mutilated
or defaced or be destroyed, lost or stolen, the Company in its discretion may
execute, and upon the written request of any officer of the Company, the Trustee
shall authenticate and deliver, a new Security of the same series, bearing a
number not contemporaneously outstanding, in exchange and substitution for the
mutilated or defaced Security, or in lieu of and substitution for the Security
so destroyed, lost or stolen. In every case the applicant for a substitute
Security shall furnish to the Company and to the Trustee and any agent of the
Company or the Trustee such security or indemnity as may be required by them to
indemnify and defend and to save each of them harmless and, in every case of
destruction, loss or theft, evidence to their satisfaction of the destruction,
loss or theft of such Security and of the ownership thereof.

         Upon the issuance of any substitute Security, the Company 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 Trustee) connected therewith. In case any Security
which has matured or is about to mature or has been called for redemption in
full shall become mutilated or defaced or be destroyed, lost or stolen, the
Company may, instead of issuing a substitute Security, pay or authorize the
payment of the same (without surrender thereof except in the case of a mutilated
or defaced Security), if the applicant for such payment shall furnish to the
Company and to the Trustee and any agent of the Company or the Trustee such
security or indemnity as any of them may require to save each of them harmless,
and, in every case of destruction, loss or theft, evidence to their satisfaction
of the destruction, loss or theft of such Security and of the ownership thereof.

                                       15

<PAGE>

         Every substitute Security of any series issued pursuant to the
provisions of this section by virtue of the fact that any such Security is
destroyed, lost or stolen shall constitute an additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security shall be
at any time enforceable by anyone and shall be entitled to all the benefits of
(but shall be subject to all the limitations of rights set forth in) this
Indenture equally and proportionately with any and all other Securities of such
series duly authenticated and delivered hereunder. All Securities shall be held
and owned upon the express condition that, to the extent permitted by law, the
foregoing provisions are exclusive with respect to the replacement or payment of
mutilated, defaced or destroyed, lost or stolen Securities and shall preclude
any and all other rights or remedies notwithstanding any law or statute existing
or hereafter enacted to the contrary with respect to the replacement or payment
of negotiable instruments or other securities without their surrender.

         SECTION 2.09. Outstanding Securities. Securities outstanding at any
time are all Securities authenticated by the Trustee except for those canceled
by it, those delivered to it for cancellation and those described in this
Section as not outstanding. A Security ceases to be outstanding in the event the
Company or an Affiliate of the Company holds the Security, provided, however,
that for purposes of determining which are outstanding for consent or voting
purposes hereunder, in determining whether the Trustee shall be protected in
making a determination whether the holders of the requisite principal amount of
outstanding Securities are present at a meeting of holders of Securities for
quorum purposes or have consented to or voted in favor of any request, demand,
authorization, direction, notice, consent, waiver, amendment or modification
hereunder, or relying upon any such quorum, consent or vote, only Securities
which a Responsible Officer of the Trustee actually knows to be held by the
Company or an Affiliate of the Company shall not be considered outstanding.

         If the Paying Agent segregates and holds in trust, in accordance with
this Indenture, on a redemption date or maturity date money sufficient to pay
all principal, premium, if any, and interest, payable on that date with respect
to the Securities (or portions thereof) to be redeemed or maturing, as the case
may be, and the Paying Agent is not prohibited from paying such money to the
Securityholders on that date pursuant to the terms of this Indenture, then on
and after that date such Securities (or portions thereof) cease to be
outstanding and interest on them ceases to accrue.

         SECTION 2.10. Temporary Securities. Until definitive Securities of any
series are ready for delivery, the Company may prepare and the Trustee shall
authenticate temporary Securities. Temporary Securities shall be substantially
in the form of definitive Securities but may have variations that the Company

                                       16

<PAGE>

considers appropriate for temporary Securities. Without unreasonable delay, the
Company shall prepare and the Trustee shall authenticate definitive Securities.
After the preparation of definitive Securities, the temporary Securities shall
be exchangeable for definitive Securities upon surrender of the temporary
Securities at any office or agency maintained by the Company for that purpose
and such exchange shall be without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities, the Company shall execute,
and the Trustee shall authenticate and make available for delivery in exchange
therefor, one or more definitive Securities representing an equal principal
amount of Securities. Until so exchanged, the Holder of temporary Securities
shall in all respects be entitled to the same benefits under this Indenture as a
holder of definitive Securities.

         SECTION 2.11. Cancellation. The Company at any time may deliver
Securities to the Trustee for cancellation. The Registrar and the Paying Agent
shall forward to the Trustee any Securities surrendered to them for registration
of transfer, exchange or payment. The Trustee and no one else shall cancel and
return to the Company all Securities surrendered for registration of transfer,
exchange, payment or cancellation. The Company may not issue new Securities to
replace Securities it has paid or delivered to the Trustee for cancellation for
any reason other than in connection with a transfer or exchange.

         SECTION 2.12. Payment of Interest; Defaulted Interest. Interest on any
Security which is payable, and is punctually paid or duly provided for, on any
interest payment date shall be paid to the Person in whose name such Security
(or one or more predecessor Securities) is registered at the close of business
on the regular record date for such interest at the office or agency of the
Company maintained for such purpose pursuant to Section 2.05.

         Any interest on any Security which is payable, but is not paid when the
same becomes due and payable and such nonpayment continues for a period of 30
days shall forthwith cease to be payable to the Holder on the regular record
date by virtue of having been such Holder, and such defaulted interest and (to
the extent lawful) interest on such defaulted interest at the rate borne by the
Securities (such defaulted interest and interest thereon herein collectively
called "Defaulted Interest") shall be paid by the Company, at its election in
each case, as provided in clause (a) or (b) below:

          (a) The Company may elect to make payment of any Defaulted Interest to
the Persons in whose names the Securities (or their respective predecessor
Securities) are registered at the close of business on a Special Record Date (as
defined below) for the payment of such Defaulted Interest, which shall be fixed
in the following manner. The Company shall notify the Trustee in writing of the

                                       17

<PAGE>

amount of Defaulted Interest proposed to be paid on each Security and the date
(not less than 30 days after such notice) of the proposed payment (the "Special
Interest Payment Date"), and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled
to such Defaulted Interest as in this clause provided. Thereupon the Trustee
shall fix a record date (the "Special Record Date") for the payment of such
Defaulted Interest which shall be not more than 15 days and not less than 10
days prior to the Special Interest Payment Date and not less than 10 days after
the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date, and in the name
and at the expense of the Company, shall cause notice of the proposed payment of
such Defaulted Interest and the Special Record Date and Special Interest Payment
Date therefor to be given in the manner provided for in Section 11.02, not less
than 10 days prior to such Special Record Date. Notice of the proposed payment
of such Defaulted Interest and the Special Record Date and Special Interest
Payment Date therefor having been so given, such Defaulted Interest shall be
paid on the Special Interest Payment Date to the Persons in whose names the
Securities (or their respective predecessor Securities) are registered at the
close of business on such Special Record Date and shall no longer be payable
pursuant to the following clause (b).

          (b) The Company may make payment of any Defaulted Interest in any
other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities may be listed, and upon such notice as may be
required by such exchange, if, after notice given by the Company to the Trustee
of the proposed payment pursuant to this clause, such manner of payment shall be
deemed practicable by the Trustee.

         Subject to the foregoing provisions of this Section, each Security
delivered under this Indenture upon registration of, transfer of or in exchange
for or in lieu of any other Security shall carry the rights to interest accrued
and unpaid, and to accrue, which were carried by such other Security.

         SECTION 2.13. Computation of Interest. Interest on the Securities shall
be computed on the basis of a 360-day year of twelve 30-day months.

         SECTION 2.14. CUSIP Numbers. The Company in issuing the Securities may
use "CUSIP" numbers (if then generally in use) and, if so, the Trustee shall use
"CUSIP" numbers in notices of redemption or exchange as a convenience to
Holders; provided, however, that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Securities or

                                       18

<PAGE>

as contained in any notice of a redemption or exchange and that reliance may be
placed only on the other identification numbers printed on the Securities, and
any such redemption or exchange shall not be affected by any defect in or
omission of such CUSIP numbers. The Company will promptly notify the Trustee of
any change in the CUSIP numbers.

                                    ARTICLE 3
                                    COVENANTS

         SECTION 3.01. Payment of Securities. The Company shall promptly pay the
principal of, interest and premium, if any, on the Securities on the dates and
in the manner provided in the Securities and in this Indenture. Principal,
interest and premium, if any, shall be considered paid on the date due if on
such date the Trustee or the Paying Agent holds in accordance with this
Indenture money sufficient to pay all principal, interest and premium, if any,
then due and the Trustee or the Paying Agent, as the case may be, is not
prohibited from paying such money to the Holders on that date pursuant to the
terms of this Indenture.

         The Company shall pay interest on overdue principal, interest and
premium, if any, at the rate specified therefor in the Securities, and it shall
pay interest on overdue installments of interest at the same rate to the extent
lawful.

         Notwithstanding anything to the contrary contained in this Indenture,
the Company may, to the extent it is required to do so by law, deduct or
withhold income or other similar taxes imposed by the United States of America
from principal or interest payments hereunder.

         SECTION 3.02. Maintenance of Office or Agency. The Company shall
maintain the office or agency required under Section 2.05. The Company will give
prompt written notice to the Trustee of any change in the location of any such
office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee, and the Company hereby
appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands.

         The Company may also from time to time designate one or more other
offices or agencies (in or outside of The City of New York) where the Securities
may be presented or surrendered for any or all such purposes and may from time
to time rescind any such designation; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain

                                       19

<PAGE>

an office or agency in The City of New York for such purposes. The Company will
give prompt written notice to the Trustee of any such designation or rescission
and any change in the location of any such other office or agency.

         SECTION 3.03.  SEC Reports and Available Information.  The Company
shall comply with all the applicable provisions of TIAss. 314(a).

         SECTION 3.04. Certificate to Trustee. (a) The Company shall deliver to
the Trustee, within 45 days after the end of each fiscal quarter (120 days after
the end of the last fiscal quarter of each year), an Officer's Certificate
stating whether or not the signers know of any Default or Event of Default that
occurred during such fiscal year. In the case of the Officer's Certificate
delivered within 120 days after the end of the Company's fiscal year, such
certificate shall contain a certification from the principal executive officer,
principal financial officer or principal accounting officer of the Company that
a review has been conducted of the activities of the Company and its Restricted
Subsidiaries and the Company's and its Restricted Subsidiaries' performance
under this Indenture and that the Company has complied with all conditions and
covenants under this Indenture. For purposes of this Section 3.04, such
compliance shall be determined without regard to any period of grace or
requirement of notice provided under this Indenture. If any of the Officers
signing such certificate has knowledge of such a Default or Event of Default,
the certificate shall describe any such Default or Event of Default and its
status. The first certificate to be delivered pursuant to this Section 3.04(a)
shall be for the first fiscal quarter beginning after the execution of this
Indenture.

          (b) The Company shall deliver to the Trustee, within 120 days after
the end of each fiscal year, beginning with the fiscal year in which this
Indenture was executed, a certificate signed by the Company's independent
certified public accountants stating (i) that their audit examination has
included a review of the terms of this Indenture and the Securities as they
relate to accounting matters, (ii) that they have read the most recent Officers'
Certificate delivered to the Trustee pursuant to paragraph (a) of this Section
3.04 and (iii) whether, in connection with their audit examination, anything
came to their attention that caused them to believe that the Company was not in
compliance with any of the terms, covenants, provisions or conditions of Article
3 and Article 4 of this Indenture as they pertain to accounting matters and, if
any Default or Event of Default has come to their attention, specifying the
nature and period of existence thereof; provided that such independent certified
public accountants shall not be liable in respect of such statement by reason of
any failure to obtain knowledge of any such Default or Event of Default that
would not be disclosed in the course of an audit examination conducted in
accordance with generally accepted auditing standards in effect at the date of
such examination.

                                       20

<PAGE>

         SECTION 3.05. Negative Pledge. (a) The Company will not, and will not
permit any Restricted Subsidiary to, mortgage or pledge as security for any
indebtedness any shares of stock, indebtedness or other obligations of a
Subsidiary or any Principal Property of the Company or a Restricted Subsidiary,
whether such shares of stock, indebtedness or other obligations of a Subsidiary
or Principal Property is owned at the date of this Indenture or hereafter
acquired, unless the Company secures or causes such Restricted Subsidiary to
secure the outstanding Securities equally and ratably with all indebtedness
secured by such mortgage or pledge, so long as such indebtedness shall be so
secured; provided, however, that this covenant shall not apply in the case of:
(i) the creation of any mortgage, pledge or other lien on any shares of stock,
indebtedness or other obligations of a Subsidiary or any Principal Property
hereafter acquired (including acquisitions by way of merger or consolidation) by
the Company or a Restricted Subsidiary contemporaneously with such acquisition,
or within 120 days thereafter, to secure or provide for the payment or financing
of any part of the purchase price thereof, or the assumption of any mortgage,
pledge or other lien upon any shares of stock, indebtedness or other obligations
of a Subsidiary or any Principal Property hereafter acquired existing at the
time of such acquisition, or the acquisition of any shares of stock,
indebtedness or other obligations of a Subsidiary or any Principal Property
subject to any mortgage, pledge or other lien without the assumption thereof,
provided that every such mortgage, pledge or lien referred to in this clause (i)
shall attach only to the shares of stock, indebtedness or other obligations of a
Subsidiary or any Principal Property so acquired and fixed improvements thereon;
(ii) any mortgage, pledge or other lien on any shares of stock, indebtedness or
other obligations of a Subsidiary or any Principal Property existing at the date
of this Indenture; (iii) any mortgage, pledge or other lien on any shares of
stock, indebtedness or other obligations of a Subsidiary or any Principal
Property in favor of the Company or any Restricted Subsidiary; (iv) any
mortgage, pledge or other lien on Principal Property being constructed or
improved securing loans to finance such construction or improvements; (v) any
mortgage, pledge or other lien on shares of stock, indebtedness or other
obligations of a Subsidiary or any Principal Property incurred in connection
with the issuance of tax-exempt governmental obligations; (vi) any renewal of or
substitution for any mortgage, pledge or other lien permitted by any of the
preceding clauses (i) through (v), provided, in the case of a mortgage, pledge
or other lien permitted under clause (i), (ii) or (iv), the debt secured is not
increased nor the lien extended to any additional assets.

          (b) Notwithstanding the provisions of paragraph (a) of this Section,
the Company or any Restricted Subsidiary may create or assume liens in addition
to those permitted by paragraph (a) of this Section, and renew, extend or
replace such liens, provided that at the time of such creation, assumption,
renewal,

                                       21

<PAGE>

extension or replacement, and after giving effect thereto, Exempted Debt does
not exceed 10% of Consolidated Net Worth.

         SECTION 3.06. Certain Sale and Lease-back Transactions. (a) The Company
will not, and will not permit any Restricted Subsidiary to, sell or transfer,
directly or indirectly, except to the Company or a Restricted Subsidiary, any
Principal Property as an entirety, or any substantial portion thereof, with the
intention of taking back a lease of such property, except a lease for a period
of three years or less at the end of which it is intended that the use of such
property by the lessee will be discontinued; provided that, notwithstanding the
foregoing, the Company or any Restricted Subsidiary may sell any such Principal
Property and lease it back for a longer period (i) if the Company or such
Restricted Subsidiary would be entitled, pursuant to the provisions of Section
3.05(a), to create a mortgage on the property to be leased securing Funded Debt
in an amount equal to the Attributable Debt with respect to such sale and
lease-back transaction without equally and ratably securing the outstanding
Securities or (ii) if (A) the Company promptly informs the Trustee of such
transaction, (B) the net proceeds of such transaction are at least equal to the
fair value (as determined by Board Resolution of the Company) of such property
and (C) the Company causes an amount equal to the net proceeds of the sale to be
applied to the retirement, within 120 days after receipt of such proceeds, of
Funded Debt incurred or assumed by the Company or a Restricted Subsidiary
(including the Securities); provided further that, in lieu of applying all of or
any part of such net proceeds to such retirement, the Company may, within 75
days after such sale, deliver or cause to be delivered to the applicable trustee
for cancellation either debentures or notes evidencing Funded Debt of the
Company (which may include the outstanding Securities) or of a Restricted
Subsidiary previously authenticated and delivered by the applicable trustee, and
not theretofore tendered for sinking fund purposes or called for a sinking fund
or otherwise applied as a credit against an obligation to redeem or retire such
notes or debentures, and an Officers' Certificate (which Certificate shall be
delivered to the Trustee and each paying agent and which need not contain the
statements prescribed by the second paragraph of Section 11.05) stating that the
Company elects to deliver or cause to be delivered such debentures or notes in
lieu of retiring Funded Debt as hereinabove provided. If the Company shall so
deliver debentures or notes to the applicable trustee and the Company shall duly
deliver such Officers' Certificate, the amount of cash which the Company shall
be required to apply to the retirement of Funded Debt under this Section 3.06(a)
shall be reduced by an amount equal to the aggregate of the then applicable
optional redemption prices (not including any optional sinking fund redemption
prices) of such debentures or notes, or, if there are no such redemption prices,
the principal amount of such debentures or notes; provided, that in the case of
debentures or notes which provide for an amount less than the principal amount
thereof to be due and payable upon a declaration of the maturity thereof, such

                                               22

<PAGE>

amount of cash shall be reduced by the amount of principal of such debentures or
notes that would be due and payable as of the date of such application upon a
declaration of acceleration of the maturity thereof pursuant to the terms of the
indenture pursuant to which such debentures or notes were issued.

          (b) Notwithstanding the provisions of paragraph (a) of this Section
3.06, the Company or any Restricted Subsidiary may enter into sale and
lease-back transactions in addition to those permitted by paragraph (a) of this
Section 3.06 and without any obligation to retire any outstanding Securities or
other Funded Debt, provided that at the time of entering into such sale and
lease-back transactions and after giving effect thereto, Exempted Debt does not
exceed 10% of Consolidated Net Worth.

         SECTION 3.07. Corporate Existence. Subject to Article 4 and Section
10.02, the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its corporate existence and that of each
Restricted Subsidiary and the corporate rights (charter and statutory) licenses
and franchises of the Company and each Restricted Subsidiary; provided, however,
that the Company shall not be required to preserve any such existence (except
the Company), right, license or franchise if the Board of Directors of the
Company shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company and each of its Restricted
Subsidiaries, taken as a whole, and that the loss thereof is not, and will not
be, disadvantageous in any material respect to the Holders, and provided,
further, the Company or any Guarantor, as the case may be, may merge in
accordance with Sections 4.01 and 10.02.

         SECTION 3.08. Payment of Taxes and Other Claims. The Company will pay
or discharge or cause to be paid or discharged, before the same shall become
delinquent, (i) all material taxes, assessments and governmental charges levied
or imposed upon the Company or any Subsidiary or upon the income, profits or
property of the Company or any Subsidiary and (ii) all lawful claims for labor,
materials and supplies, which, if unpaid, might by law become a material
liability or lien upon the property of the Company or any Restricted Subsidiary;
provided, however, that the Company shall not be required to pay or discharge or
cause to be paid or discharged any such tax, assessment, charge or claim whose
amount, applicability or validity is being contested in good faith by
appropriate proceedings and for which appropriate reserves, if necessary (in the
good faith judgment of management of the Company), are being maintained in
accordance with GAAP or where the failure to effect such payment will not be
disadvantageous to the Holders.

                                               23

<PAGE>

         SECTION 3.09. Waiver of Stay, Extension or Usury Laws. The Company
covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law or any usury law or other law
that would prohibit or forgive the Company from paying all or any portion of the
principal of, premium, if any, or interest on the Securities as contemplated
herein, wherever enacted, now or at any time hereafter in force, or that may
affect the covenants or the performance of this Indenture; and (to the extent
that it may lawfully do so) the Company hereby expressly waives all benefit or
advantage of any such law and covenants that it will not hinder, delay or impede
the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law had been enacted.

         SECTION 3.10. Further Instruments and Acts. Upon request of the
Trustee, the Company will execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

         SECTION 3.11. Notice of Defaults. In the event that any Officer becomes
aware of any Default or Event of Default, the Company shall promptly deliver to
a Responsible Officer of the Trustee an Officers' Certificate specifying such
Default or Event of Default.

                                            ARTICLE 4
                            CONSOLIDATION, MERGER, SALE OR CONVEYANCE

         SECTION 4.01. Covenant Not to Merge, Consolidate, Sell or Convey
Property Except Under Certain Conditions. Nothing contained in this Indenture or
in any of the Securities or Guarantees shall prevent any consolidation or merger
of the Company into any other corporation or corporations (whether or not
affiliated with the Company), or successive consolidations or mergers to which
the Company or its respective successor or successors shall be a party or
parties, or shall prevent any sale, lease or conveyance of the property of the
Company as an entirety or substantially as an entirety or, subject to Section
3.06, otherwise; provided, that upon any such consolidation, merger, sale, lease
or conveyance to which the Company is a party and in which the Company is not
the surviving corporation, the due and punctual performance and observance of
all of the covenants and conditions of this Indenture to be performed or
observed by the Company and the due and punctual payment of the principal of,
interest and premium, if any, on all of the Securities, according to their
tenor, shall be expressly assumed by supplemental indenture executed and
delivered to the

                                               24

<PAGE>

Trustee, by the corporation formed by such consolidation, or into which the
Company shall have been merged, or which shall have acquired such property.

         SECTION 4.02. Successor Corporation Substituted. In case of any such
consolidation, merger, sale or conveyance, and following such an assumption by
the successor corporation, such successor corporation shall succeed to and be
substituted for the Company, with the same effect as if it had been named
herein. Such successor corporation may cause to be signed, and may issue either
in its own name or in the name of the Company prior to such succession any or
all of the Securities issuable hereunder which theretofore shall not have been
signed by the Company and delivered to the Trustee; and, upon the order of such
successor corporation instead of the Company and subject to all the terms,
conditions and limitations in this Indenture prescribed, the Trustee shall
authenticate and shall deliver any Securities which previously shall have been
signed and delivered by the officers of the Company to the Trustee for
authentication, and any Securities which such successor corporation thereafter
shall cause to be signed and delivered to the Trustee for that purpose. All of
the Securities so issued shall in all respects have the same legal rank and
benefit under this Indenture as the Securities theretofore or thereafter issued
in accordance with the terms of this Indenture as though all of such Securities
had been issued at the date of the execution hereof.

         In case of any such consolidation, merger, sale, lease or conveyance
such changes in phraseology and form (but not in substance) may be made in the
Securities thereafter to be issued as may be appropriate.

         In the event of any such sale or conveyance (other than a conveyance by
way of lease) the Company or any successor corporation which shall theretofore
have become such in the manner described in this Article shall be discharged
from all obligations and covenants under this Indenture and the Securities and
may be liquidated and dissolved.

         SECTION 4.03. Opinion of Counsel to Trustee. The Trustee, subject to
the provisions of Sections 7.01 and 7.02, shall receive an Opinion of Counsel,
prepared in accordance with Section 11.04, as conclusive evidence that any such
consolidation, merger, sale, lease or conveyance, and any such assumption, and
any such liquidation or dissolution, complies with the applicable provisions of
this Indenture.

                                               25

<PAGE>

                                            ARTICLE 5
                                    REDEMPTION OF SECURITIES

         SECTION 5.01. Applicability of Article. The provisions of this Article
shall be applicable to the Securities of any series which are redeemable before
their maturity or to any sinking fund for the retirement of Securities of a
series except as otherwise specified as contemplated by Section 2.03 for
Securities of such series.

         SECTION 5.02. Selection of Securities to Be Redeemed. If fewer than all
the Securities of a series are to be redeemed, the Trustee shall select the
Securities (not more than 60 days prior to the redemption date) to be redeemed
in such manner that the Trustee considers to be fair and appropriate and in
accordance with methods generally used at the time of selection by fiduciaries
in similar circumstances. The Trustee shall make the selection from outstanding
Securities not previously called for redemption. Provisions of this Indenture
that apply to Securities called for redemption also apply to portions of
Securities called for redemption. The Trustee shall notify the Company of the
Securities or portions of Securities to be redeemed.

         SECTION 5.03. Exclusion of Certain Securities from Eligibility for
Selection for Redemption. Securities shall be excluded from eligibility for
selection for redemption if they are identified by registration and certificate
number in a written statement signed by an authorized officer of the Company and
delivered to the Trustee at least 40 days prior to the last date on which notice
of redemption may be given as being owned of record and beneficially by, and not
pledged or hypothecated by either (a) the Company or (b) an entity specifically
identified in such written statement directly or indirectly controlling or
controlled by or under direct or indirect common control with the Company.

         SECTION 5.04. Notice of Redemption. At least 30 days but not more than
60 days before a date for redemption of Securities, notice of redemption shall
be mailed by first-class mail to each Holder of Securities to be redeemed.

          The notice shall identify the Securities (including the CUSIP
numbers) to be redeemed and shall state:

         (a) the redemption date;

         (b) the redemption price (or the method of calculating such price) and
the amount of accrued interest to be paid, if any;

         (c) the name and address of the Paying Agent;

                                               26

<PAGE>

         (d) that Securities called for redemption must be surrendered to the
Paying Agent to collect the redemption price plus accrued and unpaid interest,
if any;

         (e) if fewer than all the outstanding Securities are to be redeemed,
the Bond No. (if certificated) and principal amounts of the particular
Securities to be redeemed;

         (f) that, unless the Company defaults in making such redemption
payment, interest on Securities (or portion thereof) called for redemption
ceases to accrue on and after the redemption date;

         (g) the CUSIP number, if any, printed on the Securities being redeemed;
and

         (h) that no representation is made as to the correctness or accuracy of
the CUSIP number, if any, listed in such notice or printed on the Securities.

         At the Company's request, the Trustee shall give the notice of
redemption in the name of the Company and at the Company's expense. In such
event, the Company shall provide the Trustee with the information required by
this Section 5.04.

         SECTION 5.05. Effect of Notice of Redemption. Once notice of redemption
is mailed in accordance with Section 5.04, Securities called for redemption
shall become due and payable on the redemption date and at the redemption price
as stated in the notice. Failure to give notice or any defect in the notice to
any Holder shall not affect the validity of the notice to any other Holder.

         SECTION 5.06. Deposit of Redemption Price. By no later than 10:00 a.m.
(New York City time) on the date of redemption, the Company shall deposit with
the Paying Agent (or, if the Company or any of its respective Subsidiaries is
the Paying Agent, shall segregate and hold in trust) money sufficient to pay the
redemption price of and accrued and unpaid interest on all Securities to be
redeemed on that date other than Securities or portions of Securities called for
redemption which are owned by the Company or a Subsidiary and have been
delivered by the Company or such Subsidiary to the Trustee for cancellation.

         SECTION 5.07. Securities Payable on Redemption Date. Notice of
redemption having been given as aforesaid, the Securities so to be redeemed
shall, on the redemption date, become due and payable at the redemption price
therein specified (together with accrued interest, if any, to the redemption
date), and from and after such date (unless the Company shall default in the
payment of the

                                               27

<PAGE>

redemption price and accrued interest) such Securities shall cease to bear such
interest. Upon surrender of any such Security for redemption in accordance with
said notice, such Security shall be paid by the Company at the redemption price,
together with accrued interest, if any, to the redemption date (subject to the
rights of Holders of record on the relevant record date to receive interest due
on the relevant interest payment date.)

         If any Security called for redemption shall not be so paid upon
surrender thereof for redemption because of the Company's failure to deposit
money sufficient to pay the redemption price of and accrued and unpaid interest
on all Securities to be redeemed, the principal (and premium, if any) shall,
until paid, bear interest from the redemption date at the rate borne by the
Securities.

         SECTION 5.08. Securities Redeemed in Part. Any Securities which are to
be redeemed only in part (pursuant to the provision of this Article) shall be
surrendered at the office or agency of the Company maintained for such purpose
pursuant to Section 3.02 (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or such Holder's
attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and make available for delivery to the Holder of such
Security at the expense of the Company, a new Security or Securities, of any
authorized denomination as requested by such Holder, in an aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered, provided, that each such new Security will be in a
principal amount of $1,000 or integral multiple thereof.

         SECTION 5.09. Mandatory and Optional Sinking Funds. The minimum amount
of any sinking fund payment provided for by the terms of Securities of any
series is herein referred to as a "mandatory sinking fund payment", and any
payment in excess of such minimum amount provided for by the terms of Securities
of any series is herein referred to as an "optional sinking fund payment". The
date on which a sinking fund payment is to be made is herein referred to as the
"sinking fund payment date".

         In lieu of making all or any part of any mandatory sinking fund payment
with respect to any series of Securities in cash, the Company may at its option
(a) deliver to the Trustee Securities of such series theretofore purchased or
otherwise acquired (except upon redemption pursuant to the mandatory sinking
fund) by the Company or receive credit for Securities of such series (not
previously so credited) theretofore purchased or otherwise acquired (except as
aforesaid) by the Company and delivered to the Trustee for cancellation pursuant
to Section 2.11, (b) receive credit for optional sinking fund payments (not
previously so credited)

                                               28

<PAGE>

made pursuant to this Section, or (c) receive credit for Securities of such
series (not previously so credited) redeemed by the Company through any optional
redemption provision contained in the terms of such series. Securities so
delivered or credited shall be received or credited by the Trustee at the
sinking fund redemption price specified in such Securities.

         On or before the sixtieth day next preceding each sinking fund payment
date for any series, the Company will deliver to the Trustee a written statement
(which need not contain the statements required by Section 11.05) signed by an
authorized officer of the Company (a) specifying the portion of the mandatory
sinking fund payment to be satisfied by payment of cash and the portion to be
satisfied by credit of Securities of such series, (b) stating that none of the
Securities of such series has theretofore been so credited, (c) stating that no
defaults in the payment of interest or Events of Default with respect to such
series have occurred (which have not been waived or cured) and are continuing
and (d) stating whether or not the Company intends to exercise its right to make
an optional sinking fund payment with respect to such series and, if so,
specifying the amount of such optional sinking fund payment which the Company
intends to pay on or before the next succeeding sinking fund payment date. Any
Securities of such series to be credited and required to be delivered to the
Trustee in order for the Company to be entitled to credit therefor as aforesaid
which have not theretofore been delivered to the Trustee shall be delivered for
cancellation pursuant to Section 2.11 to the Trustee with such written statement
(or reasonably promptly thereafter if acceptable to the Trustee). Such written
statement shall be irrevocable and upon its receipt by the Trustee the Company
shall become unconditionally obligated to make all the cash payments or payments
therein referred to, if any, on or before the next succeeding sinking fund
payment date. Failure of the Company, on or before any such sixtieth day, to
deliver such written statement and Securities specified in this paragraph, if
any, shall not constitute a default but shall constitute, on and as of such
date, the irrevocable election of the Company (i) that the mandatory sinking
fund payment for such series due on the next succeeding sinking fund payment
date shall be paid entirely in cash without the option to deliver or credit
Securities of such series in respect thereof and (ii) that the Company will make
no optional sinking fund payment with respect to such series as provided in this
Section.

         If the sinking fund payment or payments (mandatory or optional or both)
to be made in cash on the next succeeding sinking fund payment date plus any
unused balance of any preceding sinking fund payments made in cash shall exceed
$50,000 (or a lesser sum if the Company shall so request) with respect to the
Securities of any particular series, such cash shall be applied on the next
succeeding sinking fund payment date to the redemption of Securities of such
series at the sinking fund redemption price together with accrued interest to
the

                                               29

<PAGE>

date fixed for redemption. If such amount shall be $50,000 or less and the
Company makes no such request then it shall be carried over until a sum in
excess of $50,000 is available. The Trustee shall select, in the manner provided
in Section 5.02, for redemption on such sinking fund payment date a sufficient
principal amount of Securities of such series to absorb said cash, as nearly as
may be, and shall (if requested in writing by the Company) inform the Company of
the serial numbers of the Securities of such series (or portions thereof) so
selected. Securities of any series which are (a) owned by the Company or an
entity known by the Trustee to be directly or indirectly controlling or
controlled by or under direct or indirect common control with the Company, as
shown by the Security Register, and not known to the Trustee to have been
pledged or hypothecated by the Company or any such entity or (b) identified in
an Officers' Certificate at least 60 days prior to the sinking fund payment date
as being beneficially owned by, and not pledged or hypothecated by, the Company
or an entity directly or indirectly controlling or controlled by or under direct
or indirect common control with the Company shall be excluded from Securities of
such series eligible for selection for redemption. The Trustee, in the name and
at the expense of the Company (or the Company, if it shall so request the
Trustee in writing) shall cause notice of redemption of the Securities of such
series to be given in substantially the manner provided in Section 5.02 (and
with the effect provided in Section 5.05) for the redemption of Securities of
such series in part at the option of the Company. The amount of any sinking fund
payments not so applied or allocated to the redemption of Securities of such
series shall be added to the next cash sinking fund payment for such series and,
together with such payment, shall be applied in accordance with the provisions
of this Section. Any and all sinking fund moneys held on the stated maturity
date of the Securities of any particular series (or earlier, if such maturity is
accelerated), which are not held for the payment or redemption of particular
Securities of such series shall be applied, together with other moneys, if
necessary, sufficient for the purpose, to the payment of the principal of, and
interest on, the Securities of such series at maturity.

         At least one Business Day before each sinking fund payment date, the
Company shall pay to the Trustee in cash or shall otherwise provide for the
payment of all interest accrued to the date fixed for redemption on Securities
to be redeemed on the next following sinking fund payment date.

         The Trustee shall not redeem or cause to be redeemed any Securities of
a series with sinking fund moneys or mail any notice of redemption of Securities
for such series by operation of the sinking fund during the continuance of a
default in payment of interest on such Securities or of any Event of Default
except that, where the mailing of notice of redemption of any Securities shall
theretofore have been made, the Trustee shall redeem or cause to be redeemed
such Securities,

                                               30

<PAGE>

provided that it shall have received from the Company a sum sufficient for such
redemption. Except as aforesaid, any moneys in the sinking fund for such series
at the time when any such default or Event of Default shall occur, and any
moneys thereafter paid into the sinking fund, shall, during the continuance of
such default or Event of Default, be deemed to have been collected under Article
6 and held for the payment of all such Securities. In case such Event of Default
shall have been waived as provided in Section 6.10 or the default cured on or
before the sixtieth day preceding the sinking fund payment date in any year,
such moneys shall thereafter be applied on the next succeeding sinking fund
payment date in accordance with this section to the redemption of such
Securities.

                                            ARTICLE 6
                                      DEFAULTS AND REMEDIES

         SECTION 6.01. Event of Default Defined; Acceleration of Maturity;
Waiver of Default. "Event of Default" with respect to Securities of any series
wherever used herein, means each one of the following events which shall have
occurred and be continuing (whatever the 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):

          (a) default in the payment of any installment of interest upon any of
the Securities of such series as and when the same shall become due and payable,
and continuance of such default for a period of 30 days; or

          (b) default in the payment of all or any part of the principal on any
of the Securities of such series as and when the same shall become due and
payable either at maturity, upon any redemption, by declaration or otherwise; or

          (c) default in the payment of any sinking fund installment as and when
the same shall become due and payable by the terms of the Securities of such
series; or

          (d) default in the performance, or breach, of any covenant or
agreement of the Company or the Guarantors in respect of the Securities of such
series (other than a covenant or agreement in respect of the Securities of such
series a default in whose performance or whose breach is elsewhere in this
Section specifically dealt with), and continuance of such default or breach for
a period of 90 days after there has been given, by first class mail, to the
Company by the Trustee or to the Company and the Trustee by the Holders of at
least 25% in principal amount of

                                               31

<PAGE>

the outstanding Securities of all series affected thereby, a written notice
specifying such default or breach and requiring it to be remedied and stating
that such notice is a "Notice of Default" hereunder; or

          (e) a court having jurisdiction in the premises shall enter a decree
or order for relief in respect of the Company or the Guarantors in an
involuntary case under any applicable bankruptcy, insolvency or other similar
law now or hereafter in hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee or sequestrator (or similar official)
of the Company or for any substantial part of its property or ordering the
winding up or liquidation of its affairs, and such decree or order shall remain
unstayed and in effect for a period of 60 consecutive days; or

          (f) the Company or any Restricted Subsidiary shall commence a
voluntary case under any applicable bankruptcy, insolvency or other similar law
now or hereafter in effect, or consent to the entry of an order for relief in an
involuntary case under any such law, or consent to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee or
sequestrator (or similar official) of the Company or for any substantial part of
its property, or make any general assignment for the benefit of creditors; or

          (g) any Guarantee ceases to be in full force and effect (except as
contemplated by the terms hereof), or any Guarantee is declared in a judicial
proceeding to be null and void, or any Guarantor denies or disaffirms in writing
its obligations under the terms of this Indenture or its Guarantee; or

          (h) any other Event of Default provided in the supplemental indenture
or Board Resolution under which such series of Securities is issued or in the
form of Security for such series.

         If an Event of Default described in clauses (a), (b), (c), (d) or (h)
above (if the Event of Default under clause (d) or (h) is with respect to less
than all series of Securities then outstanding) occurs and is continuing, then,
and in each and every such case, except for any series of Securities the
principal of which shall have already become due and payable, either the Trustee
or the Holders of not less than 25% in aggregate principal amount of the
Securities of each such affected series then outstanding hereunder (voting as a
single class) by notice in writing to the Company (and to the Trustee if given
by Securityholders), may declare the entire principal of all Securities of all
such affected series, and the interest accrued thereon, if any, to be due and
payable immediately, and upon any such declaration the same shall become
immediately due and payable. If an Event of Default described in clauses (d) or
(h) (if the Event of Default under clause (d) or (h), as the case may be, is
with respect to all series of Securities then outstanding), (e), (f)

                                               32

<PAGE>

or (g) occurs and is continuing, then and in each and every such case, unless
the principal of all the Securities shall have already become due and payable,
either the Trustee or the Holders of not less than 25% in aggregate principal
amount of all the Securities then outstanding hereunder (treated as one class),
by notice in writing to the Company (and to the Trustee if given by
Securityholders), may declare the entire principal of all the Securities then
outstanding and interest accrued thereon, if any, to be due and payable
immediately, and upon any such declaration the same shall become immediately due
and payable.

         The foregoing provisions, however, are subject to the condition that
if, at any time after the principal of the Securities of any series (or of all
the Securities, as the case may be) shall have been so declared due and payable,
and before any judgment or decree for the payment of the moneys due shall have
been obtained or entered as hereinafter provided, the Company or any Guarantor
shall pay or shall deposit with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Securities of each such series (or of all
the Securities, as the case may be) and the principal of any and all Securities
of each such series (or of all the Securities, as the case may be) which shall
have become due otherwise than by acceleration (with interest upon such
principal and, to the extent that payment of such interest is enforceable under
applicable law, on overdue installments of interest, at the same rate as the
rate of interest specified in the Securities of each such series to the date of
such payment or deposit) and such amount as shall be sufficient to cover
reasonable compensation to the Trustee and each predecessor Trustee, their
respective agents, attorneys and counsel, and all other expenses and liabilities
incurred, and all advances made, by the Trustee and each predecessor Trustee
except as a result of gross negligence or bad faith, and if any and all Events
of Default under the Indenture, other than the non-payment of the principal of
Securities which shall have become due by acceleration, shall have been cured,
waived or otherwise remedied as provided herein, then and in every such case the
Holders of a majority in aggregate principal amount of all the Securities of
each such series, or of all the Securities, in each case voting as a single
class, then outstanding, by written notice to the Company and to the Trustee,
may waive all defaults with respect to each such series (or with respect to all
the Securities, as the case may be) and rescind and annul such declaration and
its consequences, but no such waiver or rescission and annulment shall extend to
or shall affect any subsequent default or shall impair any right consequent
thereon.

         SECTION 6.02. Collection of Indebtedness by Trustee; Trustee May Prove
Debt. The Company covenants that (a) in case default shall be made in the
payment of any installment of interest on any of the Securities of any series
when such interest shall have become due and payable, and such default shall
have continued for a period of 30 days or (b) in case default shall be made in
the payment of all or any part of the principal of any of the Securities of any
series

                                               33

<PAGE>

when the same shall have become due and payable, whether upon maturity of the
Securities of such series or upon any redemption, repurchase or by declaration
or otherwise, then upon demand of the Trustee, the Company or any Guarantor will
pay to the Trustee for the benefit of the Holders of the Securities of such
series the whole amount that then shall have become due and payable on all
Securities of such series for principal or interest, as the case may be (with
interest to the date of such payment upon the overdue principal and, to the
extent that payment of such interest is enforceable under applicable law, on
overdue installments of interest at the same rate as the rate of interest
specified in the Securities of such series); and in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of
collection, including reasonable compensation to the Trustee and each
predecessor Trustee, their respective agents, attorneys and counsel, and any
reasonable expenses and liabilities incurred, and all advances made, by the
Trustee and each predecessor Trustee except as a result of its negligence or bad
faith.

         Until such demand is made by the Trustee, the Company or any Guarantor
may pay the principal of and interest on the Securities of any series to the
Holders, whether or not the principal of and interest on the Securities of such
series be overdue.

         In case the Company or the Guarantors shall fail forthwith to pay such
amounts upon such demand, the Trustee, in its own name and as trustee of an
express trust, shall be entitled and empowered to institute any action or
proceedings at law or in equity for the collection of the sums so due and
unpaid, and may prosecute any such action or proceedings to judgment or final
decree, and may enforce any such judgment or final decree against the Company or
other obligor upon the Securities and collect in the manner provided by law out
of the property of the Company or other obligor upon the Securities, wherever
situated, the moneys adjudged or decreed to be payable.

         In case there shall be pending proceedings relative to the Company or
any other obligor upon the Securities under Title 11 of the United States Code
or any other applicable Federal or state bankruptcy, insolvency or other similar
law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Company or its property or such other obligor, or in
case of any other comparable judicial proceedings relative to the Company or
other obligor upon the Securities, or to the creditors or property of the
Company or such other obligor, the Trustee, irrespective of whether the
principal of the Securities shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether the Trustee shall
have made any demand pursuant to the

                                               34

<PAGE>

provisions of this Section, shall be entitled and empowered, by intervention in
such proceedings or otherwise:

          (i) to file and prove a claim or claims for the whole amount of
         principal and interest owing and unpaid in respect of the Securities,
         and to file such other papers or documents as may be necessary or
         advisable in order to have the claims of the Trustee (including any
         claim for reasonable compensation to the Trustee and each predecessor
         Trustee, and their respective agents, attorneys and counsel, and for
         reimbursement of all expenses and liabilities incurred, and all
         advances made, by the Trustee and each predecessor Trustee, except as a
         result of gross negligence or bad faith) and of the Securityholders
         allowed in any judicial proceedings relative to the Company or other
         obligor upon the Securities or to the creditors or property of the
         Company or such other obligor,

         (ii) unless prohibited by applicable law and regulations, to vote on
         behalf of the Holders of the Securities of any series in any election
         of a trustee or a standby trustee in arrangement, reorganization,
         liquidation or other bankruptcy or insolvency proceedings or person
         performing similar functions in comparable proceedings, and

        (iii) to collect and receive any moneys or other property payable or
         deliverable on any such claims, and to distribute all amounts received
         with respect to the claims of the Securityholders and of the Trustee on
         their behalf; and any trustee, receiver, or liquidator, custodian or
         other similar official is hereby authorized by each of the
         Securityholders to make payments to the Trustee, and, in the event that
         the Trustee shall consent to the making of payments directly to the
         Securityholders, to pay to the Trustee such amounts as shall be
         sufficient to cover reasonable compensation to the Trustee, each
         predecessor Trustee and their respective agents, attorneys and counsel,
         and all other expenses and liabilities incurred, and all advances made,
         by the Trustee and each predecessor Trustee except as a result of gross
         negligence or bad faith.

         Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or vote for or accept or adopt on behalf of any
Securityholder any plan of reorganization, arrangement, adjustment or
composition affecting the Securities of any series or the rights of any Holder
thereof, or to authorize the Trustee to vote in respect of the claim of any
Securityholder in any such proceeding except, as aforesaid, to vote for the
election of a trustee in bankruptcy or similar person.

                                               35

<PAGE>

         All rights of action and of asserting claims under this Indenture, or
under any of the Securities of any series, may be enforced by the Trustee
without the possession of any of the Securities of such series appertaining to
such Securities or the production thereof at any trial or other proceedings
relative thereto, and any such action or proceedings instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any
recovery of judgment, subject to the payment of the expenses, disbursements and
compensation of the Trustee, each predecessor Trustee and their respective
agents and attorneys, shall be for the ratable benefit of the Holders of such
Securities in respect of which such action was taken.

         In any proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to which the
Trustee shall be a party) the Trustee shall be held to represent all the Holders
of the Securities or in respect of which such action was taken, and it shall not
be necessary to make any Holders of such Securities parties to any such
proceedings.

         SECTION 6.03. Application of Proceeds. Any moneys collected by the
Trustee pursuant to this Article in respect of any series of Securities shall be
applied in the following order at the date or dates fixed by the Trustee and, in
case of the distribution of such moneys on account of principal or interest,
upon presentation of the several Securities in respect of which monies have been
collected and stamping (or otherwise noting) thereon the payment, or issuing
Securities of such series in reduced principal amounts in exchange for the
presented Securities of like series if only partially paid, or upon surrender
thereof if fully paid:

                           FIRST: To the payment of costs and expenses
                  applicable to such series in respect of which monies have been
                  collected, including reasonable compensation to the Trustee
                  and each predecessor Trustee and their respective agents and
                  attorneys and of all expenses and liabilities incurred, and
                  all advances made, by the Trustee and each predecessor Trustee
                  and their respective agents and attorneys except as a result
                  of negligence or bad faith;

                           SECOND: In case the principal of the Securities of
                  such series in respect of which moneys have been collected
                  shall not have become and be then due and payable, to the
                  payment of interest on the Securities of such series in
                  default in the order of the maturity of the installments of
                  such interest, with interest (to the extent that such interest
                  has been collected by the Trustee) upon the overdue
                  installments of interest at the same rate as the rate of
                  interest specified in such Securities, such payments to be
                  made

                                               36

<PAGE>

                  ratably to the persons entitled thereto, without
                  discrimination or preference;

                           THIRD: In case the principal of the Securities of
                  such series in respect of which moneys have been collected
                  shall have become and shall be then due and payable, to the
                  payment of the whole amount then owing and unpaid upon all the
                  Securities of such series for principal and interest, with
                  interest upon the overdue principal, and (to the extent that
                  such interest has been collected by the Trustee) upon overdue
                  installments of interest at the same rate as the rate of
                  interest specified in the Securities of such series; and in
                  case such moneys shall be insufficient to pay in full the
                  whole amount so due and unpaid upon the Securities of such
                  series, then to the payment of such principal and interest,
                  without preference or priority of principal over interest, or
                  of interest over principal, or of any installment of interest
                  over any other installment of interest, or of any Security of
                  such series over any other Security of such series, ratably to
                  the aggregate of such principal and accrued and unpaid
                  interest; and

                       FOURTH: To the payment of the remainder, if any, to the
                  Company or any other person lawfully entitled thereto as
                  directed in writing.

         SECTION 6.04. Suits for Enforcement. In case an Event of Default has
occurred, has not been waived and is continuing, the Trustee may proceed to
protect and enforce the rights vested in it by this Indenture by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any of such rights, either at law or in equity or in
bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in this Indenture or in aid of the exercise of any power
granted in this Indenture or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law.

         SECTION 6.05. Restoration of Rights on Abandonment of Proceedings. In
case the Trustee shall have proceeded to enforce any right under this Indenture
and such proceedings shall have been discontinued or abandoned for any reason,
or shall have been determined adversely to the Trustee, then and in every such
case the Company, the Guarantors, and the Trustee shall be restored respectively
to their former positions and rights hereunder, and all rights, remedies and
powers of the Company, the Guarantors, the Trustee and the Securityholders shall
continue as though no such proceedings had been taken.

                                               37

<PAGE>

         SECTION 6.06. Limitations on Suits by Securityholders. No Holder of any
Security of any series shall have any right by virtue or by availing of any
provision of this Indenture to institute any action or proceeding at law or in
equity or in bankruptcy or otherwise upon or under or with respect to this
Indenture, or for the appointment of a trustee, receiver, liquidator, custodian
or other similar official or for any other remedy hereunder, unless such Holder
previously shall have given to a Responsible Officer of the Trustee written
notice of default and of the continuance thereof, as hereinbefore provided, and
unless also the Holders of not less than 25% in aggregate principal amount of
the Securities of each affected series then outstanding (treated as a single
class) shall have made written request upon the Trustee to institute such action
or proceedings in its own name as trustee hereunder and shall have offered to
the Trustee such reasonable security or 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 failed to institute any such action or proceeding and no
direction inconsistent with such written request shall have been given to the
Trustee pursuant to Section 6.09; it being understood and intended, and being
expressly covenanted by the taker and Holder of every Security with every other
taker and Holder and the Trustee, that no one or more Holders of Securities of
any series shall have any right in any manner whatever by virtue or by availing
of any provision of this Indenture to affect, disturb or prejudice the rights of
any other such Holder of Securities, or to obtain or seek to obtain priority
over or preference to any other such Holder or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable and
common benefit of all Holders of Securities of the applicable series. For the
protection and enforcement of the provisions of this Section, each and every
Securityholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

         SECTION 6.07. Unconditional Right of Securityholders to Institute
Certain Suits. Notwithstanding any other provision in this Indenture and any
provision of any Security, the right of any Holder of any Security to receive
payment of the principal of, premium, if any, and interest on such Security on
or after the respective due dates expressed in such Security, or to institute
suit for the enforcement of any such payment on or after such respective dates,
shall not be impaired or affected without the consent of such Holder.

         SECTION 6.08. Powers and Remedies Cumulative; Delay or Omission Not
Waiver of Default. Except as provided in Section 6.06, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders of Securities is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity

                                               38

<PAGE>

or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

         No delay or omission of the Trustee or of any Holder of Securities to
exercise any right or power accruing upon any Event of Default occurring and
continuing as aforesaid shall impair any such right or power or shall be
construed to be a waiver of any such Event of Default or an acquiescence
therein; and, subject to Section 6.06, every power and remedy given by this
Indenture or by law to the Trustee or to the Holders of Securities may be
exercised from time to time, and as often as shall be deemed expedient, by the
Trustee or by the Holders of Securities.

         SECTION 6.09. Control by Securityholders. The Holders of a majority in
aggregate principal amount of the Securities of each series affected (with each
such series voting as a separate class) at the time outstanding shall have the
right to direct the time, method, and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee with respect to the Securities of such series by this Indenture;
provided that such direction shall not be otherwise than in accordance with law
and the provisions of this Indenture and provided further that (subject to the
provisions of Section 7.01) the Trustee shall have the right to decline to
follow any such direction if the Trustee, being advised by counsel, shall
determine that the action or proceeding so directed may not lawfully be taken or
if the Trustee in good faith, or a trust committee or Responsible Officers of
the Trustee shall determine that the action or proceedings so directed would
involve the Trustee in personal liability or if the Trustee in good faith shall
so determine that the actions or forebearances specified in or pursuant to such
direction would be unduly prejudicial to the interests of Holders of the
Securities of all series so affected not joining in the giving of said
direction, it being understood that (subject to Section 7.01) the Trustee shall
have no duty to ascertain whether or not such actions or forebearances are
unduly prejudicial to such Holders.

         Nothing in this Indenture shall impair the right of the Trustee to take
any action deemed proper by the Trustee and which is not inconsistent with such
direction or directions by Securityholders.

         SECTION 6.10. Waiver of Past Defaults. Prior to the acceleration of the
maturity of the Securities as provided in Section 6.01, the Holders of a
majority in aggregate principal amount of the Securities of all series at the
time outstanding with respect to which an event of default shall have occurred
and be continuing (voting as a single class) may on behalf of the Holders of all
such Securities waive any past Default or Event of Default described in Section
6.01 and its

                                               39

<PAGE>

consequences, except a Default in respect of a covenant or provision hereof
which cannot be modified or amended without the consent of the Holder of each
Security affected. In the case of any such waiver, the Company, the Guarantors,
the Trustee and the Holders of all such Securities of each series affected shall
be restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other default or impair any right
consequent thereon.

         Upon any such waiver, such default shall cease to exist and be deemed
to have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to have been cured, and not to have occurred for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other default or Event of Default or impair any right consequent thereon.

         SECTION 6.11. Trustee to Give Notice of Default, But May Withhold in
Certain Circumstances. The Trustee shall, within 90 days after the occurrence of
a Default with respect to the Securities of any series, give notice of all
Defaults with respect to that series actually known to a Responsible Officer of
the Trustee and to all Holders of Securities of such series in the manner and to
the extent provided in Section 313(c) of the TIA, unless in each case such
Defaults shall have been cured before the mailing or publication of such notice;
provided that, except in the case of Default in the payment of the principal of
or interest on any of the Securities of such series, or in the payment of any
sinking fund installment on such series, the Trustee shall be protected in
withholding such notice if and so long a Responsible Officer of the Trustee in
good faith determines that the withholding of such notice is in the interests of
the Securityholders of such series.

         SECTION 6.12. Right of Court to Require Filing of Undertaking to Pay
Costs. All parties to this Indenture agree, and each Holder of any Security by
his acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture or in any suit against the Trustee for any action taken, suffered
or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to:

          (a)   any suit instituted by the Trustee,

          (b) any suit instituted by any Securityholder or group of
Securityholders of any series holding in the aggregate more than 10% in
aggregate principal amount of the Securities of such series, or, in the case of
any suit relating to or

                                               40

<PAGE>

arising under clauses (d) or (h) of Section 6.01 (if the suit relates to
Securities of more than one but less than all series), 10% in aggregate
principal amount of Securities outstanding affected thereby, or in the case of
any suit relating to or arising under clauses (d) or (h) (if the suit under (d)
or (h) relates to all the Securities then outstanding), (c), (e), (f), (g) or
(i) of Section 6.01, 10% in aggregate principal amount of all Securities
outstanding, or

          (c) any suit instituted by any Securityholder for the enforcement of
the payment of the principal of or interest on any Security on or after the due
date expressed in such Security or any date fixed for redemption.

                                            ARTICLE 7
                                             TRUSTEE

         SECTION 7.01. Duties of Trustee. (a) If an Event of Default has
occurred and is continuing, the Trustee shall exercise the rights and powers
vested in it by this Indenture and use the same degree of care and skill in
their exercise as a prudent Person would exercise or use under the circumstances
in the conduct of such Person's own affairs; provided that if an Event of
Default occurs and is continuing, the Trustee will be under no obligation to
exercise any of the rights or powers under this Indenture at the request or
direction of any of the Holders unless such Holders have offered to the Trustee
reasonable indemnity or security satisfactory to the Trustee against loss,
liability or expense.

          (b)   Except during the continuance of an Event of Default:

          (i) the Trustee undertakes to perform such duties and only such duties
         as are specifically set forth in this Indenture and no implied
         covenants or obligations shall be read into this Indenture against the
         Trustee; and

         (ii) in the absence of bad faith on its part, the Trustee may
         conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon Officers'
         Certificates and Opinions of Counsel furnished to the Trustee and
         conforming to the requirements of this Indenture. However, in the case
         of any such Officers' Certificates and Opinions of Counsel which by any
         provision hereof are specifically required to be furnished to the
         Trustee, the Trustee shall examine such Officers' Certificates and
         Opinions of Counsel to determine whether or not they conform to the
         requirements of this Indenture (but need not confirm

                                               41

<PAGE>

         or investigate the accuracy of mathematical calculations or other facts
         stated therein).

          (c) The Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own wilful misconduct,
except that:

          (i)   this paragraph does not limit the effect of paragraph (b) of
         this Section 7.01;

         (ii) the Trustee shall not be liable for any error of judgment made in
         good faith by a Responsible Officer unless it is proved that the
         Trustee was negligent in ascertaining the pertinent facts; and

        (iii) the Trustee shall not be liable with respect to any action it
         takes or omits to take in good faith in accordance with a direction
         received by it pursuant to Section 6.09.

          (d) Every provision of this Indenture that in any way relates to the
Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01.

          (e) The Trustee shall not be liable for interest on any money received
by it except as the Trustee may agree in writing with the Company.

          (f) Money held in trust by the Trustee need not be segregated from
other funds except to the extent required by law.

          (g) No provision of this Indenture shall require the Trustee to expend
or risk its own funds or otherwise incur financial liability in the performance
of any of its duties hereunder or in the exercise of any of its rights or
powers.

          (h) Every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section 7.01 and to the provisions of the TIA.

          (i) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Company shall be sufficient if
signed by an Officer of the Company.

          (j) The Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request or direction of
any of the Holders unless such Holders shall have offered to the Trustee
reasonable security or indemnity satisfactory to the Trustee against the costs,
expenses (including

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<PAGE>

reasonable attorneys' fees and expenses) and liabilities that might be incurred
by it in compliance with such request or direction.

         SECTION 7.02. Rights of Trustee. (a) The Trustee may conclusively rely
on any document believed by it to be genuine and to have been signed or
presented by the proper person. The Trustee need not investigate any fact or
matter stated in the document.

          (b) Before the Trustee acts or refrains from acting, it may require an
Officers' Certificate or an Opinion of Counsel. The Trustee shall not be liable
for any action it takes or omits to take in good faith in reliance on the
Officers' Certificate or Opinion of Counsel.

          (c) The Trustee may act through agents or attorneys and shall not be
responsible for the misconduct or negligence of any agent or attorney appointed
with due care.

          (d) The Trustee shall not be liable for any action it takes or omits
to take in good faith which it believes to be authorized or within its rights or
powers; provided, however, that the Trustee's conduct does not constitute wilful
misconduct or negligence.

          (e) The Trustee may consult with counsel of its selection, and the
advice or opinion of counsel with respect to legal matters relating to this
Indenture and the Securities shall be full and complete authorization and
protection from liability in respect to any action taken, omitted or suffered by
it hereunder in good faith and in accordance with the advice or opinion of such
counsel.

          (f) The Trustee shall not be charged with knowledge of any Default or
Event of Default with respect to the Securities unless either (i) a Responsible
Officer shall have actual knowledge of such Default or Event of Default or (ii)
written notice of such Default or Event of Default shall have been given to a
Responsible Officer of the Trustee by the Company or any other obligor on the
Securities or by any Holder of the Securities.

          (g) The rights, privileges, protections, immunities and benefits
given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each
of its capacities hereunder, and each agent, custodian and other Person
employed to act hereunder.

          (h) The Trustee may request that the Company deliver an Officers'
Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture,
which Officers' Certificate may be signed by any person authorized to sign an
Officers' Certificate, including any person specified as so authorized in any
such certificate previously delivered and not superseded.

         SECTION 7.03. Individual Rights of Trustee. The Trustee in its
individual or any other capacity may become the owner or pledgee of Securities
and may otherwise deal with the Company with the same rights it would have if it
were not Trustee. Any Paying Agent, Registrar or co-paying agent may do the same
with like rights. However, the Trustee must comply with Sections 7.10 and 7.11.

         SECTION 7.04. Trustee's Disclaimer. The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of
this Indenture or the Securities or any offering document, it shall not be
accountable for the

                                               43

<PAGE>

Company's use of the proceeds from the Securities, and it shall not be
responsible for any statement of an Company in this Indenture or in any document
issued in connection with the sale of the Securities or in the Securities other
than the Trustee's certificate of authentication.

         SECTION 7.05. Notice of Defaults. If a Default or an Event of Default
occurs with respect to the Securities and is continuing and if it is known to
the Trustee, the Trustee shall mail to each Securityholder notice of the Default
within 90 days after it is known to a Trust Officer or written notice of it is
received by a Trust Officer of the Trustee. Except in the case of a Default in
payment of Principal of, premium, if any or interest on any Security (including
payments pursuant to the optional redemption or required repurchase provisions
of such Security, if any), the Trustee may withhold the notice if and so long as
the board of directors, the executive committee, or a trust committee of
directors or trustees and/or Responsible Officers of the Trustee in good faith
determines that withholding the notice is not opposed to the interests of
Securityholders.

         SECTION 7.06. Reports by Trustee to Holders. As promptly as practicable
after each May 15 beginning with the May 15 following the date of this
Indenture, and in any event prior to July 15 in each year, the Trustee shall
mail to each Securityholder a brief report dated as of such May 15 that complies
with TIA ss. 313(a). The Trustee also shall comply with TIA ss. 313(b). The
Trustee shall promptly deliver to the Company a copy of any report it delivers
to Holders pursuant to this Section 7.06.

         A copy of each report at the time of its mailing to Securityholders
shall be filed by the Trustee with the SEC and each stock exchange (if any) on
which the Securities are listed. The Company agrees to notify promptly the
Trustee whenever the Securities become listed on any stock exchange and of any
delisting thereof.

         SECTION 7.07. Compensation and Indemnity. The Company and the
Guarantors jointly and severally covenant and agree to pay to the Trustee from
time to time such compensation for its services as the Company and the Trustee
shall from time to time agree in writing. The Trustee's compensation shall not
be limited by any law on compensation of a trustee of an express trust. The
Company and the Guarantors shall reimburse the Trustee upon request for all
reasonable out-of-pocket expenses incurred or made by it in accordance with the
provisions of this Indenture, including costs of collection, costs of preparing
and reviewing reports, certificates and other documents, costs of preparation
and mailing of notices to Securityholders and reasonable fees and expenses of
counsel retained by the Trustee in connection with the delivery of an Opinion of
Counsel or otherwise, in addition to such compensation for its services, except
any such

                                               44

<PAGE>

expense, disbursement or advance as may arise from its negligence, wilful
misconduct or bad faith. Such expenses shall include the reasonable compensation
and expenses, disbursements and advances of the Trustee's agents, counsel,
accountants and experts. The Trustee shall provide the Company reasonable notice
of any expenditure not in the ordinary course of business; provided that prior
approval by the Company of any such expenditure shall not be a requirement for
the making of such expenditure nor for reimbursement by the Company thereof. The
Company and the Guarantors shall indemnify each of the Trustee, its officers,
directors, employees and any predecessor Trustees against any and all loss,
damage, claim, liability or expense (including reasonable attorneys' fees and
expenses) (other than taxes applicable to the Trustee's compensation hereunder)
incurred by it without negligence or bad faith on its part in connection with
the acceptance or administration of this trust and the performance of its duties
hereunder including the costs and expenses of enforcing this Indenture
(including this Section 7.07) and of defending itself against any claims
(whether asserted by any Securityholder, the Company or otherwise). The Trustee
shall notify the Company promptly of any claim for which it may seek indemnity.
Failure by the Trustee so to notify the Company shall not relieve the Company
and the Guarantors of each of its obligations hereunder, except to the extent
that the Company and the Guarantors have been prejudiced by such failure. The
Company and the Guarantors shall defend the claim and the Trustee may have
separate counsel and the Company and the Guarantors shall pay the fees and
expenses of such counsel. The Company and the Guarantors need not reimburse any
expense or indemnify against any loss, liability or expense incurred by the
Trustee through the Trustee's own wilful misconduct, negligence or bad faith.
The Company and the Guarantors need not pay for any settlement made without its
consent, which consent shall not be unreasonably withheld or delayed.

         To secure the payment obligations of the Company and the Guarantors in
this Section 7.07, the Trustee shall have a lien prior to the Securities on all
money or property held or collected by the Trustee other than money or property
held in trust to pay Principal of and interest on particular Securities.

         The payment obligations of the Company and the Guarantors pursuant to
this Section 7.07 shall survive the resignation or removal of the Trustee and
any discharge of this Indenture including any discharge under any Bankruptcy
Law. When the Trustee incurs expenses after the occurrence of a Default
specified in Section 6.01(e) or (f), the expenses are intended to constitute
expenses of administration under the Bankruptcy Law.

         SECTION 7.08.  Replacement of Trustee.  The Trustee may resign at any
time with 30 days notice to the Company. The Holders of a majority in principal
amount of the Securities then outstanding, may remove the Trustee with 30 days

                                               45

<PAGE>

notice to the Trustee and may appoint a successor Trustee, which successor
Trustee shall be reasonably acceptable to the Company. The Company shall remove
the Trustee if:

         (a) the Trustee fails to comply with Section 7.10;

         (b) the Trustee is adjudged bankrupt or insolvent;

         (c) a receiver or other public officer takes charge of the Trustee or
its property; or

         (d) the Trustee otherwise becomes incapable of acting.

         If the Trustee resigns, is removed by the Company or by the Holders of
a majority in principal amount of the Securities and such Holders do not
reasonably promptly appoint a successor Trustee, or if a vacancy exists in the
office of Trustee for any reason (the Trustee in such event being referred to
herein as the retiring Trustee), the Company shall promptly appoint a successor
Trustee. Such retiring trustee must receive all funds owed to it prior to the
completion of such resignation.

         A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Company and the Company or the
Guarantors shall pay all amounts due and owing to the Trustee under Section
7.07. Thereupon the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have all the rights, powers and
duties of the Trustee under this Indenture. The successor Trustee shall mail a
notice of its succession to Securityholders affected by such resignation or
removal. The retiring Trustee shall promptly transfer all property held by it as
Trustee to the successor Trustee, subject to the lien provided for in Section
7.07.

         If a successor Trustee does not take office with respect to the
Securities within 30 days after the retiring Trustee resigns or is removed, the
retiring Trustee or the Holders of 10% in aggregate principal amount of the
Securities may petition any court of competent jurisdiction for the appointment
of a successor Trustee at the expense of the Company.

         If the Trustee fails to comply with Section 7.10, any Securityholder
may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

                                               46

<PAGE>

         Notwithstanding the replacement of the Trustee pursuant to this Section
7.08, each Company's obligations under Section 7.07 shall continue for the
benefit of the retiring Trustee.

         SECTION 7.09. Successor Trustee by Merger. If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all its
corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Trustee, provided that such corporation shall
be eligible under this Article 7 and TIA Section 3.10(a).

         In case at the time such successor or successors by merger, conversion
or consolidation to the Trustee shall succeed to the trusts created by this
Indenture any of the Securities shall have been authenticated but not delivered,
any such successor to the Trustee may adopt the certificate of authentication of
any predecessor trustee, and deliver such Securities so authenticated; and in
case at that time any of the Securities shall not have been authenticated, any
successor to the Trustee may authenticate such Securities either in the name of
any predecessor hereunder or in the name of the successor to the Trustee; and in
all such cases such certificates shall have the full force which it is anywhere
in the Securities or in this Indenture provided that the certificate of the
Trustee shall have.

         SECTION 7.10. Eligibility; Disqualification. The Trustee shall at all
times satisfy the requirements of TIA ss. 310(a). The Trustee shall have a
combined capital and surplus of at least $50,000,000 as set forth in its most
recent published annual report of condition. The Trustee shall comply with TIA
ss. 310(b); provided, however, that there shall be excluded from the operation
of TIA ss. 310(b)(1) and any indenture or indentures under which other
securities or certificates of interest or participation in other securities of
either Company are outstanding if the requirements for such exclusion set forth
in TIA ss. 310(b)(1) are met.

         SECTION 7.11. Preferential Collection of Claims Against the Company.
The Trustee shall comply with ss. TIA 311(a), excluding any creditor
relationship listed in TIA ss. 311(b). A Trustee who has resigned or been
removed shall be subject to TIA ss. 311(a) to the extent indicated.

                                               47

<PAGE>

                                            ARTICLE 8
                    SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

         SECTION 8.01. Satisfaction and Discharge of Indenture. (a) If at any
time (i) the Company or any Guarantor shall have paid or caused to be paid the
principal of, premium, if any, and interest on all the Securities of any series
outstanding hereunder (other than Securities of such series which have been
mutilated, defaced, destroyed, lost or stolen and which have been replaced or
paid as provided in Section 2.08) as and when the same shall have become due and
payable, or (ii) the Company shall have delivered to the Trustee for
cancellation all Securities of any series theretofore authenticated (other than
any Securities of such series which shall have been destroyed, lost or stolen
and which shall have been replaced or paid as provided in Section 2.08) or (iii)
in the case of any series of Securities where the exact amount (including the
currency of payment) of principal of, premium, if any, and interest due on which
can be determined at the time of making the deposit referred to in clause (ii)
below, (i) all the Securities of such series not theretofore delivered to the
Trustee for cancellation shall have become due and payable, or are by their
terms to become due and payable within one year or are to be called for
redemption within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption, and (ii) the Company or any Guarantor shall
have irrevocably deposited or caused to be deposited with the Trustee as trust
funds the entire amount in cash (other than moneys repaid by the Trustee or any
Paying Agent to the Company in accordance with Section 8.04) or, in the case of
any series of Securities the payments on which may only be made in Dollars, U.S.
Government Obligations, maturing as to principal and interest at such times and
in such amounts as will insure the availability of cash, or a combination
thereof, sufficient in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay (X) the principal, premium, if any, and
interest on all Securities of such series on each date that such principal,
premium, if any, or interest is due and payable and (Y) any mandatory sinking
fund payments on the dates on which such payments are due and payable in
accordance with the terms of the Indenture and the Securities of such series;
and if, in any such case, the Company or any Guarantor shall also pay or cause
to be paid all other sums payable hereunder by the Company, then this Indenture
shall cease to be of further effect (except as to (i) rights of registration of
transfer and exchange of Securities of such series and the Company's right of
optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed,
lost or stolen Securities, (iii) rights of Holders of Securities to receive
payments of principal thereof, premium, if any, and interest thereon, upon the
original stated due dates therefor (but not upon acceleration), and remaining
rights of the Holders to receive mandatory sinking fund payments, if any, (iv)
the rights, obligations, duties and immunities of the Trustee hereunder, (v) the
rights of the Holders of

                                               48

<PAGE>

Securities of such as beneficiaries hereof with respect to the property so
deposited with the Trustee payable to all or any of them, and (vi) the
obligations of the Company under Section 2.05) and the Trustee, on demand of the
Company accompanied by an Officer's Certificate and an Opinion of Counsel which
comply with Section 11.04 and at the cost and expense of the Company, shall
execute proper instruments acknowledging such satisfaction of and discharging
this Indenture; provided, that the rights of Holders of the Securities to
receive amounts in respect of principal of, premium, if any, and interest on the
Securities held by them shall not be delayed longer than required by
then-applicable mandatory rules or policies of any securities exchange upon
which the Securities are listed. The Company and the Guarantors agree to
reimburse the Trustee for any costs or expenses thereafter reasonably and
properly incurred and to compensate the Trustee for any services thereafter
reasonably and properly rendered by the Trustee in connection with this
Indenture or the Securities of such series. Notwithstanding the satisfaction and
discharge of this Indenture, the obligations of the Company and the Guarantors
to the Trustee under Section 7.07 and the obligations of the Trustee under
Section 8.01 shall survive.

          (b) In addition to discharge of the Indenture pursuant to the
preceding paragraph, in the case of any series of Securities the exact amounts
(including the currency of payment) of principal of and interest due on which
can be determined at the time of making the deposit referred to in clause (a)
below, the Company and the Guarantors shall be deemed to have paid and
discharged the entire indebtedness on all the Securities and the Guarantees of
such a series on the 91st day after the date of the deposit referred to in
subparagraph (A) below, and the provisions of this Indenture with respect to the
Securities of such series and the Guarantees shall no longer be in effect
(except as to (i) rights of registration of transfer and exchange of Securities
of such series and the Company's right of optional redemption, if any, (ii)
substitution of mutilated, defaced, destroyed, lost or stolen Securities, (iii)
rights of Holders of Securities to receive payments of principal thereof,
premium, if any, and interest thereon, upon the original stated due dates
therefor (but not upon acceleration), and remaining rights of the Holders to
receive mandatory sinking fund payments, if any, (iv) the rights, obligations,
duties and immunities of the Trustee hereunder, (v) the rights of the Holders of
Securities of such series as beneficiaries hereof with respect to the property
so deposited with the Trustee payable to all or any of them and (vi) the
obligations of the Company under Section 2.05) and the Trustee, at the expense
of the Company and the Guarantors, shall at the Company's request, execute
proper instruments acknowledging the same, if

                       (A) with reference to this provision the Company or any
                  Guarantor has irrevocably deposited or caused to be
                  irrevocably deposited with the Trustee as trust funds in
                  trust, specifically

                                               49

<PAGE>

                  pledged as security for, and dedicated solely to, the benefit
                  of the Holders of the Securities of such series (1) cash in an
                  amount, or (2) in the case of any series of Securities the
                  payments on which may only be made in Dollars, U.S. Government
                  Obligations, maturing as to principal and interest at such
                  times and in such amounts as will insure the availability of
                  cash or (3) a combination thereof, sufficient, in the opinion
                  of a nationally recognized firm of independent public
                  accountants expressed in a written certification thereof
                  delivered to the Trustee, to pay (x) the principal, premium,
                  if any, and interest on all Securities of such series on each
                  date that such principal, premium, if any, or interest is due
                  and payable and (y) any mandatory sinking fund payments on the
                  dates on which such payments are due and payable in accordance
                  with the terms of the Indenture and the Securities of such
                  series;

                       (B) such deposit will not result in a breach or violation
                  of, or constitute a default under, any agreement or instrument
                  to which the Company or any Guarantor is a party or by which
                  it is bound;

                       (C) the Company has delivered to the Trustee an Opinion
                  of Counsel based on the fact that (x) the Company has received
                  from, or there has been published by, the Internal Revenue
                  Service a ruling or (y) since the date hereof, there has been
                  a change in the applicable Federal income tax law, in either
                  case to the effect that, and such opinion shall confirm that,
                  the Holders of the Securities of such series will not
                  recognize income, gain or loss for Federal income tax purposes
                  as a result of such deposit, defeasance and discharge and will
                  be subject to Federal income tax on the same amount and in the
                  same manner and at the same times, as would have been the case
                  if such deposit, defeasance and discharge had not occurred;
                  and

                       (D) the Company has delivered to the Trustee an Officers'
                  Certificate and an Opinion of Counsel, each stating that all
                  conditions precedent provided for relating to the defeasance
                  contemplated by this provision have been complied with.

          (c) The Company and the Guarantors shall be released from each of
their obligations with respect to the Securities of any series outstanding
(except for: (i) the obligations set forth as exceptions above in paragraph (A);
(ii) the obligations to (w) compensate and indemnify the Trustee, (x) appoint a
successor Trustee, (y) repay certain moneys held by the Paying Agent and (z)
return certain unclaimed moneys held by the Trustee; and (iii) such obligations
of the Company

                                               50

<PAGE>

and the Guarantors as are required by the TIA) on and after the date the
conditions set forth below are satisfied (hereinafter, "Covenant Defeasance").
For this purpose, such Covenant Defeasance means that, with respect to the
outstanding Securities of any series, the Company and the Guarantors are
required only to comply with the above obligations and shall have no liability
in respect of any term, condition or limitation set forth in any other Section,
whether directly or indirectly by reason of any reference to such Section by any
other remaining provision or in any other document and such compliance only to
the above obligations shall not constitute an Event of Default under Section
6.01. The following shall be the conditions to application of this Section 8.01:

          (i) The Company or any Guarantor has irrevocably deposited or caused
         to be deposited with the Trustee as trust funds in trust for the
         purpose of making the following payments, specifically pledged as
         security for, and dedicated solely to, the benefit of the holders of
         the Securities of such series, (A) cash in an amount, or (B) in the
         case of any series of Securities the payments on which may only be made
         in Dollars, U.S. Government Obligations maturing as to principal and
         interest at such times and in such amounts as will insure the
         availability of cash or (iii) a combination thereof, sufficient, in the
         opinion of a nationally recognized firm of independent public
         accountants expressed in a written certification thereof delivered to
         the Trustee, to pay (X) the principal, premium, if any, and interest on
         all Securities of such series and (Y) any mandatory sinking fund
         payments on the day on which such payments are due and payable in
         accordance with the terms of the Indenture and the Securities of such
         series.

         (ii) Such Covenant Defeasance shall not cause the Trustee to have a
         conflicting interest as set forth in Article 7 and for purposes of the
         TIA with respect to any securities of the Company.

        (iii) Such Covenant Defeasance shall not result in a breach or violation
         of, or constitute a default under, this Indenture or any other
         agreement or instrument to which the Company or any Guarantor is a
         party or by which it is bound.

         (iv) The Company shall have delivered to the Trustee an Opinion of
         Counsel to the effect that the Holders of the Securities of such series
         will not recognize income, gain or loss for Federal income tax purposes
         as a result of such Covenant Defeasance and will be subject to Federal
         income tax on the same amounts, in the same manner and at the same
         times as would have been the case if such Covenant Defeasance had not
         occurred.

                                               51

<PAGE>

          (v) The Company shall have delivered to the Trustee an Officers'
         Certificate and an Opinion of Counsel, each stating that all conditions
         precedent provided for relating to the Covenant Defeasance contemplated
         by this provision have been complied with.

         SECTION 8.02. Application by Trustee of Funds Deposited for Payment of
Securities. Subject to Section 8.04, all moneys deposited with the Trustee
pursuant to Section 8.01 shall be held in trust and applied by it to the
payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent), to the Holders of the particular Securities of
such series for the payment or redemption of which such moneys have been
deposited with the Trustee, of all sums due and to become due thereon for
principal and interest; but such money need not be segregated from other funds
except to the extent required by law.

         SECTION 8.03. Repayment of Moneys Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to Securities
of any series, all moneys then held by any Paying Agent under the provisions of
this Indenture with respect to such series of Securities shall, upon demand of
the Company, be repaid to it or paid to the Trustee and thereupon such Paying
Agent shall be released from all further liability with respect to such moneys.

         SECTION 8.04. Return of Moneys Held by Trustee and Paying Agent
Unclaimed for Two Years. Any moneys or Government Obligations deposited with or
paid to the Trustee or any Paying Agent for the payment of the principal of,
premium, if any, or interest on any Security of any series and not applied but
remaining unclaimed for two years after the date upon which such principal,
premium, if any, or interest shall have become due and payable, shall, upon the
written request of the Company and unless otherwise required by mandatory
provisions of applicable escheat or abandoned or unclaimed property law, be
repaid to the Company by the Trustee for such series or such Paying Agent, and
the Holder of the Security of such series shall, unless otherwise required by
mandatory provisions of applicable escheat or abandoned or unclaimed property
laws, thereafter look only to the Company or the Guarantors for any payment
which such Holder may be entitled to collect, and all liability of the Trustee
or any Paying Agent with respect to such moneys shall thereupon cease.

                                               52

<PAGE>

                                            ARTICLE 9
                                           AMENDMENTS

         SECTION 9.01. Without Consent of Securityholders. The Company and the
Guarantors, when authorized by a Board Resolution (which resolution may provide
general terms or parameters for such action and may provide that the specific
terms of such action may be determined in accordance with or pursuant to a
Company Order), and the Trustee may from time to time and at any time enter into
an indenture or indentures supplemental hereto for one or more of the following
purposes:

         (a) to convey, transfer, assign, mortgage or pledge to the Trustee as
security for the Securities of one or more series any property or assets;

         (b) to evidence the succession of another corporation to the Company,
or successive successions, and the assumption by the successor corporation of
the covenants, agreements and obligations of the Company pursuant to Article 4;

         (c) to add to the covenants of the Company such further covenants,
restrictions, conditions or provisions as its Board of Directors and the Trustee
shall consider to be for the protection or benefit of the Holders of all or any
series of Securities, (and if such covenants, restrictions, conditions or
provisions are for the protection or benefit of less than all series of
Securities, stating that they are expressly being included solely for the
benefit or protection of such series), and to make the occurrence, or the
occurrence and continuance, of a default in any such additional covenants,
restrictions, conditions or provisions an Event of Default permitting the
enforcement of all or any of the several remedies provided in this Indenture as
herein set forth; provided, that in respect of any such additional covenant,
restriction, condition or provision such supplemental indenture may provide for
a particular period of grace after default (which period may be shorter or
longer than that allowed in the case of other defaults) or may provide for an
immediate enforcement upon such an Event of Default or may limit the remedies
available to the Trustee upon such an Event of Default or may limit the right of
the Holders of a majority in aggregate principal amount of the Securities of
such series to waive such an Event of Default;

         (d) to cure any ambiguity or to correct or supplement any provision
contained herein or in any supplemental indenture which may be defective or
inconsistent with any other provision contained herein or in any supplemental
indenture; or to make such other provisions in regard to matters or questions
arising under this Indenture or under any supplemental indenture as the Board of
Directors may deem necessary or desirable and which shall not adversely affect
the interests of the Holders of the Securities in any material respect;

                                       53

<PAGE>

         (e) to establish the form or forms or terms of Securities of any series
as permitted by Section 2.01;

         (f) to evidence and provide for the acceptance of appointment hereunder
by a successor trustee with respect to the Securities of one or more series and
to add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts
hereunder by more than one trustee, pursuant to the requirements of Article 7;

         (g) to provide for uncertificated Securities and to make all
appropriate changes for such purpose;

         (h) to comply with the requirements of the TIA;

         (i) to add additional Guarantors with respect to the Securities; and

         (j) to evidence and provide for the acceptance of appointment hereunder
by a successor Trustee.

         The Trustee is hereby authorized to join with the Company and the
Guarantors in the execution of any such supplemental indenture, to make any
further appropriate agreements and stipulations which may be therein contained
and to accept the conveyance, transfer, assignment, mortgage or pledge of any
property thereunder, but the Trustee shall not be obligated to enter into any
such supplemental indenture which affects the Trustee's own rights, duties or
immunities under this Indenture or otherwise.

         Any supplemental indenture authorized by the provisions of this Section
may be executed without the consent of the Holders of any of the Securities at
the time outstanding, notwithstanding any of the provisions of Section 9.02.

         SECTION 9.02. With Consent of Securityholders. With the consent of the
Holders of not less than a majority in aggregate principal amount of the
Securities at the time outstanding of all series affected by such supplemental
indenture (voting as one class), the Company and the Guarantors, each when
authorized by a Board Resolution (which resolution may provide general terms or
parameters for such action and may provide that the specific terms of such
action may be determined in accordance with or pursuant to a Company Order), and
the Trustee may, from time to time and at any time, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or
of any supplemental indenture or of modifying in any manner the rights of the
Holders of

                                               54

<PAGE>

the Securities of each such series; provided, that no such supplemental
indenture shall (a) extend the final maturity of any Security, or reduce the
principal amount thereof, or reduce the rate or extend the time of payment of
interest thereon, or reduce any amount payable on redemption thereof or make the
principal thereof, premium, if any, or interest thereon, payable in any coin or
currency other than that provided in the Securities or in accordance with the
terms thereof, premium, if any, that would be due and payable upon an
acceleration of the maturity thereof pursuant to Section 6.01 or the amount
thereof provable in bankruptcy pursuant to Section 6.02, or impair or affect the
right of any Securityholder to institute suit for the payment thereof or, if the
Securities provide therefor, any right of repayment at the option of the
Securityholder in each case without the consent of the Holder of each Security
so affected, or (b) reduce the aforesaid percentage in principal amount of
Securities of any series, the consent of the Holders of which is required for
any such supplemental indenture, without the consent of the Holders of each
Security so affected.

         A supplemental indenture which changes or eliminates any covenant or
other provision of this Indenture which has expressly been included solely for
the benefit of one or more particular series of Securities, or which modifies
the rights of Holders of Securities with respect to such covenant or provision,
shall be deemed not to affect the rights under this Indenture of the Holders of
Securities of any other series.

         Upon the request of the Company and the Guarantors, accompanied by a
copy of a Board Resolution (which resolution may provide general terms or
parameters for such action and may provide that the specific terms of such
action may be determined in accordance with or pursuant to a Company Order)
certified by the secretary or an assistant secretary of the Company and the
Guarantors authorizing the execution of any such supplemental indenture, and
upon the filing with the Trustee of evidence of the consent of Securityholders
as aforesaid and other documents, if any, required by Sections 7.01 and 9.04,
the Trustee shall join with the Company and the Guarantors in the execution of
such supplemental indenture unless such supplemental indenture affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise, in
which case the Trustee may in its discretion, but shall not be obligated to,
enter into such supplemental indenture.

         It shall not be necessary for the consent of the Securityholders under
this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the
substance thereof.

         Promptly after the execution by the Company, the Guarantors and the
Trustee of any supplemental indenture pursuant to the provisions of this
Section,

                                               55

<PAGE>

the Trustee shall give notice thereof to the Holders of then outstanding
Securities of each series affected thereby, by mailing a notice thereof by first
class mail to such Holders at their addresses as they shall appear on the
Security Register and in each case such notice shall set forth in general terms
the substance of such supplemental indenture. Any failure of the Company to give
such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such supplemental indenture.

         SECTION 9.03. Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and be deemed to be modified and amended in accordance therewith and
the respective rights, limitations of rights, obligations, duties and immunities
under this Indenture of the Trustee, the Company, the Guarantors and the Holders
of Securities of each series affected thereby shall thereafter be determined,
exercised and enforced hereunder subject in all respects to such modifications
and amendments, and all the terms and conditions of any such supplemental
indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.

         SECTION 9.04. Documents to Be Given to Trustee. The Trustee, subject to
the provisions of Sections 7.01 and 7.02, shall receive an Officers' Certificate
and an Opinion of Counsel as conclusive evidence that any supplemental indenture
executed pursuant to this Article 9 complies with the applicable provisions of
this Indenture.

         SECTION 9.05. Notation on Securities in Respect of Supplemental
Indentures. Securities of any series authenticated and delivered after the
execution of any supplemental indenture pursuant to the provisions of this
Article may bear a notation in form approved by the Trustee for such series as
to any matter provided for by such supplemental indenture or as to any action
taken at any such meeting. If the Company so determines, new Securities of any
series so modified as to conform, in the opinion of the Board of Directors, to
any modification of this Indenture contained in any such supplemental indenture
may be prepared by the Company, authenticated by the Trustee and delivered in
exchange for the Securities of such series then outstanding.

         SECTION 9.06. Compliance with TIA. Every amendment to this Indenture or
the Securities shall comply with the TIA as then in effect.

         SECTION 9.07. Revocation and Effect of Consents and Waivers. A consent
to an amendment or a waiver by a Holder of a Security shall bind the Holder and
every subsequent Holder of that Security or portion of the Security that
evidences the same debt as the consenting Holder's Security, even if notation

                                               56

<PAGE>

of the consent or waiver is not made on the Security. However, any such Holder
or subsequent Holder may revoke the consent or waiver as to such Holder's
Security or portion of the Security if the Trustee receives the notice of
revocation before the date the amendment or waiver becomes effective. After an
amendment or waiver becomes effective, is shall bind every Security holder. An
amendment or waiver shall become effective upon receipt by the Trustee of the
requisite number of written consents under Section 9.01 or 9.02 as applicable.

         The Company may, but shall not be obligated to, fix a record date for
the purpose of determining the Noteholders entitled to give this consent or take
any other action described above or required or permitted to be taken pursuant
to this Indenture. If a record date is fixed, then notwithstanding the
immediately preceding paragraph, those Persons who were Securityholders at such
record date (or their duly designated proxies), and only those Persons, shall be
entitled to give such consent or to revoke any consent previously given or to
take any such action, whether or not such Persons continue to be Holders after
such record date. No such consent shall become valid or effective more than 120
days after such record date.

         SECTION 9.08. Trustee to Sign Amendments. The Trustee shall sign any
amendment authorized pursuant to this Article Nine if the amendment does not
adversely affect the rights, duties, liabilities or immunities of the Trustee.
If it does, the Trustee may but need not sign it. In signing such amendment the
Trustee shall receive indemnity reasonably satisfactory to it and to receive,
and (subject to Sections 7.01 and 7.02) shall be fully protected in relying
upon, an Officers' Certificate and an Opinion of Counsel stating that such
amendment is authorized or permitted by this Indenture and that such
supplemental indenture constitutes the legal valid and binding obligation of the
Company and the Guarantors in accordance with its terms subject to customary
exceptions.

                                           ARTICLE 10
                                           GUARANTEES

         SECTION 10.01. Guarantees. Each Guarantor hereby fully, unconditionally
and irrevocably guarantees, as primary obligor and not merely as surety, jointly
and severally with each other Guarantor, to each Holder of the Securities and
the Trustee the full and punctual payment when due, whether at maturity, by
acceleration, by redemption, by repurchase, or otherwise, of the principal of,
premium, if any, and interest on the Securities and all other obligations of the
Company under this Indenture (all the foregoing being hereinafter collectively
called the "Obligations"). Each Guarantor further agrees

                                               57

<PAGE>

(to the extent permitted by law) that the Obligations may be extended or
renewed, in whole or in part, without notice or further assent from it, and that
it will remain bound under this Article 10 notwithstanding any extension or
renewal of any Obligation.

         Each Guarantor waives presentation to, demand of payment from and
protest to the Company of any of the Obligations and also waives notice of
protest for nonpayment. Each Guarantor waives notice of any default under the
Securities or the Obligations. The obligations of each Guarantor hereunder shall
not be affected by (a) the failure of any Holder to assert any claim or demand
or to enforce any right or remedy against the Company or any other person under
this Indenture, the Securities or any other agreement or otherwise; (b) any
extension or renewal of any thereof; (c) any rescission, waiver, amendment or
modification of any of the terms or provisions of this Indenture, the Securities
or any other agreement; (d) the release of any security held by any Holder or
the Trustee for the Obligations or any of them; (e) the failure of any Holder to
exercise any right or remedy against any other Guarantor; or (f) any change in
the ownership of the Company.

         Each Guarantor further agrees that its Guarantee herein constitutes a
Guarantee of payment when due (and not a Guarantee of collection) and waives any
right to require that any resort be had by any Holder to any security held for
payment of the Obligations.

         The obligations of each Guarantor hereunder shall not be subject to any
reduction, limitation, impairment or termination for any reason (other than
payment of the Obligations in full), including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense of
setoff, counterclaim, recoupment or termination whatsoever or by reason of the
invalidity, illegality or unenforceability of the Obligations or otherwise.
Without limiting the generality of the foregoing, the obligations of each
Guarantor herein shall not be discharged or impaired or otherwise affected by
the failure of any Holder to assert any claim or demand or to enforce any remedy
under this Indenture, the Securities or any other agreement, by any waiver or
modification of any thereof, by any default, failure or delay, willful or
otherwise, in the performance of the Obligations, or by any other act or thing
or omission or delay to do any other act or thing which may or might in any
manner or to any extent vary the risk of any Guarantor or would otherwise
operate as a discharge of such Guarantor as a matter of law or equity.

         Each Guarantor further agrees that its Guarantee herein shall continue
to be effective or be reinstated, as the case may be, if at any time payment, or
any part thereof, of principal of or interest on any of the Obligations is
rescinded or

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<PAGE>

must otherwise be restored by any Holder upon the bankruptcy or reorganization
of the Company or otherwise.

         In furtherance of the foregoing and not in limitation of any other
right which any Holder has at law or in equity against any Guarantor by virtue
hereof, upon the failure of the Company to pay any of the Obligations when and
as the same shall become due, whether at maturity, by acceleration, by
redemption, by repurchase or otherwise, each Guarantor hereby promises to and
will, upon receipt of written demand by the Trustee, forthwith pay, or cause to
be paid, in cash, to the Holders an amount equal to the sum of (i) the unpaid
amount of such Obligations then due and owing and (ii) accrued and unpaid
interest on such Obligations then due and owing (but only to the extent not
prohibited by law).

         Each Guarantor further agrees that, as between such Guarantor, on the
one hand, and the Holders, on the other hand, (x) the maturity of the
Obligations guaranteed hereby may be accelerated as provided in this Indenture
for the purposes of its Guarantee herein, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the Obligations
guaranteed hereby and (y) in the event of any such declaration of acceleration
of such Obligations, such Obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantor for the purposes of this
Guarantee.

         Each Guarantor also agrees to pay any and all reasonable costs and
expenses (including reasonable attorneys' fees) incurred by the Trustee or the
Holders in enforcing any rights under this Section.

         SECTION 10.02. Limitation on Liability; Termination, Release and
Discharge. The obligations of each Guarantor hereunder will be limited to the
maximum amount as will, after giving effect to all other contingent and fixed
liabilities of such Guarantor (including, without limitation, any guarantees
under the Bank Credit Agreement) and after giving effect to any collections from
or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under its Guarantee or pursuant to its
contribution obligations under this Indenture, result in the obligations of such
Guarantor under its Guarantee not constituting a fraudulent conveyance or
fraudulent transfer under federal or state law.

         Each Guarantor may consolidate with or merge into or sell its assets to
the Company or another Guarantor without limitation. Each Guarantor may
consolidate with or merge into or sell its assets to a Person other than the
Company or another Guarantor (whether or not an Affiliate of the Guarantor),
provided, that upon any such consolidation, merger or sale to which such
Guarantor is a party, other than transactions in which such Guarantor is not the

                                               59

<PAGE>

surviving corporation, the Obligations shall be expressly assumed by
supplemental indenture executed and delivered to the Trustee, by the corporation
formed by such consolidation, or into which such Guarantor shall have been
merged, or which shall have acquired such property, provided, such corporation
is also a Bank Credit Agreement Guarantor, and such Guarantor will be deemed
released from all its obligations under the Indenture and its Guarantee and such
Guarantee will terminate. If a Guarantor ceases to be a Bank Credit Agreement
Guarantor for any reason, such Guarantor will be deemed released from all of its
obligations under the Indenture and its Guarantee of the Securities and such
Guarantee will terminate.

         SECTION 10.03. Right of Contribution. Each Guarantor hereby agrees that
to the extent that any Guarantor shall have paid more than its proportionate
share of any payment made on the obligations under the Guarantees, such
Guarantor shall be entitled to seek and receive contribution from and against
the Company or any other Guarantor who has not paid its proportionate share of
such payment. The provisions of this Section 10.03 shall in no respect limit the
obligations and liabilities of each Guarantor to the Trustee and the Holders and
each Guarantor shall remain liable to the Trustee and the Holders for the full
amount guaranteed by such Guarantor hereunder.

         SECTION 10.04. No Subrogation. Notwithstanding any payment or payments
made by each Guarantor hereunder, no Guarantor shall be entitled to be
subrogated to any of the rights of the Trustee or any Holder against the Company
or any other Guarantor or any collateral security or guarantee or right of
offset held by the Trustee or any Holder for the payment of the Obligations, nor
shall any Guarantor seek or be entitled to seek any contribution or
reimbursement from the Company or any other Guarantor in respect of payments
made by such Guarantor hereunder, until all amounts owing to the Trustee and the
Holders by the Company on account of the Obligations are paid in full. If any
amount shall be paid to any Guarantor on account of such subrogation rights at
any time when all of the Obligations shall not have been paid in full, such
amount shall be held by such Guarantor in trust for the Trustee and the Holders,
segregated from other funds of such Guarantor, and shall, forthwith upon receipt
by such Guarantor, be turned over to the Trustee in the exact form received by
such Guarantor (duly indorsed by such Guarantor to the Trustee, if required), to
be applied against the Obligations.

         SECTION 10.05. Future Guarantors. After the date on which a Subsidiary
other than RJRT (whether previously existing or created or acquired by the
Company) becomes a Bank Credit Agreement Guarantor, the Company will execute and
deliver and cause such Subsidiary to execute and deliver to the Trustee a
supplemental indenture pursuant to which such Subsidiary will

                                               60

<PAGE>

unconditionally guarantee, on a joint and several basis with the other
Guarantors, the full and prompt payment of the principal of, premium, if any,
and interest on the Securities on an unsecured and unsubordinated basis and
become a party to this Indenture as a Guarantor for all purposes of the
Indenture.

                                           ARTICLE 11
                                          MISCELLANEOUS

         SECTION 11.01. TIA Controls. If any provision of this Indenture limits,
qualifies or conflicts with another provision which is required to be included
in this Indenture by the TIA, the provision required by the TIA shall control.
Each Guarantor in addition to performing its obligations under its Guarantee
shall perform such other obligations as may be imposed upon it with respect to
this Indenture under the TIA.

         SECTION 11.02. Notices. Any notice or communication shall be in writing
and delivered in person or mailed by first-class mail addressed as follows:

if to the Company:

R.J. Reynolds Tobacco Holdings, Inc.
401 North Main Street
Winston-Salem, North Carolina 27102
Attention: General Counsel
With a copy to:

Davis Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
Attention: Joseph A. Hall
if to the Trustee:

The Bank of New York
101 Barclay Street, Floor 21 West,
New York, New York 10286
Attention: Corporation Trust Administration

                                               61

<PAGE>

         The Company or the Trustee by notice to the other may designate
additional or different addresses for subsequent notices or communications.

         Any notice or communication mailed to a registered Securityholder shall
be mailed to the Securityholder at the Securityholder's address as it appears on
the registration books of the Registrar and shall be sufficiently given if so
mailed within the time prescribed.

         Failure to mail a notice or communication to a Securityholder or any
defect in it shall not affect its sufficiency with respect to other
Securityholders. If a notice or communication is mailed in the manner provided
above, it is duly given, whether or not the addressee receives it.

         SECTION 11.03. Communication by Holders with Other Holders.
Securityholders may communicate pursuant to TIA ss. 312(b) with other
Securityholders with respect to their rights under this Indenture or the
Securities. The Company, the Guarantors, the Trustee, the Registrar and anyone
else shall have the protection of TIA ss. 312(c).

         SECTION 11.04. Certificate and Opinion as to Conditions Precedent. Upon
any request or application by the Company to the Trustee to take or refrain from
taking any action under this Indenture, the Company shall furnish to the
Trustee:

          (a) an Officers' Certificate stating that, in the opinion of the
signers, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

          (b) an Opinion of Counsel stating that, in the opinion of such
counsel, all such conditions precedent have been complied with.

         Notwithstanding the foregoing, the Trustee shall not be required to
obtain and Officers' Certificate from the Guarantor with respect to the initial
issuance of the Guarantees.

         SECTION 11.05. Statements Required in Certificate or Opinion. Each
certificate or opinion with respect to compliance with a covenant or condition
provided for in this Indenture shall include:

         (a) a statement that the individual making such certificate or opinion
has read such covenant or condition;

                                               62

<PAGE>

         (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate or opinion are based;

         (c) a statement that, in the opinion of such individual, he has made
such examination or investigation as is necessary to enable him to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and

         (d) a statement as to whether or not, in the opinion of such
individual, such covenant or condition has been complied with.

         In giving such Opinion of Counsel, counsel may rely as to factual
matters on an Officers' Certificate or on certificates of public officials.

         SECTION 11.06. When Securities Disregarded. In determining whether the
Holders of the required principal amount of Securities have concurred in any
direction, waiver or consent, Securities owned by the Company or by any Person
directly or indirectly Controlling or Controlled by or under direct or indirect
common Control with the Company shall be disregarded and deemed not to be
outstanding, except that, for the purpose of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only
Securities which a Responsible Officer of the Trustee actually knows are so
owned shall be so disregarded. Also, subject to the foregoing, only Securities
outstanding at the time shall be considered in any such determination.

         SECTION 11.07. Rules by Trustee, Paying Agent and Registrar. The
Trustee may make reasonable rules for action by, or a meeting of,
Securityholders. The Registrar and the Paying Agent may make reasonable rules
for their functions.

         SECTION 11.08. Legal Holidays. A "Legal Holiday" is a Saturday, a
Sunday or other day on which commercial banking institutions are authorized or
required to be closed in New York City. If a payment date is a Legal Holiday,
payment shall be made on the next succeeding day that is not a Legal Holiday,
and no interest shall accrue for the intervening period. If a regular record
date is a Legal Holiday, the record date shall not be affected.

         SECTION 11.09. GOVERNING LAW. THIS INDENTURE AND THE SECURITIES SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

                                               63

<PAGE>

         SECTION 11.10. No Recourse Against Others. An incorporator, director,
officer, employee, stockholder or controlling person, as such, of each of the
Company or any Guarantor shall not have any liability for any obligations of the
Company under the Securities, this Indenture or the Guarantees or for any claim
based on, in respect of or by reason of such obligations or their creation. By
accepting a Security, each Securityholder shall waive and release all such
liability. The waiver and release shall be part of the consideration for the
issue of the Securities.

         SECTION 11.11.  Successors.  All agreements of the Company and the
Guarantors in this Indenture and the Securities shall bind their respective
successors. All agreements of the Trustee in this Indenture shall bind their
successors.

         SECTION 11.12. Multiple Originals. The parties may sign any number of
copies of this Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. One signed copy is enough to prove this
Indenture.

         SECTION 11.13. Variable Provisions. The Company initially appoints the
Trustee as Paying Agent and Registrar.

         SECTION 11.14. Qualification of Indenture. The Company shall qualify
this Indenture under the TIA in accordance with the terms and conditions of the
Registration Rights Agreement and the Company and the Guarantors shall pay all
reasonable costs and expenses (including attorneys' fees and expenses for the
Company, the Guarantors, the Trustee and the Holders) incurred in connection
therewith, including, but not limited to, costs and expenses of qualification of
this Indenture and the Securities and printing this Indenture and the
Securities. The Trustee shall be entitled to receive from the Company any such
Officers' Certificates, Opinions of Counsel or other documentation as it may
reasonably request in connection with any such qualification of this Indenture
under the TIA.

         SECTION 11.15. Incorporators, Stockholders, Officers and Directors of
Company Exempt and Individual Liability. No recourse under or upon any
obligation, covenant or agreement contained in this Indenture, or in any
Security, or because of any indebtedness evidenced thereby, shall be had against
any incorporator, as such or against any past, present or future stockholder,
officer or director, as such, of the Company or the Guarantors or of any
successor, either directly or through the Company or the Guarantors or any
successor, under any rule of law, statute or constitutional provision or by the
enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such liability

                                               64

<PAGE>

being expressly waived and release by the acceptance of the Securities by the
holders thereof and as part of the consideration for the issue of the
Securities.

         SECTION 11.16. Provisions of Indenture for the Sole Benefit of Parties
and Securityholders. Nothing in this Indenture or in the Securities expressed or
implied, shall give or be construed to give to any person, firm or corporation,
other than the parties hereto and their successors and the Holders of the
Securities any legal or equitable right, remedy or claim under this Indenture or
under any covenant or provision herein contained, all such covenants and
provisions being for the sole benefit of the parties hereto and their successors
and of the Holder of the Securities.

                                               65

<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Indenture to be duly
executed as of the date first written above.

                                            R.J. REYNOLDS TOBACCO HOLDINGS,
                                            INC.

                                    By:     ______________________________
                                            Name:
                                            Title:

                                            R. J. REYNOLDS TOBACCO COMPANY

                                    By:     ______________________________
                                            Name:
                                            Title:

                                            RJR ACQUISITION CORP.

                                    By:     ______________________________
                                            Name:
                                            Title:

                                            THE BANK OF NEW YORK,
                                                     as Trustee

                                    By:     ______________________________
                                            Name:
                                            Title:

                                               66

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